Santelli On "Fake" Census Data & Unemployment Numbers: "If We Knew Now What We Knew Then"

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RICK SANTELLI: You know, there are a lot of reports out that the census group that's involved in phone surveys, which are part of the household survey, which determines the unemployment rate, well, some of those may have been fake. Now, of course, this is the beginning, and I’m sure investigations will ensue, but it really does raise a very large question. And many questions -- some of the data points before the election -- myself, Jack Welch, and, by the way, Jack, happy birthday. It’s Jack's birthday today. Let’s play a clip when I was losing most of my temper, but things just didn't feel right, listen to this sound bite.

There was no doubt in my mind a month ago it would be under 8%. No doubt in my mind ago before five minutes it would be under 8%. Take it any way you want!

Well, maybe I could have said that in a more calm fashion. I’m calm now. I think the time for shouting is over. But if we only knew now what we knew then really is the theme.

Think about what turned or determined the outcome of the election. The economy was huge. What part of the everybody paying attention to? Jobs, jobs, jobs! So if it turns out that these claims are true, I had a sense it didn't feel right -- Jack Welch definitely had a sense that it didn't feel right. If we knew now what we knew then. It wasn't only about the economy, it was about health care.It wasn't polling well. It was the reassurances about the unknown, if you want to see what's in it, you have to pass it, it was that unknown that had to be addressed. If you want to keep your doctor. If you want your policy. All of the periods.

If we knew now we knew then what we know now, would the outcome have changed? I can't tell you that. And it's not only about these issues and the election, it's about the Fed. It’s been five years. Think about it. if we knew now -- if before we embarked on giving banks $125 billion, we'd know there'd be a $16 billion settlement, or when one bank bought sloppy banks, it would come back to haunt them, or we'd still see the amount of people out of work for more than 27 weeks, where it is five years later, would it have made a difference? I think all outcomes would have changed.

How many times has Warren Buffett, whether you wake up, you look at your positions and fall in love with them every day or get rid of them. Think about the logic to that. I don't know how high it up -- and we're forgetting the biggest one -- the IRS. Okay? Taking the voice away from the conservatives that may have been born in February of '09, maybe part known as the Tea Party, all of these changed outcomes. America, you really need to think about where we've been and where we're going. In the media, you could do better.

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