Chris, my sentiments exactly. Where was this charlatan when the banking and investment sectors got TEN TIMES more money than homeowners facing foreclosure? I didn't hear a peep from him about the handouts rewarding "bad behavior" when the financial sector was the recipient of government largesse.
Indigo
· 10 months ago
There's no business Like show buisness Like no business Around . . . Ah . . . theatuh! the roar of the gease paint, the smell of the crowd . . . !
lynchie
· 10 months ago
Funny how helping an individual is socialist and welfare and helping a bank or investment house that caused this whole mess is a bailout and the money is unregulated. I am so sick of these self righteous crooks who want to blame the homeowners. No doubt there are some, the flippers, who deserve criticism but for the most part no one can read the mortgage application. You are given little time to actually sift through pages of crap so you sign. I haven't heard a single word about any of these shysters going to jail, of any of the wall street crooks going to jail or the incompetent heads of banks going to jail. It is as if this all didn't happen and no one is accountable except the taxpayers of this country. Wonder how much money Santelli has in a Swiss bank account.
LeeBurl
· 10 months ago
Santelli, like most wingtards, lives in a Bizarro World. He oh so outraged about bailing out so call irresponsible borrowers, but is stone silent as his Wall Street buddies belly up to the goverment teat for their bailout.
I'm all for bailing out the home buyers who are in trouble. But, just like we think tere should have been consequences for the bankers we have bailed out, there should be some sort of payback provision along with ANY BAILOUT.
It would be very easy to stop any complaints about the mortgage bailout. You should just attach a lien to any mortgage that is bailed out. That lien should provide for the bailed out homeowner to pay back the taxpayer assistance upon any future sale of their home. No homeowner should get bailed out and then be allowed to make a huge profit in the future when the value of homes goes back up. The taxpayers should share in that profit (that was made possible by the taxpayers) when the house is sold.
Wisconsin Liberal
· 10 months ago
I agree, that would help people out, and this would hopefully protect the taxpayer. But in this society only the "smart " rich and businesmen should get bailed out . Because they are "better" than those lowly people. Oh and If they were so smart they would have stopped this. They are only crooks.
vkobaya
· 10 months ago
Heard an interview of a woman who tried to help a friend with a housing contract and she was confused over the terms of the contract. She tried to talk to the investment banker, but found she had no idea what the banker was talking about. Was getting upset as she was a lawyer and had been assistant HUD Secretary and should have been able to comprehend any complex legalese. Questioned the banker closely and finally got the admission that the banker also did not comprehend the contract terms. Of course, the entire thing was gobbledegook intended to allow the crooked bank to interpret everything however they wanted to the disadvantage of the clients. Would have held up in court as those damn Republicans judges lacked the character and integrity to admit they were confused and would be inclined to buy into what was pitched by the bank as the correct interpretation.
Older_Wiser
· 10 months ago
Santelli, like most who cheer on Wall St., is pissed because his portfolio is empty. So it's not surprising that he revealed on Hardball that he voted for McSame. : )
Indigo
· 10 months ago
Imagine the scenario if McCain had been elected: the market would tumble just as fast or faster and the White House would assure us that nothing unusual was happening.
Cynicor
· 10 months ago
Isn't it time for us to all start saying "Thank GOD McCain isn't president!" the way people were saying about Gore after 9/11?
lucky hussein
· 10 months ago
veeerryy interesting... thanks.
Will
· 10 months ago
Santelli wants the White House to set up a web site for the nation to vote on a referendum regarding helping keep families committed to their bloated mortgage. So ok Rick...while we're at it...we'll also vote on how we feel about providing aid and support to the endless volumes of losers on Wall Street.
How much longer is CNBC going to allow that myopic twit of a shyster face time on cable television?
Older_Wiser
· 10 months ago
Probably as long as they keep the other losers, like the Disco Queen, and Joe Scarborough on MSNBC. They're all under the same umbrella, you know, and it's overcrowded. Hopefully, lightning will strike and take out the trash.
lucky hussein
· 10 months ago
imo, they are pretty much ALL myopic twits - I find cnbc just intolerable. Watch euro/asian econ news, it's seems more sane. As krugman calls them : 'the screamers' ie, kudlow et. al.
Q: "Hey, who wants to help their neighbor from going down the shit-hole?" A: "Grumble, moan, bitch, complain, whine, spit!" Thanks, Mr. Potter!
JackDallasQueer
· 10 months ago
The great German playwright, Bertholt Brecht (with the brilliant Kurt Weill's score), in the show "Happy End" says, just before the finale...
"And remember, my friends, it is more of a crime to OWN a bank than to rob one."
tippinpoint
· 10 months ago
When asked yesterday, who he voted for, Santelli responded McCain.. Which should explain his remarks.
Diogenes
· 10 months ago
Well, this rant proves he does not understand finance.
If he wants to support financial darwinism, we'll have several major banks and insurers fail, thousands and thousands more job losses, widespread panic, and Depression era problems. CNBC survives through ad revenue, but ad revenues are dropping like a stone across the media, as companies scramble to save money and are in survival mode. If ad revenues fall precipitously at CNBC, they may have to make cuts - like jobs.
This rant also illustrates that the US is not a society - there is no concept of a social contract. It's just a collection of individuals between boundaries, utterly unconcerned about anyone else and failing to realize that our economic fates are intertwined. Canada, in contrast, is a society. Citizens are concerned about one another and the collective good and realize that subsidizing education and health are good for all. Funny, the recession hasn't had a big impact on Canada yet. Its banks are the healthiest in the world.
rush limpballs actually got a hard on yesterday, listening this this drivel
if rush likes it, it sucks
Kibitzer 2006
· 10 months ago
"America and the world ranks these people lower than whale shit."
While I agree with the sentiment, the analogy may be off. "Whale shit" is actually pretty valuable. Try google with 'ambergris' :).
--kibitzer
JustAnOldLady
· 10 months ago
Does Mr. Santilli feel the same way about the Merrill Lynch executives who walked with millions in bonuses of TAXPAYER money?????? Now THAT'S a rant I could support.........
Heathwood
· 10 months ago
I am amazed at the mileage this rant has gotten. I also find it amusing that the media hypes this at all. Mr Santelli is a reporter. Who cares what he says? In past careers, he was a floor broker at the various futures exchanges. His bio states a lot of impressive titles but titles that mean nothing. He is being portrayed as an individual who is putting his money on the line each trade to make a living. He is nothing but a GE employee. He is a corporate shill. Most of those in the video cheering with him are floor brokers or phone clerks, almost all salaried employees of various financial firms.
frank
· 10 months ago
What bothers me more is the rant Gibbs and President Obama are giving on the Mortgage bailout. They are calling some homeowners speculators and opportunist, saying package won't help them. Fine But please stop giving money to the speculators and opportunist on Wall Street. If they are willing to let the Manhattanites and Bay Area folks fail we all fail. The for rent signs going up around me are scary cause these are single family homes
Jason
· 10 months ago
You don't stabilize an economy by flooding it with fiat currency. How can any of you people believe that the status quo will return? A revolution is happening across the nation, in every state...tea parties are being organized. Everything Santelli said was true, and is going to happen.
This is not an economic crisis. This is a world-wide financial collapse not seen since the 1400s. And, the only way we're ever going to "get out" of the depression again is with...another World War. It's already being engineered, just like all the stocks and gold prices are being manipulated to collapse the dollar and bring in a new global currency apart from the United States. We are looking at a good fifty years of depression followed by the new Dark Age, led mostly by ignorant folks like those who post in this forum who still believe this out-dated and corrupt system should endure.
Start getting ready now, folks. The DOW will hit 3000 by the end of this year, with hyperinflation to skyrocket in 2010. You cannot stop this...everyone saw it coming, everyone predicted it. Ross Perot ran his 1992 campaign on this very issue, and he was 100% correct in all his predictions, only the collapse is coming faster than even he thought it would.
Lyndon Larouche is also talking about this. He's been predicting it my entire life, and it only took 20 years for it to happen. Why are so many folks putting their heads in the sand and acting like Obama (I voted for him...I like him) will do anything but follow up on what Bush and Co. did to accelorate the collapse that was inevitable anyway? Start reading outside the box, outside your small cozy status quo nerf lives. The world is going to experience RADICAL change. Only RADICAL solutions and responses will allow our race to continue. Stop beating around the bush and get a grip...the United States and the civilized world is bankrupt and cannot support the system any longer. Globalism is dead and gone, it cannot ever return.
Gary SF
· 10 months ago
Get real - quoting the homophobic lunatic Larouche? Santelli is among those who have profited from the robber barons who have been fleecing the economy since Reagan, but he didn't complain until now - gee, his taxes may go up a bit.
The bailout of the banking industry was supposedly to keep things 'stable' but it was really just MORE welfare for the very wealthy and Santelli didn't say squat about that either. But when another bailout is implemented to keep people from being homeless, well - that is just too much for a robber baron - they aren't used to government actually serving anyone but them.
Sadly, there are no solutions - radical or otherwise. The only short-term hope is for another bubble - this time alternative energy. That will ease the transition from growth economy to a nearly flat economy, which is what we are going to end up with. The US cannot sustain an economy that is 70% consumer-driven, when those consumers are spending debt-driven dollars.
Deflation, driven by many factors is what we are going to see. Maybe inflation will arrive someday, but all credible sources predict debt deflation and I am seeing that right now.
And globalism is here to stay. Without it, we will be a world at war.
Zardozinhell
· 10 months ago
You lost me at Larouche. You also lost your cedibility by mentioning his name.
Bubbles
· 10 months ago
You don't stabilize an economy by flooding it with fiat currency
You don't?
Hmmm.
During the Great Depression Japan, Germany and England all implemented stimulus policies through deficit spending beginning in 1932, 1933, and 1934, respectively, and all of them were out of the depression about a year after the implementation. In the case of Japan, the Military extremist kept the government at it past the reccovery and by 1940 they had doubled the nations industrial productivity.
As long as their is excess capacity out there, there is no danger of inflation.
Furthermore, the money to pay for these programs is out there. It just sitting on the wrong, supply-side of the ledger. We just need to implement a means and find institutional arrangements for moving that money back over to the demand side of the ledger. In the short term soak the rich taxes will do much of the work. After 30 years of supply-side economics, they have too much of society's resources on their side of the ledger and it just has to be moved back.
Take the Kash
· 10 months ago
On his Friday evening show Jim Kramer had a "rant" countering Rick. Kramer never mentioned R.S. but it was clear to me he had Rick in mind. Keith Olberman also attacked Rick on his Friday program. I thought that a bit strange given the NBC connection. But here is the bottom line, Rick is a oozing canker, always has been always will be.
FunMe
· 10 months ago
I don't what this guy is saying or care find to find out. All I know is probably ignoring and saying "talk to the hand!"
Let him talk, I ignore him and just hear BLAH, BLAH, BLAH.
Next!
Bubbles
· 10 months ago
Who did Santelli vote for in 2004?
If he voted for Bush he was reinforcing bad behavior. Everything you needed to know about Bush was available by that date. The election of Bush was national suicide - and any one that was in the know on economics or policy or at least a remedial knowledge of civics was reinforcing bad behavior in voting for him.
Santelli is just another off the cuff wingnut who wants the government to preserve his wealth, power and privilege at the expense of the rest of society.
tbhull
· 10 months ago
Where has "small government" Santelli been for the last few months while the feds doles out trillions to banks to cover the crap shoveled out every day on the floor he stands on.
Matt Houtsma
· 10 months ago
Isn't he employed by GE? Isn't GE a recipient of federal bailout funds?
mmunson
· 10 months ago
If banks falsified an applicants eligibility for loans then the credit should not be ruined for the applicant. If the person cant afford the loan due to the fact, the bank should pay for the moving expenses and at least 3 months rent in their new place.
If people stupidly qualified for a teaser loan and expected the loan to stay at that rate forever then, I would support offering the borrower the lowest possible regular rate.
If people were trying to game the system expecting home values to rise and rise to help flip homes I would not bail them out. But, I would support averaging the home values of their loan value and their home's present value so it would be quicker for people to pay off the loans.
I agree with Santelli, we should not subsidize bad behavior. My father should of gotten one of those teaser loans and got a subsided home, but he still has been renting. Home ownership is not an entitlement.
paul94611
· 10 months ago
Santelli and his network have the job of spooning out the banana's for the Gerberviores. What Santelli refuses to recognize is that the banks refused to offer mortgage products applicants were qualified for in order to earn the big bucks from the sub prime/alt a products. Further, if folks cannot sell and close their current home because they are upside down more than they can come up with at closing then what we have done is placed a net control upon the free movement of our human capital. If workers cannot move to meet the needs of the creative economy then there will be additional loses as both businesses and households grapple with the inability to match human capital with the needs of industry.
jlg
· 10 months ago
Are you saying that a qualified buyer could not get a mortgage, only the unqualified?
benb
· 10 months ago
I can't stand to listen to advice from a group of guys who belong to an industry that screwed the country. They act like the Market is infinitely large and only the deserving suffer.
May Santelli lose his job and his neighbor's house be foreclosed.
JD
· 10 months ago
Chris, at least whale shit can used for fertilizer. These people are worse than worthless. I don't know if there is a waste product that properly analogizes them.
matt
· 10 months ago
I agreed with Santelli for this one issue, but I am also against the bail-out of Wall Street. My concern with the mortgage "bailout" is that I bought a reasonable house at a reasonable price and now i get to subsidize the guy who got a $500k house and and got an interest only loan.
I know there are legitimate tragedies out there, people losing jobs and medical bills climbing, but I'm not sure that we have a plan to sort that out. I don't any of my money going to speculators or fools, be they on Wall Street or Main Street.
OAP
· 10 months ago
Santelli and his ilk are the reason the economy is in the dumpster. He doesn't want to reward bad behaviour, by helping out those who will most likely lose their homes and economic security. Bad behaviour? He should look in the mirror, because he epitomizes the bad behaviour of the last decade. Selling derivatives of worthless shit and calling it a security. Now that's fucking ironic. Assholes like him should be the reason the 50%+ tax bracket should be revived. Someone made out like bandits this last decade and it wasn't the poor soul who was sold on an adjustable rate mortgage to finance a home.
freeleeping
· 10 months ago
maybe santelli thought wall street would party and quick step its way to 36,000 like some believe and if it meant finding new ways to pass bad paper, then so be it.i would hear folks flap their pieholes all the time about the 'good times,'about how their stocks were going up,up,up through the roof and all that....but now...... just silence. that giant sucking sound i hear is wall street coming down to earth.
freeleeping
· 10 months ago
...oh, and the good folks at cnbc (when the times were good) would have wine and cheese on fridays-or was it thursdays? well, anyway, they had a great time it seems. maybe if you pulled up some of those clips, you would get a better idea of what was going on. i was too busy sulking.
All Comments
Like show buisness
Like no business
Around . . .
Ah . . . theatuh! the roar of the gease paint, the smell of the crowd . . . !
Wonder how much money Santelli has in a Swiss bank account.
The man is nothing more than a blithering idiot.
http://bloggerinterrupted.com/2009/02/on-rick-s...
It would be very easy to stop any complaints about the mortgage bailout. You should just attach a lien to any mortgage that is bailed out. That lien should provide for the bailed out homeowner to pay back the taxpayer assistance upon any future sale of their home. No homeowner should get bailed out and then be allowed to make a huge profit in the future when the value of homes goes back up. The taxpayers should share in that profit (that was made possible by the taxpayers) when the house is sold.
How much longer is CNBC going to allow that myopic twit of a shyster face time on cable television?
the fight is bottom v. top
A: "Grumble, moan, bitch, complain, whine, spit!"
Thanks, Mr. Potter!
"And remember, my friends, it is more of a crime to OWN a bank than to rob one."
If he wants to support financial darwinism, we'll have several major banks and insurers fail, thousands and thousands more job losses, widespread panic, and Depression era problems. CNBC survives through ad revenue, but ad revenues are dropping like a stone across the media, as companies scramble to save money and are in survival mode. If ad revenues fall precipitously at CNBC, they may have to make cuts - like jobs.
This rant also illustrates that the US is not a society - there is no concept of a social contract. It's just a collection of individuals between boundaries, utterly unconcerned about anyone else and failing to realize that our economic fates are intertwined. Canada, in contrast, is a society. Citizens are concerned about one another and the collective good and realize that subsidizing education and health are good for all. Funny, the recession hasn't had a big impact on Canada yet. Its banks are the healthiest in the world.
http://network.nationalpost.com/np/blogs/fullco...
but, the canadian stock exchanges are getting hammered just like everybody:
http://data.cnbc.com/quotes/T.TT-T/tab/2
if rush likes it, it sucks
While I agree with the sentiment, the analogy may be off. "Whale shit" is actually pretty valuable. Try google with 'ambergris' :).
--kibitzer
I also find it amusing that the media hypes this at all. Mr Santelli is a reporter. Who cares what he says? In past careers, he was a floor broker at the various futures exchanges. His bio states a lot of impressive titles but titles that mean nothing.
He is being portrayed as an individual who is putting his money on the line each trade to make a living. He is nothing but a GE employee. He is a corporate shill. Most of those in the video cheering with him are floor brokers or phone clerks, almost all salaried employees of various financial firms.
This is not an economic crisis. This is a world-wide financial collapse not seen since the 1400s. And, the only way we're ever going to "get out" of the depression again is with...another World War. It's already being engineered, just like all the stocks and gold prices are being manipulated to collapse the dollar and bring in a new global currency apart from the United States. We are looking at a good fifty years of depression followed by the new Dark Age, led mostly by ignorant folks like those who post in this forum who still believe this out-dated and corrupt system should endure.
Start getting ready now, folks. The DOW will hit 3000 by the end of this year, with hyperinflation to skyrocket in 2010. You cannot stop this...everyone saw it coming, everyone predicted it. Ross Perot ran his 1992 campaign on this very issue, and he was 100% correct in all his predictions, only the collapse is coming faster than even he thought it would.
Lyndon Larouche is also talking about this. He's been predicting it my entire life, and it only took 20 years for it to happen. Why are so many folks putting their heads in the sand and acting like Obama (I voted for him...I like him) will do anything but follow up on what Bush and Co. did to accelorate the collapse that was inevitable anyway? Start reading outside the box, outside your small cozy status quo nerf lives. The world is going to experience RADICAL change. Only RADICAL solutions and responses will allow our race to continue. Stop beating around the bush and get a grip...the United States and the civilized world is bankrupt and cannot support the system any longer. Globalism is dead and gone, it cannot ever return.
The bailout of the banking industry was supposedly to keep things 'stable' but it was really just MORE welfare for the very wealthy and Santelli didn't say squat about that either. But when another bailout is implemented to keep people from being homeless, well - that is just too much for a robber baron - they aren't used to government actually serving anyone but them.
Sadly, there are no solutions - radical or otherwise. The only short-term hope is for another bubble - this time alternative energy. That will ease the transition from growth economy to a nearly flat economy, which is what we are going to end up with. The US cannot sustain an economy that is 70% consumer-driven, when those consumers are spending debt-driven dollars.
Deflation, driven by many factors is what we are going to see. Maybe inflation will arrive someday, but all credible sources predict debt deflation and I am seeing that right now.
And globalism is here to stay. Without it, we will be a world at war.
You don't?
Hmmm.
During the Great Depression Japan, Germany and England all implemented stimulus policies through deficit spending beginning in 1932, 1933, and 1934, respectively, and all of them were out of the depression about a year after the implementation. In the case of Japan, the Military extremist kept the government at it past the reccovery and by 1940 they had doubled the nations industrial productivity.
As long as their is excess capacity out there, there is no danger of inflation.
Furthermore, the money to pay for these programs is out there. It just sitting on the wrong, supply-side of the ledger. We just need to implement a means and find institutional arrangements for moving that money back over to the demand side of the ledger. In the short term soak the rich taxes will do much of the work. After 30 years of supply-side economics, they have too much of society's resources on their side of the ledger and it just has to be moved back.
Let him talk, I ignore him and just hear BLAH, BLAH, BLAH.
Next!
If he voted for Bush he was reinforcing bad behavior. Everything you needed to know about Bush was available by that date. The election of Bush was national suicide - and any one that was in the know on economics or policy or at least a remedial knowledge of civics was reinforcing bad behavior in voting for him.
Santelli is just another off the cuff wingnut who wants the government to preserve his wealth, power and privilege at the expense of the rest of society.
If people stupidly qualified for a teaser loan and expected the loan to stay at that rate forever then, I would support offering the borrower the lowest possible regular rate.
If people were trying to game the system expecting home values to rise and rise to help flip homes I would not bail them out. But, I would support averaging the home values of their loan value and their home's present value so it would be quicker for people to pay off the loans.
I agree with Santelli, we should not subsidize bad behavior. My father should of gotten one of those teaser loans and got a subsided home, but he still has been renting. Home ownership is not an entitlement.
What Santelli refuses to recognize is that the banks refused to offer mortgage products applicants were qualified for in order to earn the big bucks from the sub prime/alt a products. Further, if folks cannot sell and close their current home because they are upside down more than they can come up with at closing then what we have done is placed a net control upon the free movement of our human capital. If workers cannot move to meet the needs of the creative economy then there will be additional loses as both businesses and households grapple with the inability to match human capital with the needs of industry.
May Santelli lose his job and his neighbor's house be foreclosed.
I know there are legitimate tragedies out there, people losing jobs and medical bills climbing, but I'm not sure that we have a plan to sort that out. I don't any of my money going to speculators or fools, be they on Wall Street or Main Street.