They probably don't report this sortof thing on the Huff Po or NYT, but it's certainly created a spark in both the real and metaphysical fly-over countries. <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/bEZB4taSEoA&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/bEZB4taSEoA&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> [rquoter]RICK SANTELLI: The government is promoting bad behavior. Because we certainly don't want to put stimulus forth and give people a whopping $8 or $10 in their check, and think that they ought to save it, and in terms of modifications... I'll tell you what, I have an idea. You know, the new administration's big on computers and technology-- How about this, President and new administration? Why don't you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers' mortgages; or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road, and reward people that could carry the water instead of drink the water? TRADER ON FLOOR: That's a novel idea. (Applause, cheering) JOE KERNEN: Hey, Rick... Oh, boy. They're like putty in your hands. Did you hear...? SANTELLI: No they're not, Joe. They're not like putty in our hands. This is America! How many of you people want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills? Raise their hand. (Booing) President Obama, are you listening? TRADER: How 'bout we all stop paying our mortgage? It's a moral hazard. KERNEN: It's like mob rule here. I'm getting scared. I'm glad I'm... CARL QUINTANILLA: Get some bricks and bats... SANTELLI: Don't get scared, Joe. They're already scaring you. You know, Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now, they're driving '54 Chevys, maybe the last great car to come out of Detroit. KERNEN: They're driving them on water, too, which is a little strange to watch. SANTELLI: There you go. KERNEN: Hey Rick, how about the notion that, Wilbur pointed out, you can go down to 2% on the mortgage... SANTELLI: You could go down to -2%. They can't afford the house. KERNEN: ...and still have 40%, and still have 40% not be able to do it. So why are they in the house? Why are we trying to keep them in the house? SANTELLI: I know Mr. Summers is a great economist, but boy, I'd love the answer to that one. REBECCA QUICK: Wow. Wilbur, you get people fired up. SANTELLI: We're thinking of having a Chicago Tea Party in July. All you capitalists that want to show up to Lake Michigan, I'm gonna start organizing. (Whistling, cheering) QUICK: What are you dumping in, what are you dumping in this time? Housing...? SANTELLI: We're going to be dumping in some derivative securities. What do you think about that? QUINTANILLA: Mayor Daley is marshalling the police right now. KERNEN: Rabble-rouser. QUINTANILLA: The National Guard. After Jason Roney of Sharmac Capital makes some comments, it's back to Santelli. QUINTANILLA: You know, Rick, one of our producers says if Roland Burris steps down, man, "Senator Santelli," the junior senator from Illinois. It's a possibility. I'm just saying... SANTELLI: Do you think I want to take a shower every hour? The last place I'm ever gonna live or work is D.C. KERNEN: Have you raised any money for Blago? SANTELLI: No, but I think that somebody's gonna have to start raising money for us. QUICK: Hey, Rick? Can you do that one more time, just get the mob behind you again? QUINATILLA: Have the camera pull way out. QUICK: Yeah, pull way out. Everybody listen to Rick Santelli. KERNEN: He can't... I don't think... You can't just do it at will, can you Rick? I mean, you have to say something. QUICK: No, do it at will. Let's see. SANTELLI: Listen, all's I know is, is that there's only about 5% of the floor population here right now, and I talk loud enough they can all hear me. So if you want to ask 'em anything, let me know. These guys are pretty straight forward, and my guess is, a pretty good statistical cross-section of America, the silent majority. QUICK: Not so silent majority today. So Rick, are they opposed to the housing thing, to the stimulus package, to everything out there? SANTELLI: You know, they're pretty much of the notion that you can't buy your way into prosperity, and if the multiplier that all of these Washington economists are selling us is over... that we never have to worry about the economy again. The government should spend a trillion dollars an hour because we'll get 1.5 trillion back. WILBUR ROSS: Rick, I congratulate you on your new incarnation as a revolutionary leader. SANTELLI: Somebody needs one. I'll tell you what, if you read our founding fathers, people like Benjamin Franklin and Jefferson,... What we're doing in this country now is making them roll over in their graves.[/rquoter]
*snicker* I'm sure this assclown was shouting to the rooftops when wall street got it's socialistic bailout too huh?
It's actually kind of funny to see these floor runner types ranting about socialism - in an efficient capitalist economy, the smelly chain smoking guys in the smocks who manage to make a decent salary despite not having a college degrees will eventually be replaced by computers. Basically it's almost a de facto union that keeps them around now. Oh yeah, one more funny thing: "Flyover country". Last time I checked, this = Columbia, SC to Lubbock, TX....LMFAO Nice GOP guys.
Actually, he sort of was. He basically is anti-intervention no matter the cost or benefit. He has no problem if it results in a Great Depression or causes all sorts of collateral damage. In terms of this particular rant, it was idiotic and guided. He asked leading questions and got cheers out of it. The only reason anyone cared is that Drudge made it a headline on his website yesterday. The rant happened in the morning and no one cared until it hit Drudge.
and of course, this has been posted already. let me ask you this, why should this guy's rant be broadcasts around the world, he's a cnbc commentator.
http://www.huffingtonpost.com/2009/02/19/rick-santellis-revolution_n_168286.html See basso, That's why you're so wrong all of the time. You live in that "metaphysical fly-over country" otherwise known as wingnettia.
what's really hilarious is this rant is on the floor of trading, an industry that is receiving the biggest bailout eva what freakin hypocrites
The government is promoting bad behavior. The government has always promoted bad behavior, it's just the constituency that has changed.
The other problem with this is that we just went through a highly deregulated free-market period and it pretty much encouraged bad behavior on its own. That's how we got into this mess in the first place.
Floor traders are a cross section of America and representative of the Silent Majority? What a silly man.
This is the most brain dead lie floating around out there, and just a regurgitation of one of Obama's applause lines during the debates. It's a total lie. If you think more regulation would have made home owners more likely to repay their loans then you have lost your marbles. Personal and financial irresponsibility is not fixed by regulation. People being jealous of wealthy people and trying to live like them (when they can't afford to) is not fixed by regulation. And if you think the ignoramuses in Congress were smart enough to understand the banking industry and could design regulations that could have prevented this, then your understanding of reality is severely warped. This is the same Congress that defended Franklin Raines at Fannie Mae. All Congress did was to ENCOURAGE lending to poor people and urban residents, which only worsened the problem. So they tried to regulate matters and botched it.
That is a pretty good mischaraceterization. He believes we are better off if there is less intervention. He thinks there is more collateral damage if the government gets too involved.
the problem is wall street leveraging its assets with mbs, credit default swaps, and yada yada yada. we had a housing crisis pre deregulation with the snls, it only costs america $124BB in total. we don't even know what this crisis is going to cost
I'm waiting for you to post an article saying that deregulation had nothing to do with the crisis. There have been plenty posted showing how deregulation helped mess everything up. Here's one http://www.nytimes.com/2008/11/17/business/economy/17gramm.html. Here's another... http://www.motherjones.com/politics/2008/05/foreclosure-phil Good reading to you.
Isn't this from the Chicago Merc Exchange? LOL, yep the president doesn't care about Chicago or it's silent majority - he's too busy with his Chicago style politics for Chicago. It's flyover country for him.
Odd that you call my statement a lie and then proceed on a rant that has nothing to do with my statement. Regardless of how regulation would affect the situation today, there is no question that a relatively unregulated environment led us into this hole.
There are those who would disagree. Actually, many blame the FED for keeping interest rates too low for too long as a primary reason for the bubble. The FED is a regulator. Personally, I think it was a combination of both: too little regulation in some areas, and too much intervention in others. John Taylor of Stanford issued an interesting paper highlighting one misstep after another by the government: http://www.stanford.edu/~johntayl/FCPR.pdf
He was against the bank bailouts. He did not want to the government to save the banks that screwed up.
