Clueless Rick Santelli Doesn't Understand His Attitude Is Why America Loathes Wall St. & Bankers
By John Amato Saturday Feb 21, 2009 3:00pmWatching Rick Santelli's embarrassing diatribe at the expense of the American people made me realize that these Wall Street frat boys still don't get it. America is sick and tired of the riches they have manipulated out of the system and then be lectured by people who make more money than 100 middle class workers put together. The next time I want advice on how to live I'll be sure to ask a man who was deeply involved in "derivatives."
California hates Enron and all the damage it caused us and America, but these are Santelli's peeps. I watch the Saturday FOX Stock shows religiously and he fits right in with Cavuto's crowd. Don't blame the crooked mortgage lenders who were having bidding wars to acquire their next mansion, but blame first time buyers or average Americans, the lifeblood of our society and call them "losers."
Santelli needs to own that he is the loser and if it wasn't for the gasbag insider crowd that gives his words a modicum of respect, crowds would gather outside his home with torches and pitchforks. Jane nails him and his ilk.
Rick Santelli is just the explosive Id of CNBC, saying what everyone else thinks. Somehow it's not the pervasive institutional rot, the criminal malfeasance at the highest levels, or the Chairman of the Federal Reserve telling Americans over and over again that housing prices would never go down.
They have convinced themselves that the real problem is once again people at the absolute bottom of the economic scale. If they'd only used appropriate "judgment" and lived within their means, we'd all be fine.
Chris Matthews labelling Santelli another "Sean Hannity" is cool with me because he backs up their positions, but that's what most of CNBC and FOX news are all about. On the TODAY show, Santelli went on about how all home owners should get help. That's what, like 100 million homes? Is he asking for another 10 trillion dollars? Part of President Obama's plan is to keep the values of homes as high as possible. By helping out the few, he is actually saving the overall housing market thousands of dollars per home. Do people want to see their houses lose half its value and then get a tax break? I don't think so...
With Chris Matthews, the idiot Bush Depression trader says shame on them for signing something without reading the fine print. I read it and didn't understand it either. That's why I hired a freaking mortgage broker.
Chris got him to admit that he voted for John McCain. What a shock. We were all lied to at almost every level so these slickly dressed charlatans could pillage the country for all it was worth.
And if anyone has bought a house and tried to get a mortgage, they would know that the documentation is gibberish to most of us. We rely on the lenders to accurately navigate the system and not get abused by it. Santelli knows this too. I was lied to when I bought a house many years ago. The escrow agent even manipulated my trust and I watched what happened in California as these greedy money changers almost destroyed the entire economy.
I go to the DMV to get a license and I have to go through a series of requirements to meet what's needed in order to acquire it. If the same principle had been applied to the mortgage lenders, then people would not have been qualified to refinance or get into a house they couldn't afford. It's really that simple.
I hope he keeps it up because Americans are in need of help and not lectures from the likes of Rick Santelli. He only helps to expose the disturbed world view shared by the Bush loving-John McCain Wall Streeters.
See his Today Show spot below:
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The American car has smashed into the wall.
"Honestly officer, it jumped out at me!"
Alright then, lets let it all go to hell. Let panic set in, and maybe these asshats will jump out the god damn window and get it over with.
http://www.youtube.com/watch?v=I4khXkE5gEI
the thing that roosevelt averted when he instituted the wpa
there will be riots in the streets
the people will then march on fucks like el druggo and santelli, and burn their fucking mansions to the ground
that is what will happen
the thing that roosevelt averted when he instituted the wpa
there will be riots in the streets
the people will then march on fucks like el druggo and santelli, and burn their fucking mansions to the ground
that is what will happen
That term strikes me as being a diversionary tactic deployed in order to divert attention away from the fact that the lenders knew damn well in advance that they were making risky loans. But, that didn't matter to them, because their only intention from the get go was to flip the the loans into bogus derivative packages. They made a batch of hot potatoes and then passed them on as fast as they could. They ran a Ponzi scheme of sorts....creating risky loans for the sole purpose of making profits by selling them as - if they had genuine worth, relying on their reputations for prudence and probity to make them marketable. Fraud. Then, like a game of musical chairs when the music ended, they got stuck holding "toxic" assets when the scheme finally fell apart. So, to make it all OK, they blame the borrowers for not living in their means.
That's rich. That's really fucking rich. They're gangsters who belong in prison, stripped of their wealth and asset.
The folks making the loans had a fiduciary responsibility to their shareholders or members or whomever owned their institution to ensure that they would get a return on their investment. Somehow, in their greed to see only maximum profits they failed to recognize that these homeowners would actually need to pay back the exorbitant loans. What galls me is that they have be absolved from their responsibility. The homeowner is evil for not recognizing they can't afford their new home but the loan maker, who actually has a responsibility to their owners, is seen as the victim.
When you go from a 5% rate, to an adjusted 8% rate or higher, what was once affordable, is no longer affordable.
And considering 46% of the people in this country were dumb enough to vote for McCain/Palin, that tells me there is a whole lotta stupid out there.
People who couldn't understand those mortgage contracts if they read them 16 times. And assholes like this weasel know that. That's why we have - I mean had, regulations in the first place. To help hard working people who maybe aren't the sharpest tools in the shed, and would never be able to understand any type of contract or finance - get a home, and not be taken advantage of.
!
you underestimate this guy, this guy is not embarrassing to the republicats.
palin was a fabrication, a marketing concept and she was fake, she could deliver a good speach and looked good but she was a moron and it didn't take long to figure that out
joe the non plumber was another fabrication, a transparent invention created in the back room and another marionette, he thinks he's playing us but he is another failed attempt at marketing
this guy santelli is the real deal for the repukes, he wasn't created by the puppetteers, this guy was no script either, he played his flock, he played the interviewers and he does not have the sub a, he is an idiolgue with intelligecne and some charisma on top of it, unlike the transparent and moronic mentality of palin and joe the non plumber have
this guy can definately be the new face of the republicans and he is going to play to their knee jerk self interest base
I think if he wants this guy can run and be a formidable political candidate
...is going to be staying out of prison
Please do elaborate where this moron had any valid point to make, or where did he even made it in a coherent fashion.
He is a loud monkey... if that passes for "formidable opponent" in your neck of the woods... we have problems.
Well, he is completely full of shit. Sounds like he would be a lock with the republican idiot base in the primaries.
I think if the Republicans suddenly think it's a good idea to run an arrogant, obnoxious derivatives trader in the middle of a recession that was created by arrogant, obnoxious derivatives traders that would be both consistent with what they've been doing so far, and welcomed by Democrats. Paul Begala would probably volunteer to pay his registration fees!
Let's see:
1. Polls show Obama is popular, so they oppose, obstruct, and annoy him as often as possible. (Check.)
2. Polls show the public is sick of petty partisan bickering, so they become recalcitrant, petulant brats, first insisting on tax cuts in the spending bill, and then voting against it anyway. (Check.)
3. The states they represent have the highest unemployment rates, so they vote not to take the unemployment benefits to please their batshit-crazy base. (Check.)
4. The polls show Americans are sick of the stupid "culture wars," so they rant on in the House of Representatives about elitist MICE with "San Francisco values." (Check)
5. Polls show that people are angrier than ever at Wall Street, and blame Wall Street derivatives traders for the economic collapse, so they nominate Rick Santelli for a run for Congress. (Check)
I just want to go on record questioning what this asshole thought about all the money going to the wall street banks. Was he ok with that?
people in his line of work are one of the reasons why we are in this shithole.
He is the monkey who splattered shit all over the bathroom, and now he is complaining because the cleaning crew is missing a spot.
If we could use the gall of this people as an asset, we could pay our national debt in about 2 days.
Your country has been hijacked by assholes. Not just any assholes, but grade-A, primo fucked-in-the-head assholes. I really do feel sorry for you. Believe me, I do.
Thanks for noticing, and the sympathy too! We need it.
Good to see you back too.
well said.
when they got over $1 trillion during the bank bailout, so they could keep making money out of moving money around.
I believe, Santelli's performance is a modern day rendition of the party in with the French monarch said flippantly "Let them eat cake."
A bunch of people who are a biohazard to our society should shut the fuck up about "moral hazard."
The sad part is it seems to me at some point these requirements WERE necessary. I wonder why they dropped them?
[/rhetorical "why"]
I used to live with a bank managaer. In Canada, then at least, the formula was 10% down and home price not to exceed 5 years gross salary in a secure job, and never to exceed the home value. Don't meet these requirements-- no mortgage.
Yet that changed to 0% down and borrow more than the value of the house itself. Job optional? Does anyone else see this as a recipe for disater? Deregulation folks!
The banks knew they were siphoning off the equity in your homes with loans for shopping. That was the point. Enrich themselves, milk it till it bursts.
And the people like Santelli were the one PUSHING this. They wanted any regulation that might have stopped this to be rewritten. Nobody who could not afford a house should have been allowed to buy one!!!!! Sorry about that but if I can't afford a lobster I don't get one. Or a steak. Or a hamburger. But the mortgage brokers wanted EVERYBODY to be able to buy a house with no money down and no income because that was the only way for the prices to keep going up and the only way people could refinance their houses and make the mortgage brokers $1000s of $$$$$$$$$$$ every time they did it. God damn these assholes!!! Snatelli has the nerve to ask why didn't people read the fine print? The mortgage brokers would never let anybody read anything. You know this ans I know this. For Santelli to say this is so disingenuous.
To you get it that Santelli pisses me off?
Pushers. That's what they used to call the drug-dealers who give away small samples of their wares only to get innocent kids hooked.
I'm not sure this drug scenario ever played out like it was told, but it would sure sound ridiculous for hypothetical pusher/dealer to defend his actions by saying those kids didn't have to buy it - that he was innocent because the kids were the losers.
The whole reason for this "ownership" society, was to distract the masses from the fact that their wages were stagnant, their benefits were being reduced or eliminated, and their retirement - well, let's just say that should only be possible for the uber rich.
So instead, they sold them a house, and an option to go up to their eyeballs in debt by refinancing over and over again.
And of course, how do you keep all those people buying electronics from China and cheap shit from Wal Mart (China)? Low rates that anyone can get!
While most mortgage brokers operated in a fiscally responsible way, more than a few did not, succumbing to greed and easy money through the lucrative commissions to them that were available. The whole premise of their NINA loans and similar was escalating home values---without it, their whole Ponzi scheme would unravel. And that's what happened when market values declined. These slimy assholes bet homevalues would never decline. Some of the worst of these brokers committed blatant fraud by knowingly submitting false information on applications knowing that their toxic economic waste would flow downstream to Freddie Mac, Fannie Mae and others who would ultimately bear the risk. They cash in today and let others figure it out later.
I would bet that there were a majority that did not act in a responsible way. Especially towards the end.
Also the republicans like to say that the Dems forced the lenders to lend to people who could not afford it. BULLSHIT!!! There is no way anybody could have forces anybody else to lend $300,000 to somebody who could not afford it. All they had to say is "this loan is going to cost $3000 a month when it resets. You make $3200 a month. You cannot afford it!!"
I'll bet that the fraud was indeed more widespread. As we have found, there are a whole lot of people on Wall Street and elsewhere that thought Gordon Gekko was right and they had better cash in on the gravy train's "easy" money.
You mean the "fuck evrybody but me" republicans and blue dog democrats?
rick is like the rest of the assholes on wallstreet.
they think poor people are whinners......they are
so elite that they would not know what poverty is.
to them it's not being able to have someone else
do everything for them.
I have a couple of friends who are rich, who grew up rich. We've gotten into heated arguments when I've called them on ignorant things they've said and attitudes they hold. It relates back to what you are saying. These friends are full of condemnation for people who struggle or have a hard time, despite their best efforts to live prudently. Self-righteous condemnation comes easy when a person has never known a day, or an hour or a minute or even a second of need or uncertainty in their lives. Like the example you use, hardship to these guys would be something like substandard room service...."But, who shall bring me my thrice-weekly oyster sampler?!?".
One of these guys I've known for 25 years, and he is resistant to any and all intrusions of fair and just consideration, or promptings of conscience for that matter. In his guts he believes that he is rich because he is morally better that those who aren't, even though he did absolutely nothing to earn his wealth. I think if I were rich and had children, I would conceal that fact from them until they were well-matured adults with plenty of experience dealing with struggle...as a favor to them.
Camel through an eye of a needle, and all that.....
But what about all the credit default swaps? It seems as if some far bigger "losers" issued guarantees they couldn't even dream of backing up.
The only difference is that many who can no longer afford their mortgage payments cannot do so because their interests rates and payments have been drastically increased - information hidden from them when they were convinced to sign the contract.
Those who sold credit default swaps were sophisticated business people who knew exactly what was going on.
Maybe they should pay up. Or shut up.
These CD swaps are truly satan's instruments of evil. I'm still wrapping my head around them but it seems to me that, if I've got this right, the reason the banks and Wall Street are effed is because they sold these swaps and now because the housing market prices have declined they're on the hook to payoff the betters who won that little wager and that payoff destroys their asset/debt ratio (generous as it's become) so they're illiquid. Broke.
It strikes me that the simplest way out of this is to not require anybody to payoff those CD swaps. Declare them retroactively illegal and since an illegal contract is unenforceable nobody has to pay. We'd have the added benefit of being able to confiscate the bonuses that were paid to the assholes who sold these things since those bonuses would have been based on illegal activities.
OK, I know retroactive criminality is probably never going to fly but it still seems that if we get rid of the obligations of those swaps the banks are no longer in trouble (besides any mortgages that they actually own - but we can deal with that...).
But I see no reason to let them. They were paid to assume risk, and it's time for them to pay. The guarantees are what transformed high risk debt into triple A, conservative investment. That's fraud on a massive scale. And there is no reason I can see to let these frauds off the hook. They took the premiums; they should pay on the policy.
This guy works in the commodities pit in Chicago. These fuckers are the reason that oil went to $150 a barrel. The only reason it went that high is because of the speculators on the Chicago Commodity market.
Santelli is a mental case and a cheerleader for all that is wrong on Wall Street and the little guy eats it up. Well, on the bright side, according to Obama today, I'll be getting another $65 to spend starting April 1st. Thanks Obama, but I wonder if you might make better use of those funds as gas is rising again, mu electric bill is going up, the DMV has just raised registration rates, my dentist just raised his fees while my deductibles on medical coverage are going up. My January property taxes just went up over $400 and food costs are going up again.
Honestly Mr. President, I really do appreciate the extra $780 per year. But even with those additional funds I'm still in negative territory and sinking fast because my employer just gave me the option of either taking a salary cut or reduced hours. Seems the little guy always gets in in the neck while we continue to give hundreds of billions away to those who broke the system. Maybe Mr. President, you need the money more than I do. I never minded paying taxes. I just get really pissed the way your friends in DC spend my tax dollars.
All in all, $65 a month isn't going to make much of a difference.
Yeah, he can keep mine too. PUT PEOPLE BACK TO WORK! Please Mr. President, this is our number one priority right know. That, and TAXING the shit out of the rich.
And I don't mean this 39% rate bullshit either. I am talking 90%+ rates after the first $10 million. Nobody needs that kind of money. It just creates sickness and injustuce in society. And most of the bastards who do make that kind of money, got it by screwing the shit out of other people.
All the Wall Street firms changed their status from a something to a bank or bank holding co. so that they could get the bank $$$$$$ from their buddy Paulson. What did Santelli say about that? What was his reaction. Somebody has got to ask him this.
The housing/mortgage market is the foundation for this crisis. If the housing/mortgage market is stabilized then we will be on the road to recovery and Santelli will be on his way to making more millions of $$$$$$. Why would he not want the homeowners who qualify for this Obama help package (and there are not that many anyway) to get stabilized and for the market to get back to normal? It just makes no sense.
cases of sociopathic behavior.
People who have made lots of money the old fashion way, by working and earning it, they understand what you said: everybody does better when everybody does better.
However, these asshats do not know what an honest day of work looks like. They either came from money, or made money from investing other people's money. They really have very very very little value proposition, if you think about it. They reap enormous margings from activities which are either redundant or counter productive (i.e. they really don't add much to real creation of wealth).
Santelli is the typical asshat born on 3rd base, who thinks he just hit a triple.
LOL - well said.
He's a repuke! The bankers got theirs, so fuck everybody else! That's the GOP slogan.
So Rick Santelli doesn't want the government to come between two parties of a contract. But what about these banks that, despite receiving billions of taxpayer dollars, are raising interest rates on fixed-rate credit cards? Credit card holders can't go to their banks and notify them that they're lowering their interest rates, but banks can unilaterally change the terms of their agreements? In that kind of dynamic, where the consumer is a victim of bank's greed (as all taxpayers are now victims of a much broader greed), the government certainly should be able to step in and help consumers who've been screwed, by banks, mortgage brokers, whomever.
Santelli would say that you didn't read the fine print where it said that they could change the terms of the contract whenever the hell they felt like it even though you would expect that to be not fair. Ever.
Calm the hell down. Let me preface this first by saying I hate CNBC, its the equivalent of economic soap operas and everyone is clearly a free-marketer, which I disagree with. However, to your points:
1. "America is sick and tired of the riches they have manipulated out of the system and then be lectured by people who make more money than 100 middle class workers put together."
- Well, America should take a look in the mirror and get its butt in gear. It is a great country that rewards intuition. If you don't like your circumstances, change them (yes, I realize this is a broad statement, but I don't want to get into a prolonged response).
2. "Part of President Obama's plan is to keep the values of homes as high as possible."
- If this is true, this is a bone-headed move. Housing prices need to adjust to actual values. If they stay artificially inflated by the government this mess won't end anytime soon.
3. "We rely on the lenders to accurately navigate the system and not get abused by it."
- I wouldn't use this logic when buying a car, why would I do this when buying something I supposedly want to live in for 20 to 30 years?
The bottom line:
Mortgage lenders were idiotic in risk assessments and the insurance backers failed in their duty to understand what they were backing. Government did nothing (no regulation). The citizenry bought items it didn't understand.
Sounds like their is plenty of blame to go around. Just that no one wants to look in the mirror and would rather point the finger.
... to understand what they were backing"? Hogwash. When 20 million dollar companies take premiums insuring billions of dollars of risk, there is no lack of understanding - there is fraud.
The company assuming the risk doesn't care; the premiums are paid out as salaries, bonuses, etc., and the company is judgment-proof against any claim.
The company buying the guarantee doesn't really care either as the "insurance" was really only for show as a way to sell high risk paper at blue chip prices.
But, of course, this is the citizenry's fault. Funny how conservative economic tenets like laissez faire and caveat emptor fall apart on the slightest examination.
Tell us more about how poor people wrecked the banking system. Then perhaps you could explain the horror of the hog who dulled the butcher's knife.
By failing to see the broader context of my argument (see bottom line), you make my case for the title (blinded by the forest).
Thanks.
There is plenty oif blame to go around so therefore the solution sould be spread around as well. The banks get a Trill, the genreal public get a trill.
Trill + $1,000,000,000,000
Just like with your buying a car, any consumer who got ripped off by a mortgage broker deserved it. It's called buyer beware and there's nothing all that complicated or deep about it. Business has been using that logic to rip off consumers since stegosaurus sold his first T-rex protection policy.
Hope you don't care much about too many senior citizens, because they're often targets of these practices. But hey, if they don't use the same care you do when you buy a car, then they deserve to get ripped off.
It's what free-market Jeebus would want. Pull yourself up by your own bootstraps. America should "get its butt in gear." "If you don't like your circumstances - change them."
Yeah, I get your "broader context" - straight from the Cliff's Notes of a Horatio Alger novel.
This is why I have come to feel sorry for people in the US. They constantly complain about everything and just want more (buying houses they can't afford, average 7 to 8 credit cards per household, -.8% savings rate, bigger tv, etc.). Consume and complain.
Yes, you really know what your talking about. This is a joke. Your economy is going down, government (both sides) can't do anything, and all anyone does is complain and point fingers. DO SOMETHING THEN AND QUIT WAITING FOR SOMEONE TO SAVE YOU!!!
... because you don't like Americans?
Umm, ok.
Does this have something to do with the "broader context" of your argument? Because I'd really love to understand the "big picture" of another non sequitur. The depth of thought is... unfathomable.
Hurry up and buy
No, really - what do you mean by, "blinded by the forest?" The metaphor is can't see the forest for the trees. I have never before heard of being blinded by a forest, which sounds as though you're implying that the article's author is in some way failing to see the small, compartmentalized pieces of this problem due to an over-emphasis on a wider perspective. As a metaphor, that's not only nonsensical, but a needless reversal of a perfectly good saying.
Your points are a muddy re-hash of the same old worn-out Horatio Alger myth that has been used to hide the rot of gross inequality for too long. America wasn't built solely by plucky entrepreneurs and people with well-played hunches. It was built on the labour of slaves & indentured servants. Full stop. For every self-congratulatory wealthy person there have been, literally, thousands of others who got the short end of the stick through no fault of their own. None of us chooses the circumstances of our birth, but this idea that America is the one place on earth where those circumstances don't matter is self-serving hogwash.
The rich tried to prevent taxpayer-funded, public education from ever occurring & they've been doing their level best to dismantle it ever since its inception. The same is true for virtually every aspect of the social safety net that one can name. The surprise isn't when the servant class gets screwed over by the system & those who run it, the surprise is the very few who manage to do well despite the myriad obstacles placed in their way by the owner class. Even Bill Clinton & Barack Obama didn't rise from the middle class by dint of hard work alone, as much as that may be a soothing fairy tale to tell ourselves. They also had to seek & attach themselves to wealthy/influential mentors to advance their careers - the modern extension of a patronage system that predates America by millenia. We may be glad the Medicis & Rockefellers & Carnegies of this world built libraries & funded great art, but perhaps we wouldn't have needed them if they hadn't stolen & hoarded so much wealth for themselves in the first place.
The American system is & was designed to keep the majority of us in a state of ignorance, but there's something else that never changes. There are always a lucky few who benefit from a grossly unjust & rigged system who then turn around & blame their fellow citizens for the state of engineered oppression they find themselves in. I'm reminded of Jim Hightower's evocative phrase about George Bush, "He was born on third base & thought he hit a triple." Bush is far from the only one.
Peace and aloha,
BID
I don't post here a lot, but I have a lot on my mind, so it usually comes out in a torrent. I fear I'm boring my fellow posters with my rambling.
I probably needn't have bothered, though, as "Suzie Gadfly" is incapable of honest debate.
No need to worry about Suzie. She is probably Santelli in drag.
Cry me a river. Its the US, everyone is a victim. Didn't you know?
That's the best response you've got? What a coward you are. You write a post you're incapable of intellectually defending, so you respond with even more cliches.
I suggest you begin your posts by saying that you're deficient in critical thinking, so the rest of us shouldn't expect you to engage in a discussion or dialogue of any sort.
Yes, the world is unfair. Did a grown-up tell you that? Most of us are well aware of it - we're on the progressive, anti-authoritarian part of the political spectrum because we understand our responsibility to one another & to future generations as laid out in the Preamble:
"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
Are you fucking serious, sarcastic, or delusional?
I have had people from mortgage companies tell me they were not exactly sure what such and such meant when I was buying a house and signing the papers.
Yet, according to you, it's the duty of every high school graduate who may want a home to understand it? Where do you people come from?
Simple answer. THEN DON'T BUY! Who would buy something they don't understand???
Nice language.
I love the way he turns to the commodities brokers and asks them their opinions. I wonder how much they all made artificially jacking up the price of oil and other commodities for the last few years.
This guy voted for McCain! What an imbecile! Imagine if we were living in McCain world right now. now that is scary. It may be happening in an alternate universe.
I used to live with a bank managaer. In Canada, then at least, the formula was 10% down and home price not to exceed 5 years gross salary in a secure job, and never to exceed the home value. Don't meet these requirements-- no mortgage.
Yet that changed to 0% down and borrow more than the value of the house itself. Job optional? Does anyone else see this as a recipe for disaster?
-------------------
Every democratic congressperson should have seen it as a coming disaster, but i don't remember even one ever calling a press conference and warning the American people not to even think of a zero down, interest only home loan. After the damage is done, let's do something about it. It is too late, now. The horses have already left the barn. Banks that were all too willing to lend, are now all too willing not to lend. The market is already doing what re-regulation would intend to be done. The era of reckless lending is over.
When Alan Greenspan, in 2003, told home buyers to get adjustable rate mortgages, i was appalled, and i am not a banker. Not a peep of complaint from anyone in a position of responsibility. Let's just party.
The only complaint i heard was about the rising price of oil. Nobody complained about rapidly rising stock or housing prices during their respective bubbles. Buy a stock for 50 and sell it for 100. Buy a house for 100,000 and sell it for 150,000. In Los Angeles, it was buy a house for 400,000 and sell it for 450,000. Can't lose. Buy it for 450,000 and sell it for 500,000. Can't lose.
Everybody was happy.
When Glass Steagall was dismantled, both political parties signed onto it. Experts warned congress, but both political parties ignored the warnings.
Nobody complained about the housing bubble, as long as the economy was growing, due to it. The complaints only happened when the crash occurred.
Anyone want to invest in a little company I'm starting up?
It's called the American Guillotine Company.
I sense, after watching this ass-hat Santelli and his 'Moral Hazard' pals, that there's a huge potential market out there.
Couldn't we call them "Freedom Razors"?
Rick Santelli refers to the traders on the floor of the Chicago Mercantile Exchange as being 'A pretty good statistical cross section of America.' WTF?
So how about 'The All American Cross-Sectioner'?
of the French Revolution. I think it also had something to do with, "Let them eat cake" mentality.
Can I get a stock quote from you?
LMAO! OK Like my post matters, but I'll link what I said on the 19th here on C&L since this got added.
BREAKING NEWS - IDIOT ALERT!!!
I'm a daily watcher of CNBC for strictly entertainment purposes. There is wonderful psychology found in creative entertainment. When I watch these folks carefully I see that their world is coming down, the Holy Church of the Libertarian Ayn Randiness is cracking, the unified belief structure is no longer functional. Hence the Santelli Rant. There will be much more of this anger. The Church of the Free Market is rife with doubt. As long as it is others who are losing their shirts the devotees can patch up the holes in their strange church. But when the Masters of the Universe suffer, do not expect reasoned self-reflection. Expect panic.
with the rest of the crooks and robbers on Wall Street.
... that no one has mentioned - to my knowledge - are the real estate brokers.
Capitalism, if you think about it is all about GREED.
A real estate agent gets hired by a home owner who wants to or needs to sell his home. This agent looks at recent sales in the neighborhood for similar homes, and sets the asking price a couple of thousand dollars higher. Now just imagine 10 sales per year in an area would raise the cheapest of the home by thousands of dollars.
I purchased a home in 1982 for $142k. My neighbor's house is identical except floorplan is flipped 180 degrees, and he sold his in 2004 for 700k. I have no idea what my home is worth now, and also have no idea about the neighbor's status. His house is probably worth less now than what he owes (unless he put a large down), but it really doesn't matter if he plans to retire in it.
- Santelli works in Chicago, not Wall Street.
- Santelli advocates wealth by commodity and productivity - not spurious CDS or stock exchange schemes.
- Santelli adamantly denounced both the bank bailout, and the auto industry bailout. he believes - like I believe and I *thought* many of the posters on here believed? - that if a business fails, that business deserves to fail. even if its "too big to fail".
- Santelli adamantly opposes the current system of printing money to make money, and the current business design of the Treasury and the Federal Reserve.
****
just thought I'd clarify that. Santelli did not get rich by investing in banks who sold homes to people who couldn't sell homes. he got rich by serving as a middleman between farmers and grocery stores, and selling bonds/commodities. you know. corn. coffee. oranges. that sort of thing.
Amato completely screws up and doesn't know squat about what sort of "derivatives" he is denouncing.
Do a little fact checking before you start a rant on something you don't have a clue on.
For a 10 minute lesson, The Market Ticker Rebukes your entire argument:
http://www.youtube.com/watch?v=fmKHUUkhkzM
OK, here's the deal. I had an awesome corporate whore job, giving data to IBM. My neighbor - literally, my neighbor - had an awesome construction job doing interior design work for condo's.
I lost my job because IBM is cutting back. so sad. so it goes.
my neighbor has lost a lot of contracts because nobody's buying fancy condo's anymore. so sad. so it goes.
I rent. He owns. He's in over his head, and about to lose his house.
my government wants - no, demands - that ... in 3 months' time, if I'm still collecting unemployment insurance, I'm going to have to pay taxes on my UI.
and those tax dollars?
well - they're going to my poor, sad neighbor. to help make sure he doesn't lose his home.
what. the f*king. f*ck.
seriously.
he's got kids. I got kids. we're f*cking equals here.
why should I - someone out of work, someone struggling to make ends meet, have to spend *MY* tax dollars protecting him?
huh?
seriously - whats he going to do for me? is he going to be forced to like, give me $50 a month to help ease up my rent payments? is he going to start paying off half my phone or electric bills? huh?
this is so f*cking one-sided, and unfair, and I *REALLY* just, do *NOT* support my administration's decision here.
my neighbor's a nice enough guy, but dammit - his housing problem is HIS OWN DAMN PROBLEM! if he can't afford his home anymore, he should either try to re-finance, or sell it and rent like I have to. not demand money out of my, or my other neighbors' empty pockets.
this is seriously irking me. I applaud Santelli's rant.
If it is any consolation, your neighbor will not get any help if he does not qualify. He has to be able to afford the terms. Also he will have lost a lot more than what you think you are giving him. Look, this thing is not going to be 100% fair. You have the right to be angry but your neighbor is not who you should be angry at (I don't think you are really angry at your neighbor, just the government). This economic meltdown has got to be fixed. I just has to be. The faster it gets fixed the faster you get another job. Don't let the assholes like Santelli tell you how you should feel. The next thing you know you will have Rush on at 11:00 AM and Hannity on at whatever time he comes on. Hang in there.
I'm angry with my administration.
again. =\ - and I'm really um... almost heartbroken? that the man I voted for and had faith in... would draft such a frickin - class-war-esque... policy.
jobs. infrastructure. thats what he should have focused on.
the dems caved, and wrote in all these mortgage and banking bailouts, and tax cuts, into the stimulus. the people who were hurt by the economy, were hurt. it would have been infinitely wiser to just let the chips fall where they may, and move forward.
Obama doesn't want to pursue legal action against the Bush administration, for crimes, for torture, etc. he wants to draft legislation to move forward and never let it happen again.
Obama doesn't want to pursue legal action against the bankers who allowed this crisis to bubble. he wants to draft legislation to move us forward and never let it happen again.
its a shame my neighbor is so worried about his house. but let what has to happen, happen. build new industries, and move forward.
Rush & Hannity are idiots.
this is by far one of my favorite "alternative" news sites, and will always be one of the sites I visit most, and respect the most.
I just - apparently - *really* don't see eye-to-eye on some of these economic discussions.
still against torture though. still against finking out CIA operatives. still against illegal pre-emptive strikes, and still strongly advocate proper funding and care for our troops. =)
You shouldn't have to pay taxes on your unemployment. Feel better.
yes. I will.
and here in Portland, we're losing firefighters, we're losing cops, we're losing teachers and brick & mortar schools.
I'd *MUCH* rather my taxes went to that...... than to my poor, sad, in-over-his-head neighbor
I would much rather see people like you get a big raise in your unemployment check - and take the money from the freakin' bankers to do it.
Folks who would actually spend it on imporatant things, and put money back into a cash strapped system.
But save your anger for the jackasses who caused this, not your neighbor. Most people I know who are unemployed never ever in their wildest dreams thought they would get to that point. These are foplks who worked for thirty years and were never unemployed a day in their life until the Bush administration took over.
The plutocrats screwed the pooch - big time! And as usual, it's the little guy that's really gonna pay.
I'd much rather see the US training and paying teachers, firemen and police in the US instead of in Iraq.
I'd much rather all those no-bid government contracts go to building infrastructure here than over there.
Burnt said:
why should I - someone out of work, someone struggling to make ends meet, have to spend *MY* tax dollars protecting him?
Two things:
1. you shouldn't have to pay taxes on unemployment. you can blame Reagan for that.
2. It's something called a "social contract" and a notion of a "commonwealth". It's something CITIZENS practice. It's a notion mostly alien to TAXPAYERS, because people who see themselves as taxpayers first, citizens second, see themselves and others as "consumers of services" and the expectations are very different.
Taxpayers, as consumers want what every other consumer wants: SOMETHING FOR NOTHING. So, they want all the services from .gov, but none of the costs (taxes), and so you end up with the mess we presently see. From this it is logical to see that TAXPAYERS want to see their "investment" in .gov operate according to scrupulous adherence to mythical standards of efficiency, and completely centered around their own particular needs and wants.
Hence, "burnt" the TAXPAYER gets all cheesed off when he pays taxes to pay for his neighbours cluelessness in finance.
That said, BURNT shouldn't be paying taxes on unemployment - and that is something that really needs to be changed. But even if he WAS employed, he could still gripe like this, and that is where my analysis is most telling and accurate.
So, BURNT - get over yourself. Chill out and help your neighbour. Someday, he might help you. Or perhaps soemday his kid will be emptying your bedpan and wiping your butt as you slowly rot in some old age home.
"GAVE MY DAD CRAP when we were FREAKING BROKE??? HA!!!! WALLOW IN YOUR OWN FILTH OLD MAN!!!!"
See what I mean? It pays to be nice. Now, don't be such a dweeb and chil out.
Maybe you should follow Santelli's advice. By that I mean you should get, "your lawyer," to look over the fine print for you, because you've missed something. You're already paying taxes on your Unemployment benefits. This is in addition to the taxes that your employer pays on that money before it's paid into the UI fund, when it's earned as income. [Well, probably not a huge tax-dodging multinational war profiteer like IBM, but the average small business owner does.]
I live in a partial-year tourist resort where the majority of us collect UI benefits for most of the year. I can choose to have the taxes deducted from each Unemployment cheque or I can choose to have them charged to me at tax filing time, but the benefits are taxed. As another poster said, you can thank free-marketeer Reagan for that nugget of shite.
you're right. you're absolutely right. I have to pay taxes on my UI. THANKS REAGAN! ya frickin prick...
but - my taxes aren't going to go up.
but - tax money *WILL* go to my neighbor. so what does that mean?
we'll have to cut funding for - cops. firefighters. teachers. roads. food stamps and TANF. services that affect pretty much all of us depend on.
all so that my neighbor gets to keep living happily ever after. instead of just renting, toughing it out, and starting over after the economy fixes itself in a few years.
******
my 11 year old son just had a great point too. what about the guys who own homes, who got laid off, and are collecting UI, and can't afford their mortgages.
they pay taxes on UI.
then?
they get their tax money back. to pay off their mortgage.
lol... its awesomeness. even grade schoolers can poke holes through this. even grade schoolers can figure out ways to scheme this policy.
You just do not have the facts correct. You are angry about something you are not understanding. Also the amount that is being put into this housing/mortgage deal is way way smaller than what is being put into Santelli's banking friends pockets. Also it is not about your neighbor. It is about a million neighbors. Two million neighbors. More. Just maybe your neighbor would rather be in your shoes buddy.
I'm in the Commonwealth of Massachusetts, derided for years as Taxachusetts. I had an excellent education, but I graduated from college during the first Bush recession, so I fell back onto my working-class roots & took the best job I could find, under the circumstances. There are a couple of reasons why I moved to MA, but one of them was the social safety net provided by taxes & envisioned by the nation's Founders.
As an American who grew up in Canada, I believe in the Commonwealth. In ethical terms, I believe that we do have a responsibility to be, "our brother's keeper," (although I'm not Christian & I'm anti-religion). In the most practical terms, I believe mutual aid is the only system that works for the benefit of the greatest number of people.
Unemployment insurance is a good example of this. My weekly UI benefit is roughly 2/3 of what I make at my job, but my employer & I didn't pay that entire sum into the system. Only by pooling the money paid in by millions of people am I able to receive the amount that I do. Too many employers I know around here hate paying into the system & do what they can to minimize the amount each year. They see it as lost income, rather than insurance against social collapse, even though they know that the local economy can't support year-round work for more than a few, mostly chain-run, businesses. They couldn't maintain their businesses without workers, but they view their employees as a burden more than a boon. I consider myself very lucky to work for someone who was a wage worker here himself & who hasn't entirely forgotten dwhat it's like. He rejects the, "I got mine, so screw you," attitude that many here have & he also has one of the most loyal staffs of any business in town. Most of us work for him because we want to, not because we have to.
In the free-market, Austrian School way of thinking that you hint at, our UI benefits are considered as parasitical as the aid to distressed homeowners that President Obama is advocating. The way I see it, this is a short-sighted & self-serving misinterpretation of, "Origin of Species," that has been repeatedly disproved by history. Take away the social safety net & we're back to the Gilded Age and believe me, neither of us is likely to make out like a Rockefeller.
Certainly, some programs within the social safety net are better designed and/or better administered than others, but the principle of mutual aid is still sound.
When the tourist season starts again, I'll have money left over in my UI claim - I do every year. I can view it as money that's being taken from me & given to someone else, or I can view it as a helping hand that I get when I need it & that I give back when I don't need it. Your neighbour may well be the very person who someday gives you a helping hand when you need it. However, even if they aren't, I'd still rather live in a society that cultivates trust & mutual aid than one that encourages greed and suspicion.
for taxes on your UEI benefits. Because he's the fucker who did that. Same fucker who made credit card interest non-deductible, and he took away the deductible for state the sales tax. That would have been ok, if he'd taken away the deduction for state income tax. Because in my state, we use sales tax instead of a state income tax for revenue. Reagan to a big shit on everyone, but shat a little extra on people living in regressive tax states.
But kick this around a bit.
you can buy a car for $35,000 and get $5,000 cash back
You are paying sales tax of a $35k car for a $30k car. Sales tax in CA is going up 1% to 9.25%, so you are paying an extra $277 and if you are financing ???
...and I'm angry that Obama is going to let the crooks get away with it...but as long as we elect corporatists, that kind of nonsense is going to continue.
I acknowledge that my tax dollars are going to help a guy like your neighbor, and that I or I won't receive any em>direct personal benefit from the arrangement. But, as regards my own personal circumstances - that's OK by me, because in the long term, I'm convinced that the best way to assure my own well-being is to work for the greatest well-being of the greatest possible number of those around me. One of the things about living in a society is that we end up needing each other...we end up needing that our neighbor succeed in order to assure our own success. It's inescapable, and the only way to avoid that situation is to copletely drop out of society, live in complete isolation - in a cave, on an uninhabited island or something. If this stimulus, flawed as it is, can create a rising tide, it's going to float all boats.
Am I pissed, livid, that the banks and institutions are getting a get out of jail free card, absolutely consequence-free treatment. Yes. I am. We are effectively buying these institutions, and are getting nothing for it. Zilch. Meanwhile, the sociopathic thugs who created thi mess are free to do it all over again. We should be nationaizing that which we have paid for, but that isn't going to happen. Like I said, that's the kind of shit that happens when we fail to learn our lessons and continue to elect corporatists to public office.
It's not rants themselves on CNBC that are the issue.
Dylan Ratigan's rants are informed, informing, and honest --- and thus, he resonates as an 'economic everyman' hero.
Rick Santelli (whether on his own or prompted by someone) tried to copy Dylan's truthful magic --- in style but not substance, and he flamed-out.
Here's the real McCoy by Dylan speaking truth to power.
http://www.msnbc.msn.com/id/21134540/vp/27888...
The sparks fly 2:20 into video.
Ratigan only found his spine right after Obama won the election.
That being said, the slimy asshole doing Obama's bidding on that piece did not help matters at all. What the f*ck was with that perma-smug in his face?
None of the elements of this crisis are new developments. The media, as a whole, dropped the ball. I don't care about blowhards trying to save face now... they are useless as far as I am concerned.
Sorry, I don't have any answers I am comfortable with, or knowledgable enough on, which is a part of the story. I do think 'somehow' laws were changed, and this 'zero' down 'bubble' started and grew for many years, I believe this is fact few would argue, as well as the 'mess' we are currently in.
I do know personally, as a Northridge earthquake survivor, no one came to my rescue when my property value dropped up to 50% at it's lowest point and I was 'underwater' for 10 years.
Lame post, I know.
Back in 1929, they at LEAST had the common decency to defenestrate. Nowadays, they go on TV and blame their victims. Gah. No class losers.
there were not that many deaths as people assume.
However, the suicides that happened were mostly due not to personal responsibility. But to the fact that people back then were more "hands on" and defenestration seemed a better alternative, than having to face the physical pain the investors were about to administer to the slime banker d'jour.
That is the reason why these asshats are so cocky. If people who lost their retirement were taking matters into their own hands, you will see them far more subdued.
If anything, I am astounded by the capacity for suffering of the American public.
I don't know about anyone else, but if some asshole wasted all my retirement money. The last of my priorities would be what kind of job I can get when I am 65... and I would start hunting whoever was responsible to make his life as miserable as he had just made mine.
I am so sick of hearing this Fannie and Freddie shit.
Fannie and Freddie did NOT deregulate derivAtives.
They did NOT allow mortgages to be repackaged and betted on by gamblers.
They did NOT cause UBS to create fake offshore dummie corps and lie about them to the IRS so US businessmen could hide taxfree profits.
They did NOT destroy Citibank or Lehmann.
Would you rather see his house and the neighborhood burn to the ground rather than help put out his fire with your water?
then part of the water is his too.
That is what pissed me off about this segment. It is not THEIR tax money, it is OUR tax money.
Besides, I am sure that like good wallstreet asshole... Mr. Santelli uses enough tax loopholes to guarantee he pays a lower tax rate than most of the people who would benefit from this measure.
Funny how these gasbags spend their whole life figuring out how not to pay taxes. And now they have the gall to tell us how to spend our tax dollars... after he and his buddies obtained the single largest bailout with public money ever.
Their hypocrisy knows no limits it seems...
Fuck Mr. Santelli and the horse he rode in...
sorry for disparaging the messiah.
I thought Obama wanted transparency, and to have his constituents be openly critical and communicative. but apparently his constituents don't want his constituents being critical or communicative. =\
I still got no beef with Mr. Amato and his awesome site. I just really don't see eye to eye with this particular Democratic policy.
You are getting more and more pissed off about something you are not understanding. You would do yourself a favor if you started believing that Obama is doing what he absolutely believes is the best way to deal with it and he understands it way more than you do.
... but also some of the best brains on the economy. Did you watch Bill Moyers tonight?
Several of us did try to engage in a discussion with you. It's you who seems resistant to communication & critique.
Make no mistake, you have chosen to cut off communication with others on here & you've done it in a simple-minded & disrespectful way.
"There's a bailout coming but it's not for me
It's for all those creeps watching tickers on TV
There's a bailout coming but it's not for me
I'm a big rock star
My sales have tanked
But I still got you
Thanks
Download this
Sounds like shit
Keep on bloggin'
'Til the power goes out
Your battery's dead
Twist and shout
On the radio
Those were the days
Bring 'em back
There's a bailout coming but it's not for you
It's for all those creeps hiding what they do
There's a bailout coming but it's not for you
Bailout coming but it's not for you..."
http://www.youtube.com/watch?v=YyfbC2-UzXg
Wow. These guys really *are* as stupid as they seem. They STILL don't get it.
This guy seems to think they can still convince the sheep to support their own fleecing. He'll be lucky if those sheep don't have him swinging from a tree inside of the next 10 years. What an idiot.
Question for you Rick: You have never owned a house in your life, you even tried to get a loan before but couldn't, then things seem a little different and you can get a loan. What changed the person trying to get the loan or the person giving the loan? Who decides who gets a loan? Pretty easy answer, even for a jacka@! like you!
Santelli= ASSHOLE!
The two of them skirted around the real issue of why investment banks and other lenders are in trouble. Credit Default Swaps and other derivatives in which these banks kept nothing in reserve to pay up on such promises. There is zero left to pay up on all these promises to pay. Consumer house mortgages are not "toxic", as if a consumer defaults, as there is still a house worth at least 50 percent of the entire mortgage value. Consumers are not as evil as the Wall Street and City thieves who made hundreds of billions in bonuses gambling away the world's economy.
what an insubordinate,self indulgent,grandiose little twink our rick is.what insousciant,almost pornographic disregard for the public institutions which make his array of sorry,threadbare scams possible.without the courts,and the prison industrial complex our tax dollars pay for,without the anticipation of the stimulus which we will damned sure pay for,even if it doesn't work,without unemployment compensation,social security,and what little else is left of our social safety net,there would probably be blood in the street now.there certainly would be if this was an authentic banana republic.
rick pumps the hamptons country club rationalizations for our economic plight over the public airwaves pursuant to a license bestowed on his bosses through a process instituted by an elected government-based on precepts embedded in our venerable constitution.and this is what he has to say-to his cheering buddies ? whereas his handlers have recklessly leveraged a number of speculative positions -which would now cost a large portion of the real economy to redeem,the rest of us must fork over the life savings of our grandchildren -and gasp-he considers the rest of us to be losers,? how much of our gdp has to be unconditionally handed over to these schmucks to make them whole? so they can refine their magic scheme,and achieve alchemical perfection next time? in the meantime,how much will his handlers find it tolerable for the mangy general public to keep?parenthetically,how many divisions of country club guys would it take to back up rick's jive smack?seriously,the rickster hasn't thought this through.that's partly why i prefer pseudo intellectuals to faux aristocrats.with the former,a guy might actually learn something.maybe.with the latter,one deals with folks who make a point of honor to never learn anything-through experience,analytically,etc ever-so lets join the ancient do-oppers the marcels in shouting-"WATCH OUT-HERE WE GO AGAIN-I CAN'T BELIEVE THE MIDDLE CLASS IS JUST A BURNING MEMORY.
..they spend vast amounts of time degrading the average or poor populace and very little to pointing out the sins and total control of our entire country by the super rich. Wonder whos side they are on? The brain dead that parrot these people and their sickening dribble are rooting for their own demise and too dumb to even realize it. Too much limbaugh/hannity university leaves you quite unperceptive.
I know I'm not the only liberal who disagrees with the policy "Part of President Obama's plan is to keep the values of homes as high as possible." I think this is actually ass-basckwards and you are actually benefiting the bankers even moreso by keeping people in overpriced houses. Which would you rather pay for the same house.... $100,000@ 8% or $200,000 @ 4%?
Take a look at some of these charts and you'll see how far out of line house prices have gone. here, here, here and here. As more and more people lose their jobs and wages remain stagnant, prices WILL continue to come down whether the Prez wants them to or not.
Please my fellow friends, you are being duped by a false left-right paradigm. Turn off your televisions and quit being brainwashed by the media whom is owned by the banks that caused this mess. Do you not think they have any influence of what you hear or see?
This economy needs to crash and crash hard. It will take the rich families that have been controlling our planet for centuries with them. The government cannot help you nor are they competent to do so. Obama like Bush is a Manchurian candidate on a puppet string, he has no power and never will. In time you will all see that he is no different than Bush
Nothing can be done to stop the collapse. Technically the US went insolvent in September. This crisis is more of a spiritual or cosmic event foretold for centuries by many cultures. We can only advance as a planet until this economic prison is shattered.
My advise - ride this out. Stock up on food, gold, silver, plant a garden, make friends with your neighbors, and love your fellow man.
Search deep in your soul, as I know some of you can feel the revolution that is about to unfold.
watch zeitgeist the movie http://video.google.com/videoplay?docid=-5946... open your eyes
you have little time
Namaste
read your comment where you call Rick Santelli "clueless" then read some of the comentary by other participants.
my summary and thought after reading all of this... Rick Santelli -by far- is not clueless.
why not ?
watch and listen the following and try to understand:
http://www.youtube.com/watch?v=fmKHUUkhkzM
if you cannot comprehend the difference between trading a "financial derivative under a regulated market" (which in general is what allows for a secondary market to exists and have liquidity), and a derivative sold in an environment "over the counter, WITH NO REGULATION AND NO PER SE SECONDARY MARKET, (hence no liquidity -which by the way is what has gotten us all into the deep problem we are in), then all your flock making a blanket statement about a single trader being "clueless" ..... please.... who is the clueless ?
your commentary has given me a better understanding of the "change" (real change) that has ocurred in this country, once the mightiest on earth, now in the process to be reduced to a pitiful and bankrupt nation of whiners.
good luck to you liberals, what is coming will affect us all, and the solution is NOT with growing government. but i suppose i am simply talking to an audience of empty suits, just like mr. obama himself, who belive that communism (yes, that's right communism) will work... (after the soviet block falied misserably at it -even Vladimir Putin has warned Mr. Obama... they tried it and did not work.)
anyway... have at it with gusto.
I was wondering if I was all alone on this.
I wish I had had a crystal ball…. then I could see into the future. But there is no crystal ball…..this is new territory ..and I feel Obama is doing the best he can.
Of course no one is denying that we have problems. But how are we going to solve these problems with incessant whining? Especially when whining waste energy we need to act. I feel this whining not only is bad for us and our children (where we drown their future in negativity)- but for our country as well.
Obama has not even had time to do everything…geeeeez- he has been busy plugging the leaking holes created by the past regime. That said, the best thing I can do is to assume personal responsibility for the tasks ahead. This economic reconstruct is not gonna be a one man's job.
While some of the media hacks continues to focus on the bad news like this screaming....Rick Santelli-spittin venom all over-sounding more like a pompous ass for being on his high horse and telling people not to succumb to a system we are all a part of.. It`s ridiculous. ...
We are all in this together and we will survive it together.
First off, I agree, the mortgage brokers and originators that submitted faulty loan applications should be put in jail. The same goes for all these Wall Street jokers.
But people please WAKE UP.
- How many people knowingly signed incorrect loan applications with incorrect stated incomes?
- How many people took out second mortgages or did cash-out refinancing to pull money out to pay off credit cards, put in pool, remodel their kitchens etc....
- If people used their homes to live in instead of speculate -- there would NOT be a foreclosure problem.
I bought a $450K house in CA and put $200k thousand as down payment. I HAVE LOST EVERY BIT OF MONEY THAT I PUT DOWN ON THE HOUSE, BUT I STILL MAKE MY MORTGAGE PAYMENTS. WHY SHOULD IRRESPONSIBLE PEOLPE NOW GET THEIR PRINCIPLE BALANCES REDUCED ?? ARE YOU KIDDING ME??? IT IS RIDICULOUS.
Santelli's point is that the Government is rewarding bad behavior. I take no comfort in the fact that we are trying to keep people in their homes. The government needs to stay out of this and let the market forces determine the pricing of houses and who gets foreclosed on.
PEOPLE -- IF YOU CAN'T AFFORD YOUR HOUSE PAYMENT -- PLEASE GO RENT OR GO LIVE WITH YOUR FAMILY OR GO FIND A ROOMMATE.
THE AMERICAN DREAM IS "LIFE LIBERTY AND THE PURSUIT OF HAPPINESS" -- IT IS NOT OWNING YOUR OWN HOUSE.
PEOPLE -- GO VISIT SOME DEVELOPING COUNTRIES. DO YOU REALLY WANT TO SEE WHAT POVERTY IS?? OUR GOVERNMENT IS GOING TO BANKRUPT US ALL -- AND FOR WHAT ?? SO A BUNCH OF SPOILED BRATS CAN HAVE THEIR X-BOXES, FANCY CARS AND LIVE OFF A MOUNTAIN OF DEBT??
SANTELLI IS RIGHTFULLY UPSET. THE BANKS SHOULD NOT HAVE BEEN BAILED OUT AND NEITHER SHOULD HOMEOWNERS. BUT LETS FACE IT, HAD AIG GONE UNDER, GOLDMAN SACHS WOULD HAVE GONE UNDER. SINCE GOLDMAN SACHS RUNS OUR GOVERNMENT, NO WAY WAS THAT GOING TO HAPPEN.
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