"Toxic assets" is the other name the media uses instead of the actual name "Derivatives market", which when it burst will be fatal to the US, the national debt is bad, but the "derivatives market" is what everyone should be paying very close attention too.
What a clown "hard boiled" Chris Matthews made of himself! He would be good for "Pravda" newspaper of the long gone Soviet times with all his lame demagoguery.
"I don't see anywhere in the Constitution where if you work hard you're looked at as being dispassionate, being non-humane because you won't let your government redistribute what you've worked hard for. I want to leave my kids a legacy not trillion dollar deficits, and the ability to wake up every morning and try to be the best they can be and if they work hard and want to do things with the money they make it should be theirs and it should be their decision..." Beautiful and eloquent. TY Rick!
Why doesn't anybody ever mention the real problem Fanny and Fredie? Frank Raines told the banks he would buy EVERY mortgage from them because houses NEVER go down. The taxpayer could never lose money because houses always go up. What do you thing a bank would do when they make their money on fees? They even sold houses to illegal aliens here in Texas. When Fanny went belly up, Raines went to Obama's economic advisers.
gibbs....what a absolute moron...not a smooth enough liar for the this white house. Neither is Jay Carney. In fact, I dont think there is ANYONE that has the ability to lie as frequently and as well as the current administration wants them to. If you took the best used car salesman, best low end retail stock broker, AND cass sunstein, rolled em all up into one...you STILL wouldnt have a good enough liar for obama and his clique of shysters.
Santelli is spot on, as usual. To mr. Industrialsuns point, the repubs share the blame. But, the Bush admin warned MANY times that this issue was a major problem that could sink the entire US banking system, and Barney Frank denied this time and tme again, and pushed hard to get low income loan quotas EXPANDED! Anyone with an ounce of common sense should know that making loans to people who cannot afford them is not a wise move! But, Mr. Frank doesn't operate on common sense, he just operates
This bubble was created by Chris Dodd, Barney Frank And the Fannie-Freddie cabal. Matthews is just annoying. Why would anyone want to be on his show!? He talks over people by yelling and he name-calls like most libs because he has no argument. I like how he calls the president by his first name. ( think he's been up to the White House a few times?)
@bambubi1 Fannie Mae and Freddie Mac were holders of about 15% of the failed subprime market loans, the rest were held by commercial banks and private lending institutions. How exactly could that have CREATED the bubble, Einstein?
@industrialsun Fannie and Freddie had purchased $4.9 trillion of the mortgages outstanding as of the end of 2007, 70% of which the GSEs had packaged and sold to investors with a guarantee of payment, and the remainder of which Fannie and Freddie kept for their own portfolios. And yes, you may call me Einstein.
@ judedelux - You are totally delusional. The SEC and other FEDERAL agencies are responsible for policing brokerage firms, traders, and other forms of investment firms. They enforce the laws set by Congress (Pelosi & Frank). This last crash was created by brokerage firms allowed to package CDMs with risk ratings rubber stamped by Moody's & SPs! Total fraud. Clinton and Frank did nothing but watch. Every Democrat "deserves" a free house, right?
@baerdog2003 Maybe the reason that the Dems "did nothing but watch" was because THEIR PARTY WAS NOT IN THE MAJORITY IN THE HOUSE AND SENATE FROM 1995 TO 2007 AND WAS NOT IN THE WHITE HOUSE FROM 2001 TO 2009 AND THEREFORE COULD NOT ENACT ANY REFORMS TO FINANCE LAWS! But I am sure that you just "forgot" to mention that, right?
Response Rant: The government is promoting bad behavior! Because we don't want to put stimulus for it and give Wall Street another bailout? This is America! How many of you people want to pay for Wall Streets blunders, fraud and thievery! Is anyone listening?
damn. can get hurry up and boot obummer aslready. Terrible health plan. Loser stimulus "theft" package. What else.....hmmmmm, oh yeah. Trying to disable our military and grow our enemy pupulation here on our shores. Absolutely the worst president to eer luck out and make it to office. 100% and completely inept. I cant wait to moe on!!!
As Mr. Santelli answers Matthews question of who is to blame, the huckster or the deadbeat, Matthews employed a classic liberal tactic. The "No-no-no" tactic is one that stops the person from giving an answer that the questioner did not intend to be given. Mr. Santelli cleverly diverts it back to Matthews by asking him a question of whether or not he would enter into a contract without reading the fine print or consulting a lawyer before entering into one.
@TheInfamousThird Matthews, finding himself outdone by Mr. Santelli, he changes the entire subject to ask a personal question that has no relevance to the subject at hand. Mr. Santelli shows his grace and charm by answering his question. Matthews asked that question to diminish Mr. Santelli and his argument. Chris Matthews has no honor.
Classic Liberal tactic: Don't take personal responsibility for accepting that "nudge-nudge, wink-wink" mortgage rate on a house you couldn't afford...just blame it on the guy who offered it to you. Look, if I'm in a store and someone steals something then passes it off to me, I am just as guilty. All of these Progressives do a disservice to "their people" because they make them believe that they NEEEEEED the Gov't to survive, and that they are there to "help the little guy". It's all a sham...
@LetMyPeopleThink This was a bubble created by Wall Street Bankers. They could borrow at 1% and sell the mortgages at 6% offload a portion at 3% in the form of mortgage backed securities. They were making 3% in interest rate spread alone not counting the extra fees and commissions. 1% of a trillion dollars is $10 billion. It started about 2003 and things were so good more and more banks wanted a piece of it - but they needed more mortgages and a rating agency that stamped them with a AAA rating.
Chris Matthews: A Liberal leftist who thinks who are people too stupid to understand what they cannot afford should not be held accountable -- it's somebody elses fault. And when pushed into a corner, changes the subject and asks who you voted for.
@M3e1td0wn Who gives a shit about Chris Matthews? Are the BANKS too stupid to know what they cannot afford and should not be held accountable? They knew the faulty paperwork inside out cause they designed it, unlike the poor schleps who were conned into effed up mortgages. The big banks got billions of dollars from US taxpayers as a reward for their massive criminal screw-up and last year passed out their usual billions in bonuses to each other for Christmas. Our money. These are the facts.
matthews wins by far. fuck shady mortgage broker assholes claiming their whiny, pathetic, greedy needs to be "made whole" are more important than families needing a place to live. the strong should help the weak up. not cut them down as republican shitbags like rick santelli would have you think
lol..sure they should help,,until you YOURSELF became one of the strong,,then you'll get real tired real fast of someone taking your hard earned money and giving it away to some lazy ass who has no problem getting used to it...its obvious you are a liberal,,thinks YOU deserve the successfuls money,thinks thats the problem in life..rich people..if there were less rich ,,just think how much better off youd be
well, you don't know how to write properly, so rather than define you on a "liberal" to "conservative" spectrum, I'll define you as a "dipshit" on a "stupid" to "intelligent" spectrum.
At the top of my screen I have, "Santelli vs. Gibbs." Folks, there has NEVER been a Gibbs vs. anyone. I have never heard a more stupid man attempt to speak and in front of the camera, no less. Mr. Obama, keep in mind November is coming up - you've done nothing, Gibbs has just pissed people off, especially the W.H. Press Corps; the rest of your staff (I can name 10) is not much better. Beware, Mr. Gibbs and Mr. Obama. The polls speak for themselves.
idiot the gov is promoting bad beh and wat is wall street promoting we all pay our own motrgages i dont get shit from anybody these republicans make me sick
Both parties are responsible for this mess. The notion that some elected gleep will somehow do a better job of managing MY money is nothing short of a con, a shell game for suckers. The less any of them do the better off we are. Just look a Matthews face at 3:46. What your seeing is a major brain fart going off. Who's responsible when you don't read the fine print Chris? Me?
@fatograph - This man is such a d**k. Yes, calling him Scrooge was the wrong thing to do. If I were Santelli I'd be down his dirty throat now telling him what a shi**y report he is and NOTHING ever comes out of his interviews. This is why I never watch him. He screams over people, thinks he has all the answers and for Santelli to agree to be interviewed by him says either Santelli has nads or is dumber than he looks.
@postsimianproduct - No he didn't. Matthews just talks over people more and is a complete idiot. I never watch him because he has nothing to say; I would bet, however, you watch him incessantly.
@argerichluvr Not really, genius. Why is it that all you idiots who touch yourself whenever Glenn Beck speaks seem to think everyone idolizes a media figure. You people have a complex.
Santelli is a moron.him and all those idiots sitting behind him would be on the streets if the government they so despise had not bailed the financial markets out!
Mathews isn't helping Rick at all. The thing you do with bad investments is liquidate them. The people that made the malinvestment take the hit. It morally corrupt to bail one group out with another group's money.
who's responsible? Imo, it's the crooked hustlers who made the loans in the first place, AND the gov. that bailed them out.
Pretend you're a banker, you give loans ppl can't afford, then jack up their interest when they can't pay. They default and you foreclose. What are you left with? A house you can't sell. Do it enough, and YOU will go bankrupt, because you are the one paying for these houses no-one is living in. Unfortunately, 'we can't let the banks fail' so they get paid anyway.
He's right up there with...Rush L. About as close to the truth as this interview got. It presents the question..WHO IS RESPONSIBLE? The answer, according to Rick S. was Everybody. I agree with that...but I don't agree with the premise that the free market makes people rich according to their ability, or talent. The system has been distributing wealth pretty freely to Bankers and Traders for quite a while, and it hasn't slowed down yet. They just hate any suggestion the table might get turned!!
End of video clip....matthews is against giving bailout money back to the people...Santilli was spot on. Add up the trillions of dollars we've spent, divide equally to all of the american households....whats wrong with that?
People are walking away from their mortgages on their huge houses they cant afford. They are moving into smaller cheaper houses. This is most of the housing market increase we've seen lately. What happens to the housing market after all thats left to buy is the big houses nobody can afford anymore?
LMAO........Matthews tries so hard to bait people into saying what he wants to hear...so then he can quote and demonize them....what a transparent idiot
supervision? = regulation. I thought santelli wants smaller govt? So when there is a problem its govt's fault for not doing anything but when things are good govt get out. Everything their way. Right = Fail
Someone tell Chris that the best way to help these people in houses they can't currently afford is to have the government get out of the way and allow the private sector to create jobs. Problem solved. Instead, they want to take more from people, contract the economy and make the problem worse. Good job... Chris, I wish you could see past your bias...
@drspockwa "Crushing" has nothing to do with it. Simply put, Santelli is right and Matthews is wrong, and they both knew it before this conversation started.
It all comes down to personal responsibility, BUT: Government is hugely to blame for the housing crisis because they guarantee banks with the prospect of bailouts etc which then makes it easier for banks to take high risks. The gov, decided to lower the standards as a form of affirmative action and to increase "diversity" (defined by skin color) in home ownership which encouraged irresponsible lending. If gov. didn't set so many rules + safety nets the banks probably wouldn't take the risks!
@hydarnes This is all wrong. Sorry. The banks were chasing the quick dollar because if they didn't, they wouldn't be maximizing profitability and would irritate stockholders. People bought homes expecting the value to continue to rise as they had been for 20 years. With each foreclosure though, the homes around them became worth less, which in turned caused more foreclosures.
Santelli says this isn't a left or right issue but then comes across philosophically as a hard line libertarian.
@majinspy, just because banks were trying to increase profitability doesn't change any of the other facts. Obviously maximizing profitability always plays a big factor in business but it was not what caused the problem, affirmative action was. Gov. sets many of the lending rules for banks and white do-gooders lobbied to increase ethnic diversity in home ownership. Because banks are guaranteed heavily by gov. bailouts they felt like they could push the envelope in order to increase profits.
@hydarnes The problem with your argument is that foreclosures didn't happen primarily amongst minorities. They were especially bad in Florida, California, and Nevada....why weren't they bigger in places with higher black populations like the south or northern cities? Granted these places suffered too, but the racial / affirmative action aspect just doesn't fit. The real problem is that so many people were banking their future on home prices continuing to rise.
@majinspy, it's not an argument, it is what happened. The standards were lowered for the original purpose of creating more "diversity" in home ownership, especially among hispanics and blacks (which accounted for around 50% of all the supbrime mortages). Once the standards were lowered everybody jumped on the bandwagon regardless of race -- the other 50% were whites looking to make a buck. California and Nevada are majority non-white states. BTW "minorities" are a majority with ppl under 18yrs.
@majinspy, and just to be clear nobody is blaming hispanics or blacks for this crisis. The problem is with white do-gooders who think that they are accomplishing some good when in fact they end up hurting them worse than if they had just left things alone and forgot putting any kind of emphasis on race when it comes to qualifications.
@hydarnes I'm not saying you said they were to blame. I'm just saying that whatever the source (as you say, white do-gooders) that isn't where the blame lies. If it were, the bankruptcies would be happening mainly to those that benefitted from those programs. This hasn't been the case.
@majinspy, hispanic and blacks were hit hardest by the housing market because roughly 50% of all the home loans were targeting them. California and Nevada had the worst foreclosures -- majority "minority" states. There would have been no justification for standards to be lowered unless it was going to accomplish some "good" and for them to use the idea that it would increase more diversity and therefore (in their minds) "equality" then many whites in high places lobbied to lower standards.
@hydarnes Yes but round out the rest of the top 10: Idaho, Utah, Georgia, Michigan, Colorado, Illinois. These are not minority majority states. This was not a case of government warping markets. That was small. What was so bad was millions of ordinary Americans thinking that home prices would continue to rise. They bought homes for 20% higher than they sold 5 years ago because they figured in 5 years they could do the same thing. Combined with no regulation or oversight things went to hell.
@majinspy, and I'm sure we are in agreement that after the standards were lowered that everybody jumped on the bandwagon and therefore the problem became something much larger. I absolutely agree people bought homes thinking they would rise. However, remember that the banks didn't care because the gov backs loans! If the banks weren't guaranteed by the government then greed would keep them from taking huge risks. We don't need bigger government or bigger regulation, we need LESS.
@hydarnes The governmet doesn't simply "back loans". It was every mortgage agency looking across the street at the other mortgage agency making riskier loans but raking in cash and saying "we should do that!". The government doesn't universally back loans -- a lot of mortgage agencies got slammed in the end (Countrywide anyone?) This is post 1 of 2. I'll make another about how this all snowballed.
When prices stalled, foreclosures went up. This further hurt home prices which caused more defaults. The mortgage companies had shifted a lot of their risk to insurance companies (AIG). Everytime someone's home went vacant, house values (especially in that neighborhood) went down...causing more foreclosures...causing more drop in prices...etc. Downward spiral.
This market will clear on its own, but i will take longer and be more painful without the govt.
@hydarnes We do not agree. The government doesn't back loans. They bank money you put in a bank (checking account / savings account) they do not back loans. They do make some of their own loans and fell into the same trap as other private mortgage firms. BTW you're getting mortgage firms and banks mixed up. Most people have their home loan from a mortgage agency, not a bank. In either case this is never guaranteed by the government -- they were guaranteed by insurance policies (such as AIG).
@majinspy, Fannie Mae and Freddie Mac were created by the gov. & are implicitly backed if they are ever to default despite technical wording that they are not guaranteed – the market assumes they are guaranteed (and they are). Also, the FHA which directly offers government backed loans played a big part as well. This whole mess was a testament to the fact that whenever the government interferes or regulates the natural process of the economy that it will ultimately result in disaster.
@majinspy, while you are correct in describing many of the things that ensued as a result of the government interfering and ultimately lowering standards, you aren't recognizing what caused the entire problem to begin with and it was the government itself which caused it.
@hydarnes You have yet to show how the government interfered or how they "lowered standards". Private mortgage companies could make their own standards which is a BAD idea. They allowed people to get home loans with only their word as proof of income. No pay stub, no tax return. I'm going to say it for the 5th time: The government does NOT back home loans. If you go to a mortgage company and purchase a house, the government is not liable.
@majinspy, I don't know why you're even arguing this -- it's a known fact to anyone who is aware of what happened that the government intervened -- look up it all up in basic reading material. Fannie and Freddie were CREATED by the government. Do you honestly believe that these companies randomly decided they were going to lower lending standards KNOWING that they would be in jeopardy and collapse? No! They KNEW the government would bail them out or they wouldn't have taken such huge risks....
@hydarnes I'm arguing for w/e reason you are :) Yes, Fanne and Freddie put out loans and they are in the same boat as many other mortgage lenders are. So what? They have nothing to do with the collapse of Countrywide and other private mortgage companies. Freddie and Fanny do not control the loans given out by private businesses. If it were just Freddie and Fannie loans that exploded, you'd have a point. The problem is EVERY mortgage company got hit because people simply overvalued homes. A LOT.
@majinspy, "In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the CRA of 1977." -- wikipedia.
Fannie and Freddie have EVERYTHING to do with it because they were trusted because they are implicitly government guaranteed. Private banks did not just randomly decide to lower their standards knowing it would be disaster.
@hydarnes Again, those are government loans, but not all loans are government loans. Countrywide is a PRIVATE company and went under. I'm arguing that while there was pressure to loan out to low and moderate income families, that pressure could only be put against a government firm and yet all the private firms lowered their standards by as much and more. I would also argue that that had little effect. You seem to think that because SOME loans are government backed that ALL of them are. Nope.
@majinspy, Because the other banks had to keep up with the competition! And they also looked up to fannie and freddie as setting acceptable standards because they were practically considered indestructible and gov backed. There is no question that greed played a huge part, but the greed would not have created any problem if there wasn't this intervention to begin with which then created a bubble and a need for lowering standards to dangerously low levels to keep up with competition.
@majinspy, you are absolutely correct that people overvalued homes, but why? How did it all start? It all started when the government decided to intervene and pressure their own offspring fannie, freddie and ginnie to lower loaning standards for the purpose of doing GOOD for lower income people and ultimately because of some idea obsessed by modern western culture that "diversity" defined by skin color is relevant to anything and is even important.
@hydarnes People overvalued homes because they had risen in price (a lot) for 15 years. They saw many people making large amounts of money by owning a home. So they bought a home at a high price because they KNEW they could sell it at a higher one. The problem was this couldn't last forever and the last person to buy the big price home who couldn't sell it or use its increase in value to refinance their mortgage got nailed. This was the start of the avalanche.
@majinspy, so what triggered people to overvalue their homes? Because gov. intervened! Whether it's interest rates or underwriting it all goes back to gov manipulation rather than just allowing the free market to determine who is qualified to own a home and who isn't.
Even Bush knew what was going on and signed his own affordable housing bill to make his presidency look like a boom. -- Bush = total fake fiscal conservative. The left and do-gooders from all sides are mainly to blame though.
@hydarnes I just think what you're arguing is irrelevant. Its a single snowball of an avalanche. People overvalued homes because for 15 years they had been rising in value and they got greedy. They saw friends taking on loans and making off with huge money by treating their home as an investment device. Everyone else got in on it and, like in musical chairs, eventually the music stops and their is a crash. You saying that people knew the govt. would bail them out..They DIDN'T bail them out.
@majinspy, you keep referring to the effect as the cause but it remains the effects. What created the bubble making people think the houses were rising in value which then played into their greed? Ta da! Greed will always exist --- it's what drives capitalism, but the negative effects of greed only happened once provision was made. I didn't say people knew the government would bail them out, I said that fannie, freddie and ginnie did. Everybody else was looking up to them....
@hydarnes It was greed and ignorance. Average people saw the money being made by an increase in home prices and they latched on to it. What caused home prices to go up was not the extremely minor impact of a small change in government home loans, but the explosion of the economy for the previous 15 years. People had a lot more money and there were more home buyers. They ran up prices and put all their eggs in that basket. Also people who signed up for loans knew the monthly payment.
@majinspy, The house buying craze that you described was only a tail end result of the bubble that occurred because the government pressured fannie, Freddie and ginnie to lower their standards (see above). The other private banks would sell most of their loans to them anyway. The ones that didn’t were forced to keep up with the competition and keep shareholders happy – it was either that or lose the game. I can’t understand why it’s hard for you to admit what really caused the crisis.
@hydarnes Private banks sold most of their loans to Freddie and Fannie? I've mentioned countrywide and AIG several times. Everybody got killed by this thing because they were all loose and spread the assets to everywhere. I just disagree that those changes were important. At this point, I'm stopping. The key gripe is how much of a change did Frennie and Freddie make under Clinton. (btw w/e they did wasn't changed by Bush and an all repub. congress). We need some hard data. Until then, peace. :)
"What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else.” – Dr. Adrian Rogers, 1931
Every dollar the government spends is one dollar less the private sector has to spend. How hard is this to understand for liberals?
Kenyesian economics is dead. Borrowing and spending is not the answer.
Chris Matthews: you are a total tool at 2:40. The fault lies with the people who lied on their mortgage application and signed CONTRACTS which they could not afford.
Right...why should government help average Americans....just the help for big private banks from the government...its sad that no one sees Santelli's statements' irony on this message board
@StewieGriffin360 Actually Santelli was against helping BOA, AIG, and autos, all the "bailouts". What he is saying is someone that went out and bought a house they couldn't afford, now cannot pay their morgage and the government is taking money from the people who have saved and bought a house they could afford to pay these other peoples morgages. In other words, its not up to me to pay for your house, bailout your business, or give someone else my money that I worked for.
Matthews is too quick to pee his pants over BO. And why can't he let his guests get a word in edge-wise? If he receives a response he doesn't like he interrupts. Lousy interviewer. Not objective. Sissy boy.
@zmp1689 sure you rather believe gibbs thats because you are a nimmy..keep believeing what you here from the podium of propoganda..you my friend are the perfect tiny minded stupid liberal..DUH..lol
@wogdoggy correct to HEAR..you'll notice when a libtard cant make an arguement they have no problem becoming the spelling police..gibbs is a liar obama is a liar..OBAMA STIMULUS the biggest slush fund this country has ever seen.
@wogdogYou gotta be nuts if you think the crash was caused by "people who couldn't afford their mortgages". Do some damn research and find out why and how international banksters DESTROYED our economy and are now deflating the bejeezus out of our currency.
Santelli himself was a derivatives trader - the EXACT activity that caused the shit-house of cards to rise and fall.
Although, Santellit is right on his last point. Want to do a bailout. Cut a check to every taxpayer - not the fuckin banks
@wogdoggy Obama's Stimulus was no bigger than Bush's. Both presidents were talked into those moves by Wall St. vampires like Paulson and other Goldman Sucks gangsters who paid an army of lobbyists in DC over a million dollars a day to donate bribes for the November election campaign budgets during the fraudulent "banking reform" process in Congress this year.
STFU about Obama. He's a puppet just like Bush. The liberal/conservative debate is hogwash. Awaken! The bankers hold the puppet strings.
@CribNotes You can't tell that to these retards, they are programmed by corporate media into thinking that "left" and "right" only means republicrats and demopublicans. They fail to realize both parties are the same, and that multinational corporations own the political system. They deserve what they get come November, when the economy gets even worse.
Go Rick. I saw his rant live but did not see the Hardball clip until now. As expected, Chris tries to use his questions to "paint" Rick as a nut and then interrupts Rick when he does not get the nutty answer he wants his audience to hear.
I agree that a lot of Americans overspent, but are you really absolving the financial institutions of all blame? All I can say is that I'm glad I have a job and a house and, when I get tired, can change channels on you or watch some porn. How exactly do you teach a moron?
Robert Gibbs is a large type a** hole that doesn't understand basic economics. His and Obama's plans keep housing prices artificially high, preventing the necessary correction. The longer the correction doesn't occur, the longer good money and resources go down a rat hole. In other words, they are avoiding temporary pain but causing long term problems that are way more severe then any temporary pain. I hate Matthews and the politicians.
@danger0usknowledge The fine print is there for a reason and contracts are important. You simply must know what you are signing...take personal responsibility. That loan officer, pushed by loose lending rules and the threat of litigation, is at fault, but I believe the buyer is too, if not more so...buyer beware!!!
Why do people love to throw the constitution in people's faces now when the government spends more money, but didn't complain when it has been done for about a 100 years?
@CoolScoobydoo Do you have a point you're making, or are you just curious? I think people have probably complained using the "unconstitutional" argument pretty evenly throughout the last 100 years actually. What makes you think no one made a fuss about it in the past? "people complaining laws are unconstitutional" isn't exactly the sort of thing that gets put into American History text books I suppose.
Why don't we tell these people who took out bad loans in the first place, these so-caleld NINJA loans, to fuck off and accept responsibility for their actions?? Instead of blaming the banks just b/c they're the popular villain, and no one wants to blame the consumer or low-income guy for fear of being seen as "anti-poor." gimme a break.
But in people like Matthews' idiotic mind, it's somehow the bankers are just a bunch of evil greedy scumbags who wanna put lots of low-income people in debt because that somehow, I don't understand how exactly, will "make them richer." Give me a break! Predatory lending is just a term used to scapegoat bankers for the faults of the people who were stupid and took out these bad loans. No ifs ands or buts.
Unless the general terms of the loan are extremely complex, you can make a decision.
@whoo689 And given the right info, if you take that loan stupidly, it's your own fault. Don't blame the bank because you took on more than you can handle.
Who's responsible?? THE DEADBEATS, obviously. It's not a fucking hard question. Despite what the Left and these liberal special interest groups may tell you, there's NO SUCH THING as "predatory lending." It's called STUPID MOTHERFUCKERS WHO ARE TOO DUMB TO KNOW A GOOD INVESTMENT and get sucked in by this crap. Of COURSE a bank is gonna give you a loan if you ask for it. If they see a potential return on it, they'll give you that chance. It's called being profitable.
Matthews is such a fucking Obama shill tool. Santelli was right on the money. Gibbs's answer was a bullshit answer. Frankly, I don't care right now if he was wrong about the bill. What's important is that he said what MILLIONS of us are thinking! We don't wanna bail people out, esp. people that took out bad mortgages and couldn't pay them off! And I'm sure gibbs is a fucking liar. You wanna tell me that this is in no way a fucking bailout? Then what's the bill FOR??
@whoo689 If it's not a bailout and still requires people to make payments, then why do we need a bill? Just require the homeowners to either make the payments if they can afford them or get foreclosed! It's a natural consequence of not paying off your bills. I'm sorry if you don't like it, but that's the way our system works. Go to Western Europe if you want this kind of bullshit. They'll be happy to subsidize your every want and allow you to be a lazy fuck.
@whoo689 The bill was totally unnecessary and a waste of taxpayer money. Should never have happened. I mean, if a bank had reneged on its original contract when you took out a mortgage, that's breach of contract, and you CAN sue them. However, I don't see many of these homeowners getting attorneys to do that. So it seems to me they just want to hide behind taxpayers and have us subsidize or unnecessarily help them stay in homes that aren't rightfully theirs that they can't afford.
lmmfao..WHO DID YOU VOTE FOR?.....racist question......calling him a scrooge because he beleives in American way,....lmmfao.Omaba-bot Chris Mathews.where are you today?......
Santelli and Cramer have differing views and since I agree with Cramer, I'll have to disagree with Santelli. His solution was immature and he didn't make his point across, partially because Matthews has a "let me interrupt you for just a few minutes" habit.
Im sorry but if one lies ona contract then it's over.sad but true.the same being, if one signs something they do not understand fully then too bad for them, the morgage brokers who ran these programs are guilty of fraud, they and the workers who did this should be in jail. End of story. But to give people a free ride because they were trciked or whatever, well hell, how will that work?...live, learn, move on.oh but they vote?.well hell.give them stuff for free so they will .and vote for us.blah
Chris Matthews just lost all my respect. He's kind of like Kudlow putting words in people's mouth. I love how a twists shit up. Are the rich who avoid taxes by making most of their wealth on long term capital gains at a 15% tax rate maybe need to pay a bit more. Maybe. But we all have the opportunity to take advantage of that. problem is most people are uneducated wage earners who don't understand any tax shelters. 401K, Roth IRA. What's that? This is the stuff our kids need to learn in schools
"Toxic assets" is the other name the media uses instead of the actual name "Derivatives market", which when it burst will be fatal to the US, the national debt is bad, but the "derivatives market" is what everyone should be paying very close attention too.
wellingtonian 2 months ago
at 3;30 in ..pretty much a freaking beautiful bitch slap to the liberal idiot
wogdoggy 4 months ago
at 1 minute in = BULLSHIT..i know a guy who hasnt made a payment on a 600k job for two years...obama is a fraud
wogdoggy 4 months ago
Screw Chris. And people rip on Fox for being biased? Really?
davebex13 5 months ago 2
What a clown "hard boiled" Chris Matthews made of himself! He would be good for "Pravda" newspaper of the long gone Soviet times with all his lame demagoguery.
wayoflife2 5 months ago
"I don't see anywhere in the Constitution where if you work hard you're looked at as being dispassionate, being non-humane because you won't let your government redistribute what you've worked hard for. I want to leave my kids a legacy not trillion dollar deficits, and the ability to wake up every morning and try to be the best they can be and if they work hard and want to do things with the money they make it should be theirs and it should be their decision..." Beautiful and eloquent. TY Rick!
ATLKush 6 months ago 4
If you sign an agreement to buy anything around $200000.00 & don't have the contract checked by a lawyer you are a fucking idiot
sintruder 6 months ago
mr santelli, i was waiting for response "ron paul"...
troopaOFtomorrow 6 months ago
Why doesn't anybody ever mention the real problem Fanny and Fredie? Frank Raines told the banks he would buy EVERY mortgage from them because houses NEVER go down. The taxpayer could never lose money because houses always go up. What do you thing a bank would do when they make their money on fees? They even sold houses to illegal aliens here in Texas. When Fanny went belly up, Raines went to Obama's economic advisers.
chuckles1954 6 months ago
Mathews is a fucking idiot.
Why shoud 1 person who IS responsbile need to help wipe the ass of another who isnt?! WHY Mathews?!
jabberwolf 6 months ago
I can hardly stand Matthews. I can't believe I had to listen to him for like 6 minutes
fluff125 6 months ago 4
stay off the cigarettes rick!!
jgmetals81 8 months ago
worked as a broker at the cbot...acquainted with mr. santelli...two words - straight shooter
jgmetals81 8 months ago
gibbs....what a absolute moron...not a smooth enough liar for the this white house. Neither is Jay Carney. In fact, I dont think there is ANYONE that has the ability to lie as frequently and as well as the current administration wants them to. If you took the best used car salesman, best low end retail stock broker, AND cass sunstein, rolled em all up into one...you STILL wouldnt have a good enough liar for obama and his clique of shysters.
jgmetals81 8 months ago
Mathews owned once again. I'm tired of paying for other people's mortgages.
mathman43 8 months ago
To get out of the educaton business!
jananney 8 months ago
Santelli is spot on, as usual. To mr. Industrialsuns point, the repubs share the blame. But, the Bush admin warned MANY times that this issue was a major problem that could sink the entire US banking system, and Barney Frank denied this time and tme again, and pushed hard to get low income loan quotas EXPANDED! Anyone with an ounce of common sense should know that making loans to people who cannot afford them is not a wise move! But, Mr. Frank doesn't operate on common sense, he just operates
jananney 8 months ago
Rick is right.
frankzakzak 9 months ago
Fuck Gibbs and Mathews
MrGTR22 10 months ago
Fuck Gibbs
MrGTR22 10 months ago
This bubble was created by Chris Dodd, Barney Frank And the Fannie-Freddie cabal. Matthews is just annoying. Why would anyone want to be on his show!? He talks over people by yelling and he name-calls like most libs because he has no argument. I like how he calls the president by his first name. ( think he's been up to the White House a few times?)
bambubi1 10 months ago
@bambubi1 Fannie Mae and Freddie Mac were holders of about 15% of the failed subprime market loans, the rest were held by commercial banks and private lending institutions. How exactly could that have CREATED the bubble, Einstein?
industrialsun 9 months ago
@industrialsun Fannie and Freddie had purchased $4.9 trillion of the mortgages outstanding as of the end of 2007, 70% of which the GSEs had packaged and sold to investors with a guarantee of payment, and the remainder of which Fannie and Freddie kept for their own portfolios. And yes, you may call me Einstein.
bambubi1 9 months ago
@ judedelux - You are totally delusional. The SEC and other FEDERAL agencies are responsible for policing brokerage firms, traders, and other forms of investment firms. They enforce the laws set by Congress (Pelosi & Frank). This last crash was created by brokerage firms allowed to package CDMs with risk ratings rubber stamped by Moody's & SPs! Total fraud. Clinton and Frank did nothing but watch. Every Democrat "deserves" a free house, right?
baerdog2003 11 months ago
@baerdog2003 Maybe the reason that the Dems "did nothing but watch" was because THEIR PARTY WAS NOT IN THE MAJORITY IN THE HOUSE AND SENATE FROM 1995 TO 2007 AND WAS NOT IN THE WHITE HOUSE FROM 2001 TO 2009 AND THEREFORE COULD NOT ENACT ANY REFORMS TO FINANCE LAWS! But I am sure that you just "forgot" to mention that, right?
industrialsun 9 months ago
Response Rant: The government is promoting bad behavior! Because we don't want to put stimulus for it and give Wall Street another bailout? This is America! How many of you people want to pay for Wall Streets blunders, fraud and thievery! Is anyone listening?
macduggles 11 months ago
Rick the Dickhead is made for deluded Teapublicans morons like baerdog2003
judedelux 11 months ago
Rick is an epic asshat
industrialsun 11 months ago
Thank Barney Frank and the Clinton administration for pressuring FreddieMac and FannieMae, as well as banks and the mortgage industry for this BS.
PS Chris Mathews is a total loud mouth douchebag and should go the way of Keith Oberman.
baerdog2003 1 year ago
@baerdog2003 Barny and Clinton had nothing to do with it. It was a bubble created by Wall Street, run by Wall Street, and profited by Wall Street.
macduggles 11 months ago
Why is chris mathews still on tv? I dont know anyone that watches this dumb ass.
slaughery 1 year ago 24
damn. can get hurry up and boot obummer aslready. Terrible health plan. Loser stimulus "theft" package. What else.....hmmmmm, oh yeah. Trying to disable our military and grow our enemy pupulation here on our shores. Absolutely the worst president to eer luck out and make it to office. 100% and completely inept. I cant wait to moe on!!!
slaughery 1 year ago
He said, "Your coming down hard on Barrak" If you don't hold their feet to the fire you get bad gov't
alex1af 1 year ago
Read "Atlas Shrugged"
notbestfriends 1 year ago
if he didnt want trillion dollar deficits he would of been up in arms when the recession was being created.
but he waited until we are well into a recession, and when someone spends to combat deflation he then yells?
this guy is so intelligent. i dont understand why he lets political ideology cloud his views
AntiVenomFangX 1 year ago
Robert Gibbs is saying nothing important.No details, just liberal blubber talking
MBABigRed 1 year ago
@MBABigRed
hes telling santelli to educate himself before he spews ignorant shit.
AntiVenomFangX 1 year ago
so.... he is arguing for regulation and oversight? Hmmmm that is really curious.
bdhcarbon 1 year ago
As Mr. Santelli answers Matthews question of who is to blame, the huckster or the deadbeat, Matthews employed a classic liberal tactic. The "No-no-no" tactic is one that stops the person from giving an answer that the questioner did not intend to be given. Mr. Santelli cleverly diverts it back to Matthews by asking him a question of whether or not he would enter into a contract without reading the fine print or consulting a lawyer before entering into one.
TheInfamousThird 1 year ago
@TheInfamousThird Matthews, finding himself outdone by Mr. Santelli, he changes the entire subject to ask a personal question that has no relevance to the subject at hand. Mr. Santelli shows his grace and charm by answering his question. Matthews asked that question to diminish Mr. Santelli and his argument. Chris Matthews has no honor.
TheInfamousThird 1 year ago
@TheInfamousThird Yeah, but Sick Rantelli is perfectly ok with these companies getting bailouts. Uh, huh.
rakrobn 1 year ago
@rakrobn his not you moron, get your facts strait
escapeout 1 year ago
Classic Liberal tactic: Don't take personal responsibility for accepting that "nudge-nudge, wink-wink" mortgage rate on a house you couldn't afford...just blame it on the guy who offered it to you. Look, if I'm in a store and someone steals something then passes it off to me, I am just as guilty. All of these Progressives do a disservice to "their people" because they make them believe that they NEEEEEED the Gov't to survive, and that they are there to "help the little guy". It's all a sham...
LetMyPeopleThink 1 year ago
@LetMyPeopleThink This was a bubble created by Wall Street Bankers. They could borrow at 1% and sell the mortgages at 6% offload a portion at 3% in the form of mortgage backed securities. They were making 3% in interest rate spread alone not counting the extra fees and commissions. 1% of a trillion dollars is $10 billion. It started about 2003 and things were so good more and more banks wanted a piece of it - but they needed more mortgages and a rating agency that stamped them with a AAA rating.
macduggles 11 months ago
Chris Matthews is an intellectual laughingstock. The guy has the philosophical abilities of a cow. He's a Leftist foot soldier. Shame on MSNBC.
lanate11 1 year ago
Chris Matthews: A Liberal leftist who thinks who are people too stupid to understand what they cannot afford should not be held accountable -- it's somebody elses fault. And when pushed into a corner, changes the subject and asks who you voted for.
Chris Matthews is a joke... and always has been.
M3e1td0wn 1 year ago
@M3e1td0wn Who gives a shit about Chris Matthews? Are the BANKS too stupid to know what they cannot afford and should not be held accountable? They knew the faulty paperwork inside out cause they designed it, unlike the poor schleps who were conned into effed up mortgages. The big banks got billions of dollars from US taxpayers as a reward for their massive criminal screw-up and last year passed out their usual billions in bonuses to each other for Christmas. Our money. These are the facts.
CribNotes 1 year ago
Chris Matthews is a pussy for MSNBC.
MrsMom100 1 year ago
matthews wins by far. fuck shady mortgage broker assholes claiming their whiny, pathetic, greedy needs to be "made whole" are more important than families needing a place to live. the strong should help the weak up. not cut them down as republican shitbags like rick santelli would have you think
blueshade26 1 year ago
@blueshade26
lol..sure they should help,,until you YOURSELF became one of the strong,,then you'll get real tired real fast of someone taking your hard earned money and giving it away to some lazy ass who has no problem getting used to it...its obvious you are a liberal,,thinks YOU deserve the successfuls money,thinks thats the problem in life..rich people..if there were less rich ,,just think how much better off youd be
wogdoggy 1 year ago
@wogdoggy
well, you don't know how to write properly, so rather than define you on a "liberal" to "conservative" spectrum, I'll define you as a "dipshit" on a "stupid" to "intelligent" spectrum.
blueshade26 1 year ago
At the top of my screen I have, "Santelli vs. Gibbs." Folks, there has NEVER been a Gibbs vs. anyone. I have never heard a more stupid man attempt to speak and in front of the camera, no less. Mr. Obama, keep in mind November is coming up - you've done nothing, Gibbs has just pissed people off, especially the W.H. Press Corps; the rest of your staff (I can name 10) is not much better. Beware, Mr. Gibbs and Mr. Obama. The polls speak for themselves.
argerichluvr 1 year ago
@argerichluvr Yeah, look out America. Crazy is coming to Washington.
postsimianproduct 1 year ago
idiot the gov is promoting bad beh and wat is wall street promoting we all pay our own motrgages i dont get shit from anybody these republicans make me sick
SuperTotoz 1 year ago
Santelli is the boss!
McBirdec 1 year ago
Both parties are responsible for this mess. The notion that some elected gleep will somehow do a better job of managing MY money is nothing short of a con, a shell game for suckers. The less any of them do the better off we are. Just look a Matthews face at 3:46. What your seeing is a major brain fart going off. Who's responsible when you don't read the fine print Chris? Me?
8842362 1 year ago
love this clip..love the lawyer part at around 3 minutes in..love matthews at 3;45 in..thats classic libtardedness
wogdoggy 1 year ago
card laid card played..awesome words to live by
wogdoggy 1 year ago
Ebeneezer scrooge????What an absolute idiot...
fatograph 1 year ago 9
@fatograph - This man is such a d**k. Yes, calling him Scrooge was the wrong thing to do. If I were Santelli I'd be down his dirty throat now telling him what a shi**y report he is and NOTHING ever comes out of his interviews. This is why I never watch him. He screams over people, thinks he has all the answers and for Santelli to agree to be interviewed by him says either Santelli has nads or is dumber than he looks.
argerichluvr 1 year ago
Matthews was dumbfounded, he couldnt even respond Santelli crushed him.
utubewleeblake 1 year ago
I would hate to sit in front of Chris, he spits out every word.
ufirst07 1 year ago
Matthews smacked him down. All Santelli did was yell louder.
postsimianproduct 1 year ago
@postsimianproduct - No he didn't. Matthews just talks over people more and is a complete idiot. I never watch him because he has nothing to say; I would bet, however, you watch him incessantly.
argerichluvr 1 year ago
@argerichluvr Not really, genius. Why is it that all you idiots who touch yourself whenever Glenn Beck speaks seem to think everyone idolizes a media figure. You people have a complex.
postsimianproduct 1 year ago
Barney Frank and the liberal dems are responsible for the housing crisis, period!
TheHanihoo 1 year ago
@TheHanihoo Yeah, and Santa Claus brings presents through people's chimneys every Christmas. *facepalm*
postsimianproduct 1 year ago
Santelli is a moron.him and all those idiots sitting behind him would be on the streets if the government they so despise had not bailed the financial markets out!
ianshaw02 1 year ago
Mathews isn't helping Rick at all. The thing you do with bad investments is liquidate them. The people that made the malinvestment take the hit. It morally corrupt to bail one group out with another group's money.
GaryVolts 1 year ago
Matthews is such a liberal POS.
jwv651 1 year ago
LOL @ DID YOU VOTE FOR OBAMA OR MCCAIN., AHAHAHAHAHHAHA WHAT AN IDIOT.
jerzzzey 1 year ago
who's responsible? Imo, it's the crooked hustlers who made the loans in the first place, AND the gov. that bailed them out.
Pretend you're a banker, you give loans ppl can't afford, then jack up their interest when they can't pay. They default and you foreclose. What are you left with? A house you can't sell. Do it enough, and YOU will go bankrupt, because you are the one paying for these houses no-one is living in. Unfortunately, 'we can't let the banks fail' so they get paid anyway.
TheBalefire 1 year ago
He's right up there with...Rush L. About as close to the truth as this interview got. It presents the question..WHO IS RESPONSIBLE? The answer, according to Rick S. was Everybody. I agree with that...but I don't agree with the premise that the free market makes people rich according to their ability, or talent. The system has been distributing wealth pretty freely to Bankers and Traders for quite a while, and it hasn't slowed down yet. They just hate any suggestion the table might get turned!!
pjamesbda 1 year ago
Santelli destroyed him.
bonfirejovi 1 year ago
Matthews had no answer to Santelli's proposal at the end of the interview. It made too much sense for him, I guess.
wutevr63 1 year ago
I Gibbs a tranny?
BlueStateChronicle 1 year ago
Matthews could only score points by setting up straw men. Telling.
Christobanistan 1 year ago
This has been flagged as spam show
Matthews tried hard to bait him, but Santelli wouldn't bite...
lisas44 1 year ago
Matthews tried hard to bait him, and Rick wouldn't take it...
lisas44 1 year ago
End of video clip....matthews is against giving bailout money back to the people...Santilli was spot on. Add up the trillions of dollars we've spent, divide equally to all of the american households....whats wrong with that?
thin1966 1 year ago 2
People are walking away from their mortgages on their huge houses they cant afford. They are moving into smaller cheaper houses. This is most of the housing market increase we've seen lately. What happens to the housing market after all thats left to buy is the big houses nobody can afford anymore?
BridalHitch1390 1 year ago
Chris Matthews is an idiot.
muskox34 1 year ago
LMAO........Matthews tries so hard to bait people into saying what he wants to hear...so then he can quote and demonize them....what a transparent idiot
nudgler 1 year ago
Wow - excellent! Btw - Matthews worked for 4 democratic congressman and president Carter. So you know where he's coming from.
Freenetnow 1 year ago
I love how if youre not insanely infatuated with Obama like Puffball Matthews is, then automatically youre racist and a right wing extremist.
Chris Puffball Matthews is probably the worst POS in the media today.
disciple90633 1 year ago
chris puffball matthews is a pure douchebag. Santelli schooled him.
disciple90633 1 year ago
supervision? = regulation. I thought santelli wants smaller govt? So when there is a problem its govt's fault for not doing anything but when things are good govt get out. Everything their way. Right = Fail
soda1yes 1 year ago
Gibbs and Matthews - Fail. But what else is new.
Harpergoose 1 year ago
Nobody thinks on his feet as well as Santelli.
papaboule 1 year ago
Someone tell Chris that the best way to help these people in houses they can't currently afford is to have the government get out of the way and allow the private sector to create jobs. Problem solved. Instead, they want to take more from people, contract the economy and make the problem worse. Good job... Chris, I wish you could see past your bias...
nucleardustbunny 1 year ago
Matthews GETS OWNED!
TheLiberalsSuck 1 year ago
Santelli crushed Matthews
drspockwa 1 year ago 27
@drspockwa "Crushing" has nothing to do with it. Simply put, Santelli is right and Matthews is wrong, and they both knew it before this conversation started.
DrCruel 1 year ago
It all comes down to personal responsibility, BUT: Government is hugely to blame for the housing crisis because they guarantee banks with the prospect of bailouts etc which then makes it easier for banks to take high risks. The gov, decided to lower the standards as a form of affirmative action and to increase "diversity" (defined by skin color) in home ownership which encouraged irresponsible lending. If gov. didn't set so many rules + safety nets the banks probably wouldn't take the risks!
hydarnes 1 year ago
@hydarnes This is all wrong. Sorry. The banks were chasing the quick dollar because if they didn't, they wouldn't be maximizing profitability and would irritate stockholders. People bought homes expecting the value to continue to rise as they had been for 20 years. With each foreclosure though, the homes around them became worth less, which in turned caused more foreclosures.
Santelli says this isn't a left or right issue but then comes across philosophically as a hard line libertarian.
majinspy 1 year ago
@majinspy, just because banks were trying to increase profitability doesn't change any of the other facts. Obviously maximizing profitability always plays a big factor in business but it was not what caused the problem, affirmative action was. Gov. sets many of the lending rules for banks and white do-gooders lobbied to increase ethnic diversity in home ownership. Because banks are guaranteed heavily by gov. bailouts they felt like they could push the envelope in order to increase profits.
hydarnes 1 year ago
@hydarnes The problem with your argument is that foreclosures didn't happen primarily amongst minorities. They were especially bad in Florida, California, and Nevada....why weren't they bigger in places with higher black populations like the south or northern cities? Granted these places suffered too, but the racial / affirmative action aspect just doesn't fit. The real problem is that so many people were banking their future on home prices continuing to rise.
majinspy 1 year ago
@majinspy, it's not an argument, it is what happened. The standards were lowered for the original purpose of creating more "diversity" in home ownership, especially among hispanics and blacks (which accounted for around 50% of all the supbrime mortages). Once the standards were lowered everybody jumped on the bandwagon regardless of race -- the other 50% were whites looking to make a buck. California and Nevada are majority non-white states. BTW "minorities" are a majority with ppl under 18yrs.
hydarnes 1 year ago
@majinspy, and just to be clear nobody is blaming hispanics or blacks for this crisis. The problem is with white do-gooders who think that they are accomplishing some good when in fact they end up hurting them worse than if they had just left things alone and forgot putting any kind of emphasis on race when it comes to qualifications.
hydarnes 1 year ago
@hydarnes I'm not saying you said they were to blame. I'm just saying that whatever the source (as you say, white do-gooders) that isn't where the blame lies. If it were, the bankruptcies would be happening mainly to those that benefitted from those programs. This hasn't been the case.
majinspy 1 year ago
@majinspy, hispanic and blacks were hit hardest by the housing market because roughly 50% of all the home loans were targeting them. California and Nevada had the worst foreclosures -- majority "minority" states. There would have been no justification for standards to be lowered unless it was going to accomplish some "good" and for them to use the idea that it would increase more diversity and therefore (in their minds) "equality" then many whites in high places lobbied to lower standards.
hydarnes 1 year ago
@hydarnes Yes but round out the rest of the top 10: Idaho, Utah, Georgia, Michigan, Colorado, Illinois. These are not minority majority states. This was not a case of government warping markets. That was small. What was so bad was millions of ordinary Americans thinking that home prices would continue to rise. They bought homes for 20% higher than they sold 5 years ago because they figured in 5 years they could do the same thing. Combined with no regulation or oversight things went to hell.
majinspy 1 year ago
@majinspy, and I'm sure we are in agreement that after the standards were lowered that everybody jumped on the bandwagon and therefore the problem became something much larger. I absolutely agree people bought homes thinking they would rise. However, remember that the banks didn't care because the gov backs loans! If the banks weren't guaranteed by the government then greed would keep them from taking huge risks. We don't need bigger government or bigger regulation, we need LESS.
hydarnes 1 year ago
@hydarnes The governmet doesn't simply "back loans". It was every mortgage agency looking across the street at the other mortgage agency making riskier loans but raking in cash and saying "we should do that!". The government doesn't universally back loans -- a lot of mortgage agencies got slammed in the end (Countrywide anyone?) This is post 1 of 2. I'll make another about how this all snowballed.
majinspy 1 year ago
@majinspy This is going to be part 2.
When prices stalled, foreclosures went up. This further hurt home prices which caused more defaults. The mortgage companies had shifted a lot of their risk to insurance companies (AIG). Everytime someone's home went vacant, house values (especially in that neighborhood) went down...causing more foreclosures...causing more drop in prices...etc. Downward spiral.
This market will clear on its own, but i will take longer and be more painful without the govt.
majinspy 1 year ago
@hydarnes We do not agree. The government doesn't back loans. They bank money you put in a bank (checking account / savings account) they do not back loans. They do make some of their own loans and fell into the same trap as other private mortgage firms. BTW you're getting mortgage firms and banks mixed up. Most people have their home loan from a mortgage agency, not a bank. In either case this is never guaranteed by the government -- they were guaranteed by insurance policies (such as AIG).
majinspy 1 year ago
@majinspy, Fannie Mae and Freddie Mac were created by the gov. & are implicitly backed if they are ever to default despite technical wording that they are not guaranteed – the market assumes they are guaranteed (and they are). Also, the FHA which directly offers government backed loans played a big part as well. This whole mess was a testament to the fact that whenever the government interferes or regulates the natural process of the economy that it will ultimately result in disaster.
hydarnes 1 year ago
@majinspy, while you are correct in describing many of the things that ensued as a result of the government interfering and ultimately lowering standards, you aren't recognizing what caused the entire problem to begin with and it was the government itself which caused it.
hydarnes 1 year ago
@hydarnes You have yet to show how the government interfered or how they "lowered standards". Private mortgage companies could make their own standards which is a BAD idea. They allowed people to get home loans with only their word as proof of income. No pay stub, no tax return. I'm going to say it for the 5th time: The government does NOT back home loans. If you go to a mortgage company and purchase a house, the government is not liable.
majinspy 1 year ago
@majinspy, I don't know why you're even arguing this -- it's a known fact to anyone who is aware of what happened that the government intervened -- look up it all up in basic reading material. Fannie and Freddie were CREATED by the government. Do you honestly believe that these companies randomly decided they were going to lower lending standards KNOWING that they would be in jeopardy and collapse? No! They KNEW the government would bail them out or they wouldn't have taken such huge risks....
hydarnes 1 year ago
@hydarnes I'm arguing for w/e reason you are :) Yes, Fanne and Freddie put out loans and they are in the same boat as many other mortgage lenders are. So what? They have nothing to do with the collapse of Countrywide and other private mortgage companies. Freddie and Fanny do not control the loans given out by private businesses. If it were just Freddie and Fannie loans that exploded, you'd have a point. The problem is EVERY mortgage company got hit because people simply overvalued homes. A LOT.
majinspy 1 year ago
@majinspy, "In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the CRA of 1977." -- wikipedia.
Fannie and Freddie have EVERYTHING to do with it because they were trusted because they are implicitly government guaranteed. Private banks did not just randomly decide to lower their standards knowing it would be disaster.
hydarnes 1 year ago
@hydarnes Again, those are government loans, but not all loans are government loans. Countrywide is a PRIVATE company and went under. I'm arguing that while there was pressure to loan out to low and moderate income families, that pressure could only be put against a government firm and yet all the private firms lowered their standards by as much and more. I would also argue that that had little effect. You seem to think that because SOME loans are government backed that ALL of them are. Nope.
majinspy 1 year ago
@majinspy, Because the other banks had to keep up with the competition! And they also looked up to fannie and freddie as setting acceptable standards because they were practically considered indestructible and gov backed. There is no question that greed played a huge part, but the greed would not have created any problem if there wasn't this intervention to begin with which then created a bubble and a need for lowering standards to dangerously low levels to keep up with competition.
hydarnes 1 year ago
@majinspy, you are absolutely correct that people overvalued homes, but why? How did it all start? It all started when the government decided to intervene and pressure their own offspring fannie, freddie and ginnie to lower loaning standards for the purpose of doing GOOD for lower income people and ultimately because of some idea obsessed by modern western culture that "diversity" defined by skin color is relevant to anything and is even important.
hydarnes 1 year ago
@hydarnes People overvalued homes because they had risen in price (a lot) for 15 years. They saw many people making large amounts of money by owning a home. So they bought a home at a high price because they KNEW they could sell it at a higher one. The problem was this couldn't last forever and the last person to buy the big price home who couldn't sell it or use its increase in value to refinance their mortgage got nailed. This was the start of the avalanche.
majinspy 1 year ago
@majinspy, so what triggered people to overvalue their homes? Because gov. intervened! Whether it's interest rates or underwriting it all goes back to gov manipulation rather than just allowing the free market to determine who is qualified to own a home and who isn't.
Even Bush knew what was going on and signed his own affordable housing bill to make his presidency look like a boom. -- Bush = total fake fiscal conservative. The left and do-gooders from all sides are mainly to blame though.
hydarnes 1 year ago
@hydarnes I just think what you're arguing is irrelevant. Its a single snowball of an avalanche. People overvalued homes because for 15 years they had been rising in value and they got greedy. They saw friends taking on loans and making off with huge money by treating their home as an investment device. Everyone else got in on it and, like in musical chairs, eventually the music stops and their is a crash. You saying that people knew the govt. would bail them out..They DIDN'T bail them out.
majinspy 1 year ago
@majinspy, you keep referring to the effect as the cause but it remains the effects. What created the bubble making people think the houses were rising in value which then played into their greed? Ta da! Greed will always exist --- it's what drives capitalism, but the negative effects of greed only happened once provision was made. I didn't say people knew the government would bail them out, I said that fannie, freddie and ginnie did. Everybody else was looking up to them....
hydarnes 1 year ago
@hydarnes It was greed and ignorance. Average people saw the money being made by an increase in home prices and they latched on to it. What caused home prices to go up was not the extremely minor impact of a small change in government home loans, but the explosion of the economy for the previous 15 years. People had a lot more money and there were more home buyers. They ran up prices and put all their eggs in that basket. Also people who signed up for loans knew the monthly payment.
majinspy 1 year ago
@majinspy, The house buying craze that you described was only a tail end result of the bubble that occurred because the government pressured fannie, Freddie and ginnie to lower their standards (see above). The other private banks would sell most of their loans to them anyway. The ones that didn’t were forced to keep up with the competition and keep shareholders happy – it was either that or lose the game. I can’t understand why it’s hard for you to admit what really caused the crisis.
hydarnes 1 year ago
@hydarnes Private banks sold most of their loans to Freddie and Fannie? I've mentioned countrywide and AIG several times. Everybody got killed by this thing because they were all loose and spread the assets to everywhere. I just disagree that those changes were important. At this point, I'm stopping. The key gripe is how much of a change did Frennie and Freddie make under Clinton. (btw w/e they did wasn't changed by Bush and an all repub. congress). We need some hard data. Until then, peace. :)
majinspy 1 year ago
You can't multiply wealth my dividing it.
"What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else.” – Dr. Adrian Rogers, 1931
Every dollar the government spends is one dollar less the private sector has to spend. How hard is this to understand for liberals?
Kenyesian economics is dead. Borrowing and spending is not the answer.
BSD2000 1 year ago
Chris Matthews: you are a total tool at 2:40. The fault lies with the people who lied on their mortgage application and signed CONTRACTS which they could not afford.
Also you are a total asshole at 3:53.
puddletownpigs 1 year ago
Right...why should government help average Americans....just the help for big private banks from the government...its sad that no one sees Santelli's statements' irony on this message board
StewieGriffin360 1 year ago 2
@StewieGriffin360 Actually Santelli was against helping BOA, AIG, and autos, all the "bailouts". What he is saying is someone that went out and bought a house they couldn't afford, now cannot pay their morgage and the government is taking money from the people who have saved and bought a house they could afford to pay these other peoples morgages. In other words, its not up to me to pay for your house, bailout your business, or give someone else my money that I worked for.
DanMonDab 1 year ago
I think the last year has proven Gibbs and Obama wrong.
700lightsaber007 1 year ago 2
Ok Ok Ok... how many people has this program helped? hmmmmm??
livemannsf 1 year ago
Matthews is too quick to pee his pants over BO. And why can't he let his guests get a word in edge-wise? If he receives a response he doesn't like he interrupts. Lousy interviewer. Not objective. Sissy boy.
lavendercornfield 1 year ago 2
Rick Santelli rocks!
souleverici 1 year ago 2
my friend has been living in a 600k house for over a year now and hasnt made one payment..gibbs is FOS
wogdoggy 1 year ago 16
@wogdoggy 1 year 4 months now
wogdoggy 1 year ago
@wogdoggy i think i believe gibbs over you, you teabagging insular douche
zmp1689 1 year ago
@zmp1689 sure you rather believe gibbs thats because you are a nimmy..keep believeing what you here from the podium of propoganda..you my friend are the perfect tiny minded stupid liberal..DUH..lol
wogdoggy 1 year ago
@wogdoggy correct to HEAR..you'll notice when a libtard cant make an arguement they have no problem becoming the spelling police..gibbs is a liar obama is a liar..OBAMA STIMULUS the biggest slush fund this country has ever seen.
wogdoggy 1 year ago
@wogdogYou gotta be nuts if you think the crash was caused by "people who couldn't afford their mortgages". Do some damn research and find out why and how international banksters DESTROYED our economy and are now deflating the bejeezus out of our currency.
Santelli himself was a derivatives trader - the EXACT activity that caused the shit-house of cards to rise and fall.
Although, Santellit is right on his last point. Want to do a bailout. Cut a check to every taxpayer - not the fuckin banks
CribNotes 1 year ago
@wogdoggy Obama's Stimulus was no bigger than Bush's. Both presidents were talked into those moves by Wall St. vampires like Paulson and other Goldman Sucks gangsters who paid an army of lobbyists in DC over a million dollars a day to donate bribes for the November election campaign budgets during the fraudulent "banking reform" process in Congress this year.
STFU about Obama. He's a puppet just like Bush. The liberal/conservative debate is hogwash. Awaken! The bankers hold the puppet strings.
CribNotes 1 year ago
@CribNotes You can't tell that to these retards, they are programmed by corporate media into thinking that "left" and "right" only means republicrats and demopublicans. They fail to realize both parties are the same, and that multinational corporations own the political system. They deserve what they get come November, when the economy gets even worse.
viletree 1 year ago
Go Rick. I saw his rant live but did not see the Hardball clip until now. As expected, Chris tries to use his questions to "paint" Rick as a nut and then interrupts Rick when he does not get the nutty answer he wants his audience to hear.
breezio01 1 year ago
I agree that a lot of Americans overspent, but are you really absolving the financial institutions of all blame? All I can say is that I'm glad I have a job and a house and, when I get tired, can change channels on you or watch some porn. How exactly do you teach a moron?
bencrowder72 1 year ago
Robert Gibbs is a large type a** hole that doesn't understand basic economics. His and Obama's plans keep housing prices artificially high, preventing the necessary correction. The longer the correction doesn't occur, the longer good money and resources go down a rat hole. In other words, they are avoiding temporary pain but causing long term problems that are way more severe then any temporary pain. I hate Matthews and the politicians.
jeremyraybrown 1 year ago 2
Rick Santelli is my hero
parms12 1 year ago
dear cris matthews... your a scum bag!
dickiepipes 1 year ago 2
@dickiepipes A scum and sh*t bag :)
jeremyraybrown 1 year ago
Respect? Respect for the administration? HA! Respect for predatory lenders?
Did these buyers know the bottom was going to fall out? Banker to buyer,
JUST SIGN RIGHT HERE...THINK OF YOUR FAMILY...YOU CAN'T LOSE..
don't hesitate, it's a slam dunk...just sign here here and here. There, don't
you feel better? See the movie REPO MEN in the light of what caused
this crisis.
danger0usknowledge 1 year ago
@danger0usknowledge The fine print is there for a reason and contracts are important. You simply must know what you are signing...take personal responsibility. That loan officer, pushed by loose lending rules and the threat of litigation, is at fault, but I believe the buyer is too, if not more so...buyer beware!!!
dgdeckard 1 year ago
@dgdeckard, Gee, thank you for your knowledge Deckard.
What about the mean banker loan officer who consigns
his buyer to subprime when he qualified for a prime mortgage in order
to better sell them both? FBI estimated that 80% of of fraud originated
with bankers/brokers. Liars loans bloated banks quarterly reports
which bloated officer bonuses which encouraged liar loans.
danger0usknowledge 1 year ago
Chris Matthews looks like a lesbian.
JimmyPyeahUknowMe 1 year ago 2
@JimmyPyeahUknowMe he has a very odd look that i cant put my finger on he looks like a young boy and an old man at the same exact time
sromanecz 1 year ago
Why do people love to throw the constitution in people's faces now when the government spends more money, but didn't complain when it has been done for about a 100 years?
CoolScoobydoo 1 year ago
@CoolScoobydoo Do you have a point you're making, or are you just curious? I think people have probably complained using the "unconstitutional" argument pretty evenly throughout the last 100 years actually. What makes you think no one made a fuss about it in the past? "people complaining laws are unconstitutional" isn't exactly the sort of thing that gets put into American History text books I suppose.
rhettrongun 1 year ago
Rick is one of the few sensible guys on MSNBC.
MaoisMao 1 year ago
Eat shit and die Robert Gibbs.
Reclaimer77 1 year ago
I like santelli I can't wait to see him on tv. I feel a "tingle" going up and down my leg.
GIBS IS A D-BAG
libssuck55 1 year ago
Why don't we tell these people who took out bad loans in the first place, these so-caleld NINJA loans, to fuck off and accept responsibility for their actions?? Instead of blaming the banks just b/c they're the popular villain, and no one wants to blame the consumer or low-income guy for fear of being seen as "anti-poor." gimme a break.
whoo689 1 year ago
But in people like Matthews' idiotic mind, it's somehow the bankers are just a bunch of evil greedy scumbags who wanna put lots of low-income people in debt because that somehow, I don't understand how exactly, will "make them richer." Give me a break! Predatory lending is just a term used to scapegoat bankers for the faults of the people who were stupid and took out these bad loans. No ifs ands or buts.
Unless the general terms of the loan are extremely complex, you can make a decision.
whoo689 1 year ago
@whoo689 And given the right info, if you take that loan stupidly, it's your own fault. Don't blame the bank because you took on more than you can handle.
whoo689 1 year ago
Who's responsible?? THE DEADBEATS, obviously. It's not a fucking hard question. Despite what the Left and these liberal special interest groups may tell you, there's NO SUCH THING as "predatory lending." It's called STUPID MOTHERFUCKERS WHO ARE TOO DUMB TO KNOW A GOOD INVESTMENT and get sucked in by this crap. Of COURSE a bank is gonna give you a loan if you ask for it. If they see a potential return on it, they'll give you that chance. It's called being profitable.
whoo689 1 year ago
Matthews is such a fucking Obama shill tool. Santelli was right on the money. Gibbs's answer was a bullshit answer. Frankly, I don't care right now if he was wrong about the bill. What's important is that he said what MILLIONS of us are thinking! We don't wanna bail people out, esp. people that took out bad mortgages and couldn't pay them off! And I'm sure gibbs is a fucking liar. You wanna tell me that this is in no way a fucking bailout? Then what's the bill FOR??
whoo689 1 year ago
@whoo689 If it's not a bailout and still requires people to make payments, then why do we need a bill? Just require the homeowners to either make the payments if they can afford them or get foreclosed! It's a natural consequence of not paying off your bills. I'm sorry if you don't like it, but that's the way our system works. Go to Western Europe if you want this kind of bullshit. They'll be happy to subsidize your every want and allow you to be a lazy fuck.
whoo689 1 year ago
@whoo689 free healthcare, free college, free this, free that. Jesus fucking christ.
whoo689 1 year ago
@whoo689 The bill was totally unnecessary and a waste of taxpayer money. Should never have happened. I mean, if a bank had reneged on its original contract when you took out a mortgage, that's breach of contract, and you CAN sue them. However, I don't see many of these homeowners getting attorneys to do that. So it seems to me they just want to hide behind taxpayers and have us subsidize or unnecessarily help them stay in homes that aren't rightfully theirs that they can't afford.
whoo689 1 year ago
@whoo689 Your home IS your castle... once you've paid it off!
whoo689 1 year ago
santelli is a huge weeping, whining cunt.
wvfii 1 year ago
lmmfao..WHO DID YOU VOTE FOR?.....racist question......calling him a scrooge because he beleives in American way,....lmmfao.Omaba-bot Chris Mathews.where are you today?......
THEMASTEROFYOU2000 1 year ago
Santelli and Cramer have differing views and since I agree with Cramer, I'll have to disagree with Santelli. His solution was immature and he didn't make his point across, partially because Matthews has a "let me interrupt you for just a few minutes" habit.
protossalliance 1 year ago
Im sorry but if one lies ona contract then it's over.sad but true.the same being, if one signs something they do not understand fully then too bad for them, the morgage brokers who ran these programs are guilty of fraud, they and the workers who did this should be in jail. End of story. But to give people a free ride because they were trciked or whatever, well hell, how will that work?...live, learn, move on.oh but they vote?.well hell.give them stuff for free so they will .and vote for us.blah
THEMASTEROFYOU2000 1 year ago
Chris Mathews is such a Scum Bag. He bullies his guests and projects a certain characterization which is unfair. Screw you Chris Mathews. Go to Hell.
illmagnified 1 year ago
Chris Matthews just lost all my respect. He's kind of like Kudlow putting words in people's mouth. I love how a twists shit up. Are the rich who avoid taxes by making most of their wealth on long term capital gains at a 15% tax rate maybe need to pay a bit more. Maybe. But we all have the opportunity to take advantage of that. problem is most people are uneducated wage earners who don't understand any tax shelters. 401K, Roth IRA. What's that? This is the stuff our kids need to learn in schools
westy44cal 1 year ago
Why in the world did Matthews ask him who he voted for? Biased journalism at its worst.
ammonianite 1 year ago
We have read the plan... It sucks!!!!!
villanova85 1 year ago 4
Hey Gibbs/Obama,
it's been a year and a trillion bucks, how's that worked out us ?
It hasn't - an idiot president who doesn't know a single thing about business surrounded by sycophants who should know better.
david4021 1 year ago