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Santelli Storms Off Camera After Argument With Liesman Over Fiscal Cliff

CNBC's Rick Santelli and Steve Liesman disagree on how to solve the "fiscal cliff" problem.

Liesman: What the fiscal cliff is, is essentially taking the personal income tax code and putting that on a yearly basis. It is just no way to plan and to do business. And it strikes me that if you could solve the fiscal cliff problem, get tax reform going, create the field, you could extract more, I feel, from the wealthy -- even from business and get rid of deductions.

Santelli: It’s going to be very hard to extract more from the wealthy, though. Did you read that op-ed in the Journal today? You know, we had what, Mr. Jim Sinegal (the founder of Costco) -- this is going to be the entire Santelli exchange today --

Liesman: Yes, I read that. I read that.

Santelli: He spoke to the Democratic National Convention! And yet, of course, Costco is putting the money through… You know, doesn’t that bug you a little bit? It’s very depressing that the people who proclaim the president’s fairness -- those wealthy people that the president wants to go after -- they escape it.

Liesman: I also read the op-ed above it, Rick. What’s interesting Rick, is, the op-ed above it has a listing of GDP by year and it completely leaves out the eight years of Bush Administration, if you read the op-ed above it.

Santelli: You know what! Don’t give me the old switcheroo. I’m not talking about that one.

Liesman: Ha! The old switcheroo…

Santelli: I’m talking about the one below it, Steve.

Liesman: I’m talking about the one above it. I rise above it.

Santelli: Of course you are. Because it’s so reprehensible. It’s reprehensible.

Liesman: My point, Rick--

Santelli: The people go to Charlotte, say, ‘fairness’ and then they RUN to try to beat the tax man.

Liesman: I think he’s trying to do his job. He’s the chief executive--

Santelli: Shame on them, I can’t even talk about it anymore.

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