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Tuesday, December 22 2009 |
02:13 EDT |
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- "In the annals of CNBC cluelessness, this morning’s outburst by the channel’s Rick Santelli is up there with the worst." (Columbia Journalism Review)
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This news story has 28 comments:
You are taking money away from responsible savers and from future taxpayers and you are giving it to pay for someone else's granite countertops and travertine tiles.
There is such a thing called 'renting' and, believe it or not, it is not worse than death. In fact, you can rent large homes with granite countertops and travertine tiles. IF you can afford it.
Oh, but that's the real rub, isn't it? These cry-babies can't stand to be limited to what they can actually afford.
Do NOT force me to work for the sake of these selfish, gutless and lazy morons!
Santelli finally had enough of the blathering of Liesman and all the other Keynesian liberals on CNBC and called a spade a spade.
Now to call another spade a spade, it's funny how the CJR never noted that Santelli has had an ongoing intellectual feud with Liesmand, on almost a daily basis, so much so it's become part of the CNBC AM schitkc....
Why would this matter? ... Maybe because Liesman holds a Masters of Science from Columbia University Graduate School of Journalism...
What's truly sad is how the elites stumble around like senile old Kings who think they have their robe on...
Pathetic. But I didnt expect much out of Columbia or the idiots who think that a monetary debt policy would fix a monetary debt situation.....
Like feeding lard to an obese welfare patient would cure them....
AMDG
HCSKnight
Liesman is dumber than a bag of nails - Santelli puts him in his place every time they spar. the only type of economics Liesman believes in is, clearly, the redistribution of wealth.
If the government continues to reward bad behavior then we should not be surprised to get more of it in the future.
If you cant pay your mortgage, tough sh8t. Why should I have to pay for the people who overspent and were living in luxury over the past 10 years. Damn them...
the only 2 people on that lame network who are worth listening to... and who are saying what we the american public is saying.
(and I am pissed about this housing bailout! I did not buy a home in 2006 b/c I could not afford it... heck.. maybe I should have .. especially now that I know the government would have taken care of it!)
Kudos to Rick.
Comrade Obama should move over to Moscow.
I am actually considering the idea of not making my next few mortgage payments so I can qualify for a reduced mortgage and a government handout.
And, if the legislation isn't written carefully, the "owners" also get any upside down the road. Even if the legislation is written carefully so that the taxpayers get a piece of the upside, good luck enforcing it. I'm sure there will be many houses sold for, oh, $50K below market value, where the seller will pocket the $50K tax-free, in a side deal with the buyer, leaving a much smaller piece of the upside pie to the taxpayers who footed the original bill.
On Feb 19 08:51 PM Herbert Hoover wrote:
> I think it is hilarious that everyone is focusing on the "irresponsible,
> welfare queen homeowners" as the beneficiaries of this plan. STOP
> AND THINK! Who gains the most from this plan? It's the mortgage holders.
> This is corporate welfare at it's best.
BUT.
Are you offering an alternative to this program which will take away the damage to the overall economy? Some times you have to prescribe medicine that has undesirable side effects, and tastes really really bad.
This is the problem with Santelli. His solution is to just do nothing, to let the whole system come down around us without fighting back based on a faith that 'markets will solve the problem'. Maybe they will and maybe they won't, but a lot of pain in between might be avoided.
Sincerly,
Comrade Homeowner
aka Loser
> Are you offering an alternative to this program which will take away
> the damage to the overall economy?
Here's my alternative: let the homeowners lose their homes and the banks their unwise investments. The homeowners who either lied, did not read their documents carefully, or purchased more home than they could afford should be foreclosed upon; others will buy their homes at more affordable prices. The banks that judged poorly and hold paper that has fallen in value should be allowed to fail. Better to go through pain in the short term, let asset values fall to the bottom, and begin building up from there than to keep throwing taxpayer money (which is really either borrowed or printed) at an intractable problem.
passion on this; I think he's right. I've never trusted Obasm and I never will.
I'm afraid he's got it in for the country--what a nightmare this is.
I also would like to know whether any homeowners will have to pay Federal income tax on any principle that is written off,adjusted down or "crammed down"
Rick Santelli, please keep telling us like it is. I'm a big boy and I can take it.
On Feb 19 08:32 PM Illusional Delusion wrote:
> I don't see why CJR would criticize this honest remark when more
> pretentious stuff are shown on TV. At least this guy got the whole
> moral hazard issue right.
With regards to Home Owners:
1. Congress must establish a Federal agency to place the Federal and state chartered banks under protection, freezing all existing home mortgages for a period of however many months or years are required to adjust the values to fair prices, and restructure existing mortgages at appropriate interest rates. Further, this action would also write off all of the speculative debt obligations of mortgage-backed securities, derivatives, and other forms of Ponzi Schemes that have brought the banking system to the point of bankruptcy.
2. During the transitional period, all foreclosures shall be frozen, allowing American families to retain their homes. Monthly payments, the equivalent of rental payments, shall be made to designated banks, which can use the funds as collateral for normal lending practices, thus recapitalizing the banking systems. These affordable monthly payments will be factored into new mortgages, reflecting the deflating of the housing bubble, and the establishment of appropriate property valuations, and reduced fixed mortgage interest rates. This shakeout will take several years to achieve. In the interim period no homeowner shall be evicted from his or her property, and the Federal and state chartered banks shall be protected, so they can resume their traditional functions, serving local communities, and facilitating credit for investment in productive industries, agriculture, infrastructure, etc.
3. State governors shall assume the administrative responsibilities for implementing the program, including the "rental" assessments to designated banks, with the Federal government providing the necessary credits and guarantees to assure the successful transition.
This should helping in halting a "tsunami" of foreclosures, keeping millions of American families in their homes to avert social chaos, and protecting chartered lending banks of the United States and the states.
We are in a breakdown crisis, urgent measures that must be adopted immediately, to save nations and economies from total ruin. The present post-Bretton Woods system is hopelessly bankrupt and cannot be saved. But that is not a problem. You can always create a new financial system, following a bankruptcy reorganization of the old, dead system. The simple fact is: Many bankers are going to have to eat the losses, especially those financiers who built up the approximately $1.4 quadrillion dollar derivatives bubble.
There are people who are trying to save the derivatives swindlers, at the expense of current and future generations of American taxpayers. In my view, these people are thieves, who gambled criminally with other peoples' money. They lost, and nobody in their right mind can justify bailing them out, on the backs of working American families. But isn't that exactly what Hank Paulson proposed? Isn't that what Nancy Pelosi, Chris Dodd and Barney Frank are still proposing?
I am very concerned that enemies of the United States, including some people who are trying to mis-advise President Obama, are blocking the urgently needed bankruptcy reorganization.
Whats need to be done is to put the banking system under protection in bankruptcy; we put the Federal Reserve system into bankruptcy. We take, and proceed to enact, a national banking act where we put all the essential functions of banking under protection of a national banking act system: a Hamiltonian National Bank. We use the National Bank as an instrument of credit, which absorbs the Federal Reserve System. Because the Federal Reserve System is bankrupt! And it needs bankruptcy protection.
Then we take national credit. We take what is worthless, and we call it worthless; we classify it as worthless, as in bankruptcy. We put it out of its misery. And banks which are bankrupt, but which are useful in their function as chartered banks, we'll keep their doors open, we'll maintain their functions, and we will generate Federal credit, as a source of lending power, to get the economy moving again. We will build agriculture, we will build infrastructure--especi... infrastructure.
The alternative to this approach, is to permit the banking system to collapse into chaos. That is exactly what happened when that traitorous Democrat Andy Jackson destroyed the Bank of the United States in 1836, an act which, in the name of ``helping the little people,'' wreaked absolute havoc with the credit and livelihoods of the vast majority of the American people, especially in rural communities. Today, given the global nature of the crisis, and the fact that it's occurring after 40 years of destruction of the physical economy of the planet, failing to replace the current banking system with an American-style national bank will unleash a process of genocide.
Finally, we need to instigate criminal investigation into the Banksters who intentionally caused this crises. Anew Pecora Commission,to probe the causes of the now-onrushing greatest financial crash in modern history.
Between 1932-33, the U.S. Senate Banking Committee staged high-profile hearings into the causes of the stock market crash of 1929, and dragged some of Wall Street's top bankers, led by JP ``Jack'' Morgan, before the American people, to account for their crimes. The Committee's lead counsel, Ferdinand Pecora, led the probe, which gave President Franklin D. Roosevelt the political leverage he needed, to push through sweeping regulation of the financial sector, including the Glass-Steagall Act of June 1933.
The recent revelations of Madoff's Ponzi Scheme have only served to further highlight the criminal folly of the previous Bush Administration and Congress' efforts to bail out the quadrillions of dollars in unregulated derivatives, that cannot and must not be paid.
We cannot afford to waste any more time ! We need a new Pecora Commission, with full subpoena powers, to get to the bottom of this worst financial debacle in history. Whether you start with the Madoff Ponzi Scheme, or the illegal and unregulated activities of the offshore hedge funds, or the role of the rating agencies, the mortgage brokers, and commercial banks in the sub-prime mortgage bubble, is of less importance than the need to act promptly, and with full public transparency.
`Given the horrible condition that states and cities find themselves in, I call on state legislatures, the city councils, the mayors' and governors' offices, to contact your Congressional delegations, and get them to act, now. The Obama Administration needs to borrow this leaf from FDR. Give the American people what they demand: Answers to how it was that the the biggest financial bubble in history--a bubble that already burst in late July 2007--was created. Hold those responsible for this to account. Only by placing a very large public spotlight on the crimes of the recent past, can we build the political support for genuine solutions.
Give the Obama Administration the same kind of leverage that the Pecora Commission afforded Franklin Roosevelt, so that the urgently needed bankruptcy reorganization and economic rebuilding can be launched, without interference.
PS
An for those that believe Austrian economists such as Murray Rothbard,
that proclaimed FDR's policies actually lengthened the Depression. Well, we need a little historical context - The Japan attack on Pearl Harbor had been planned by the British, Japan, and others during the early 1920s. The intended action led by the British was intended to ruin the growing U.S. naval power of World War I and the early 1920s. The
result was a U.S.A. responsive war-plan of which the 1920s General Billy Mitchell was a part. Certain elements in the British Govt and their pro-fascist admirers inside the Coolidge-Hoover-Morgan gang inside the U.S.A., and caused the court-martial of Mitchell.
However, after Hitler double-crossed his British friends by invading France, Britain (includng Churchill), which had backed the Nazi invasion of the Soviet Union, changed sides to consider Hitler the greater danger to it, and begged for assistance from FDR. In the meantime, FDR et al, had prepared for the threat of the attack from London and
Tokyo; Mitchell's conception of an aircraft-carrier fleet was built up under FDR - - as Midway illustrates the point.
However, when Hitler double-crossed the British with help
of a fascist government in France, and overran France,
Churchill suddenly saw Hitler as "the greater danger, and came screaming to FDR for help. Britain's erstwhile ally, thus, switched sides; but, Japan, which had been Britain's ally against the U.S.A. since
1894, remained tied to Britain's and its own former
backing of Hitler. So, Japan attacked Pearl Harbor, exactly
as Britain and its Japan ally had planned Japan's
assignment to take out the U.S. base at Pearl Harbor. So,
the fascist elements in Wall Street (e.g., J. P. Morgan et al.)
, who were forced to abandon their backing of Hitler on
Dec. 7, 1941 (or, like George W. Bush, Jr.'s grandfather)
with some months later, abandoned the offices of the pro-
fascist organizations inside the U.S. financier community,
in order to hide themselves in new organizations of the
same long-term, pro-fascist outlook.
Today, those "former" fascist organizations are the chief promoters of
the myth that FDR accomplished nothing; I know those organizations with their fascist traditions, name by name, of today - - mostly Chicago-centered, and including all of the treasonous, pro-fascist organizations with which you associate the name of Murray Rothbard.