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Santelli: Fed shouldn't bail out market this time

Jim Bianco, president of Bianco Research, and CNBC's Rick Santelli argued over whether the Federal Reserve will be making a big mistake with dire consequences if it bails out this Brexit-rocked market with more loose monetary policy.

"The problem is that they've been too easy with money," Bianco said in response to recent comments that the U.S. central bank would consider another quantitative easing program in the face of this Brexit crisis. "The problem is that the easy money has created a slower economy," he added.

Bianco explains that market participants have become "too reliant" on the Fed, comparing them to a "bunch of hopeless children," who need constant reassurance from central banks. "They need to let markets be markets," he said.

This heated interview is an exclusive for CNBC PRO subscribers.