Rick Santelli Quotes

There is a difference between strategic or technical default and default where you really don't have the economy to support the spending. We are not at that point yet. We could be. We could be, like some European nations.

Why do we have financial crises? Why do banks lose money? If history is any guide, it hasn't often been the result of speculative bets. It has been the result of banks making loans to individuals and businesses who can't pay them back.

For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default.

I want to see an end to sovereign risk questions over Australia.

For too long, unfunded federal mandates have drained the budgets of states and communities. The strength and vitality of our communities must be restored.

In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.

Most companies can survive even if their debt ratings are lowered below investment grade, although they will have higher borrowing costs.

There's not a doubt in my mind that you will see a spate of municipal-bond defaults.

Compelling large banks to hold more capital reduces their risk of failure, but as the last financial crisis [the Meltdown of 2008] demonstrated, during a wide-spread panic, investors and lenders lose all faith in the values banks have assigned to their assets, and many mistrust the banks that claim to have enough capital.

One of the most important causes of economic crises is “running liabilities”, or short term debt that the government does not insure. The U. S. financial sector holds trillions of dollars of such debt, including uninsured bank deposits and the short-term liabilities of other financial institutions, such as overnight loans…. Amongst the potential causes of the next crisis, the massive amount of short-term debt ranks as the most probable.

Not raising the debt ceiling is not an automatic trigger for a default.

There's no time, place, or purpose of a government shutdown or default.

When you're levered 9 to 1, it'd be unreal for a bank to go down.

In my mind, there is arguably a greater risk of a default on the debt of a U.S. state than there is on the debt of a euro-area member. I consider it unthinkable that a euro-area country would default.

If investors avoid the Treasury market, we could be unable to pay off maturing securities, which would mean an immediate default. Market participants generally agree that even a brief default would create potentially catastrophic risks to the financial system, like the meltdown of 2008.

The risk of policy contagion could be magnified if a new funding arrangement were agreed between Argentina and the IMF before a comprehensive policy framework is developed that addresses fundamental investor concerns.

If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.

I'm the finance minister of a bankrupt country!

Bond investors are the vampires of the investment world. They love decay, recession - anything that leads to low inflation and the protection of the real value of their loans.

No man's credit is ever as good as his money.

How does the richest country in the history of the world fail to pay its bills?

As a country, Americans have to find a way to keep our cities solvent. If large numbers of cities no longer have the necessary tax base, we have to find federal methods to intervene. If we don't, there's a risk of dozens of cities simply being left to their bankrupt fates - and I can't see how that serves anybody's interests in the long run.

I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?

Nobody gets to threaten the full faith and credit of the United States just to extract political concessions.

You'll find a lot of rural municipalities, very, very big district municipalities that actually have no tax base whereas our system of government presumes that the bulk of resources from government will come from resources that they will generate themselves.