Clueless Rick Santelli Doesn't Understand His Attitude Is Why America Loathes Wall St. & Bankers
Watching Rick Santelli's embarrassing diatribe at the expense of the American people made me realize that these Wall Street frat boys still don't get it. America is sick and tired of the riches they have manipulated out of the system and then be lectured by people who make more money than 100 middle class workers put together. The next time I want advice on how to live I'll be sure to ask a man who was deeply involved in "derivatives."
California hates Enron and all the damage it caused us and America, but these are Santelli's peeps. I watch the Saturday FOX Stock shows religiously and he fits right in with Cavuto's crowd. Don't blame the crooked mortgage lenders who were having bidding wars to acquire their next mansion, but blame first time buyers or average Americans, the lifeblood of our society and call them "losers."
Santelli needs to own that he is the loser and if it wasn't for the gasbag insider crowd that gives his words a modicum of respect, crowds would gather outside his home with torches and pitchforks. Jane nails him and his ilk.
Rick Santelli is just the explosive Id of CNBC, saying what everyone else thinks. Somehow it's not the pervasive institutional rot, the criminal malfeasance at the highest levels, or the Chairman of the Federal Reserve telling Americans over and over again that housing prices would never go down.
They have convinced themselves that the real problem is once again people at the absolute bottom of the economic scale. If they'd only used appropriate "judgment" and lived within their means, we'd all be fine.
Chris Matthews labelling Santelli another "Sean Hannity" which is cool by me because he backs up their positions, but that's what most of CNBC and FOX news are all about. On the TODAY show, Santelli went on about how all home owners should get help. That's what, like 100 million homes? Is he asking for another 10 trillion dollars? Part of President Obama's plan is to keep the values of homes as high as possible. By helping out the few, he is actually saving the overall housing market thousands of dollars per home. Do people want to see their houses lose half its value and then get a tax break? I don't think so...
With Chris Matthews, the idiot Bush Depression trader says shame on them for signing something without reading the fine print. I read it and didn't understand it either. That's why I hired a freaking mortgage broker.
Chris got him to admit that he voted for John McCain. What a shock. We were all lied to at almost every level so these slickly dressed charlatans could pillage the country for all it was worth.
And if anyone has bought a house and tried to get a mortgage, they would know that the documentation is gibberish to most of us. We rely on the lenders to accurately navigate the system and not get abused by it. Santelli knows this too. I was lied to when I bought a house many years ago. The escrow agent even manipulated my trust and I watched what happened in California as these greedy money changers almost destroyed the entire economy.
I go to the DMV to get a license and to register my car which makes me go through a series of requirements to meet what's needed in order to acquire them. If the same principle had been applied to the mortgage lenders, then people would not have been qualified to refinance or get into a house they couldn't afford. It's really that simple.
I hope he keeps it up because Americans are in need of help and not lectures from the likes of Rick Santelli. He only helps to expose the disturbed world view shared by the Bush loving-John McCain Wall Streeters.
If Santelli wants to debate me about his positions on any TV network I'll be there. I won't hold my breath.
(John Amato is the founder of CrooksandLiars.com which was voted as a TOP 25 Blog of 2009 by TIME Magazine)
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Rick Santelli was also speaking for renters. Renters for the most part are not part of the wealthy class.
Many people that rent want to buy homes and renters are disgusted that they have to pay taxes to keep housing prices high just so renters can pay more in rentals or pay more to buy a house.
Way to go Rick Santelli!!
Rick Santelli is a personal friend and mentor to me. I am a former broker at the Chicago Mercantile Exchange and Rick Santelli is and has been a foremost analyst and trader of mortgage backed bonds for 20 plus years. I can certainly attest to his honesty, clarity, forthrightness, and he possesses an inane ability to see to the heart of a situation. He KNOWS his markets, and he knows when smoke is being blown up the collective ******es of the America that he loves.. Rick is a southside Bridgeport neighborhood boy. PERIOD. There is no better example of working America in existence. He speaks truth plainly and forthrightly. Go after him with all you have.. He will still be up at the crack of dawn doing what he does so effortlessly and speaking the plain truth. Traders are not like investors, we are in it for the day, providing liquidity in these markets for. We risk our livlihoods and our families futures daily. We are not pasty, we are not out of touch. If the average or even ABOVE AVERAGE American lived with the risk we eat for breakfast, they would fling themselves infront of the MESSIAH'S car and end it all.
Rick... truck on man... you speak for so many of us who are shocked, amazed, awed, and disgusted with what has happened to our country in a MONTH.
This didn't happen in one month. Have you been hibernating? It took years to get here pal.
Go back to the Bush era. We got completely screwed there..
I'm pretty sure the word "inane" doesn't mean what you think it means.
please... if this guy is telling you how the system works... and why the markets are responding to the administration this way... who cares what his attitude is...
he's making this fuss to get people to l i s t e n ... because what he's saying relates to every single person in this country. No one would pay attention if he was being soft spoken on this issue...
do we have to treat everyone with kid gloves? i know the left does that all the time... soft velvety kid gloves to go along with the velvety soft big0try of low expectatio
the hard truth... people can handle it... it's healthy for them.
i lost trust in big biz and banks. and now im starting to lose faith in the media..
banks>biz>media.
The Great Circle.
Meh, I agree with Santelli.
s a m e
If you are as antisocial as Santelli, then I pity you.
better spent in america that Iraq alone, all that moehy in itraq got us what, record oil prices, and deep recession oh and our bridges are fallign down
Some day the Rick Santellis of America will look like those pathetic old communists who gather every so often in Red Square to chant about what a great leader Joe Stalin was. That's if the nation actually survives what they have wrought.
haha... except the Rick Santelli's of the world actually know how to grow an economy... the communists only know how to drive one into the ground... with gu-ns & gu-lags all the way down...
I'll take a million rick santellistas over a million progressivistas any day.
His brand of cowboy capitalism is undermining capitalism, so he's got more in common with the commies that he knows.
Thank You John Amato,
I watched Rick Santelli's rant the other day and wanted to strangle him, except I couldn't reach through the T.V. Listening to him was much worse than eating the boiled okra my mom used to make me eat weekly. If what they did (banks and brokers) was so right it would still be working. The fact that it failed so miserably should be clear to anyone that the system was flawed. I'm not educated in economics, but I've been telling my family for six years something bad was going to happen because housing prices were escalating too rapidly. I told them all that I foresaw a day in the not too distant future when we were all living under the same roof again.
Whining about 'good' mortgage holders subsidizing bad ones......
overpaid CEO's got (indirectly) huge tax breaks and practically nil regulation and outsized compensation (and they didn't even have to be very good CEO's to get it) from the GWB admin of the last 8 years (for that matter since Ronald Reagan).
Sorry still can see it.
Rick Santelli ya gotta do way better than this.
I loved the rant. I am reading all these extremely detailed and specific comments on here and laughing. This was simply a capitalistic rant and nothing more. Don't make it out to be more. It needed to be said. And I'm sorry, but just because you will not be seeing a personal check made out to "Joe's Mortgage" on your bank statement doesn't mean you aren't paying for it.
And to those democrats out there who feel uncomfortable with all these stimulus packages and bailout plans, it's okay. You don't have to support something you despise just because it is Obama's baby and you want him to succeed. I suspect there are very important issues and principles at risk right now that will be around long after Obama is gone.
many of us are against the BANK bailouts but do want help for the average american
I have a solution for the likes of Mr. Santelli. Given that the development of the Sub Prime Mortgage secondary market was PRIMARILY brought about by FRAUD (AAA rate insured instruments whos premiums were NEVER set aside for eventual payout aka a CREDIT DEFUALT SWAP ) why don't we jail the offenders and take back the obscene commissions the traders and hedge funds earned selling over rated and fraudulently insured securities? Just were is that missing money Paulsen wouldn't talk about? And whom did it pay?
WHY hasn't the creator of the CREDIT DEFUALT SWAP one BLYTHE MASTERS of JP MORGAN EVER been questioned?
Because they believe that their scheme would have worked if not for the ignorance of the borrowers. They also believe they are the ones to fix the problems, just hand over that government cash and they will take care of everything. Do not even think of giving any cash to those ignorant homeowners who caused this mess, they will take care of them.
Maybe Rick should wake up and realize that the Republicans lost because they were in bed with his friends. It was not about war or terrorism, it was about politicians enabling corrupt bankers and traders and tearing down the economy. The market is not falling because the people do not have faith in the President, the market is falling because the people do not have faith in the people running the market. Most Americans would rather see your typical Wall Street CEO in prison than in their wallet.
Well done.
As I watched in S. in disbelief, I was transported to my first entrepreneur endeavor, my little lemonade stand.
Two things popped to mind immediately: #1- my 5 - yr old fury that even though the nice men paid me for the lemonade, I saw them pour it out the other window as the drove away. (Statement about my character.
#2 - the girl from the end of the street who asked to see my money. I proudly showed it to her and then dumbly watched her run away with all my hard earned pennies in her hand. I just stood there.
My mother had to intervene on my behalf. Funny thought: my mother- the government.
Santelli approves of that behavior I suppose.
No doubt.
Innocent, trusting, inexperienced with the system, trying to work with the other guy = loser.
Determined to win at all costs, including, lying, cheating, and stealing = winner.
That's the attitude. Lately I keep hearing, "well, let the buyer beware." They're putting the entire responsibility for not getting cheated on the customer, who of course often doesn't know the ins and outs of whatever deal is going on. I actually talk to people who think bad guys will go out of business if people hear about them, and that's all the regulation business needs. They seem to have no concept of preventing stuff like this by checking for honesty at key points, because, sorry, but most people will take advantage if they have the chance. I like the sports analogy -- watch these guys scream if their team loses because the officials didn't do their job.
I know a lot of you intensly dislike Tucker Carlson, but he can be insightful sometimes. I remember in late '07 or early '08 (before losing his show) he was appalled by - in his own words - by the greed of the Wall Street bonuses and he was worried about a class war.
Unfortunately most of my family is in the lower middle classes. (income 30000 to 100,000). If I thought the banks could fail without innocent people being hurt, I would say go for it. Let them sweat for a change.
Lastly - what did the lenders think was going to happen when they made stupid loans. And please it is not just the low income loans that brought this on. Why does Santelli put all the blame on the borrowers. I loved the idiots cheering him on.
Agree; Most definitely NOT JUST the low income borrowers! In fact, it seems to me more of the MAJOR INCOME Borrowers who just couldn't admit that big was big enough and just had to have bigger!
Totally agree right back at you. THanks
"What did the lenders think was going to happen when they made stupid loans."
They didn't think! All they saw were DOLLAR SIGNS!
#1 All real estate is local.
#2 'Let the Buyer Beware (Emptor Caveat) is now 'Let the Seller Bewar.' Ethics/Law.
#3 Mortgage Brokers/Mortgage Bankers are NOT your Local Banker...t
#4 Mortgage Brokers/Mortgage Shops...ha
#5 When someone is 'serving' (ie sales agent, mortgage loan repsresentative, whatever) as a fFIDUCIARY' ( Law. a person to whom property or power is entrusted for the benefit of another, Websters dictionary), they are first and foremost, because of this entrusted power, REQUIRED to put the best interest and protection and welfare of the borrower FIRST, and their own interests ( commission, bonuses.) SECOND. .
#6 The mortgage loan persons KNEW they were doing illegal things; they were affirming bad loans and unqualified borrowers.
#7 The mortgage biz was on a 'roll' with HUGE profits being made and bonuses paid out to even the smallest Joe/Jill in the local storefront operation.
#8 It Take TWO to make a bad loan.
#9 Cheap money after 9/11 and the directives 'go shopping' and 'we are going to make this a 'Homeownership Society,' FUELED the 'Wealh Affect' and this ILLUSIONARY SOCIETY.
#10 Until America wakes up and makes Financial LIteracy a MUST for every person, this cycle will keep repeating.
The Santelli sycophants launch their diatribes but stop short after they have covered all of the broad brush generalities. I want to hear Chris Matthews, et al take it to the next step. Ask questions ie:
Is someone who lost a job that had adequately covered the mortgage payments a "Loser"?
Is it better to have boarded up, foreclosed houses and homeless people than to allow "Losers" to go unpunished?
Are the homeless children of "Losers" also "Losers"?
Does a family having to move to a homeless shelter satisfy the right-wing need to punish the "Losers"?
What if the shelter is filled? Is a family living in a car sufficient punishment for being a "Loser"?
If a wage earner loses a job and health benefits and then has to pay for a sick spouse or child's surgery instead of the mortgage, is that person a "Loser"
If a homebuyer trusted the EXPERT, LICENSED mortgage broker who assured him/her that the monthly payment was easily affordable, is that person a "Loser"?
If the bank knowingly signed off on a dubious mortgage so they could bundle their other dubious mortgages into a package to sell to an investment company when the dubious mortgage holders default, are they all "Losers"?
If Rick Santorelli lost everything in a Ponzi scheme and CNBC fired him for being ignorant and he then could not afford his mortgage payments, would he be a "Loser"?
Exactly. Thank you.
wow. that is so right
The term loser is a derogatory term. Rick is in a highly competitive business where most traders are losers. Its not something to aspire to. To be successful in that field is very difficult.
It has a psychological component to it and it requires a positive attitude. If you enter that field and lose, it may be because you have a bad attitude and in sports, its called a loser attitude.
Most people that bought homes during the past 5 years expected to make money on those homes. They inadvertently entered the financial trading game. They lost.
Rick sees financial success as a game. Losers and winners.
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