Must see video. Thanks Scarecrow.

So Rick Santelli thinks that the CBOT is representative of all America and Americans?

Ho-Kay.

These are the kind of grease-balls in my hood in Chicago that called ADC “Ah’s Daley’s Cousin”. Wonder why MLK said “people from Mississippi need to go Chicago to learn how to hate”!

Where does this clown live? I’ve got my pitchfork and torch at the ready.

Rick said on the air that he was going to lead the Chicago Tea party in the near future.

I hope all the “losers” in the area show up to his party.

This has to be the 2009 equivalent of “Let Them Eat Cake”

That toddlin town

Exactly!

Digg is open

Screw him and the entire disease-ridden flock of maggots he rode in on.

No offense to maggots meant, of course.

hey Scarecrow and Firedogs,

managed to stomach a whole 51 seconds of this guy over at Elliot’s Oxdown post.

funny that, couldn’t find his rant for all that no strings lucre in TARP I

I think that’se most telling line of the whole piece.

The traders at the Chicago Board of Trade are about as homogeneous a group as you’re going to find. How many women did you see in that video? People of color? Elderly?

Santelli is a trader who figured he could make more money talking about trading for CNBC than actually doing the trading. He’s standing at the heart of his own old boys network, claiming that the masters of the universe *are* the universe, and the master’s minions all cheer him on.

America’s homeowners have just lost about $6 trillion in home value in the last year, largely because the people who are supposed to oversee and finance the economy didn’t do their jobs, but Santelli thinks we should let Americans facing foreclosure just fail.

Wrong. American homes became ridiculously overvalued and overpriced in the last 6 years and are now starting to fall back down to their normal range of value.

CNBC’s on-air editor, Rick Santelli, calls ordinary Americans who face losing their homes to foreclosure “losers” who don’t deserve government help.

of course the “losers” that brought wall street to it’s knees do need government help

whut

a

maggot

The guy looks like he is about to drain his veins. I wonder when we will see the pundits that have been wiped out start turning on the fellow panelists with violence? I expect we will have more Taiwan like legislative events to be videotaped for a waiting world.
Alas, unemployment won’t suit this suit.

PS

the government helping people keep their homes is helping the bank, without that help the asset is toxic and Worth a fraction of what it’s worth with the government help

I prefer they just let the banks fold, make a lender prove they have best paper to get payed at all, if they don’t have best paper I would like to award best paper to the squatter

According to William K Black professor and former banking regulator the problem with these foreclosures is fraud. It amazes me that Obama didn’t mention the word and it makes me wonder if wall street is protesting a tad too much. Guilty conscience perhaps?

Here’s a quote from Black in his testimony before the agriculture and Banking Committee in Oct 2008 in regard to ways to stop the foreclosure crises.

“4. “Control fraud.” Control frauds are frauds in which the person that controls the corporation (typically, the CEO) uses its apparent legitimacy and power as a“weapon” to defraud. Accounting and securities fraud is their weapon of choice during the ongoing crises. The FBI has been warning since September 2004 that there was an “epidemic” of mortgage fraud. The FBI also reports that lenders induce 80 percent of all mortgage frauds. There has been no effective law enforcement response to the epidemic (and statutory changes and hostile court decisions have made it increasingly difficult to bring meritorious accounting fraud cases and recover appropriate damages). Accounting control frauds optimize by growing rapidly, covering up losses (e.g., by refinancing bad loans)and making the worst loans. They grow by leveraging – increasing their debt far faster than they increase their (reported) capital.1 The primary function of credit default swaps (CDS) and collateralized debt obligations was to allow banks to increase their leverage substantially. This causes bubbles to hyper-inflate.Collectively, this causes fraud losses to be disproportionately large – and hidden. The defining element of fraud is deceit. One first creates trust in the victim and
then betrays it. As a result, fraud can corrode trust, and this can cripple markets long before fraud becomes endemic.”

These companies are run by criminals. Is it really so hard to believe. In the end you will find out that it’s not that your neighbor bought over their head but that the companies holding these loans did not act legally as they forced people into foreclosure. It’s still the untold story.

he is introduced as Santelli “of Sharma Capital” but I was unable to find anything on the firm’s performance the last 24 months.

note: there is a Sharma Capital listed in NYC, but I haven’t been able to verify if it’s the same – any of you market types wanna give the ol google a whirl ?

What! Lenders were naughty!? They are probably some of Santelli’s good old boys.

Rick Santelli? Doesn’t he work for General Electric?

CNBC is owned by – and the message is controlled by – the banksters (GE = Credit Company).

The talking heads reveal their loyalties in times like these:

http://oxdown.firedoglake.com/diary/3743

Great! I can be there in about 90 minutes, whose with me!

Moral Hazard: Letting the fat cats externalize all the problems with the economy. These assholes had NOTHING to do with bad decisions leading up to the meltdown, in their own minds, that is.

Moral Hazard: Letting these assholes blame the people least able to defend themselves. These assholes were just doing their jobs, it is the borrowers that are completely to blame here because they did not foresee the market crash. Those who are most ignorant deserve most of the blame, in their distorted view of the universe.

Welcome to your education.

the guys who made a bundle riding the housing bubble economy — can scarf up the properties for pennies on the dollar and get even more ridiculously rich.

Fixed it for you.

First Broder now Santelli, another day in the Age of Stupid.

Does anyone think that 18 months after the housing bubble burst, 5 months after the financial meltdown, Wall Street finally gets it?

No. This is the same mentality that characterized the Bush Administration which stole the country blind right up until his last moment in office. Look at Obama’s “in the bag for the financial community” economic team of Summers and Geithner. Look at his toothless regulators like Schapiro. There is no reason for the Santellis of this world to think the con won’t go on and, as long as that’s true, they will continue to spit on the rubes.

What! Lenders were naughty!? They are probably some of Santelli’s good old boys.

Well if we shovel a few more trillions at them, that will teach them.

Why are we rewarding the greedy people out there who decided to get in on the housing boom? How is rewarding greed progressive? And why are we burying our children further in debt to do this?

Why don’t we let housing prices decline so that housing is more affordable to more people? Isn’t that what real progressives would want?

Just because Obama proposes something doesn’t mean you have to go to the ramparts for it. If Bush had proposed this exact same thing people around here would be up in arms.

I watch CNBC (when my stomach can take it) while on the treadmill three mornings a week at the gym. It is often the most entertaining thing on television. I remember one day last fall when the anchors in the studio, Santelli in Chicago, the guy on the floor of the exchange in New York, and some analyst ended up yelling at each other in passionate anger. Great TeeVee.
But lately it’s been like Fox news. The attitude is “how DARE the Obama administration try to help out anyone who isn’t a top-tier executive!” Today Larry Kudlow (wingnut scum if I’ve ever seen one, with the added bonus of a unlistenable voice that would shame a foghorn) was all over the idea that somehow the taxpayers were going to pay the mortgages of the losers who evilly conspired to set up unpayable loans and to get themselves underwater on their equity. Which is totally untrue as was pointed out by a guest, but the whole channel is off on these rants these days. Unwatchable.
The only thing I can think of is they are scared shitless of both the economic crisis and what Obama & Co. might do to address it. It seems they need to blame Obama for the whole stinking mess right away to somehow stop whatever is going to happen. I think it goes beyond the desire to cast him as a failure for the next election; I think they are trying their damnedest to rile up the watchers to pressure D.C. to stop any progressive measures before they start. It looks like panic to me.
A good college basketball highlight segment on ESPN is looking better and better on the treadmill…

I’m with you. This is about fraud. Epic, historic, monumental, multi-trillion dollar fraud.

Why does Jeff Immelt have a job?

There was a discussion here a couple of weeks ago on ’show me the mortgage.’ Where’s the lien? The loan is secured by the house, not by the borrow’s net worth, which can only be seized for loans collateralized by it. Apparently a lot of banks don’t hold the mortgages, and even more astounding, don’t know who does, if anybody.

I’m sure the lawyers know what the legal equivalent for

habeaus corpus

is in this case. Let the fradulators pay the cost of their fraudulence.

Why are we rewarding the greedy people out there who decided to get in on the housing boom? How is rewarding greed progressive? And why are we burying our children further in debt to do this?

what we should be doing is punishing those who inflated the market by forcing them into forfeiting their claim on a home that is worth a fraction of their inflated price

If Bush had proposed this exact same thing people around here would be up in arms.

That’s because Bush had a track record of pulling a bait and switch on things. He did it with No Child Left Behind (his first) and he did it with the first installment of the TARP, instituted with no controls whatsoever, just a “trust us.”

First last and always, with Bush you HAD to pay attention to the actual activities beyond the words.

I agree to a certain extent, but the balls this guy has to go on the tube and accuse anyone of being a loser after he and his kind have raped and pillaged for years is more than I can take.
I just had rates on two credit cards raised 6% on one and 8% on the other for no other reason than they could. I’m pissed right now and if that Santelli turd was standing in front of me I’d kneecap him with anything handy.

They are definitely scared shitless. The thugs are a lot wiser in this respect that the Democrats, who have learned to distrust their leadership. The thugs know quite well that the old community organiser hasn’t changed his stripes, and they are looking for any way they can to smear him, with the aiding and abetting of the Washington elite.

Forewarned is forearmed. Obama was forewarned.

Santelli worked as vice president of Institutional Futures and Options at Rand Financial Services, Inc., served as managing director at the Derivative Products Group…

Rand people are entrenched throughout our government (and the media apparently). The Rand Corporation, has been studying Afghanistan (for resource extraction) in conjunction with the US Geological Survey Group.

Investor types, low-level stock traders and wannabes on message boards/news groups, repeat the talking points of slimeballs like Santelli.

Dutifully obeying the orders of his masters, Puppet Santelli is attempting (with success) to influence the zeitgeist.

His remarks will be repeated at water coolers, barber shops, etc. Its all the losers’ own faults.

Point is that suckers got suckered, they deserve it b/c they are losers. Nevermind that you might be in the same boat. Caveat Emptor. Behold the shine. Marvel at our Wondrous Corporate Logo.

I propose we boycott CNBC, MSNBC, CNN, and FOX (if there is anyone here who hasn’t already boycotted FOX, shame on you). FOX News is the only channel on my televisions that is already child locked out. Your’s should be as well as all of the others. We can show them we mean business if we lock them all out of our cable boxes/televisions.

Apparently a lot of banks don’t hold the mortgages, and even more astounding, don’t know who does, if anybody.

which is the point, I think one great solution would be if they can’t show best paper they can’t forclose, simple stuff there which leaves the predators holding the bag

of course we need to let their advertisers know as well. I think it is a good way to get our point(s) across….

Why don’t we let housing prices decline so that housing is more affordable to more people?

Lower housing prices don’t mean much if you don’t have a job. Yes, housing prices should come down but the inflated mortgages should come down as well.

Most of the corporations that advertise on shows for CNBC and such aren’t trying to reach folks like us. They are after their corporate brethren.

If we don’t regulate the fees it means no one sells their home and gets out of debt. This means bad credit. This means potentially the inability to get a job. This means a whole bunch of continued problems. We need cram down legislation so that the fees in these mortgages can be regulated. But the industry has spent 83 million fighting it.

Contact Info:

CNBC Viewer Services:
1-877-251-5685

https://register.cnbc.com/email/EmailSupport.jsp

They need to hear about this…not that they’ll listen, but…

I find it interesting that the voices of the plutocrats like Santelli, Beck and Limbaugh and Hannity are all talking about taking it to the streest in a revolution.

Do they think the massess are going to rise up to defend right of corporate raiders to fly around in private jets and the ending of capital gains taxes?

-G

In many areas of the country housing prices are below the cost to produce them. If the economy turns around new construction will cause house prices to rise rapidly.

The “viewer services” line is being handled by actual humans. I left a comment to the effect that I found Santelli’s remarks very offensive, that he and his crew live in bubbles and have no idea what’s going on in the Real World, and that if CNBC didn’t change its tune, I’d just flip over to Bloomberg. If anything would have an effect, I’m guessing that item #3 would be it.

Buncha fucking dirtbags…

I hope they do take it to the streets. They’ll be in for a rude awakening.

Most of those guys would be afraid of anyone they met on the “streets.”

But they are looking to rope in the small group of idiots who believe that the miracle will occur that will have them in a job where they will be awarded multi-million dollar annual bonuses.

Just as soon as they get off the couch and invent that widget that will prove to their ex-wife and fourth grade teacher that they are too a genius; it just took thirty-five years for it to be recognized.

Exactly. I also read about this. They have been complicit with th real estate robber barons, too.

What do you propose to do about the people who may end up on the street if they lose their homes? I understand your underlying point: let the market readjust itself naturally, which could happen, but what do we do about the displaced people in the meantime?

Since Santelli does work for GE, maybe they could get him to go troubleshoot some bum electrical grids….tell him to stand in a deep puddle of water to test the circuits…

but what do we do about the displaced people in the meantime?

Give them pitchforks and Santelli’s home address.

Maybe they should find a new place to live? I have been twice involuntarily displaced from my house — both times my landlord decided to sell the house — and just found a new place. If we let housing prices fall it should make it easier for more people to afford housing.

If we let housing prices fall it should make it easier for more people to afford housing.

That’s a great idea. I understand low house prices in Detroit have just about eliminated the homeless problem there.

Anyone taking government money IS a loser. I’m paying two mortgages because I can’t sell my Florida house when I had to move due to job loss. Is Obama helping me? Heck no. I just have to struggle to pay two loans while I wait for someone to take the house off my hands where I can at least break even or lose a little. I am disgusted at anyone who will take MY tax dollars and use it to pay THEIR mortgages when they took ARMS and BUbbles that Frank and Dodd made possible at MY expense. THis country is ready for a MIDDLE CLASS revolution.

Santelli is an idiot out of the same hyper active litter as Bush.

You deliberately don’t get it. In many parts of the country, housing prices are now far greater than they have ever been as a function of income. From 2002-2007 home prices went through the roof, fueled in great part by the extreme ease of obtaining credit. At the same time an enormous # of people extracted all of the new equity from their much more valuable home and spent it like going to an ATM machine. All of this equity extraction is a key reason why the economy was doing very well in 2003-2007. At the same time the availability of credit fueled a massive building boom which heated up the economy even more. Now we have a massive overhang of surplus houses — houses that never should have been built. Lots of houses + reduced demand = falling prices. Home prices are still well above what they were in the 1990s as a proportion on household income and need to come down further. The housing market cannot be artificially propped up, nor can home values that were ridiculously inflated to begin with.

Santelli The Rant
the sequel

Tough shit [Edited by Mod]

Obama just picked Jeff Immelt to be on one of his business advisory boards. GE stock has lost 75% of its worth since Immelt took over. NBC programming has a liberal favoring unlike any other station. GE is one of the few companies still doing business in Iran. GE is a huge producer and marketer of Green energy. GE makes a huge amount of Medical equipment not to mention the already mention financing branch. GE and the Government are in together more than almost any other company.

Rick Santelli’s on Hardball right now spewing.
I’d like to [Edited by Mod. Please, no threats of violence] Looks like dude never lost his baby teeth, yuck.

Because he has been with the company for a long time. Jack Welch foolishly hand picked him. He still makes over $20 million a year. Mainly to answer your question he has the entire board in his pocket.

Wall STreet having a tantrum while the govt cleans up their mess? classic. this is totally blame the victim, never mind that I pushed the kid into the street in front of the car kind of stuff. sheesh.

of course, Mike Barnacle totally agrees with Tantrum Boy on Tweety’s show…they need to get out more.

Sharma Capital is probably just a front or something that’s a shingle for him to calim association with. It’s a nothing…according to this it made $98,000 last year.

http://www.manta.com/coms2/dnbcompany_6k2bsj

sheiss, now Pat Buchanan is going to try and talk about slavery and race relations. click.

You deliberately don’t get it.

Or perhaps I’m being sarcastic.

Your solution to the problem of HELOC abuse and overdevelopment is what exactly? “Let the market take its course and the devil take the hindmost”? That’s just gonna work out fine. Just look at Cleveland.

I apologize for my vehemence toward this (cough) man. But the arrogance this man displays toward something he has probably done more to foster than the people he so blithely implies should be made homeless infuriates me.

Do you seriously believe that everyone in foreclosure – or close to it – is there because they were greedy or dishonest?

How about people who bought when they were working or healthy, and now are out of work or trying to pay medical bills?
(I know people who bought twenty years ago, and have had to refi a couple of times to keep going when their jobs didn’t.)

the last two programs the government had to help people refinance their mortgage didn’t work why would this one. 36% of people were more than a month behind the first time and 39% the second time. After eight months both were over 50%. In this hard economic time the government should encourage investors to buy up these properties. Yeah they could make money but the great risk right now deserves them that right. Pull off the band-aid and let the healing begin. if people don’t understand something they should not buy it and that includes a house. Yes there are a lot of sad stories but to prolong suffering will help very few for the long run.

Just a reminder: Corporate news organizations do not exist to inform the populace. They exist to make money for their shareholders through advertising, and, more importantly, by controlling the discourse.

I think that’s one of those things that’s so ‘obvious’ that people tend to forget.

Accusing Santelli of making outrageous statements in defense of the elite is like accusing a whore of having sex for money. It’s what he does. It’s his job description.

Why’d you take on a second home that you couldn’t afford to have if you lost your job? Sounds like you were a bad bet by the lender since you don’t have a spouse that is able to cover the necessary payments.

It does sound as if Obama’s mortgage plans would assist you since you could go to your lender and negotiate one, if not both mortgages, and they now have an incentive to do so. Furthermore you may not lose one of the homes if you declare bankruptcy. Obama’s plan should stabilize the housing market and actually encourage someone to pick up that home you have on the market (provided you reduce it to market cost). That’s how Obama’s plan may be helping you. It may also get people into jobs that make it more likely that they can purchase your extra home. Would you deny that sale if it was based on an ARM?

And what was the bill that allowed the creation of these ARM’s anyways…wasn’t that bill Gramm-Bliley-Levin bill disproportionately supported by Republicans?

ARMs have their place. they are not evil horrible loans. They are however only beneficial to very few people. People do need to understand what they are signing and what all the implications are.

can scarf up the properties for pennies on the dollar and get rich.

Or poor people would have better access to buy homes.

Expand a tax credit to people to buy multi-family properties. this would allow people to “not rent” and have a cheaper cost. Also they would go through being a landlord and hopefully understand what renting documents all involve and better prepare them for buying a house of their own someday

America’s homeowners have just lost about $6 trillion in home value in the last year, largely because the people who are supposed to oversee and finance the economy didn’t do their jobs, but Santelli thinks we should let Americans facing foreclosure just fail. — Scarecrow

Wrong. American homes became ridiculously overvalued and overpriced in the last 6 years and are now starting to fall back down to their normal range of value. — Doug Watts @12

If someone bought a home and then it appreciated tremendously and is now down 25%, then you might say they benefitted. But, if someone bought after the prices had appreciated beyond reason and now those prices have fallen, then those people have likely lost a lot of value. The collapse has also caused a lot of foreclosures and a decline in the value of houses not based on bad mortgages. This is akin to the decline of non-financial-industry stocks which didn’t seem to be doing badly, but were hurt when the entire market was dragged down by financials.

Santelli is preaching to his posse and they probably like what he’s saying. It just isn’t true.

Santelli is an ass. As are most at CNBC. He should be exiled to FOX Business. Better to watch Bloomberg anyway.

The Santellis and Kudlows at CNBC allow NBC/GE to claim a balance with KO/Rachel/Tweety/Shuster on MSNBC.

Although that is also how Joe Scar supposedly survives, by being the ‘balance”.

To whom are they making this claim of balance? There’s no authority that mandates that you have to have liars and shills to ‘balance’ actual news.

Other than the market, I suppose.

To whom are they making this claim of balance?

Why to other Villagers and corporate shills of course.

I hope Santelli loses everything. I will be the first to point and laugh.

Santelli has finally lost it..Good. The more he loses – the better off we all are.

Between him, Kudlow and Gasperino this bunch sound like the biggest bushies of the last 8 years and they’re crying in their beer that they are NO LONGER RELEVANT !!

ZEROS….

I hope to see this asshole motherfucker broke on the street with no teeth and an empty tin cup begging for alms. If there was a God, we would see that on CNBC in a couple of months.
Me, I wouldn’t just walk by. I would give him a penny and tell him to spend it in good health. Then I would call him a loser.
But there is no God like that. Maybe the least I can hope for is he chips a bridge on his filet mignon tonight.

He should at the very least be taken off of the airwaves.

I agree wholeheartedly with my friend Raven. We have people here who claim they are 20 years old, live on $23,000 a year and are making payments on a multi-unit rental property. We have people chastising us for not being “Progressive” even as he advocates turning out millions of people onto the streets-it’s progressive to put people in tent cities, Collinsvilles, I believe they’re called.

As for losers, people who mistake this blog for Free Republic certainly are.

Nonplussed, the next time a neocon rants on like that, ask him the names of the people who used his tax money last year. He won’t be able to do it, because well, he’s an idiot.

More than 1/2 our money goes to defense. How come the wingers don’t cry about that? Spit.

Thank you nonplussed and KayInMaine. It is extremely distressing to see the upper middle class turning on the lower middle class with such vehemence, and here at the ‘lake of all otherwise exceptionally enlightened places.

They aren’t even hiding their contempt anymore.

They used to be better at it.

This ranting asshole needs a good ass-kicking. He never made anything of value is his miserable, misspent, delusional life.

Pretty disgusting. Particularly loathsome is the chorus of Wall Street oafs cheering this “analyst” on.

I’ve got an idea for Rick Santelli and all his financial fan boys. Rather than try to pin all the blame for this debacle on homeowners in foreclosure, why don’t you accept the reality of the situation: namely, that the vast majority of Wall Street (banks, insurance companies, rating agencies) went on a HUGE bender of greed and gluttony and screwed over the entire world economy in the process?

These people are paid incredibly well to be savvy about money and to analyze risk, and they flat out failed. End of story.