Fixing the U.S. debt: Rick Santelli and Steve Liesman on the great rate debate

Rick Santelli and Steve Liesman debate the Treasury's plan to double government bond buybacks and what is really driving U.S. rates. Santelli argues Middle East tensions and higher crude oil are keeping Treasury yields elevated, while the Bitcoin jump after the buyback news was just a crypto-meeting story. Liesman says the expanded off-the-run buybacks were desired in substance but badly timed, hurting Treasury's regular-and-predictable credibility. Santelli counters that the buyback size is immaterial next to the Fed balance sheet and long-end liquidity is poor. - The Treasury Department plans to at least double government bond buybacks from September 9 through November 4. - Santelli sees Middle East risk and a more than $5 weekly rise in crude oil as the key reason Treasury yields remain elevated. - Santelli says the post-buyback Bitcoin jump was driven by Trump's White House crypto meeting, not rate policy. - Liesman says the market wanted expanded off-the-run Treasury purchases, but the timing was irregular and damaged credibility. - Santelli argues the long-end buyback package is small versus the Fed balance sheet and existing buybacks. - The conversation turns to Fed policy, fiscal dominance, and whether low rates were financial repression.