http://www.cnbc.com/id/15840232?video=1039849853&play=1
EDIT: This should have been posted in shooting the shit, feel free to move.
EDIT: This should have been posted in shooting the shit, feel free to move.
Rick Santelli Is My Hero
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Here's a link to the video: Video - CNBC.com
It's really scary how fast this could all cash around us. Even CNBC, a mainstream financial news conglomerate is now saying:
Coming Attraction: Bank Nationalization - Financials * US * News * Story - CNBC.com
The article states that it would be a "short-term" solutions, which is BS. In America we have the right to fail. This is the same right that allows us to succeed. Can't have it both ways.
Sadly, it won't go much further than a few million youtube views and possibly a get together of no more than 5,000 people in Chicago. The problem is that we have two roads we can take to fix this mess:
1. Stop handing out money and refuse to bailout anyone else, this will lead to a sharp and steep drop in the stock market, many bank failures, wave after wave of forecolsure and anywhere from 15 - 17% unemployment all within the next 6 months. It's a sharp and instant pain but it will only last for 1 - 2 years before things start picking up again.
2. Keep printing money and bailing out anyone who asks for it which will help the economy slightly in the short run but eventually we will slide into 12 - 15% unemployment and end up with a massive amount of debt and high interest rates. With this route we still have a lot of pain to go through but it's slower paced and easier to swallow, if we go down this road we'll be there for about 5 - 6 years.
Knowing the general American public, which do you think they'd choose? LOL hell they're still upset that they have to choose between leasing a 3 series BMW or buying a new 60 inch plasma.
Rick Santelli is a complete moron and has no idea what homeowners on Main Street are going through. He is a fucken derivatives trader in Chicago and one couldn't be more disconnected from Main Streets reality than that.
I suspect many who love Rick and his f'd up views are also JUST HAS disconnected from reality and have no idea what the Obama stimulus bill says and or what is really happening with homeowners. RIGHT?
Not everyone lives in McMansions. I have seen enough 20 year homeowners that are senior citizens loose their homes because of being fucked by mortgage and real estate broker who gave them crappy advice and were more worried about making a big commission then actually giving great advice
Differences in viewpoints are healthy for consumers of the media. However, Santelli is, in my humble opinion, way out of line. Should we label so-called banking experts that chopped up mortgages in to derivatives impossible to track as losers? Should we call the executives of companies that take government money and pay hundreds of millions in bonuses losers? Who knows…what I do know is that Santelli should be fired. Referring to American homeowners in distress as losers is not only detrimental to public debate, it’s patently un-American.
I suspect many who love Rick and his f'd up views are also JUST HAS disconnected from reality and have no idea what the Obama stimulus bill says and or what is really happening with homeowners. RIGHT?
Not everyone lives in McMansions. I have seen enough 20 year homeowners that are senior citizens loose their homes because of being fucked by mortgage and real estate broker who gave them crappy advice and were more worried about making a big commission then actually giving great advice
The asshole has NO IDEA about social media either.
Differences in viewpoints are healthy for consumers of the media. However, Santelli is, in my humble opinion, way out of line. Should we label so-called banking experts that chopped up mortgages in to derivatives impossible to track as losers? Should we call the executives of companies that take government money and pay hundreds of millions in bonuses losers? Who knows…what I do know is that Santelli should be fired. Referring to American homeowners in distress as losers is not only detrimental to public debate, it’s patently un-American.
Santelli is bombastic in the video, but his remarks are representative of a growing undercurrent of opposition to the housing bailout.
I think everyone realizes there are "good" people who are losing their homes. However, the anger that a lot of folks are feeling is directed toward a lack of accountability.
Here's what I mean...
Let's say a "good" person buys a home, gets a mortgage, loses his job, and can't make the payments. A lot of people figure, "That stinks, but the purchase decision is made with an assumption of risk. The homeowner must be held accountable."
Let's say that same "good" person makes the purchase decision based upon bad advice they receive from their real estate broker. If there's a legal obligation on the part of the broker (I'm not a lawyer, so I'm not sure), accountability lies with the broker or the company that hired him (or her).
I think that's why a lot of folks are angry with this bill. Lack of accountability, even on the part of "good" people.
Personally, I hate the thought of anyone having to lose their home, especially if kids are involved. But, assuming no laws were broken, accountability must rest with the homeowner. If laws were broken, we already have legal procedures in place to address that.
Placing the burden on others is oppressive.
To the point of Santelli calling American homeowners who are in distress "losers," I understand his reasons for doing so. It incites emotion and drives publicity. It's a bit pedestrian to do it that way, but it seems to have worked for him.
I think everyone realizes there are "good" people who are losing their homes. However, the anger that a lot of folks are feeling is directed toward a lack of accountability.
Here's what I mean...
Let's say a "good" person buys a home, gets a mortgage, loses his job, and can't make the payments. A lot of people figure, "That stinks, but the purchase decision is made with an assumption of risk. The homeowner must be held accountable."
Let's say that same "good" person makes the purchase decision based upon bad advice they receive from their real estate broker. If there's a legal obligation on the part of the broker (I'm not a lawyer, so I'm not sure), accountability lies with the broker or the company that hired him (or her).
I think that's why a lot of folks are angry with this bill. Lack of accountability, even on the part of "good" people.
Personally, I hate the thought of anyone having to lose their home, especially if kids are involved. But, assuming no laws were broken, accountability must rest with the homeowner. If laws were broken, we already have legal procedures in place to address that.
Placing the burden on others is oppressive.
To the point of Santelli calling American homeowners who are in distress "losers," I understand his reasons for doing so. It incites emotion and drives publicity. It's a bit pedestrian to do it that way, but it seems to have worked for him.
I don't like what's happening either. And yes the age of no accountability needs to stop, but look at it this way, at this point, either way we're going to be supporting their asses. If they lose there house then we're going to have to find shelter for them. I'd rather the government find a way for them to keep their houses than find away to pick up the pieces after the whole family has become homeless. By then, the dad's become an abusive drunk, the mom is on crack and the kids are in gangs, knocked up...<some lowincome homeless statistic here>
I guess this is where I differ from most people.. I don't care about other families, I like to focus on my own.. I don't want to have to pay extra on top of already high taxes in order to help spoon feed a mess of people who unfortunately fell on the lower end of the gene pool.
Other families who've made bad decisions is their problem, not mine. If you want though, you can call me a heartless asshole.
I guess this is where I differ from most people.. I don't care about other families, I like to focus on my own.. I don't want to have to pay extra on top of already high taxes in order to help spoon feed a mess of people who unfortunately fell on the lower end of the gene pool.
Other families who've made bad decisions is their problem, not mine. If you want though, you can call me a heartless asshole.
See I don't know how anyone could call you anything negative for caring only for your family. That is your responsibility, if you were to have a lot of trouble do you think that the families that are doing so bad would care for you fuck no. Its like this is a fucking charity for people that are lazy and get a free handout.
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