Epic - Rick Santelli blows up at Stimulus, White House responds

[911fever]

Rick really does speak the minds of MANY of America. Unreal rant.

White House responds/Rick responds to them



Unprecedented assault by the White House on the media. So good.

[method]

Too bad he bitched out of the Daily Show and Jon Stewart had to destroy Cramer instead.

Fuck Santelli and that whole network.

[VWEvo]

Its hard to argue his points!!!

[szw]

Originally posted by VWEvo
Its hard to argue his points!!!

No, its not. Fuck Santelli!

[911fever]

^ how is there another argument besides what Santelli is saying?

[szw]

Soley putting the blame on "loser" homeowners? Please

http://watch.thecomedynetwork.ca/the...ps/#clip148232

[911fever]

^ John Stewart is a left wing comedian. What a nut. Why should we pay for the 8% of homeowners who overspent on their houses, when us 92% pay our taxes and our mortgages on time? Rushing through a 787 US billion dollar bill that won't even be implemented for two years is a solid waste, and is generational theft. Rick's speaking for a lot of people when he went on that rant.

[VWEvo]

Originally posted by 911fever
^ John Stewart is a left wing comedian. What a nut. Why should we pay for the 8% of homeowners who overspent on their houses, when us 92% pay our taxes and our mortgages on time? Rushing through a 787 US billion dollar bill that won't even be implemented for two years is a solid waste, and is generational theft. Rick's speaking for a lot of people when he went on that rant.

I know there is another side to this story, but I do tend to agree with the above statment. We're all now paying the price

[method]

Rick is speaking for all the day-trading frat boys who don't seem to care when the US government forks over a trillion dollars to failing banks, but flip out when the government tries to help the homeowners who were sold overleveraged, predatory loans by the same failed banks.

HE'S supposed to be the one with financial knowledge, but he saves his scorn for the people completely removed from the system. He can't attack his corporate buddies for their enormous fuckups that caused the whole problem in the first place... he has to blame it on poor people.

[Canmorite]

Originally posted by method
Rick is speaking for all the day-trading frat boys who don't seem to care when the US government forks over a trillion dollars to failing banks, but flip out when the government tries to help the homeowners who were sold overleveraged, predatory loans by the same failed banks.

HE'S supposed to be the one with financial knowledge, but he saves his scorn for the people completely removed from the system. He can't attack his corporate buddies for their enormous fuckups that caused the whole problem in the first place... he has to blame it on poor people.

Wrong. Rick was against all bailouts, banks and homeowners.

I like what Rick has to say. If you can't afford your home, you get foreclosed. Flush the system out and start again. When you have owners trying to hold on forever, then take billions of dollars of taxpayer money to keep them in their homes it just doesn't make sense.

You can use taxpayers dollars to bailout the homeowners, but where do you think that money from their mortgage payment goes? Right, straight to the investors holding their mortgage based securities.

Foreclose, move out, and rent.

[method]

So why is his 'rant of the year' directed strictly at homeowners?

Even Cramer admitted that Santelli was a douchebag, and that these homeowners weren't 'losers'.

Does anyone ever wonder why this didn't happen in Canada? Because banks aren't allowed to offer such ridiculous mortgages.

[Canmorite]

Originally posted by method
So why is his 'rant of the year' directed strictly at homeowners?

Even Cramer admitted that Santelli was a douchebag, and that these homeowners weren't 'losers'.

Does anyone ever wonder why this didn't happen in Canada? Because banks aren't allowed to offer such ridiculous mortgages.

Homeowners, lenders and the Government that is bailing them out. Do you want to pay for someone who can't/shouldn't be in a home in the first place?

Cramer is the douchebag. Santanelli calls him out all the time. Look up the recent Cramer and CNBC vs. Jon Stewart videos, you'll see what I mean.

[method]

I want financial institutions to be held accountable for issuing predatory loans to these people in the first place.

"Durr durr I don't understand anything about finance and I'm broke, can I have a loan?"

"Well sure you can! Here ya go!"

Should have been doing what we do in this country, which is saying "no, you can't." But did they? No. There was money to be made and it didn't matter that they were doing something stupid and jeopardizing the financial institutions

I love how when shit hits the fan in the market it's always the poor people that are somehow ruining it for everybody. Remind me again who controls the wealth in our society?

[Canmorite]

Originally posted by method
I want financial institutions to be held accountable for issuing predatory loans to these people in the first place.

"Durr durr I don't understand anything about finance and I'm broke, can I have a loan?"

"Well sure you can! Here ya go!"

Should have been doing what we do in this country, which is saying "no, you can't." But did they? No. There was money to be made and it didn't matter that they were doing something stupid and jeopardizing the financial institutions

I love how when shit hits the fan in the market it's always the poor people that are somehow ruining it for everybody. Remind me again who controls the wealth in our society?

Incredibly easy to simply blame the institutions making the loans, what about the "Durrr" loan recipient? Two sides to a loan here.

Both parties are at fault. The lending standards in the states were ridiculous, and that loophole was grossly exploited. Those loans were then packaged up and sold by Wall Street. Everyone had a hand in this..

[method]

Who has the command heights of the economy? You're going to place equal blame on people that have no idea about finance, and the enormous banks that doled out their predatory loans?

People are often financially stupid - that's no excuse to hand them loans that had the potential to make the mortgage crisis explode.

Typical deflection of corporate responsibility... oh wait, they had none to begin with.

[Canmorite]

Originally posted by method
Who has the command heights of the economy? You're going to place equal blame on people that have no idea about finance, and the enormous banks that doled out their predatory loans?

People are often financially stupid - that's no excuse to hand them loans that had the potential to make the mortgage crisis explode.

Typical deflection of corporate responsibility... oh wait, they had none to begin with.

No one made them sign the contract. Were the salesmen pushy? Oh, I bet. The commission for a loan was decent. I'm not trying to defend the lenders who's standards were absolutely terrible, but in the end you can say no to the loan.

The last few years was all speculative. HGTV had "Flip this house" with people selling homes for 50-100K more then purchase price, this is what enticed people into buying homes and getting loans-perfect for any lender wanting to make a quick buck.

Typical deflection of personal responsibility, taking out a loan they don't understand and simply blaming the fault on the lender once shit hits the fan.

"ARM? Balloon payments? Whatever, I want that loan so I can flip a house and make a quick $50K. The market is so stable right now."

[method]

If you can prove to me that the majority of the people that took these loans are house-flippers, then I'll agree with you.

[Toma]

Fucking total idiot with a narrow understanding of the financial markets and economy.

Oh well....

This collapse was engineered, pure and simple and had NOTHING to do with home owners not being able to afford their homes.

[pinoyhero]

What's really too bad is that if he didn't go off on his rant, he'd have gotten very little publicity and be shoved into the archives as a capitalist heartless pig.

I'm still missing the argument from some folks that actually counters what he's saying. He's against bailing out those individuals and banks who didn't act responsibly, namely because if we do there no lesson learned that will prevent repeat behavior.

[Toma]

The topic is much too complex to talk about on a forum.

Basically, bail outs for banks/corporations = bad

Bail out for home owners/prevent foreclosures ... good.

However, the financial crisis has been brewing since before 9/11. There is a LOT of material out there.

And that even ignores the FACT that modern 'western' corporatist economy is flawed fundamentally in its very nature.

Wait till you see what is about to happen to Europe .... just in case you thought this was isolated. Stems from the same corporatist agenda, sold in Europe disguised as "westernization".