While international attention has been focused on Greece's debt crisis and the riots that have ensued over austerity measures, the possibility of the United States finding itself in the same situation is one to be considered a legitimate possibility says CNBC CME Group floor reporter Rick Santelli.

On CNBC's May 7 "Squawk Box," host Joe Kernen pointed out the fear of contagion spreading throughout the world economy has been a focus, but asked Santelli if anything could be discerned from the Greek situation that would apply to the American economy.

"Well, you remember the Christmas Carol?" Santelli said. "You know, Greece is our Ghost of the Future. It's a future that doesn't have to be -- but if we don't make some changes in the here and now, we will ultimately end up not quite like Greece but let me tell you something austerity is not a GDP enhancer and I think a lot of what's going on with the issues in Greece are a lot like upside down mortgages. They tend to keep re-defaulting. I think it's not even the medicine. Austerity in a lot of countries isn't going to help the global economy. And I think -- I don't know how realistic people are being about the possibilities that it's just going to be tougher to create GDP over the next several years."

Does anyone remember when the liberal intellectuals decried populism coming from the likes of Glenn Beck and other conservatives that was aimed at the direction the country is going under the leadership of President Barack Obama and the Democratic-controlled Congress?

Throughout 2009, that so-called "bottom-barrel demagogy," as Troy Patterson called it in an post for Slate one year ago, was the focus of much consternation from the intellectual class that resides in the Northeastern U.S. corridor. One example was a critique of the Rick Santelli call that inspired the Tea Party movement, which John Dickerson called "impassioned, scattershot, and ultimately clownish" in a post for Slate back in February 2009.

Apparently it is OK to cry foul on so-called populist rants when the mouthpieces tend to be right-of-center. But now, with Congress debating financial regulation, this sort of above-the-fray approach has gone by the wayside, at least for Slate.com. On Slate's Political Gabfest podcast for April 22, moderator John Dickerson asked his panel consisting of Slate editor David Plotz and Slate senior editor Emily Bazelon, if Wall Street banks had a responsibility to self-regulate and do what's right as opposed to solely relying on legislation to set the boundaries. That inspired an "impassioned" populist response from Plotz.

A little over a year ago, President Obama signed into law the $787-billion stimulus legislation that was supposed to prevent the unemployment rate from exceeding 8 percent. And although the unemployment has receded some from its high, it's still well North of 9 percent. So if that stimulus is given more time, will unemployment improve?

Last week's jobless claims numbers, showing a stagnant unemployment rate of 9.7 percent, didn't provide any reason for optimism. And on CNBC's April 12 "Squawk Box," host Joe Kernen asked CNBC CME Group floor reporter Rick Santelli if this economic indicator is going to be stubborn number, which would confirm a failure of Obamanomics.

"Rick, I wasn't here last week when that claims number came out. But if I could really just dig deep down into your view, do you think a year from now we're still going to be talking about a stubborn unemployment rate, Rick?" Kernen asked.

Green jobs to save the American economy?  If you have listened to the various politicos on the left end of the spectrum, especially before and after the passage of the $787-billion stimulus package earlier, you would think that is the cure-all.

But so far it isn't working and there are other fundamental problems that lie ahead according to some energy market analysts, like much higher oil prices - despite the pledge by President Barack Obama to open up 160 million acres for future oil exploration and drilling. To avoid the price of $100-plus oil, CNBC's CME Group floor reporter suggested expediting the process, as was the case with ObamaCare and TARP.

"I think what you're hitting on is so important because the President of course talking about some of these jobs, but also talking about drilling," Santelli said on CNBC's April 1 broadcast of "Closing Bell." "You know, if the government was able to put forth health care and the government was able to do bailouts and TARP and stretch the rules, if they wanted to get jobs now and avoid the $100-plus oil you know that's coming they could drill quickly if they wanted to. And this is something that needs to be discussed, don't you think?"

Left-wing filmmaker Michael Moore and CNBC's Rick Santelli couldn't be more philosophically opposite. Style of argument differs too: Michael Moore assumes the worst in people that oppose his view.

In a March 12 appearance on WNYC 93.9 FM/820 AM's "The Brian Lehrer Show," Moore was asked to react to Rick Santelli's February 2009 call for action against the Obama administration proposal to offer a housing relief through the taxpayer to those who got in over their heads on their mortgages.

"Ah, the sound of angry white guys wafting its way through the airwaves," Moore said. "Obviously that was a pivotal moment for that, but if you notice what he's railing against is he's blaming the whole mortgage crisis on the little guy who took out a mortgage he shouldn't have taken out, living beyond his means, having a home with too many bathrooms, when in fact - as my movie points out - the FBI of all people, have stated clearly through their own investigation that 80 percent of this mortgage crisis that we've gone through has been caused by the banks and lending institutions, by the fraud committed by the banks and the lending institutions - not by the person who's living beyond their means."