Rick Santelli video: 'Play defense' against 'dirty shirts'

In his "Santelli Exchange," CNBC's Rick Santelli says it's time for investors to "play defense" against the "dirty shirts," the emerging markets where stocks are getting hit by the Federal Reserve's expected move to taper its asset buys.

(The metaphor comes from the notion that while the U.S stock market has its problems, it's still the "cleanest shirt" in the closet when compared to other stock markets around the world.)

Santelli suggests that as capital dries up, the "dirty shirts indeed could create an environment where, if we don't see the developed economies' fixed-income government markets, like tens (U.S. 10-year note), like (UK) gilts, if we don't see buying come in because of what's going on in the emerging markets, because there are other issues, the mousetraps are snapping, then in my opinion, the real key here is it might be time to play a little defense."