July 14, 2024

Rick Santelli's Tea Party – Rick captures the mood of the country.

 

CNBC's Rick Santelli and the traders on the floor of the CME Group express outrage over the notion they may have to pay their neighbor's mortgage, particularly if they bought far more house than they could actually afford, with Jason Roney, Sharmac Capital.
 
A single voice expressed the anger of millions. For some reason, finally, it caught the attention of the "mainstream media." I wonder if it'll catch the attention of policy makers. One can only hope.It's sad that a single celebrity can do more than millions of citizens, but I guess that's our reality: back in 2008 when the Leave No Banker Behind Bailout (EESA) was passed, calls, faxes and letters to Congressional offices were 50-1 against it in most districts, as much as 300-1 against it in some.Regardless that the message should have sunk in sooner with "those who matter," at least I hope it is finally getting through to them now.

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Washington, like every other government with a central bank and a printing press, is locked on a course and will not be swayed.


It's a little late for us little people to start making a fuss. People are only now waking up to what the ruling class has done, and we're already in the handbasket halfway to hell. To expect the fine public servants we have placed in Washington to come up with a sensible course of action, completely disregards everything that has been happening for the last, say, 20 years! I guess it takes a lot to make Americans upset.


The only course is to try to ride out the storm.                       
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12 thoughts on “Obama’s Mortgage Bailout – Many Disagree!

  1. Santelli’s rant touches a primordial nerve in all of Us but its a distraction and redirects where the outrage should be focused.

    As I see it, the most egregious wrongs done to the collective have been by the Politicians, The Fed & the Treasury. They are “literally” robbing Trillions of dollars from all of us under the guise of “saving us from deflation”.

    The Fed doesn’t answer the Bloomberg lawsuit pertaining to Trillions of dollars of our money being put on the line. Where is the “Tea Party” for that one.

    There will be an uprising, soon enough, when the average man loses his retirement due to a debased currency. Thats when the Tea will really be thrown into the harbor.

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  2. The trick is not to toss money down a bottomless pit, but use it in a way that will keep jobs. If someone gets relief on their mortgage, but loses their job in the process – it does no good. If we took this ONE TRILLION DOLLARS of tarp and used it to…. colonize the moon, Build 5 supercolliders, make a fusion reactor or something big with a lasting impact then the economy could recover because jobs would be created.

    There are three ways to stop the downward spiral – give people money that they will spend into the economy, reduce costs for businesses (lower corp. taxes) or generate jobs. Paying people’s mortgages is just doing the first option in a really unfair way.

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  3. Economics IS a morality play — those who work hard reap the rewards — until now!!! THAT is why we are tanking: the upsetting of the moral base underpinning our economy. Examples? Community Reinvestment Act, Social Security, Medicare, and any other Socialist “entitlement”!! There is NO FREE LUNCH in life — making others’ pay for your house, your health care, your ANYTHING, is an attempt to contradict basic economics and CAUSES FAILURE of the system…just like now.

    You wanna talk morality? Last time I checked, THEFT is immoral — and that’s what socialism is. Infanticide is immoral, and that’s what Obama voted for 4 times as an IL state Senator — opposing the Born-Alive Infants Protection Act. Such “moral fiber” leads to dire consequences!!!

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  4. What Obama is doing is unethical….i worked hard for my money, bought my house within my means, why should I pay for the other guy who overspent??? Over the past few years I’ve been hearing people who bought this house with jacuzzis and an extra large yard, going on expensive vacations, buying luxury cars, watches and jewellry and I’ve been feeling like a 2nd class citizen because i didn’t leverage myself to the hilt. Now these XXXXXXX have gone bust and I’m expected to bail them out???!!!!! Pleeez……

    The fact is that many of the homes are going to be foreclosed on no matter what. Simply put, if you don’t have money, you can’t pay.
    No amount of meddling by the government is going to change that basic fact of life.

    Rather then try and bail out the banks and people who have no hope of ever paying, reward those who have paid on time and lived within their means.

    There will be casualties but there always is and simply having some of us pay for mistakes by others is not going to change anything.

    Let the banks take the losses and burn the houses to help prop up those homes that are paid on time.

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  5. In my working class neighborhood it was hard to miss that something went wrong when all the houses tripled in value. No one here got a raise but young families somehow bought homes that we’re half-million dollar fixer-uppers. The only reason the fed, banks, and the government missed it was that they were too busy counting their money to care where it was coming from.

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  6. Our economic condition was caused by lack of regulation, politicians, Greenspan, or any other government entity. It was caused by people taking out mortgages that they are not repaying. Derivatives were only risky investments if borrowers defaulted on their loans. Bank funds only dry up if people default on their loans. Look up and down your neighborhood streets to find the culprits responsible for the economic catastrophy.

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