The following three minutes of absolute perfection uttered by CNBC's Rick Santelli is dangerous for anyone living in Kyle Bass' "intellectually dishonest" alter-world of denial and "unicorns and rainbows" as the Chicagoan goes off on the ignorance of everyone in these so-called markets. When every talking head is bullish and the world is going so great that we should all "buy stocks," Santelli demands we ask Bernanke - "what are you scared of," that keeps you pumping this much money into the system for this long? Simply put, Santelli's epic rant is the filter that every investor (or member of the public) should be viewing financial media and the Fed today (or in fact every day).

On CNBC and all the channels that cover business, we have person after person after person, buy side, sell side, upside, downside: How is the economy? Economy is great.

What about stocks? You got to buy them.

What if they break? You have to buy the dips.

What's wrong with the economy? I don't hear these people saying anything is wrong with the economy. So what's wrong, Ben? Why can't we get out of crisis management mode? There's always going to be something. ... Why don't these people kick the tires? They take a press release from the Federal Reserve and they think it was written by God.

One of Rick's most epic rants to date:



And perhaps clarifying some of the issues Rick brings up, here are the pertinent thoughts from the most recent Sth Klarman letter: