By Brad Friedman on 7/14/2014, 10:10pm PT  

Here's a perfect example of why people watch cable news --- and, also, why they don't.

As TPM's Josh Marshall describes it: "Rick Santelli, famously in 2009, by one measure launched the 'Tea Party' with an epic rant about how big government was crushing capitalism while it was actually in the midst of saving it. Since then he's been wrong about every economic question worth being asked. One of the CNBCers got tired of his nonsense today and this happened."

Or, as's Ezra Klein tweeted it (with a pretty perfect allusion for old school Real World fans): "What happens when CNBC hosts stop being polite and start getting real"...

Matthew Yglesias describes Santelli, in citing the video above, as a "big time inflation fearmonger" and adds that fellow CNBCer "Steve Liesman absolutely took him to school pointing out that anyone who'd listened to his inflationista advice over the years would have lost a ton of money."

I'm not nearly expert enough in monetary policy to appreciate who's actually right and who's actually wrong in this made-for-cable pissing match. While I'd happily bet against the yutz Santelli on just about anything, the rest of his network has also been notoriously wrong in just about every bit of corporate log-rolling and back-slapping they've engaged in over the last decade or more. In any event, if you want a bit more of an explainer on what the hell these people are actually yelling about, Time's Pat Regnier offers this one.