I love Rick Santelli

[Pliablemoose]

I've followed this dude for years, love his commentary, and I agree 100% with his rant.

"How many of you wanna pay for your loser neighbor's mortgage?"

Call for new Tea Party

 

[dphantom]

Can't say I disagree either. Something fundamentally wrong with a person who does everything right having to pay for someone else's mistake.

 

[Deleted member 4644]

Wall-Street hating a plan is probably a GOOD thing, considering it is full of fuckheaded greed monsters.

That said, I am not *thrilled* at the prospect of paying for my neighbor's house.

 

[Budmantom]

It's not only Wall Street.

 

[senseamp]

Maybe if Wall Street hated selling mortgages to people who couldn't afford them, we wouldn't be in this mess.
Wall Street needs to STFU.

 

[ProfJohn]

Awesome!

 

[Deleted member 4644]

Originally posted by: senseamp
Maybe if Wall Street hated selling mortgages to people who couldn't afford them, we wouldn't be in this mess.
Wall Street needs to STFU.

This. IMO.

 

[Harvey]

Originally posted by: Pliablemoose

Topic Summary: Obama, Wall Street hates your plan

Fuck Wall Street and their golden parachutes. They're the crooks who dug us into this mess. They're the ones who should pay for the damage they've done.

Originally posted by: dphantom

Something fundamentally wrong with a person who does everything right having to pay for someone else's mistake.

Those who did "everything right" were screwed by the EX Traitor In Chief and his criminal gang who did everything wrong. They squandered trillions on a war of lies and cost us trillions more when they abandoned all oversight and regulation of their wealthy Wall Street robber baron contributors.

 

[halik]

Saw it live on CNBC, the guy is my hero!

Until there is upside recovery for the tax payer or bank, it's nothing but redistribution of wealth from people doing the right things to idiots.

 

[halik]

Originally posted by: senseamp
Maybe if Wall Street hated selling mortgages to people who couldn't afford them, we wouldn't be in this mess.
Wall Street needs to STFU.

Which ibank was originating retail debt? Because you went to your local Goldman Sachs office to get a mortgage :roll:

 

[nageov3t]

Originally posted by: senseamp
Maybe if Wall Street hated selling mortgages to people who couldn't afford them, we wouldn't be in this mess.
Wall Street needs to STFU.

clearly, the people who took our more loans than they knew they could afford should be sheltered and protected from reality.

 

[OrByte]

Originally posted by: Deleted member 4644
Wall-Street hating a plan is probably a GOOD thing, considering it is full of fuckheaded greed monsters.

That said, I am not *thrilled* at the prospect of paying for my neighbor's house.

agree 100%

If Wallstreet doesn't like it then that is good in my book. They already had their bailout, this type of reaction only drives that point home.

If they are being largely left out of this stimulus package then too bad soooo sad.

 

[Pliablemoose]

I have 0 sympathy for someone too stupid to do grade school math, those dumb enough to buy into the housing bubble are cut from the same cloth as the idiots who buy stuff off infomercials.

Fuck them, if they're that stupid, they need to learn a lesson, and life teaches some hard ass lessons.



Viva the revolution!!!

 

[Thump553]

Rick Santelli was elected head of all Wall Street? When?

And as Wall Streeters have no way of making any money out of the home mortgage plan it's not surprising at all that they would grumble about it. They want to preserve the bailout funds for their bonuses (whoops, I meant "retention pay").

 

[halik]

Originally posted by: Thump553
Rick Santelli was elected head of all Wall Street? When?

And as Wall Streeters have no way of making any money out of the home mortgage plan it's not surprising at all that they would grumble about it. They want to preserve the bailout funds for their bonuses (whoops, I meant "retention pay").

The guy is commodities trader in Chicago (as are the other guys around him)... he never made any money on mortgages.

But it echos the sentiment around the country. My older stepbrother is 100K under water on his arm and he keeps on making payments regardless. My younger stepbrother just foreclosed on his condo and now gets to live in it for 8month for free. That's enough to save money for a down payment on a new house (in his own name, the first was in his wife's name) that he's about already prequalified for. Needless to say my older stepbro is furious....

 

[LegendKiller]

Originally posted by: halik

Originally posted by: senseamp
Maybe if Wall Street hated selling mortgages to people who couldn't afford them, we wouldn't be in this mess.
Wall Street needs to STFU.

Which ibank was originating retail debt? Because you went to your local Goldman Sachs office to get a mortgage :roll:

Sorry Halik...

Lehman
http://www.marketwatch.com/New...C-A4B7-CC00F42DB737%7D

Bear
http://www.allbusiness.com/per...e-loans/3935237-1.html

Morgan
http://www.allbusiness.com/per...e-loans/3935237-1.html

Merrill
http://www.ml.com/index.asp?id...8149_88278_92707_92961

Goldman never bought one although they were just a huge pipeline for the independents.

Found Goldman...
http://online.wsj.com/article/...tml?mod=googlenews_wsj

 

[Drakkon]

You have to remember where this guy is - on the floor of the CME is NOT on Wallstreet!! Its why he has continually had a better perspective and gets so riled up.
He has these rants every so often that make you wonder why people ever listen to Kramer.

 

[Pliablemoose]

Originally posted by: Thump553
Rick Santelli was elected head of all Wall Street? When?

And as Wall Streeters have no way of making any money out of the home mortgage plan it's not surprising at all that they would grumble about it. They want to preserve the bailout funds for their bonuses (whoops, I meant "retention pay").

So if a moron makes a $100000K mistake, my kids should pay burdensome taxes for the rest of their life to make up for it?

 

[JACKDRUID]

Originally posted by: dphantom
Can't say I disagree either. Something fundamentally wrong with a person who does everything right having to pay for someone else's mistake.

its fundamentally wrong only if we are pure capitalism, which we are not.

we are a mixed system, we maximize good and aim for least bad. if paying for their housing is what it takes to keep this economy flowing, then thats what we have to do.

if alot of people stop paying for their houses, banks will go down, stocks will go down, housing prices will go down, the whole economy will be brought down with it. notice how the bill only applies to people who still have income... by keeping them in their houses, they keep paying, keep banks, stocks, house prices up, reduce further foreclosure... keep economy flowing.

 

[halik]

Originally posted by: LegendKiller

Originally posted by: halik

Originally posted by: senseamp
Maybe if Wall Street hated selling mortgages to people who couldn't afford them, we wouldn't be in this mess.
Wall Street needs to STFU.

Which ibank was originating retail debt? Because you went to your local Goldman Sachs office to get a mortgage :roll:

Sorry Halik...

Lehman
http://www.marketwatch.com/New...C-A4B7-CC00F42DB737%7D

Bear
http://www.allbusiness.com/per...e-loans/3935237-1.html

Morgan
http://www.allbusiness.com/per...e-loans/3935237-1.html

Merrill
http://www.ml.com/index.asp?id...8149_88278_92707_92961

Goldman never bought one although they were just a huge pipeline for the independents.

One of my roommates was working in the asset backed dept of Goldman, I know we didn't originate any of it. Also look at the dates, 2006, 2007, 2008 ... looks like they just wanted to have their own money press at the end of the bubble.

 

[LegendKiller]

Originally posted by: halik

Originally posted by: LegendKiller

Originally posted by: halik

Originally posted by: senseamp
Maybe if Wall Street hated selling mortgages to people who couldn't afford them, we wouldn't be in this mess.
Wall Street needs to STFU.

Which ibank was originating retail debt? Because you went to your local Goldman Sachs office to get a mortgage :roll:

Sorry Halik...

Lehman
http://www.marketwatch.com/New...C-A4B7-CC00F42DB737%7D

Bear
http://www.allbusiness.com/per...e-loans/3935237-1.html

Morgan
http://www.allbusiness.com/per...e-loans/3935237-1.html

Merrill
http://www.ml.com/index.asp?id...8149_88278_92707_92961

Goldman never bought one although they were just a huge pipeline for the independents.

One of my roommates was working in the asset backed dept of Goldman, I know we didn't originate any of it. Also look at the dates, 2006, 2007, 2008 ... looks like they just wanted to have their own money press at the end of the bubble.

Well, what they were looking for was verticle integration. They thought "shit, why are we paying brokers to originate this stuff, let's do it outselves, we aren't taking any risk anyway, why not do that all of the way down the supply chain". They all overpaid for the originators, especially deals like Saxon.

 

[feralkid]

Originally posted by: Pliablemoose
I have 0 sympathy for someone too stupid to do grade school math, those dumb enough to buy into the housing bubble are cut from the same cloth as the idiots who buy stuff off infomercials.

Fuck them, if they're that stupid, they need to learn a lesson, and life teaches some hard ass lessons.



Viva the revolution!!!

What about the banks who sold them the mortgages and KNEW what they were doing?

 

[halik]

Originally posted by: feralkid

Originally posted by: Pliablemoose
I have 0 sympathy for someone too stupid to do grade school math, those dumb enough to buy into the housing bubble are cut from the same cloth as the idiots who buy stuff off infomercials.

Fuck them, if they're that stupid, they need to learn a lesson, and life teaches some hard ass lessons.



Viva the revolution!!!

What about the banks who sold them the mortgages and KNEW what they were doing?

Isn't the countrywide ceo going down?

 

[Pliablemoose]

Originally posted by: feralkid

What about the banks who sold them the mortgages and KNEW what they were doing?

Honestly, I think anyone who knowingly engaged in those activities should be facing criminal charges.

 

[BigDH01]

I understand the anger if this money goes to people who could never afford their home, but I was under the impression that to qualify for funds you had to take an affordability test. Meaning, I don't think people making 30k with a 500k mortgage are going to qualify for help. As well they shouldn't. This is probably why the amount is G$75 for so many homes. Most of those people will never receive help.

Also, we need to be careful when painting such broad strokes. It is not unreasonable to think that some people are losing their homes because of the poor economy and not because of some poor decision they made. I work with a lot of young single people that purchased 100k homes on 40k salaries, not that unreasonable. Their homes are likely only worth 70-75k right now, if they could sell at all. What if they lost their jobs? Yes, you shouldn't have to pay their mortgage for them, but it wasn't a string of poor decisions and greed that got them into this situation. They would probably last a few months, but it's not exactly like they have lots of job options. Does anyone believe that the government should provide *some* mortgage help in the above situation?

The above situation is likely the very minority case, but all exceptions need to be considered. If they had purchased 200k homes with an ARM, I say let them find shelter elsewhere. And if they had to take an affordability test to get government help, I imagine Uncle Sam would say the same as well.