So, there was a fun moment on CNBC: Rick Santelli went on a rant about inflation and the Fed, and CNBC analyst Steve Liesman went medieval on him:

It’s impossible for you to have been more wrong, Rick. Your call for inflation, the destruction of the dollar, the failure of the US economy to rebound. Rick, it’s impossible for you to have been more wrong. Every single bit of advice you gave would have lost people money, Rick. Lost people money, Rick. Every single bit of advice. There is no piece of advice that you’ve given that’s worked, Rick. There is no piece of advice that you’ve given that’s worked, Rick. Not a single one. Not a single one, Rick. The higher interest rates never came, the inability of the U.S. to sell bonds never happened, the dollar never crashed, Rick. There isn’t a single one that’s worked for you.

You really need to watch this moment:

But here’s the thing: before Liesman started, Santelli yelled that he had been right all along — and some of the traders started applauding.

Think about that: Liesman is of course right about Santelli’s record, and as I’ve pointed out many times this goes for all the inflationistas. So any trader who believed him would have lost money hand over fist. So why the applause?

Basically, I think, it’s because Santelli is their kind of guy; he hates the poors, he hates people who want to help the poors, he was trashing Janet Yellen for suggesting that she actually cares about the plight of the unemployed. And the traders feel the same way. So they like Santelli even though he’s been wrong about everything.