CNBC’s Rick Santelli, often credited with inspiring the Tea Party movement, made news Monday for yet another outburst on air. He repeated his usual rant against the Federal Reserve’s loose monetary policy, prompting CNBC senor economics reporter Steve Liesman to unleash his own diatribe about Santelli’s consistently failed economic forecasts. “Rick, it’s impossible for you to have been more wrong,” he said.

Many in the economic community watched this live episode with schaudenfraude, but Santelli is hardly alone in being wrong about inflation. Many financial professionals and economists refuse to revise their opinions in light of the recovery, and this video shows the degree of stubbornness facing Federal Reserve Chair Janet Yellen as she tries to move Fed policy along an appropriate path.

In 2009, under the leadership of former Federal Reserve Chair Ben Bernanke, the Fed cut interest rates to zero. It has used unconventional monetary policy tools, like buying hundreds of billions of dollars of Treasury bonds and mortgage-backed securities, to spur economic growth. Those policies worried many conservative pundits who saw the easy money as a gateway for higher inflation. Santelli led the charge against the Fed’s policies, saying in 2011, “I understand that the Fed wants to appear to be trying to make a difference, but I really think that all the history of lower rates what it has not done for employment, mortgages, or housing, really makes this a futile effort.” In 2012, he professed concerns about hyperinflation seen in the Weimar Republic in the 1920s. Bernanke, and now Yellen, declined to raise rates in response to such pressure.

A smart move, it turned out. Other central banks, like the European Central Bank, weren't able to withstand similar pressure—and that’s partly why the recovery in the U.S. has been much stronger than in the Eurozone. Meanwhile, the doomsday scenarios predicted by Santelli et al have not come to pass. Interest rates have stayed low despite huge federal deficits. Inflation has been almost non-existent, with it constantly undershooting the Fed’s 2 percent target.

You would expect those outcomes to humble Santelli, convincing him and his fellow inflation hawks to rethink their economic models. Instead, as the economic recovery seems to be kicking into second gear, Santelli and other conservatives who wrongly predicted inflation are, once again, calling for the Fed to raise interest rates. Santelli argues that government statistics are not accurately measuring inflation, even though an inflation index constructed by a private sector company has nearly identical numbers.