Rick Santelli is a CLOWN

The innocent victim act of Santelli and like ilk, if that is truly what he is truly saying, is predictable, not pretty, useless, infantile, craven and disgusting, but unfortunately entirely predictable from a certain number who feel endlessly entitled to socialize risk of the elite and privatize the pain so that it falls disproportionately on those who have the least.


I wish I knew what Santelli actually advocates other than doing nothing.
He seems to conveniently not notice that Wall Street wrote the CDSs that took them down and because a Market Maker with an underwater balance sheet is supposed to liquidate, there would be no clearing firms left without TARP.

Also there is some denial of the privlaged position of the rich here.
The fact that people with money get laws passed that favor them is not a conspiracy theory.it is history. Lobbyists have been a deductible business investment. Why do you think billions were spent on K street lobbying congress if the ROI was not fabulously positive. See Phil Graham's career.

And yes it was done in plain sight while CNBC cheered.

Wall Street took billions and billions to manage pension funds while reqularly recommending the outsourcing of operations to other countries and supporting the import of hundreds of thousands of H1B visa holders to hold down the cost of skilled technical labor, including H1B SAS programmers and risk analysts used to produce Value At Risk numbers that the Wall Street Investment banks liked.

In fact many traders are traders because they were pushed out of tech careers or positions on Wall Street because they were "uppity" (evidently this is a code for gave VAR numbers the boss did not like).

Yes ,Wall Street investment reports always considered holding labor cost down to be a grand thing.

Many saw that stagnant household income and rising housing prices and option ARM mortgages was a ticking time bomb. Search on "Meltdown" at Amazon and a half a dozen titles come up with this thesis written since 2004.

Once a deflationary spiral starts it acts as a positive feed back loop and I don' t mean in a good way. Letting one bank fail is how the great depression started.


So Wall Street had a lot to do with killing the little geese who were sending their golden eggs to Wall Street to incubate into retirement funds. Is there any instinct to seriously man up and be part of the solution?

 

I have always lived within my means
I have always paid ALL my debt obligations
I worked and paid my way through college
I paid my Wife’s way through college
I have set the expectation with my kids – they work for what the get / earn, and not one dime more
I have always paid my taxes
No one gave me any subsidies for anything – I worked and earned everything I have





No there is absolutely no instinct or incentive on my part to “man” up any more

 

I agree. Its time to man up. All those homeowners who lied on their loan apps.; were too stupid to read what they were signing, and bought way more house than they could afford, or refinanced multiple times and used their house like an ATM should "man up" and get the fuck out of those houses and into something they can afford, and let the responsible adults who can afford their house move in. But no, the govt. would rather use our tax dollars to subsidize these people's extravagant lifestyle. Hey, if the mortgage holders want to renegotiate the interest rate or reduce the principal balance on their dime, I say go for it, but don't ask the american people to subsidize the lender's and borrower's stupidity.

 

Thank you trendy you just erased all of my home equity. I bought a home that was appropriate to my income and have never missed a payment. So why should I take a hit because my neighbors are all defaulting? If the government can bail out Wall Street then why shouldn't the gov't reward responsible homeowners like me and shield me from the shrapnel caused by nearby homes exploding?

That's the fallacy of Santelli's rant -- he thinks foreclosures happen in a vacuum. They don't. Every foreclosure hurts an entire neighborhood.

 

I'm not jacking with you Sir

But so you don't suffer (home equity) they should take more money away from me

How does that work

 

How many fucking idiots can we find in this thread...the number is growing quickly and we are only at 6 pages...

 

You take the hit if you were too big a fucking moron to not sell your house at those inflated values...
If you in fact were an idiot who actually paid an inflated price, and can afford to keep up with your mortgage, there will be a larger nicer house in your future as prices decline and you can upgrade...

You think bailing out foreclosures is going to stop prices from going down, then you need a class on price fixing...

 

Good luck with this argument.

You are correct, of course, but to accept it, essentially the entire voting population of the US, dead or alive, has to accept their own direct culpability in creating this mess.

And that just doesn't happen...that's what scapegoats and partisan bullshit are for.

 

I appreciate the sentiment but disagree with the logic. The US has been running structural deficits in both fiscal and trade policy for decades now - those deficits are the ultimate source of the subsidy. And it remains to be seen who will bear the brunt of providing it, although the odds to seem to favor a burden inversely proportional to age.

 

Yes my kids, their yet conceived kids, my great grand children – and who knows how many yet unborn generations to come


What a legacy