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Santelli: Market Is Realizing That Central Bank Programs "Can't Go On Forever"

RICK SANTELLI: The topic of today has to be what's going on in all the markets around the globe, and I think the best way to look at it is to think about when you're a kid and you used to do cannonballs. You jump in the water with a cannonball, you get a big splash. Now imagine that same pool, imagine you have a refrigerator in it with a crane. If you lift it up real fast you get the same action as a cannonball in reverse. The big splash and all the waves when you drop something in or take something out quickly. And I think that goes a long way to explain what's happening. Let's think about the fairy dust aspects of commercial banks, central banks. 

So you have the CBs, and many of them are going to of course say, you can look back to all of the emerging markets and all of the people involved in their central banking and their practices to keep their currencies in order, and there's been a lot of squawking, now these are unintended consequences. So when we look at the fairy dust commercial central banks have created, we have to give them a nod that at least for a while they made everything seem like it could work, that everything we're building upon is a foundation for the aftermath of the credit crisis is solid. And it works for a while.

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