Who is to blame for all this volatility? CNBC's Rick Santelli scoffs at the growing mainstream media's recognition that The Fed is to blame for daring to raise rates - "a group of unelected officials ruining the party and taking away the punch-bowl."

Santelli's problem is that "every time the picture of the world was not what The Fed wanted us to see, they changed the channel," and now they are cornered in their lies, "all along The Fed should have been honest about the true quality of the jobs data.. and now they are force to tell the truth about it, they risk losing all of their credibility."

"The notion that a small group of people should control the price of money should be under review," Rick rages, warning that "if stocks are rallying because The Fed is retreating, we certainly will turn into Japan."

Here is Santelli with two minutes of simple truth...