I love Rick Santelli

[ayabe]

Originally posted by: 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.

Yeah that'll be cheaper for sure. :roll:

Anybody on deck got an argument that isn't bereft of intellectual honesty?

 

[HeXploiT]

Originally posted by: alien42
Rick Santelli is a joke who supported GWBs economic policies.

People are sometimes able to learn and grow.

 

[nullzero]

Originally posted by: ayabe

Originally posted by: 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.

Yeah that'll be cheaper for sure. :roll:

Anybody on deck got an argument that isn't bereft of intellectual honesty?

This could easily be worked out you sign the paper saying you no longer own the home and are renting it from the government on a short term basis. You live in the home for a period to be determined paying rents = to the average of that area. If you can not afford to pay average rent for area then you will be able to get it lowered to something you can pay. However all future income will be taxed accordingly to make up the difference of rent reduction you received.

 

[lokiju]

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.

No fault of his (their) own?

How many millions have mortgages for homes they never could have afforded with ARM's the knew could adjust?

Everyone took the "I'll deal with it when the time comes" approach and the shit hit the fan and now they want to bail on it rather than actually dealing with it.

It's not one groups fault, it's the fault of us all as a nation as a whole though.

Peoples greed to get into a home they shouldn't, banks greed to rake in money, etc....

 

[jonks]

Originally posted by: Budmantom

Originally posted by: Fingolfin269

Originally posted by: Skoorb

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.

Don't buy a home if losing your job starts immediately putting you on the path to default. This isn't heart surgery. Nobody needs a house, it's a luxury many will never have.

QFT. Unfortunately we have lost sight of this fact. I do think certain people should never have been given loans but let's face it, the reality is that the person receiving the loan still has to hold up their end of the bargain. Anyone attempting to shift blame primarily to the lender is admitting that people are too stupid to know what they can afford without a lender telling them what they can afford.

is known as an Obama voter.

Duh da duh!
/mencia

 

[gar3555]

Originally posted by: JACKDRUID

Originally posted by: Fingolfin269

Originally posted by: 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.

Then this is my plan for how the stimulus should work. It would reward the responsible parties and "punish" the irresponsible while also allowing them to have a government subsidized place to live.

Person A = Responsible
Person A bought a house he/she could afford and is not going to get a bailout.

Person B = Irresponisble
Person B bought a house he/she could not afford and is going to get a bailout.

Well, this situation sucks for Person A. How could we make it fair to all involved? Well, there is a good chance that A bought more of a meager house while B bought a large house. So, put A in Bs house at the same rate they are currently paying and put B in As house at the reduced rate they would be paying thanks to the bailout.

Win/win!

lol I like this idea!

Hell ya! I make 65K a year with minimal debt(student loan, 1 car payment), and bought a house I could afford ($94,000 w/ 10% down for a 2B, 2BR in KS), and it by no means is a mansion. I would take one of those $300,000 4B,4BR (in KS) houses that these idiots bought.

 

[alien42]

Originally posted by: HeXploiT

Originally posted by: alien42
Rick Santelli is a joke who supported GWBs economic policies.

People are sometimes able to learn and grow.

he has not changed, just like Larry Kudlow.

 

[Ozoned]

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

My neighbor is hot. It might be a good investment.

Have you noticed that every plan has been followed by a nearly exact drop in $ value of dow?

 

[Ferocious]

I never cared for the guy a whole lot.....but until today I didn't realize he was such a tool for Wall Street.

Of course he could just be pissed that his bonus for the year is probably greatly reduced. It's a fact that CNBC's viewership drops a lot during bad times....which is why it tends to lean bullish whenever possible.

 

[MovingTarget]

Originally posted by: lokiju

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.

No fault of his (their) own?

How many millions have mortgages for homes they never could have afforded with ARM's the knew could adjust?

Everyone took the "I'll deal with it when the time comes" approach and the shit hit the fan and now they want to bail on it rather than actually dealing with it.

It's not one groups fault, it's the fault of us all as a nation as a whole though.

Peoples greed to get into a home they shouldn't, banks greed to rake in money, etc....

It is more than just irresponsible mortgage lending and borrowing. Perhaps you haven't been looking at people's retirement plans or the recent job loss numbers. It is quite common to do everything right as a working schmuck and at the end of the day be out of a job or have your retirement prospects evaporate. Look around.

 

[jackace]

So it's ok to bail out millionaire bankers for their stupidity and greed, but it's not ok to bail out any of the average joe home owners for their stupidity and greed?

This guy makes no sense after seeing what has been done to bail out the bankers.

 

[Drift3r]

Originally posted by: jackace
So it's ok to bail out millionaire bankers for their stupidity and greed, but it's not ok to bail out any of the average joe home owners for their stupidity and greed?

This guy makes no sense after seeing what has been done to bail out the bankers.

That's basically the crux of his argument. Golden parachutes for CEO's who bought up, then tried and failed to leverage out failed mortgagees which further created and initiated a cascading effect of failures that would drag us all down with their sinking ships are okay it seems. Passing the buck is always nice I guess.

 

[quest55720]

I finally saw the rant tonight. The guy is right on I don't want to pay for my neighbors mortage. The whole plan is crap and rewards those who bought to much house. It is time people get it through their heads owning a home is not a right.

 

[TallBill]

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!!!

It has nothing to do with the bubble. You can either afford your house or you can't. And if you can't, then you should lose it. Period.

 

[Vic]

You always were paying your loser neighbor's mortgage. If no one ever defaulted, interest rates would barely be above inflation.

Anyway, it's bad enough Democrats spew this 'we save the world' crap, Republicans gotta believe it... :roll:

 

[Vic]

Originally posted by: quest55720
I finally saw the rant tonight. The guy is right on I don't want to pay for my neighbors mortage. The whole plan is crap and rewards those who bought to much house. It is time people get it through their heads owning a home is not a right.

You're confused. The right of property ownership is the very foundation of capitalism, and the protection of that right is the one of few excuses for govt to exist within a capitalist economy.

 

[Farang]

I hope nobody in this thread supported this guy because they would be embarrassing themselves. I think he is doing this more as entrainment than anything, but here are a few holes in his performance:

-misstates tax break, because if you call him on it 'oh sorry I was off by a few dollars gimmie a break who is with me?!'
-appeal to popularity
-call for direct democracy
-cuban straw man.

Also it is a bit amusing that the guys who got a $700 bailout would be complaining about a $75 billion handout to homeowners, but that is another debate.

 

[alphatarget1]

Give foreclosure help but start garnish the people's wages (who receive help) so we don't lose any money.

 

[Mani]

Santelli is a clown who supported the previous administration's economic policies and pretty much embodies why people hate commodity trading douchebags.

 

[ayabe]

Gibbs

Here's Robert Gibbs laying the smackdown on douchymcoilmortgagederivatives.

 

[Lemon law]

Maybe the big myth in this thread is contained in the topic title, " Obama, Wall Street hates your plan. "

And these Wall street types may have every reason to dislike the plan, because Wall street will be face the strong regulations that we had before GWB&co. dismantled them. Meaning Wall Street will no longer be able to engage in wild speculative gambles that offer a chance to enrich some while fleecing many others.

The question is and remains, is the Obama plan good for the larger nation?

 

[chrisho]

Here is the deal.

He is right in the regard we should not being picking up the pieces for those who overbought or won't make the sacrifices necessary to keep their homes. I bet most of them have a lot of monthlies for non essential services or over the top levels of services they could cut back on but won't.

How many of these in trouble also have a car note or TWO? How many have supersized cell plans, satellite/cable, or such? How many racked up lots of credit card debt?


The fact is that everyone deserves equal help. Those paying their mortgages should benefit if those who don't/won't benefit.

The real way to help all is to reduce the cost of home ownership which means dealing with excessive property tax rates in parts of the country. It also means reducing the amount of government expenditures and its size so people have more money to pay for their homes as they keep more.

The fun fact is, who many of these TV talking heads, to include this guy and those berating him, are willing to accept limits on THEIR pay?

 

[chrisho]

Originally posted by: Lemon law
Maybe the big myth in this thread is contained in the topic title, " Obama, Wall Street hates your plan. "

And these Wall street types may have every reason to dislike the plan, because Wall street will be face the strong regulations that we had before GWB&co. dismantled them. Meaning Wall Street will no longer be able to engage in wild speculative gambles that offer a chance to enrich some while fleecing many others.

The question is and remains, is the Obama plan good for the larger nation?

Bush and Co nailed more Wall Street types than Clinton did. If anything it wasn't uncommon to see his Justice Department taking someone down. In fact they did some very big people and companies.

It is completely dishonest to suggest Bush and Co gave these people a pass. There are just too many ways to abuse and hide from current regulations. It takes some spectacular activities to raise an eyebrow. I guess we could and we actually should be asking many members of Congress who benefited from similar situations why it was okay for them.

 

[Drakkon]

Originally posted by: Lemon law
Maybe the big myth in this thread is contained in the topic title, " Obama, Wall Street hates your plan. "

And these Wall street types may have every reason to dislike the plan, because Wall street will be face the strong regulations that we had before GWB&co. dismantled them. Meaning Wall Street will no longer be able to engage in wild speculative gambles that offer a chance to enrich some while fleecing many others.

The question is and remains, is the Obama plan good for the larger nation?

I'd agree with the question, but there is an underlying point Santelli and others are trying to make at this point and that is if it may be good for the larger nation now - what happens 10 years from now? 50 years down the line? will it still be good for the nation then or will it just create another 'bubble' of companies that should have failed but didn't? People who should have had their homes foreclosed on but instead leave their kids with a burden of a mortgage when they die? The bandaid may work for the time being but once the bandaid gets pealed away will the wound underneath have healed enough?

 

[abaez]

White House Press Secretary Robert Gibbs' response:

http://blogs.wsj.com/washwire/...e-houses-robert-gibbs/