I love Rick Santelli

[HeXploiT]

Originally posted by: 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

I love that Chicago floor.
When Ron Paul addresses Bernanke they always cheer him on.

 

[JACKDRUID]

Originally posted by: xenolith

History shows government interventions and Keynesian economics do nothing but prolong the pain while compounding long-term public debt.

what you forget to mention is Keynasian economic require government to save up in good times, which we never do. It was NEVER Keynasian economics that got us into recession or depression.

 

[StageLeft]

Originally posted by: JACKDRUID

Originally posted by: Skoorb
If 1/3rd of people are in default, they wouldn't even be all kicked out.

banks lose money everyday for every house people default on. So the more people default, more quickly banks will have to kick them out to recoup their loss. When a massive amount of people default, and housing price go down and bank fail to recoup their loss, banks go down.

the bailout is to step in to keep people paying to keep banks up. it actually divides responsibility amount bank, home-owners, government... while all of them lose money, each of them lose less and stay alive.

the only winner here is the prevous owner who already got the money ...

A bank will foreclose and sell a home on the cheap if it thinks it can make more money like than that relying on continued, if sporadic payments. If foreclosures truly got out of hand, nobody would even be buying foreclosed homes so a bank would all but be wasting time selling that.

Sorry but this is already happening all over, been to FL? Home values are crashing, there are gigantic subdivisions that are all but empty.

Florida, Arizona, Cailfornia are paying the highest cost in this because they drank the most. Much of the country got drunk last night but quietly went home. These are the states that spiked their drinks with nodoz and by the end of the night were dancing naked on tables and sleeping with strangers. Of course they feel much worse the next day. They are particular aberrations, even though they are admittedly high-population states.

I think I read yesterday that without the stimulus package foreclosure rates will hit 10% or something. Not that anybody really knows.

But, make no mistake about it: If this problem is anywhere as bad as you fear, $75B will not even begin to impact it, just as if the domestic manufacturers are as bad as they claimed the paltry loans they got last year were not going to be enough. Turns out, they weren't. It will also turn out that $75B is not going to have a huge impact on foreclosures, since the home values in the US are in the many trillions. $75B just is not a big % of that pie.

 

[senseamp]

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:

Yeah, so investment banks went belly up and or had to be bailed out for no reason?
They either bought up these mortgages or insured them. Either way they enabled this crisis.

 

[JACKDRUID]

Originally posted by: Skoorb

Originally posted by: JACKDRUID

Originally posted by: Skoorb
If 1/3rd of people are in default, they wouldn't even be all kicked out.

banks lose money everyday for every house people default on. So the more people default, more quickly banks will have to kick them out to recoup their loss. When a massive amount of people default, and housing price go down and bank fail to recoup their loss, banks go down.

the bailout is to step in to keep people paying to keep banks up. it actually divides responsibility amount bank, home-owners, government... while all of them lose money, each of them lose less and stay alive.

the only winner here is the prevous owner who already got the money ...

A bank will foreclose and sell a home on the cheap if it thinks it can make more money like than that relying on continued, if sporadic payments. If foreclosures truly got out of hand, nobody would even be buying foreclosed homes so a bank would all but be wasting time selling that.
.

exactly. bank cannot wait on defaults. it has to either foreclose or receive payment.

what is happening here, now, is that people default and bank not receiving payments, so banks have to foreclose.

unfortunately, housing price is down at the same time so banks cannot sell foreclosed houses high, and lose chunks of money. Banks will go down, jobs will be lost, more people will go into default.

 

[Zebo]

Originally posted by: JACKDRUID

Originally posted by: xenolith

History shows government interventions and Keynesian economics do nothing but prolong the pain while compounding long-term public debt.

what you forget to mention is Keynasian economic require government to save up in good times, which we never do.

True , also, one of many problems with Keynesians, they do not consider the sociological mechanizations and rely on naive and short-sighted behavior from people- I call it one move chess on a four move board. I'm not sitting idle, letting my neighbor only get the cash - I am actively trying to get upside down now and so is Mr. Santelli, you'd be an idiot not to take a freebie much like you'd be an idiot not to take mortgage interest deduction or anything else that legally improves your bottom line.

 

[MovingTarget]

Wow. I just watched the video. Fvck Rick Santelli and the horse he rode in on. It is that kind of arrogance in Wall Street that got us here in the first place. He and his ilk seem to think that nothing is more important than the almighty markets. There is a severe disconnect between him and the average worker who has had his arse handed to him through no fault of his own, but of his shyster buddies.

 

[ayabe]

Originally posted by: Skoorb

Originally posted by: JACKDRUID

Originally posted by: Skoorb
If 1/3rd of people are in default, they wouldn't even be all kicked out.

banks lose money everyday for every house people default on. So the more people default, more quickly banks will have to kick them out to recoup their loss. When a massive amount of people default, and housing price go down and bank fail to recoup their loss, banks go down.

the bailout is to step in to keep people paying to keep banks up. it actually divides responsibility amount bank, home-owners, government... while all of them lose money, each of them lose less and stay alive.

the only winner here is the prevous owner who already got the money ...

A bank will foreclose and sell a home on the cheap if it thinks it can make more money like than that relying on continued, if sporadic payments. If foreclosures truly got out of hand, nobody would even be buying foreclosed homes so a bank would all but be wasting time selling that.

Sorry but this is already happening all over, been to FL? Home values are crashing, there are gigantic subdivisions that are all but empty.

Florida, Arizona, Cailfornia are paying the highest cost in this because they drank the most. Much of the country got drunk last night but quietly went home. These are the states that spiked their drinks with nodoz and by the end of the night were dancing naked on tables and sleeping with strangers. Of course they feel much worse the next day. They are particular aberrations, even though they are admittedly high-population states.

I think I read yesterday that without the stimulus package foreclosure rates will hit 10% or something. Not that anybody really knows.

But, make no mistake about it: If this problem is anywhere as bad as you fear, $75B will not even begin to impact it, just as if the domestic manufacturers are as bad as they claimed the paltry loans they got last year were not going to be enough. Turns out, they weren't. It will also turn out that $75B is not going to have a huge impact on foreclosures, since the home values in the US are in the many trillions. $75B just is not a big % of that pie.

So now you're not against helping people, it's just that we're not doing enough?

I see this as a trap some of you all have set for yourselves, what is it you really want?

Doing anything is simultaneously more than what we should do and less than we need to be doing.

It's the same with the stimulus, it's a logical bear trap and I don't know how you keep it straight in your head honestly.

The argument that we need to just let housing hit rock bottom is just dangerous, because no one knows where that bottom is and in the end, i don't see how we can avoid a severe overcorrection meaning prices will end up much lower than they should be even under a doomsday scenario - this will compound our problems exponentially.

 

[ayabe]

Originally posted by: MovingTarget
Wow. I just watched the video. Fvck Rick Santelli and the horse he rode in on. It is that kind of arrogance in Wall Street that got us here in the first place. He and his ilk seem to think that nothing is more important than the almighty markets. There is a severe disconnect between him and the average worker who has had his arse handed to him through no fault of his own, but of his shyster buddies.

Yeah I dunno, shouldn't this guy be short-selling oil or something? This is a guy who makes his living off of increasing costs for the public in general, so yeah I'm not real keen on listening to what he has to say.

 

[nullzero]

People are starting to get pissed off. If this plan passes I can see neighbors turning on each other. If your neighbor is only paying $600 a month to live in their home, and you are paying $1500 to rent a same size home in the neighborhood you are going to be pissed.

 

[davestar]

Originally posted by: CPA

Originally posted by: davestar

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!!!

Responsible people are certainly stuck in a frustrating situation for the time being, but this view is not only short-sighted, it misses the point entirely. I wish that we could split off into two realities so in one the bailout-haters can get their way and I don't have to suffer the fallout and in the other, rational people can carry on and reap the benefits down the road.

yes, I'm irrational because I don't want to pay for someone else's mortgage. You assume that the bailout and surplus will have an effect. That's not guaranteed.

true. the only thing that's guaranteed is that if we let every under water mortgage holder default, we'll be REALLY fucked.

fair doesn't matter anymore. we're in this situation and it doesn't matter how we got into it. we need to get out of it in the most painless way possible.

 

[StageLeft]

the only thing that's guaranteed is that if we let every under water mortgage holder default, we'll be REALLY fucked.

Why would that happen? Being underwater does not mean you're going to default any more than driving your new car off the lot and immediately losing 5% of its value mean you're going to have the car repoed.

So now you're not against helping people, it's just that we're not doing enough?

Actually, I'm just using another argument against this. If all we were discussing was $75B, it would be another matter, but it will not really solve anything.

There are about 8 million homeowners underwater in the US. I don't know what the average amount of this is. Let's say $15k. That right there is just 120B.

I think I'm a touch underwater in my house. Doesn't bother me a bit. Others are underwater by hundreds of thousands. They are going to have problems!

 

[JEDIYoda]

Originally posted by: 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

Umm your topic summary is mis - leading...
This was not origibally Obamas plan. This plan started with our ex-traitor in Cheif -- GWB!

 

[MovingTarget]

Originally posted by: nullzero
People are starting to get pissed off. If this plan passes I can see neighbors turning on each other. If your neighbor is only paying $600 a month to live in their home, and you are paying $1500 to rent a same size home in the neighborhood you are going to be pissed.

I didn't know that the bailout plan requires that everyone post a big sign in their front yard stating their rent/mortgage payment.

On a more serious note, people may be pissed in general, but they won't really have many specifics they can point to. Besides, many are more worried about keeping their jobs than to get worked up over somebody else's house payments.

 

[Zebo]

Originally posted by: Skoorb

the only thing that's guaranteed is that if we let every under water mortgage holder default, we'll be REALLY fucked.

Why would that happen? Being underwater does not mean you're going to default any more than driving your new car off the lot and immediately losing 5% of its value mean you're going to have the car repoed.

So now you're not against helping people, it's just that we're not doing enough?

Actually, I'm just using another argument against this. If all we were discussing was $75B, it would be another matter, but it will not really solve anything.

There are about 8 million homeowners underwater in the US. I don't know what the average amount of this is. Let's say $15k. That right there is just 120B.

I think I'm a touch underwater in my house. Doesn't bother me a bit. Others are underwater by hundreds of thousands. They are going to have problems!

I've been reading quite a bit on this and it seems only requirement is you be underwater not in the rears. Hey we are really fucked anyway, so many issues, but basically we have eclipsed the deadbeat/producer line and have unsustainable govt, better get yours while the gettin is there.

And please take a look at my survival on a budget post I made to your concerns

 

[StageLeft]

Originally posted by: Zebo

Originally posted by: Skoorb

the only thing that's guaranteed is that if we let every under water mortgage holder default, we'll be REALLY fucked.

Why would that happen? Being underwater does not mean you're going to default any more than driving your new car off the lot and immediately losing 5% of its value mean you're going to have the car repoed.

So now you're not against helping people, it's just that we're not doing enough?

Actually, I'm just using another argument against this. If all we were discussing was $75B, it would be another matter, but it will not really solve anything.

There are about 8 million homeowners underwater in the US. I don't know what the average amount of this is. Let's say $15k. That right there is just 120B.

I think I'm a touch underwater in my house. Doesn't bother me a bit. Others are underwater by hundreds of thousands. They are going to have problems!

I've been reading quite a bit on this and it seems only requirement is you be underwater not in the rears. Hey we are really fucked anyway, so many issues, but basically we have eclipsed the deadbeat/producer line and have unsustainable govt, better get yours while the gettin is there.

And please take a look at my survival on a budget post I made to your concerns

That would be retarded, but hey if I can screw a few bucks out of this and everybody else is, I guess I won't say no, will I?

 

[ayabe]

Originally posted by: nullzero
People are starting to get pissed off. If this plan passes I can see neighbors turning on each other. If your neighbor is only paying $600 a month to live in their home, and you are paying $1500 to rent a same size home in the neighborhood you are going to be pissed.

This has been happening for a long time, section 8 housing FTL.

 

[Zebo]

Originally posted by: Skoorb

Originally posted by: Zebo

Originally posted by: Skoorb

the only thing that's guaranteed is that if we let every under water mortgage holder default, we'll be REALLY fucked.

Why would that happen? Being underwater does not mean you're going to default any more than driving your new car off the lot and immediately losing 5% of its value mean you're going to have the car repoed.

So now you're not against helping people, it's just that we're not doing enough?

Actually, I'm just using another argument against this. If all we were discussing was $75B, it would be another matter, but it will not really solve anything.

There are about 8 million homeowners underwater in the US. I don't know what the average amount of this is. Let's say $15k. That right there is just 120B.

I think I'm a touch underwater in my house. Doesn't bother me a bit. Others are underwater by hundreds of thousands. They are going to have problems!

I've been reading quite a bit on this and it seems only requirement is you be underwater not in the rears. Hey we are really fucked anyway, so many issues, but basically we have eclipsed the deadbeat/producer line and have unsustainable govt, better get yours while the gettin is there.

And please take a look at my survival on a budget post I made to your concerns

That would be retarded, but hey if I can screw a few bucks out of this and everybody else is, I guess I won't say no, will I?

Exactly nor should you say no to such a helpful measure.
In this piece http://www.msnbc.msn.com/id/29256639/ it makes it clear you don't even have to be in the rears to get it, only establish a market value below the principal owed.

 

[JACKDRUID]

Originally posted by: Skoorb

the only thing that's guaranteed is that if we let every under water mortgage holder default, we'll be REALLY fucked.

Why would that happen? Being underwater does not mean you're going to default any more than driving your new car off the lot and immediately losing 5% of its value mean you're going to have the car repoed.

you don't pay for your car in 30 years + interest. car is not a long term investment.

say you bought a house for $400,000 , by the end of 30 years you'll have paid $800,000, and you have $700,000 left in "Total payment".

the house is worth $200,000 now, so you could go out and buy a similiar house now for
$400,000 in "total payment" and save $300,000

won't you do it?

 

[chrisho]

Was a great rant.

I wonder how long before he gets punted?

 

[nullzero]

Originally posted by: MovingTarget

Originally posted by: nullzero
People are starting to get pissed off. If this plan passes I can see neighbors turning on each other. If your neighbor is only paying $600 a month to live in their home, and you are paying $1500 to rent a same size home in the neighborhood you are going to be pissed.

I didn't know that the bailout plan requires that everyone post a big sign in their front yard stating their rent/mortgage payment.

On a more serious note, people may be pissed in general, but they won't really have many specifics they can point to. Besides, many are more worried about keeping their jobs than to get worked up over somebody else's house payments.

Neighbors usually know who rents and who is underwater on their mortgages pretty easy... A lot of gossip goes on and when a new neighbor comes in you usually know if they own or rent. You can find out pretty easy if your neighbor is going through a forclosure process by checking local records on the homes.

 

[BoberFett]

Originally posted by: 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.

Loosening of mortgage qualification started under Clinton, Captain BDS.

 

[Starbuck1975]

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.

Wall Street simply provided the Kool-Aide...I don't relish the idea of my tax dollars going to bail out the people who drank it by the gallon.

 

[alien42]

Rick Santelli is a joke who supported GWBs economic policies.

 

[nullzero]

All these people deserve to foreclose, I don't care if they go homeless they can live with family or friends and if they do not have that option then Obama can work out temp housing solutions. If this crap passes we are one step closer to this nation going the way of the soviet union.