Right because it wasnt the banks who used up a bigger part of the subsidies after 2000 for giving out tons of cheap-interest credits for people to buy houses. Giving them to people who where not solvent and shouldnt get them, just because you where drooling for the interest-paying redemption, didnt you dear bankers. What about Mortage Backed Securities?
And im just curious how many people in that room where former employees at Lehmann....
That's America? What about the small towns and local communities Tea Party politicians love to pander to? Future traders are the most productive members of our society? Please, all they do is move money around.
Isnt his profession all about buying your way into prosperity? You do good or bad based on what you but. That is how the market works. For someone who is a trader to say that buying or selling inst your way to be happy let us take away his million dollar a year plus salary. The silent majorty, who make millions of dollars a year. Where were the "one perecent of those people" and Rick Santelli when George W. Bush passe the first stimulas in October 2009. This is not about principal but ideology.
The asshole didn't say a word when Mega-Millionaire Bankers were getting bailed out ... Only when the Average Joe was going to get help did he throw his Childish Hissy Fit
Santelli's hypocrisy knows no bounds. If someone that can't pay their mortgage is a loser, then what do we call a wall street ceo that drives his bank into the ground or a cnbc reporter that knew and said nothing? A colossal evil f*ck is the first thing that comes to mind. Why anyone feels some moral obligation to pay off to these people an underwater mortgage which was grossly overvalued due to these peoples either incompetence or sinister design is beyond me. They used u. Short sell & get out.
@philligatortears and then you come to think about wich person had to check, whether the people who cant pay back their mortgage, were solvent enough to be granted the credit in first place.
Then u finance these credits with MBS and CMOs and suddenly you dont get ur money back because previously you did such a good job on checking. Its their own bloody problem that they basicly gave mortgage to everybody who asked for it and then didnt hedge it . Good job on that.....
What do people think here happens when large-scale "stupidity" breaks out all over the place? Do people think their property won't take a hit in value if the entire neighborhood is in foreclosure?
Santelli lacks economic and social logic and denies the financial mishap. He is trying to outsmart the facts and defending the indefensible. In contract law, the golden rule is "What is built on wrong nullifies the whole." So tell us Santelli, how are you defending the spirit of a contract that is built on wrong procedures and exacerbated appraisals, all done by the banks.
Wake up Santelli, banks were just putting Gov money in the consumer's hands through a loop hole called "mortgages."
Look at all those 'average Americans' that Santelli is surrounded by that don't want any moral hazards. Wait, where was he standing? The Chicago Mercantile Exchange? Hmmmmm. Hadn't we already bailed out the banks when these 'average Americans' suddenly got religion? I wonder what would have happened to their livelihoods had we let the financial meltdown proceed.
So these hypocrites don't mind when THEY get bailed out, but object to bailing out the 'losers.' I see. Jackholes.
@sdavis3398 The CME isn't a bank. They are all commodities traders, not CEO's. Some of those guys are trading corn and hog meat, so I think you have the wrong idea of what it is like to be a clerk on an exchange. If the "meltdown" had proceeded, they would have probably just gone to work the next day.
Months before this organic and totally non Republican funded rant aired on T.V. two separate "Chicago tea party" website domain names were registered and brought on line the day of the rant. Who bought these domain names and ran these websites? 2 separate Republican operatives, both of which on the Koch payroll. Google it.
@naryaquid He was talking about before Castro took over and imposed his communist government. Before the Castro brothers and Che overthrew the government Cuba had one of the highest GDP's in Latin America. Castro took over, nationalized all the private property and doled it out to the Communist party leaders and their friends.
Obamacare was originally proposed by republicans in the 90's, and the democratic party hasn't been fiscally left leaning since BiIl Clinton was president.
@HipHopLived Well if an unsuccessful $850 billion "stimulus" program, followed by a proposed $447 billion "stimulus 2.0" program that comes with campaigning on class-warfare between "middle-class Americans" and "millionaires and billionaires", "corporate jet owners", and "private yacht owners" isn't fiscally "left leaning" then either you haven't been paying attention to the Presidency of Barack Obama, or I haven't made my list exhaustive enough (there's more!)
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?
Wall Street got away with the biggest scam of all time. The $10 trillion dollar mortgage backed securities scam in which they bundled more and more mortgages into fraudulently rated securities that they sold to investors worldwide.
Just because someone had some core beliefs does NOT make them the person who actually starts something. Ron Paul may have believed WHAT the Tea Party espouses.. but in NO WAY DID HE CREATE IT! For God's sake, if you're gonna lie.. at least have the FACTS behind you.. Think about that statement.
For a movement that wants to pay off the debt, a balanced budget Amendment, and reinstate Glass-Steagall, I bet most of those who associate themselves with the Tea Party don't even know what Glass-Steagall is...because voters who prioritize budgetary issues and ending "too big to fail" aren't even in control of the movement anymore. It's become just another nametag for the hypocritical, Constitution-violating, closed-minded conservatives that put the Bible on top of the Constitution.
Its amazing that most Tea Baggers don't realize that this is no grassroots movement but rather an Astroturf movement - funded by millionaires like Rick Santelli and billionaires like the Koch brothers who get the poor and uneducated to vote against their interest for Republicans who give tax breaks to the Rick Santellis and Koch brothers. 'Trickle-down' is a joke, especially in a globalized world where the rich can put their money in Swiss bank accounts etc. Its a case of false consciousness.
As for the rich what about all the rich Wall St. guys that worked in Obama's administration like Rahm Emanuel. Or Billionaire friends like George Soros who regularly profits from things that Obama does, especially when it's something Obama does by executive fiat like the oil drilban.
Uneducated, crack head, prostitute, terrorist's, foreigners, and felons are what seems to regularly vote for democrats. So it is YOU that can associate with the lowest order of society!
@mocatz187 It looked like you were going to make an interesting point there, then you decide to take a shot at the members of Democratic party by comparing them to whatever Fothe GOP tells you to be scared of. I may not agree with what bhec7715 is saying, but at least that person could post an opinion without insulting people who vote Democrat for no good reason.
@willyswear NO HE DID NOT... DO NOT SPREAD THAT SHIT DUDE! While he espoused some of the ideals.. HE DID NOT START IT! New York Times journalist Kate Zernike reported that leaders within the Tea Party credit Seattle blogger and conservative activist Keli Carender with organizing the first Tea Party in February 2009, although the term "Tea Party" was not used. Most articles credit Carender as "one of the first" Tea Party organizers, she "organized some of the earliest Tea Party-style protests".
@deegan45 Deficit spending equals taxes not yet imposed. Obama has raise our taxes significantly, as have Bush and many others, but not quite to this extent. The Tea Party rightly makes no distinction between taxes and deficit spending.
Websites awash in corporate cash came up within a day of this rant. The chicago tea party domain name was registered by a GOP activist in AUGUST 2008. On Nov 3 2008, you could tune into any cable news show to see Republican bigwigs talk about the need to "rebrand" the GOP; Santelli was the tip of the spear for the new marketing campaign.
@n1llionaire You can prove anything with "links". The D's and the R's have are the same! The TEA Party is a grass roots movement - they don't even agree on who to support for the R nomination. They are local groups - the Tea Party Express and others doesn't speak for all TEA Parties. The one thing that holds them together is the thing that used to delineate the R's from the D's and that's lower taxes. The R's aren't trying to rebrand themselves - and the establishment R's are resisting.
@cuttheloop No...remember the left's mantra, one man's terrorist is another man's freedom fighter. Remind them every time they say the Tea Party behaves like terrorists.
@mesastilettodeuce - the government has a monopoly on legal use of force. That is the very definition of government. Idiots like you need to read an effing book. Charity is not a legitimate use of force ie government power. That's great YOU want to pay morons mortgages who were too effing stupid to add! Guess what? I don't! Idiots like you are ruining our country.
This is an important piece of American history. Our myopic fellow citizens forget that it wasn't just Obamacare that created the revolt that became the tea party.
No, it was a lot of astroturfing on the part of Dick Armey, underwritten by the same gang of plutocrats who finance The Heritage Foundation, Americans for Prosperity, The Cato Institute, and the Ludwig von Mises Institute from where you get most of your sophist libertarian propaganda.
@TrollBuster9090 It's America and you have a right to your opinion but there's no actual proof of anything you just said. Liberals just can't handle the fact that average Americans got pissed off enough to turn activist. For proof just look at the media reactions to the tea party from the very beginning. You have selective memory. The same crap happened to Clinton when he was tried to ram through Hilarycare. People still don't want single-payer health care. Duhhh?
@TrollBuster9090 So was Dick Armey behind Porkbusters back when the Rs still held both houses of congress? And are all the protests under that were under Bush Astro-turfed? Do the organizations you mention above spend more then George Soros?
@bhec7715 Amen Brother.. amen. These asswipes calling Tea Party people "Terrorist" should REMEMBER WHO we are.. and WHY we revolted. The line "Who wants to start paying for your neighbors mortgage?"
by the tea party you mean what was originally named the GOP, the "moral majority," and other names for corporatist stalking horses for the past three decades,
yeah, president obama, are you listening? listening to the traders on the floor at the stock exchange who'd like to keep their millions rather than help a guy out? i wonder how santelli would feel if he was one of those guys that lost their homes. Oh right that wouldn't happen because that only happens to "losers" like working class people. Santelli and his business pals are just BETTER, obviously.
On the day of that rant the DJIA was at 7465.95. Today it is at 12,300. Those so-called "regular Americans" traders behind Santelli have probably done pretty good under Obama.
@briefermadness I'm sorry what has Obama done? Give me some information as to what he has done to help stimulate the economy other than give Americans the idea they will be bailed out before defaulting.
@deegan45 Not if you consider inflation a tax. In that case all of our taxes have gone up under Obama. Printing money to buy government bonds is clearly a form of taxation as it erodes the purchasing power of what we use to buy stuff.
Under Bush, the average inflation rate hovered around 3 to 4%. Under Obama it's mostly been 1 to 2%. We have only returned to "Bush Levels" of inflation during the last couple months.
No knucklehead - but Obama DOES have power over federal funding, oh AND the Obamacare he funneled money into. Oh and the 2 stimulus packages would have been more efficient had he told people to simply stay at home and pay their full salary DIRECTLY.
THATS WHAT PEOPLE WITH A BRAIN WOUD CALL A FUCKING FAILURE!!
The tea party isnt Fox or any other group -Just people who are tired of economic retards blaming others, and asking for hand outs.
it's pure genius: defraud investors and pensioners at the expense of the future ability of firefighters and teachers to be able to clothe and feed themselves, get a slap on the wrist from the SEC, enjoy a flood of risk-free and interest free cash from the fed with taxpayers on the hook for any losses, use said cash to buy government bonds and then sell them back to the government at a higher rate and pocket the difference, and laugh all the way to the hamptons at us mere mortals and "bolsheviks
@PackerBronco Yeah, the DJIA has gone up from 7465, where it was on the date of Santelli's rant, and now hovers around 12,300. Those stock traders he was whipping into a frenzy have made out pretty good under Obama.
After this he was "re-educated" by GE to explain his duties as a broadcaster. GE was given tax exempt status by Obama to push his agenda,this was a violation of that agreement and rick was in big trouble...Sad that the America is blind to this
The Tea Party does represent a desire to preserve the culture of White people - and there is nothing wrong with that. Cultural Marxism (aka Political Correctness), socialism, open immigration and NeoConservativism all have the same thing in common: They are Jewish intellectual movements that are hostile to the West. We are now under a the control of Hostile Elites.
Google the works for Dr. Kevin MacDonald. Also visit his site The Occidental Observer.
This rant took place on February 19th 2009 . . . a day short of a whopping one month anniversary of Obama's presidency, of course. So naturally, Obama now OWNS Bewsh and Dereg Willie's mortgage messes. Oh yeah . . . look at the LOW stock market averages at the start of the Obama admin, and look at them today. Seems for all their crybaby whining about what a commie hander-outer Obama is, people who are at Koch's and even Santelli's level of bank are making out pretty well if you ask me.
Investment firms turn our economy into a back alley casino from the 1930s, but it's the folks that got suckered into toxic mortgages who get the blame?
Fuck you Santelli and any of you Ayn Rand, cocksucking motherfuckers who agree with him.
@modernity2001 If there was fraud..Prosecute to the fullest. Not sure how you get suckered on your biggest investment..shame on you if you let yourself get suckered.....The reality is...most borrowers affected had little to no skin in the game and lost nothing. 5% down payment to buy, then refinance and pull out more equity than they put in...Is that what you call a sucker....then that sucker lives rent free for 2 more years while the gov stops foreclosure process. We pay for that sucker now!
@dduras Let yourself get suckered? Are you serious? You should really listen to yourself sometime. Because of the lack of regulation that allowed for commercial banks to sell these awful mortgages to unwitting homebuyers, then sell the same awful mortgages to investment banks, who then sold them as bundled toxic assets to investors we are (still) in the shit.
@modernity2001 Nowhere did I say there was no blame to Wall Street but Im pissed at the cocksuckers that authorized a bailout and I dont give a shit about party lines, they were both responsibile hook line and sinker. Those banks should have vaporized! End of Story. Anyone who fell for a teaser rate is a sucker and deserved what they got. I tunred away 1.5% teaser rates every week during the era. You dont need to own a home to live the dream, Im barely surviving and would rather rent.
@modernity2001 And your point about mortgages to unwitting homebuyers, lets face it, they bit off more than they can chew, but they didnt really lose much if they were loaned 110% debt to equity..How about prosecute the loan officers for lying on applications, borrowers who lied on applications, appraisers who over appraised homes and the rating agencies who fuckin stamped this paper AAA to create a secondary market for this junk. these problems resolve quicker if you prosecute and not bailout.
Santelli seems to be confusing 'Capitalist' with 'Being a selfish fucking asshole'. He's surrounded by people who caused the great economic crash - traders, investment bankers etc - and then has the nerve to rip on the people who had their lives ruined by the system he's extolling the virtue of.
@mw2000 , I think you need to turn off MSNBC and start reading from the people who predicted the crash would come, explained why it would come, and turned out to be right. To summarize, Wall Street got drunk, but the Government and the Fed poured the alcohol and told them to "chug".
@Ironslave28 Yes, and it was deregulation that these Wall St pieces of shit and Rick Santellis demanded the Gov't give them that caused all this. Either way, the people that were damaged by the crash are the ones being scoffed at here by Santelli and his rich friends - the ones that caused the crash.
@tantric38 Don't worry about that "problem". It's being rectified by greedy politicians and crooked unionized government bureaucrats as we speak. Soon the entire country will be purged of free enterprise and its products.
Thanks Santelli - I'm sure you were one of those douches that advocated the deregulation of the financial sector which made all of wall st. and financial institutions make extremely risky decisions that ended up crashing the world economy.....Let me guess - you also don't have a problem with their CEOs making $100 million per year while fucking over thousands.
These people are utterly out of touch with the American people. They perpetuate an OLIGARCHY in our country....thanks again
@SechyoolarYOOESAY you're right, he doesn't have a problem with increases in CEO salaries & bonuses, because a well-fed machine is a happy machine. if you can do a better job, get up and do it. if you need guidance, read what jalexander3 said (3 months ago) about an individual's ability to "keep what [they] earn."
Rick Santelli is a Wall Street fleshlight. Funny how he remained so calm and composed while TRILLIONS of dollars were being printed to keep the Too Big to Fail banks solvent, ( You know those banks that were massively over-leveraged and had trillions of dollars in derivitives tied up in the subprime bubble, those banks that, without government intervention i.e. TAXPAYER MONEY, would be insolvent due to the bursting of that bubble) BUT DON'T YOU FUCKING DARE GIVE ANYTHING TO THE PEASANTS
These CNBC idiots are trying to make light of this like Santelli is trying to be funny but they don't get it. This is how most Americans are feeling. Their condescension is insulting.
The outlook of a tea party supporter is every man for himself, and if you see someone down don't help them up, kick em' and take what they lost. Down on your luck doesn't exist in the mind of a tea party supporter.
@murdabitches No, being a career deadbeat and freeloader is the problem. The sooner these miscreants unfuck themselves and contribute something constructive or of value to society the better off everyone will be. You are probably a BO cheerleader who stands silent as the country goes bankrupt. Since BO has been in office along with his dems they have amassed 5 Trillion in debt. Go ahead with your Obama songs and mock military outfits. Big Dummy! The TEA Party is trying to save our country.
I love how Tea Party supporters want to stereotype everyone who have lost a job since the financial crisis as lazy good-for-nothing bums, when the reality is that alot of people who lost their jobs were middle class hard working people who played by the rules. That doesn't matter in the twisted mind of a tea party supporter though, you lost your job therefore you are lazy and are deservering of your misfortunes, even if they are not your fault.
I bet he is happy with the corporate gains on the stock marcket since he made those stupid commets. Stock market, Nasdaq, and S & P at 4 year highs and we all know how the market would have turned out of GM, Chrysler, and Ford went underwater. Not to mention another 1 million homeowners losing their homes without Prez Obama's mortgage relief.... yeah, I love the Tea Party movement, it truly shows how strong rhetoric can assemble a group of skeptics
@smackdog1 BO enabler, Ford did not take a penny of corp welfare, The company is succeeding without any gov't money nor takeover. Mortgage Relief? You mean welfare for dummies who had no business "buying" homes they could not afford. You forgot to mention 'cash for clunkers". Most people who got the money bought Japanese cars. Try to be smart and not push B.O./libs/Demos bullshit. Most are not buying it anymore.
@Vavazelus Did your spaceship land last night? Banks were selling homes on false income statements approved by federal deregulation by the Bush administration. Yes, Ford didn't take a dime, but do you really think they would survive if GM, Chrysler and the banks closed? You easily forget all the car manufactors get their parts from the same suppliers and their cars are financed by the same banks...I guess it's easy to say you don't know economics. BTW, how do you have capitalism without banks?
@smackdog1 Vavazelus is right! It was that dude that you get buttfucked by, Barney Frank's financial services committee postion that allowed him to tighten regulations and force banks to give loans to minorities under provisions of the COMMUNITY REINVESTMENT ACT passed by President Carter which is the seed that started it!
Paulson and Cox are simply criminals but they weren't the activists that made tis happen. They simply profited from it.
@mocatz187 NOPE, try again, it was H.W. Bush that signed into law for Fannie Mae to allow more low to middle income homeowners into the market. That later turned into a giant tidal wave of theft when Phill Gramm repealed the Glass-Steagall Act with approval of Bill Clinton's pen without any veto. You try to blame Barney and Dodd for the disaster, but you fail to remember they were only low ranking members with no REAL authority because Republicans had the majority in 1999 through 2006. FACTS!!!
@Vavazelus Repug Enabler...wake up before you become a slave to the corporate serfdom master plan when you don't have a living wage. Repugs give tax breaks to corporations and millionaire/billionaires and then blame firefighters and teachers for the deficit....INSANE.And the sad part is that you and rest of the repugs are buying it. BTW, the real reason why we have a deficit.... IRAQ + AFGHANISTAN = 3 TRILLION DOLLAR DEBT. Thank God Prez Obama ended Iraq war and is finishing the crap in Afghan!
@smackdog1 After unwrapping your purple libs from B.O.'s cock take a spoonful of reality. Starting with another failed President Carter, the banks were forced to give mortgages to minorities who could not rub two nickels together. This continued up till 2008. These mortgages were backed by Freddie/Fannie Mae. Both operated by hard core/corrupt democrats. No mofo, the reason the deficit is because BO spends our money to enlarge the government to form a base and give money to deadbeats.Now STFU
@Vavazelus In 1992, President George H.W. Bush signed the Housing and Community Development Act of 1992. The Act amended the charter of Fannie Mae and Freddie Mac to reflect Congress' view that the GSEs "have an affirmative obligation to facilitate the financing of affordable housing for low-income and moderate-income families. You idiot, you believe the false budget G.W.Bush gave you by not placing 2 wars into the yearly budget and a prescription drug plan not fully funded. IDIOT!!!!!!
This was important because it crystallized what 10's of millions of Americans thought. Santelli's remarks will come to be viewed as the "Rant Heard Round The Land".
The full effect is yet unknown. But come the 2012 elections there will be a Second American Revolution, & the people rise to overthrow an oppressive ruling class which governs without consent, spends what we do not have, aids our enemies, insults our allies, & tries to control all aspects of American life. Don't Tread On Us!
@CardinalRaker This is why I don't care about selfish people like you & can't stand your arrogant self-righteousness; who feel no duty whatsoever to America, but think America owes you something; who resents those who have worked to build something; but who instead of working yourself to earn those things too, merely steeps in your own bitter bile and curses "the rich" (who are anyone who has worked harder than you).
The pendulum has swung, and the free rides are over.
@jum1801 also there are only two things innocent on this earth animals and newborns. Excluding those to no one is innocent especially bankers/traders/lawyers and insurance execs
Yeah go figure......Wall Street calling for Tea Parties, kinda like Marie Antoinette, saying "Let them eat Cake, while we fill our pockets". This is absurd, these unethical, immoral; and dishonest; morons need to be purged from this country. It isn't radical-Islamists I want to see our armed forces hunt down and kill, its our Bankers and Wall street Traitors. They've done more harm than a hundred years of terrorist attacks.
I don't think the people behind Santelli are rich traders or representative of Wall Street. One of the tenants of the Tea Party movement is anti the crony capitalism of Wall Street bailouts. They are probably trading floor runners who make about the same as I do and I am not rich by any stretch of the imagination. BTW I know people still consider Wall Street Republican but if you look at donations they overwhelmingly support Democrats. Just ask Chuck Shcumer and Obama.@Saxonmann
Convenient how he didn't mention the 700 billion dollar theft they called a bailout. Massive criminal fraud on wall street, virtually nobody goes to jail and in fact they all get paid and get to do it all over again. Next time might lead to collapse.
Diversions are used to pin it all on homeowners, many of whom are losing their homes through no fault of their own, or teachers unions with their pension funds that lost value. Tea partiers brainwashed by corporate interests are happy to comply.
He's obfuscating the facts and presenting false choices.
Santilli is goosing his fellow shills in the trading pit along side him but mostly preaching to a very predisposed partisan & mercenary neo-con audience.
We saw what the neo-con mindset gave us with Dubya's crime syndicate.
May I humbly submit that had not Clinton broke Glass-Steagall we wouldn't be
in the financial toilet today. The benefactors of this action are Mr. Santilli's ilk.
This is what galvanized the tea partiers? Are you shitting me? This is movement conservatism at its best; reaffirm people's false perceptions about their fellow "parasitical" citizens; more specifically minorities; even more specifically; black people. But seriously, this isn't even that much of an emotional rant. I was expecting this dude to be screaming until his veins popped out of his neck.
@Hammy24 Look, Obama forced the poors to buy houses they couldn't afford, and that's just the way it is! The under-regulated derivatives market and banks taking far too much risk? It's not because there wasn't enough regulation; it's because there was TOO much!
Bonuses? If we don't reward our nation's best and brightest, whose firms needed to be bailed out only because the poors were irresponsible, they would go work in a non-existent country where bankers get paid more than in the US!
The banks (filled with traders) received far more government funding than people losing their houses. They paid the price, yet it's back to business for the banks already.
Moral hazard? The weak always pay the price. The strong just move out of the way.
@jalexander3 it's not? I have a few friends that are unemployed that aren't trying to look for a job and gets payed unemployment benefits and it keeps getting extended while I work my ass off. Have you seen the video about the kid that asked for food stamps and he goes shopping at Wholefoods to try random snacks? I hate it. I feel dumb for working so hard for my money.
@kenji4861 right. america was not founded as a welfare-state. america is where individuals kept what they EARNED and the collective had no right to ne1's property. the poor had ample opportunity to better their situation because they knew nobody could take what they earned, and if they failed they had only themselves to blame.
this is what made america great.
i am just wondering why so many people think it's unamerican to not give handouts.
@jalexander3 Before social welfare programs and legislation protecting workers (40 hour work week, child labor laws, safety regulation), a FAR larger portion of Americans were poor and/or homeless. This "golden age" of America with no welfare and regulation *never existed.* Both SS and welfare greatly decreased America's poverty rate. Anyone who believes life in America prior to the 20th century was better than life now is delusional.
By all means, tell me when America used to be "great"!
@jalexander3 Yet the same people claimed we spend billions in bail outs. Its not about capitalism its about the status quo and keeping it and yeah people do get robbed by others and are failed by the law.
@jalexander3 Honestly. Of all this money that's been taken out of the national economy, how much of it do you think has been used to "help the poor"? Why do you think the growth of the welfare bureaucracy has led to increasing levels of poverty?
This country has been scammed and screwed. Why to we continue to put up with it?
Just an other hasbeen vying for attention, any attention. Why this moron on Fox Newsless with the rest of Murdochs jesters. Anyone that would take this aholes business advice is already poor.
@ExZonie Actually what I meant to say was 'why ISNT this moron on Fox Newsless with the rest of Murdochs jesters'. There, now you can reply with all your dilutional convection how Fox Newsless is wonderful.
@judedelux Typical liberal attempt....look in the bottom right corner Jude....it was CNBC...NOT Fox...nice try though...nice attempt to pull the same liberal slight of hand! Pathetic!
Wow! I'm shocked that so many Americans are sub-human. Anyone who gives any credence to what this piece of shit says is pathetic. This guy is a parasite. He sounds like a tasteless comedy skit on saturday night live. This is exactly the bile that Wall St. likes to hear. We are headed straight for hell if this is what America has become. All your grandparents would be ashamed of you.
@radconserv86: The parasites are those who approve mortgages for people who can't afford them knowing full well banks or other people with money will soon own the houses. And, the working poor who lose the houses are then worse off than if they'd never gotten a mortgage. These predators were calling people in low income neighborhoods offering deals that were too good to be true - but when you want something better for your family it's difficult to say no. The banks count on that desperation.
@TheStulzRage You can blame that on the strongarming the banks got to force them to give subprime loans!! Thanks to some key manuevers by Bill Clinton, and arm twisting by Bawney Fwank and his band of merry idiots, forcing banks with increased regulations and fees, to get them to do the "socially correct thing" and give loans to people that had NO business purchasing a house with their financial situations the way they were!
@longpassion8kiss Who is powerful enough to "strongarm" banks? They are the most powerful entity in the country. You are obviously delusional if you think Clinton was the only criminal to deregulate the banking industry. (Reagan, Bush Sr. and Bush Jr. also gave banks everything they wanted - just as the Obama people are doing) You are definitely delusional if you think regulating banks somehow makes them MORE criminal. They pay their employees in Congress to deregulate to continue raping us.
@TheStulzRage Some day I'm going to ask someone who makes that "banks took too much risk because they were OVER-regulated, not under!" talking point what regulation(s) they think caused this problem.
It's also funny how they talk about the CRA, ignoring the fact that most CRA loans were good and didn't default. And completely ignore every other major contributing factor to the crisis.
It's like trying to teach a young child; they just can't grasp anything beyond "A -> B"
@BenkaiDebussy: A lot of these morons are so pathetic they can't even draw a simple conclusion from overwhelming evidence. Banks have run our country at least since the Federal Reserve Act was passed in 1913 and have crashed the economy at the expense of working people many times - 1987 & 2008 were huge social programs for millionaires just in recent memory - and these people complain about corruption & then support the most corrupt criminals in the world. It's fuckin' incredible!
The BostonTeaParty2008 took place on 12-14-2008. That was 2 months BEFORE Rick's rant calling for a Chicago tea party ! Rand Paul was our keynote speaker and the theme was "Restoring a sound money system"
Obviously a staged and controlled event. Public outrage always must be canalized, and the "grassroots" movements are ALWAYS spearheaded by very well-connected people. When will people get it?
why dont those losers (90 percent of the people) who dont have bread to eat just eat cake instead?
oh my god - what will we do when those who buy some stock for five minutes and sell it to somebody else for more money five minutes later dont show up to work?
how will the world function if these nonproducers - err I mean "producers" go on strike.
screw 90 percent of people who are only hourly wage losers.
Right because it wasnt the banks who used up a bigger part of the subsidies after 2000 for giving out tons of cheap-interest credits for people to buy houses. Giving them to people who where not solvent and shouldnt get them, just because you where drooling for the interest-paying redemption, didnt you dear bankers. What about Mortage Backed Securities?
And im just curious how many people in that room where former employees at Lehmann....
Hagalazii 3 days ago
That's America? What about the small towns and local communities Tea Party politicians love to pander to? Future traders are the most productive members of our society? Please, all they do is move money around.
jbourget32 2 weeks ago
Sorry, I meant October 2008. Bush passed the first stimulas in October 2008.
Yankees27u 2 weeks ago
Isnt his profession all about buying your way into prosperity? You do good or bad based on what you but. That is how the market works. For someone who is a trader to say that buying or selling inst your way to be happy let us take away his million dollar a year plus salary. The silent majorty, who make millions of dollars a year. Where were the "one perecent of those people" and Rick Santelli when George W. Bush passe the first stimulas in October 2009. This is not about principal but ideology.
Yankees27u 2 weeks ago
Rick Santelli having influence over the U.S. stock market and the U.S. economy is also a moral hazard!
Yankees27u 2 weeks ago
I have this to say about the origins of the modern Tea Party movement (in the 21st Century):
THE ANSWER TO FEBRUARY 19, 2009 IS DECEMBER 16, 2007!
DJSedSo 1 month ago
The asshole didn't say a word when Mega-Millionaire Bankers were getting bailed out ... Only when the Average Joe was going to get help did he throw his Childish Hissy Fit
longjohn412 1 month ago 4
Santelli's hypocrisy knows no bounds. If someone that can't pay their mortgage is a loser, then what do we call a wall street ceo that drives his bank into the ground or a cnbc reporter that knew and said nothing? A colossal evil f*ck is the first thing that comes to mind. Why anyone feels some moral obligation to pay off to these people an underwater mortgage which was grossly overvalued due to these peoples either incompetence or sinister design is beyond me. They used u. Short sell & get out.
philligatortears 2 months ago 4
@philligatortears Why not just reclaim the credit used to buy the home in the first place ?
TheRiceowlex 1 month ago
@philligatortears and then you come to think about wich person had to check, whether the people who cant pay back their mortgage, were solvent enough to be granted the credit in first place.
Then u finance these credits with MBS and CMOs and suddenly you dont get ur money back because previously you did such a good job on checking. Its their own bloody problem that they basicly gave mortgage to everybody who asked for it and then didnt hedge it . Good job on that.....
Hagalazii 3 days ago
The Tea Party will go the way of the Nativist Party.
strangeyoungman 2 months ago
What do people think here happens when large-scale "stupidity" breaks out all over the place? Do people think their property won't take a hit in value if the entire neighborhood is in foreclosure?
richardhutnik 2 months ago
Why hasn't the Hussein Obama regime taken this guy out yet?
dacmiller 2 months ago
@dacmiller Because what you describe does not exist; Obama's policy is in line with Bush and the GOP. Why assassinate an associate?
Turtleproof 1 month ago
Santelli lacks economic and social logic and denies the financial mishap. He is trying to outsmart the facts and defending the indefensible. In contract law, the golden rule is "What is built on wrong nullifies the whole." So tell us Santelli, how are you defending the spirit of a contract that is built on wrong procedures and exacerbated appraisals, all done by the banks.
Wake up Santelli, banks were just putting Gov money in the consumer's hands through a loop hole called "mortgages."
a3arar68 3 months ago
thank you rick S.
canyonrafters 3 months ago
YOU CREATED A MONSTER!!!
Rangerwhat 3 months ago
Rick Santelli , Corporatist Pig , Bail outs are only for investment banks that gamble with working peoples pension.
BarackMcBush 3 months ago 2
@BarackMcBush santelli was against the govt bailouts
shotsky94 2 months ago
Look at all those 'average Americans' that Santelli is surrounded by that don't want any moral hazards. Wait, where was he standing? The Chicago Mercantile Exchange? Hmmmmm. Hadn't we already bailed out the banks when these 'average Americans' suddenly got religion? I wonder what would have happened to their livelihoods had we let the financial meltdown proceed.
So these hypocrites don't mind when THEY get bailed out, but object to bailing out the 'losers.' I see. Jackholes.
sdavis3398 3 months ago 12
@sdavis3398 The CME isn't a bank. They are all commodities traders, not CEO's. Some of those guys are trading corn and hog meat, so I think you have the wrong idea of what it is like to be a clerk on an exchange. If the "meltdown" had proceeded, they would have probably just gone to work the next day.
wwelles14 3 months ago
Rick Santelli in a room full of cokeheads explaining why honest men should bend over and take it.
strangeyoungman 3 months ago
Months before this organic and totally non Republican funded rant aired on T.V. two separate "Chicago tea party" website domain names were registered and brought on line the day of the rant. Who bought these domain names and ran these websites? 2 separate Republican operatives, both of which on the Koch payroll. Google it.
collinsullivan 3 months ago
Stupid shit says "Cuba used to have mansions"...
Yeah..About TEN of them, with hundreds of THOUSANDS (The other 99%)
living in shacks without running water,.,...No thanks, bro...We don't want
a "Third World" America.
in shacks, having to beg for food and shelter.
naryaquid 3 months ago 2
@naryaquid He was talking about before Castro took over and imposed his communist government. Before the Castro brothers and Che overthrew the government Cuba had one of the highest GDP's in Latin America. Castro took over, nationalized all the private property and doled it out to the Communist party leaders and their friends.
wfran15 3 months ago
At least keeping people in their homes would have been a nobler goal then bailing out the banks and not regulating what they did with the money.
Ccs1989 3 months ago 2
Obamacare was originally proposed by republicans in the 90's, and the democratic party hasn't been fiscally left leaning since BiIl Clinton was president.
HipHopLived 3 months ago 21
@HipHopLived Well if an unsuccessful $850 billion "stimulus" program, followed by a proposed $447 billion "stimulus 2.0" program that comes with campaigning on class-warfare between "middle-class Americans" and "millionaires and billionaires", "corporate jet owners", and "private yacht owners" isn't fiscally "left leaning" then either you haven't been paying attention to the Presidency of Barack Obama, or I haven't made my list exhaustive enough (there's more!)
Snoopz0087 3 months ago
@Snoopz0087 That was pretty much to the center in the 50's... but the thing is despite all he says all he ever actually does is make concessions
HipHopLived 2 months ago
This has been flagged as spam show
Tea Party has been hijacked. Every single tea party website lists it's principles, it's goals, or what it stands for.
I was never asked. There was no convention. The grass roots is hijacked and we are told what we stand for.
I'm switching to the Coffee Mate Party.
enjerth78 4 months ago
Tea Party has been hijacked. Every single tea party website lists it's principles, it's goals, or what it stands for.
I was never asked. There was no convention. The grass roots is hijacked and we are told what we stand for.
I'm switching to the Coffee Mate Party.
enjerth78 4 months ago 3
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?
Wall Street got away with the biggest scam of all time. The $10 trillion dollar mortgage backed securities scam in which they bundled more and more mortgages into fraudulently rated securities that they sold to investors worldwide.
macduggles 4 months ago 2
Just because someone had some core beliefs does NOT make them the person who actually starts something. Ron Paul may have believed WHAT the Tea Party espouses.. but in NO WAY DID HE CREATE IT! For God's sake, if you're gonna lie.. at least have the FACTS behind you.. Think about that statement.
TheSwabbie 4 months ago
For a movement that wants to pay off the debt, a balanced budget Amendment, and reinstate Glass-Steagall, I bet most of those who associate themselves with the Tea Party don't even know what Glass-Steagall is...because voters who prioritize budgetary issues and ending "too big to fail" aren't even in control of the movement anymore. It's become just another nametag for the hypocritical, Constitution-violating, closed-minded conservatives that put the Bible on top of the Constitution.
eldiceuf 5 months ago
@eldiceuf And that is too bad, because the Constitution was built on top of Gospel principles.
youngyoungj 5 months ago
these guys are such fucking twats. they have absolutely nothing substantial to say, and dismiss everything rick says. total airheads
tubub 5 months ago
Its amazing that most Tea Baggers don't realize that this is no grassroots movement but rather an Astroturf movement - funded by millionaires like Rick Santelli and billionaires like the Koch brothers who get the poor and uneducated to vote against their interest for Republicans who give tax breaks to the Rick Santellis and Koch brothers. 'Trickle-down' is a joke, especially in a globalized world where the rich can put their money in Swiss bank accounts etc. Its a case of false consciousness.
bldrishybobby 5 months ago
@bldrishybobby
As for the rich what about all the rich Wall St. guys that worked in Obama's administration like Rahm Emanuel. Or Billionaire friends like George Soros who regularly profits from things that Obama does, especially when it's something Obama does by executive fiat like the oil drilban.
Uneducated, crack head, prostitute, terrorist's, foreigners, and felons are what seems to regularly vote for democrats. So it is YOU that can associate with the lowest order of society!
mocatz187 5 months ago 2
@mocatz187 It looked like you were going to make an interesting point there, then you decide to take a shot at the members of Democratic party by comparing them to whatever Fothe GOP tells you to be scared of. I may not agree with what bhec7715 is saying, but at least that person could post an opinion without insulting people who vote Democrat for no good reason.
Popcultureguy3000 4 months ago
@bldrishybobby You're a fucking moron.. go away little boy.
TheSwabbie 4 months ago
Ron Paul started the tea party in 2007. I like Santelli but he did not start the teaparty.
watch?v=DKZmIzEMUN8
willyswear 5 months ago
@willyswear | Ron Paul just jumped on the coat tails of Rick Santelli and the Tea Party... Go smoke another joint...
RJosephReece 5 months ago
@willyswear
nope
RogueSwordThesco 5 months ago
@willyswear NO HE DID NOT... DO NOT SPREAD THAT SHIT DUDE! While he espoused some of the ideals.. HE DID NOT START IT! New York Times journalist Kate Zernike reported that leaders within the Tea Party credit Seattle blogger and conservative activist Keli Carender with organizing the first Tea Party in February 2009, although the term "Tea Party" was not used. Most articles credit Carender as "one of the first" Tea Party organizers, she "organized some of the earliest Tea Party-style protests".
TheSwabbie 4 months ago
@deegan45 Deficit spending equals taxes not yet imposed. Obama has raise our taxes significantly, as have Bush and many others, but not quite to this extent. The Tea Party rightly makes no distinction between taxes and deficit spending.
1974wolfman 5 months ago
Rick Santelli was awesome!
ddoago 5 months ago
I keep coming back to this defining moment in our history. Santelli the father of the Tea Party!
manscaper007 5 months ago
RON PAUL, 2012!
miazagora 5 months ago
@bhec7715 There's proof, if you look for it.
Websites awash in corporate cash came up within a day of this rant. The chicago tea party domain name was registered by a GOP activist in AUGUST 2008. On Nov 3 2008, you could tune into any cable news show to see Republican bigwigs talk about the need to "rebrand" the GOP; Santelli was the tip of the spear for the new marketing campaign.
n1llionaire 5 months ago
I'd include links but YouTube won't let me post them. read the exiled.
n1llionaire 5 months ago
@n1llionaire You can prove anything with "links". The D's and the R's have are the same! The TEA Party is a grass roots movement - they don't even agree on who to support for the R nomination. They are local groups - the Tea Party Express and others doesn't speak for all TEA Parties. The one thing that holds them together is the thing that used to delineate the R's from the D's and that's lower taxes. The R's aren't trying to rebrand themselves - and the establishment R's are resisting.
miazagora 5 months ago
Great, the market has rallied 5000 points since then.
tantrumboy 5 months ago
This rant will be in the history books someday.
krauthead4 5 months ago
SO we've gone from vigilante, mob, rabble rouser to terrorists... nice
cuttheloop 5 months ago
@cuttheloop No...remember the left's mantra, one man's terrorist is another man's freedom fighter. Remind them every time they say the Tea Party behaves like terrorists.
cheeseburger12 5 months ago
Lovely. A room full of reckless gamblers who CAUSED the 2008 crash telling us what NOT to do to clean it up. Very cute. F#ck all of you.
TrollBuster9090 5 months ago
@mesastilettodeuce - the government has a monopoly on legal use of force. That is the very definition of government. Idiots like you need to read an effing book. Charity is not a legitimate use of force ie government power. That's great YOU want to pay morons mortgages who were too effing stupid to add! Guess what? I don't! Idiots like you are ruining our country.
bhec7715 5 months ago
This is an important piece of American history. Our myopic fellow citizens forget that it wasn't just Obamacare that created the revolt that became the tea party.
bhec7715 5 months ago 20
@bhec7715
No, it was a lot of astroturfing on the part of Dick Armey, underwritten by the same gang of plutocrats who finance The Heritage Foundation, Americans for Prosperity, The Cato Institute, and the Ludwig von Mises Institute from where you get most of your sophist libertarian propaganda.
TrollBuster9090 5 months ago
@TrollBuster9090 It's America and you have a right to your opinion but there's no actual proof of anything you just said. Liberals just can't handle the fact that average Americans got pissed off enough to turn activist. For proof just look at the media reactions to the tea party from the very beginning. You have selective memory. The same crap happened to Clinton when he was tried to ram through Hilarycare. People still don't want single-payer health care. Duhhh?
bhec7715 5 months ago
@TrollBuster9090 So was Dick Armey behind Porkbusters back when the Rs still held both houses of congress? And are all the protests under that were under Bush Astro-turfed? Do the organizations you mention above spend more then George Soros?
cheeseburger12 5 months ago
@bhec7715 Amen Brother.. amen. These asswipes calling Tea Party people "Terrorist" should REMEMBER WHO we are.. and WHY we revolted. The line "Who wants to start paying for your neighbors mortgage?"
TheSwabbie 4 months ago
@bhec7715 By revolt you mean "status quo,"
by the tea party you mean what was originally named the GOP, the "moral majority," and other names for corporatist stalking horses for the past three decades,
right?
Turtleproof 1 month ago
"like mob rule here, I'm getting scared"...sissy !
IslamistTube2 6 months ago
yeah, president obama, are you listening? listening to the traders on the floor at the stock exchange who'd like to keep their millions rather than help a guy out? i wonder how santelli would feel if he was one of those guys that lost their homes. Oh right that wouldn't happen because that only happens to "losers" like working class people. Santelli and his business pals are just BETTER, obviously.
mesastilettodeuce 6 months ago
On the day of that rant the DJIA was at 7465.95. Today it is at 12,300. Those so-called "regular Americans" traders behind Santelli have probably done pretty good under Obama.
briefermadness 6 months ago
@briefermadness I'm sorry what has Obama done? Give me some information as to what he has done to help stimulate the economy other than give Americans the idea they will be bailed out before defaulting.
killerbee7035 5 months ago
Rick Santelli is complaining about giving handouts to the man on the street but he does not complain about giving handouts to wall street?
thelancemanion 6 months ago
how many want to pay your neighbors debt? Well, we are all paying for the debts of Citbank, Bank of America, AIG, etc.etc.
thelancemanion 6 months ago
Oh for the days when the Tea Party wasn't retarded...
Anghellik9 6 months ago
@deegan45 Not if you consider inflation a tax. In that case all of our taxes have gone up under Obama. Printing money to buy government bonds is clearly a form of taxation as it erodes the purchasing power of what we use to buy stuff.
pholland 6 months ago
Under Bush, the average inflation rate hovered around 3 to 4%. Under Obama it's mostly been 1 to 2%. We have only returned to "Bush Levels" of inflation during the last couple months.
briefermadness 6 months ago
@deegan45
No knucklehead - but Obama DOES have power over federal funding, oh AND the Obamacare he funneled money into. Oh and the 2 stimulus packages would have been more efficient had he told people to simply stay at home and pay their full salary DIRECTLY.
THATS WHAT PEOPLE WITH A BRAIN WOUD CALL A FUCKING FAILURE!!
The tea party isnt Fox or any other group -Just people who are tired of economic retards blaming others, and asking for hand outs.
ENOUGH !
jabberwolf 6 months ago
just keep raising the prices of our commodities through junk-math while the rest of the nation rots.
enjoy those extended tax breaks. you f***ing earned them.
eulogyforanelephant 6 months ago
it's pure genius: defraud investors and pensioners at the expense of the future ability of firefighters and teachers to be able to clothe and feed themselves, get a slap on the wrist from the SEC, enjoy a flood of risk-free and interest free cash from the fed with taxpayers on the hook for any losses, use said cash to buy government bonds and then sell them back to the government at a higher rate and pocket the difference, and laugh all the way to the hamptons at us mere mortals and "bolsheviks
eulogyforanelephant 6 months ago
Well, 2 years later and Santelli's rant has been complietely vindicated by subsequent events.
PackerBronco 6 months ago
@PackerBronco Yeah, the DJIA has gone up from 7465, where it was on the date of Santelli's rant, and now hovers around 12,300. Those stock traders he was whipping into a frenzy have made out pretty good under Obama.
briefermadness 6 months ago
@deegan45
Um the FEDERAL taxes went down but state, local taxes, fees - subways, buses, other services HAVE GONE UP!!!!
Now who is ignorant - take a deep long think before you make another retarded comment with a fucking empty head.
jabberwolf 7 months ago
@deegan45 The truth is, Santelli is a second rate reporter, and this was not spontaneous. The Koch Brothers hand was already in the mix:
EXPOSING THE RIGHTWING PR MACHINE: IS CNBC’S RICK SANTELLI SUCKING KOCH?
By Mark Ames and Yasha Levine
brt929 7 months ago
@brt929
Was the commodities market behind him , in on it too?!
You are retarded!!
jabberwolf 7 months ago
After this he was "re-educated" by GE to explain his duties as a broadcaster. GE was given tax exempt status by Obama to push his agenda,this was a violation of that agreement and rick was in big trouble...Sad that the America is blind to this
js1112111 7 months ago
This has been flagged as spam show
The Tea Party does represent a desire to preserve the culture of White people - and there is nothing wrong with that. Cultural Marxism (aka Political Correctness), socialism, open immigration and NeoConservativism all have the same thing in common: They are Jewish intellectual movements that are hostile to the West. We are now under a the control of Hostile Elites.
Google the works for Dr. Kevin MacDonald. Also visit his site The Occidental Observer.
Jasonlittlex 8 months ago
This rant took place on February 19th 2009 . . . a day short of a whopping one month anniversary of Obama's presidency, of course. So naturally, Obama now OWNS Bewsh and Dereg Willie's mortgage messes. Oh yeah . . . look at the LOW stock market averages at the start of the Obama admin, and look at them today. Seems for all their crybaby whining about what a commie hander-outer Obama is, people who are at Koch's and even Santelli's level of bank are making out pretty well if you ask me.
HughBeaumont 8 months ago
No WONDER why he loves Italian Sausage, ROFL!!!!!!!!.
Tmetrvlr 8 months ago
Investment firms turn our economy into a back alley casino from the 1930s, but it's the folks that got suckered into toxic mortgages who get the blame?
Fuck you Santelli and any of you Ayn Rand, cocksucking motherfuckers who agree with him.
modernity2001 9 months ago
@modernity2001 If there was fraud..Prosecute to the fullest. Not sure how you get suckered on your biggest investment..shame on you if you let yourself get suckered.....The reality is...most borrowers affected had little to no skin in the game and lost nothing. 5% down payment to buy, then refinance and pull out more equity than they put in...Is that what you call a sucker....then that sucker lives rent free for 2 more years while the gov stops foreclosure process. We pay for that sucker now!
dduras 8 months ago
@dduras Let yourself get suckered? Are you serious? You should really listen to yourself sometime. Because of the lack of regulation that allowed for commercial banks to sell these awful mortgages to unwitting homebuyers, then sell the same awful mortgages to investment banks, who then sold them as bundled toxic assets to investors we are (still) in the shit.
modernity2001 8 months ago
@modernity2001 Nowhere did I say there was no blame to Wall Street but Im pissed at the cocksuckers that authorized a bailout and I dont give a shit about party lines, they were both responsibile hook line and sinker. Those banks should have vaporized! End of Story. Anyone who fell for a teaser rate is a sucker and deserved what they got. I tunred away 1.5% teaser rates every week during the era. You dont need to own a home to live the dream, Im barely surviving and would rather rent.
dduras 8 months ago
@modernity2001 And your point about mortgages to unwitting homebuyers, lets face it, they bit off more than they can chew, but they didnt really lose much if they were loaned 110% debt to equity..How about prosecute the loan officers for lying on applications, borrowers who lied on applications, appraisers who over appraised homes and the rating agencies who fuckin stamped this paper AAA to create a secondary market for this junk. these problems resolve quicker if you prosecute and not bailout.
dduras 8 months ago
Santelli seems to be confusing 'Capitalist' with 'Being a selfish fucking asshole'. He's surrounded by people who caused the great economic crash - traders, investment bankers etc - and then has the nerve to rip on the people who had their lives ruined by the system he's extolling the virtue of.
mw2000 9 months ago
@mw2000 , I think you need to turn off MSNBC and start reading from the people who predicted the crash would come, explained why it would come, and turned out to be right. To summarize, Wall Street got drunk, but the Government and the Fed poured the alcohol and told them to "chug".
Search "Keynes vs Hayek Round 2"
Ironslave28 9 months ago
@Ironslave28 Yes, and it was deregulation that these Wall St pieces of shit and Rick Santellis demanded the Gov't give them that caused all this. Either way, the people that were damaged by the crash are the ones being scoffed at here by Santelli and his rich friends - the ones that caused the crash.
mw2000 9 months ago
How is this a great country when we failed to stop the spread of capitalism?
tantric38 9 months ago
@tantric38 Don't worry about that "problem". It's being rectified by greedy politicians and crooked unionized government bureaucrats as we speak. Soon the entire country will be purged of free enterprise and its products.
DrCruel 8 months ago
I'm surprised the Obummer machine let CNBC get away with this - being that they are a part of the Obummer media.
msldcs 9 months ago
Read Griftopia to see how smarmy this POS is.
dionusos2 9 months ago
Um, this idiot is on Wall Street. He has NO interest or concern for YOU. Ass&#le.
Charlie29365 9 months ago
Thanks Santelli - I'm sure you were one of those douches that advocated the deregulation of the financial sector which made all of wall st. and financial institutions make extremely risky decisions that ended up crashing the world economy.....Let me guess - you also don't have a problem with their CEOs making $100 million per year while fucking over thousands.
These people are utterly out of touch with the American people. They perpetuate an OLIGARCHY in our country....thanks again
SechyoolarYOOESAY 9 months ago
@SechyoolarYOOESAY you're right, he doesn't have a problem with increases in CEO salaries & bonuses, because a well-fed machine is a happy machine. if you can do a better job, get up and do it. if you need guidance, read what jalexander3 said (3 months ago) about an individual's ability to "keep what [they] earn."
joemax222 9 months ago
Rick Santelli is a Wall Street fleshlight. Funny how he remained so calm and composed while TRILLIONS of dollars were being printed to keep the Too Big to Fail banks solvent, ( You know those banks that were massively over-leveraged and had trillions of dollars in derivitives tied up in the subprime bubble, those banks that, without government intervention i.e. TAXPAYER MONEY, would be insolvent due to the bursting of that bubble) BUT DON'T YOU FUCKING DARE GIVE ANYTHING TO THE PEASANTS
TehFlamingLipz 9 months ago
These CNBC idiots are trying to make light of this like Santelli is trying to be funny but they don't get it. This is how most Americans are feeling. Their condescension is insulting.
tjsbigidea 9 months ago
This has been flagged as spam show
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 10 months ago
Fucking sociopaths - they shouldbe in a menatl asylum.
AGazeFromBeyond 10 months ago
The outlook of a tea party supporter is every man for himself, and if you see someone down don't help them up, kick em' and take what they lost. Down on your luck doesn't exist in the mind of a tea party supporter.
murdabitches 10 months ago
@murdabitches No, being a career deadbeat and freeloader is the problem. The sooner these miscreants unfuck themselves and contribute something constructive or of value to society the better off everyone will be. You are probably a BO cheerleader who stands silent as the country goes bankrupt. Since BO has been in office along with his dems they have amassed 5 Trillion in debt. Go ahead with your Obama songs and mock military outfits. Big Dummy! The TEA Party is trying to save our country.
Vavazelus 9 months ago
@murdabitches Get a job!
mocatz187 5 months ago
I love how Tea Party supporters want to stereotype everyone who have lost a job since the financial crisis as lazy good-for-nothing bums, when the reality is that alot of people who lost their jobs were middle class hard working people who played by the rules. That doesn't matter in the twisted mind of a tea party supporter though, you lost your job therefore you are lazy and are deservering of your misfortunes, even if they are not your fault.
murdabitches 10 months ago
@murdabitches Another Obama foot solider.
Vavazelus 9 months ago
@Vavazelus
Typical black and white logic, if someone doesn't agree with your views then they must be an Obama drone liberal communist.
murdabitches 9 months ago
Go Rick! You're the man.
14534 10 months ago
I bet he is happy with the corporate gains on the stock marcket since he made those stupid commets. Stock market, Nasdaq, and S & P at 4 year highs and we all know how the market would have turned out of GM, Chrysler, and Ford went underwater. Not to mention another 1 million homeowners losing their homes without Prez Obama's mortgage relief.... yeah, I love the Tea Party movement, it truly shows how strong rhetoric can assemble a group of skeptics
smackdog1 10 months ago
@smackdog1 BO enabler, Ford did not take a penny of corp welfare, The company is succeeding without any gov't money nor takeover. Mortgage Relief? You mean welfare for dummies who had no business "buying" homes they could not afford. You forgot to mention 'cash for clunkers". Most people who got the money bought Japanese cars. Try to be smart and not push B.O./libs/Demos bullshit. Most are not buying it anymore.
Vavazelus 9 months ago
@Vavazelus Did your spaceship land last night? Banks were selling homes on false income statements approved by federal deregulation by the Bush administration. Yes, Ford didn't take a dime, but do you really think they would survive if GM, Chrysler and the banks closed? You easily forget all the car manufactors get their parts from the same suppliers and their cars are financed by the same banks...I guess it's easy to say you don't know economics. BTW, how do you have capitalism without banks?
smackdog1 9 months ago
Comment removed
mocatz187 5 months ago
@smackdog1 Vavazelus is right! It was that dude that you get buttfucked by, Barney Frank's financial services committee postion that allowed him to tighten regulations and force banks to give loans to minorities under provisions of the COMMUNITY REINVESTMENT ACT passed by President Carter which is the seed that started it!
Paulson and Cox are simply criminals but they weren't the activists that made tis happen. They simply profited from it.
mocatz187 5 months ago
@mocatz187 NOPE, try again, it was H.W. Bush that signed into law for Fannie Mae to allow more low to middle income homeowners into the market. That later turned into a giant tidal wave of theft when Phill Gramm repealed the Glass-Steagall Act with approval of Bill Clinton's pen without any veto. You try to blame Barney and Dodd for the disaster, but you fail to remember they were only low ranking members with no REAL authority because Republicans had the majority in 1999 through 2006. FACTS!!!
smackdog1 5 months ago
Comment removed
mocatz187 5 months ago
@Vavazelus Repug Enabler...wake up before you become a slave to the corporate serfdom master plan when you don't have a living wage. Repugs give tax breaks to corporations and millionaire/billionaires and then blame firefighters and teachers for the deficit....INSANE.And the sad part is that you and rest of the repugs are buying it. BTW, the real reason why we have a deficit.... IRAQ + AFGHANISTAN = 3 TRILLION DOLLAR DEBT. Thank God Prez Obama ended Iraq war and is finishing the crap in Afghan!
smackdog1 9 months ago
@smackdog1 After unwrapping your purple libs from B.O.'s cock take a spoonful of reality. Starting with another failed President Carter, the banks were forced to give mortgages to minorities who could not rub two nickels together. This continued up till 2008. These mortgages were backed by Freddie/Fannie Mae. Both operated by hard core/corrupt democrats. No mofo, the reason the deficit is because BO spends our money to enlarge the government to form a base and give money to deadbeats.Now STFU
Vavazelus 9 months ago
@Vavazelus In 1992, President George H.W. Bush signed the Housing and Community Development Act of 1992. The Act amended the charter of Fannie Mae and Freddie Mac to reflect Congress' view that the GSEs "have an affirmative obligation to facilitate the financing of affordable housing for low-income and moderate-income families. You idiot, you believe the false budget G.W.Bush gave you by not placing 2 wars into the yearly budget and a prescription drug plan not fully funded. IDIOT!!!!!!
smackdog1 9 months ago
Rick Santielli and all traders are pieces of shit
ubermisogynist 10 months ago
This was important because it crystallized what 10's of millions of Americans thought. Santelli's remarks will come to be viewed as the "Rant Heard Round The Land".
The full effect is yet unknown. But come the 2012 elections there will be a Second American Revolution, & the people rise to overthrow an oppressive ruling class which governs without consent, spends what we do not have, aids our enemies, insults our allies, & tries to control all aspects of American life. Don't Tread On Us!
jum1801 11 months ago
This is why i didn't care about WTC during 911, can't stand people like him and those idiot scam artist traders
CardinalRaker 11 months ago
@CardinalRaker This is why I don't care about selfish people like you & can't stand your arrogant self-righteousness; who feel no duty whatsoever to America, but think America owes you something; who resents those who have worked to build something; but who instead of working yourself to earn those things too, merely steeps in your own bitter bile and curses "the rich" (who are anyone who has worked harder than you).
The pendulum has swung, and the free rides are over.
jum1801 11 months ago
@jum1801 youtube. com/watch?v=DiqlI49UnCA Explains it all
CardinalRaker 11 months ago
@jum1801 also there are only two things innocent on this earth animals and newborns. Excluding those to no one is innocent especially bankers/traders/lawyers and insurance execs
CardinalRaker 11 months ago
@ComfortableLate:
Yeah go figure......Wall Street calling for Tea Parties, kinda like Marie Antoinette, saying "Let them eat Cake, while we fill our pockets". This is absurd, these unethical, immoral; and dishonest; morons need to be purged from this country. It isn't radical-Islamists I want to see our armed forces hunt down and kill, its our Bankers and Wall street Traitors. They've done more harm than a hundred years of terrorist attacks.
Saxonmann 11 months ago
I don't think the people behind Santelli are rich traders or representative of Wall Street. One of the tenants of the Tea Party movement is anti the crony capitalism of Wall Street bailouts. They are probably trading floor runners who make about the same as I do and I am not rich by any stretch of the imagination. BTW I know people still consider Wall Street Republican but if you look at donations they overwhelmingly support Democrats. Just ask Chuck Shcumer and Obama.@Saxonmann
Duke1839 11 months ago
Millionarie traders represent America, sure.
ComfortableLate 11 months ago
Convenient how he didn't mention the 700 billion dollar theft they called a bailout. Massive criminal fraud on wall street, virtually nobody goes to jail and in fact they all get paid and get to do it all over again. Next time might lead to collapse.
Diversions are used to pin it all on homeowners, many of whom are losing their homes through no fault of their own, or teachers unions with their pension funds that lost value. Tea partiers brainwashed by corporate interests are happy to comply.
bitchazzmothafuckaz 11 months ago
A transparent, self-serving & disingenuous rant..
He's obfuscating the facts and presenting false choices.
Santilli is goosing his fellow shills in the trading pit along side him but mostly preaching to a very predisposed partisan & mercenary neo-con audience.
We saw what the neo-con mindset gave us with Dubya's crime syndicate.
May I humbly submit that had not Clinton broke Glass-Steagall we wouldn't be
in the financial toilet today. The benefactors of this action are Mr. Santilli's ilk.
canidae98 11 months ago
This is what galvanized the tea partiers? Are you shitting me? This is movement conservatism at its best; reaffirm people's false perceptions about their fellow "parasitical" citizens; more specifically minorities; even more specifically; black people. But seriously, this isn't even that much of an emotional rant. I was expecting this dude to be screaming until his veins popped out of his neck.
jayrinaldi 11 months ago
Three cheers for Rick.
therlittle77 11 months ago
rick is the smartest guy on cnbc. too bad he doesn't run for president with larry kudlow as vp.
zaplunken 11 months ago
Of course the teabagger movement was started by Wall Street scumbags
Paulpatine 11 months ago
This took place not even 1 month into Obama's term are you fucking kidding me?
Hammy24 11 months ago
@Hammy24 Look, Obama forced the poors to buy houses they couldn't afford, and that's just the way it is! The under-regulated derivatives market and banks taking far too much risk? It's not because there wasn't enough regulation; it's because there was TOO much!
Bonuses? If we don't reward our nation's best and brightest, whose firms needed to be bailed out only because the poors were irresponsible, they would go work in a non-existent country where bankers get paid more than in the US!
BenkaiDebussy 11 months ago
Rick Santelli for President!
Carterofmars 11 months ago
wilbur was bang on his prediction.....the Tea Party political movement was born... now it has been hijacked by the same ole paid out politicians
Mattessj 1 year ago
these cnbc guys are complete morons. props to santelli.
oitotheworld23 1 year ago 9
FAKE & STAGED!
rog944 1 year ago
The banks (filled with traders) received far more government funding than people losing their houses. They paid the price, yet it's back to business for the banks already.
Moral hazard? The weak always pay the price. The strong just move out of the way.
TheBigEase 1 year ago
"Rick, I congratulate you on your new incarnation as revolutionary leader." That guy had NO idea how prophetic his sarcastic remark would be!
radconserv86 1 year ago 2
how come so many people who have commented think that america is about handouts and welfare?
jalexander3 1 year ago 2
@jalexander3 it's not? I have a few friends that are unemployed that aren't trying to look for a job and gets payed unemployment benefits and it keeps getting extended while I work my ass off. Have you seen the video about the kid that asked for food stamps and he goes shopping at Wholefoods to try random snacks? I hate it. I feel dumb for working so hard for my money.
kenji4861 1 year ago 2
@kenji4861 right. america was not founded as a welfare-state. america is where individuals kept what they EARNED and the collective had no right to ne1's property. the poor had ample opportunity to better their situation because they knew nobody could take what they earned, and if they failed they had only themselves to blame.
this is what made america great.
i am just wondering why so many people think it's unamerican to not give handouts.
they are completely confused.
jalexander3 1 year ago 13
@jalexander3 Before social welfare programs and legislation protecting workers (40 hour work week, child labor laws, safety regulation), a FAR larger portion of Americans were poor and/or homeless. This "golden age" of America with no welfare and regulation *never existed.* Both SS and welfare greatly decreased America's poverty rate. Anyone who believes life in America prior to the 20th century was better than life now is delusional.
By all means, tell me when America used to be "great"!
BenkaiDebussy 11 months ago
@jalexander3 Yet the same people claimed we spend billions in bail outs. Its not about capitalism its about the status quo and keeping it and yeah people do get robbed by others and are failed by the law.
MorroWolf 10 months ago
@jalexander3 free market capitalism and govt underpin as a republic made america great...
not handouts and US Dollar diplomacy...centralize money controls the freedom of choice.
HermandLo 10 months ago
@jalexander3 Honestly. Of all this money that's been taken out of the national economy, how much of it do you think has been used to "help the poor"? Why do you think the growth of the welfare bureaucracy has led to increasing levels of poverty?
This country has been scammed and screwed. Why to we continue to put up with it?
DrCruel 8 months ago
@jalexander3 The dumbing down of our society, and the pushing of the "entitlement mentality" is exactly how this came about!
longpassion8kiss 1 year ago
Santelli the Quack like most Teapublicans believes in socialism for the rich and capitalism for the rest.
judedelux 1 year ago
look at all these intellectual journalist getting "scared", fuck i hate the media
stephleom 1 year ago 2
Just an other hasbeen vying for attention, any attention. Why this moron on Fox Newsless with the rest of Murdochs jesters. Anyone that would take this aholes business advice is already poor.
judedelux 1 year ago
@judedelux it's CNBC genius. Check out the lower right corner.
ExZonie 1 year ago
@ExZonie Actually what I meant to say was 'why ISNT this moron on Fox Newsless with the rest of Murdochs jesters'. There, now you can reply with all your dilutional convection how Fox Newsless is wonderful.
judedelux 1 year ago
@judedelux Check the bottom right corner Jude, it was CNBC NOT Fox!! Nice try though! Gotta give you credit for trying at least..
longpassion8kiss 1 year ago
@judedelux Typical liberal attempt....look in the bottom right corner Jude....it was CNBC...NOT Fox...nice try though...nice attempt to pull the same liberal slight of hand! Pathetic!
longpassion8kiss 1 year ago
@longpassion8kiss Yet another data point supporting my theory that all people who type with a ton of unnecessary ellipses are dumb as a rock!
BenkaiDebussy 11 months ago
I totally agree with this video - people must live within their means.
mikev343 1 year ago 2
Wow! I'm shocked that so many Americans are sub-human. Anyone who gives any credence to what this piece of shit says is pathetic. This guy is a parasite. He sounds like a tasteless comedy skit on saturday night live. This is exactly the bile that Wall St. likes to hear. We are headed straight for hell if this is what America has become. All your grandparents would be ashamed of you.
TheStulzRage 1 year ago
@TheStulzRage How is HE a parasite?? Aren't people who buy a house they can't afford, parasites? Bile? Huh?
radconserv86 1 year ago 2
@radconserv86: The parasites are those who approve mortgages for people who can't afford them knowing full well banks or other people with money will soon own the houses. And, the working poor who lose the houses are then worse off than if they'd never gotten a mortgage. These predators were calling people in low income neighborhoods offering deals that were too good to be true - but when you want something better for your family it's difficult to say no. The banks count on that desperation.
TheStulzRage 1 year ago
@TheStulzRage You can blame that on the strongarming the banks got to force them to give subprime loans!! Thanks to some key manuevers by Bill Clinton, and arm twisting by Bawney Fwank and his band of merry idiots, forcing banks with increased regulations and fees, to get them to do the "socially correct thing" and give loans to people that had NO business purchasing a house with their financial situations the way they were!
longpassion8kiss 1 year ago
@longpassion8kiss Who is powerful enough to "strongarm" banks? They are the most powerful entity in the country. You are obviously delusional if you think Clinton was the only criminal to deregulate the banking industry. (Reagan, Bush Sr. and Bush Jr. also gave banks everything they wanted - just as the Obama people are doing) You are definitely delusional if you think regulating banks somehow makes them MORE criminal. They pay their employees in Congress to deregulate to continue raping us.
TheStulzRage 1 year ago
@TheStulzRage Some day I'm going to ask someone who makes that "banks took too much risk because they were OVER-regulated, not under!" talking point what regulation(s) they think caused this problem.
It's also funny how they talk about the CRA, ignoring the fact that most CRA loans were good and didn't default. And completely ignore every other major contributing factor to the crisis.
It's like trying to teach a young child; they just can't grasp anything beyond "A -> B"
BenkaiDebussy 11 months ago
@BenkaiDebussy: A lot of these morons are so pathetic they can't even draw a simple conclusion from overwhelming evidence. Banks have run our country at least since the Federal Reserve Act was passed in 1913 and have crashed the economy at the expense of working people many times - 1987 & 2008 were huge social programs for millionaires just in recent memory - and these people complain about corruption & then support the most corrupt criminals in the world. It's fuckin' incredible!
TheStulzRage 11 months ago
The BostonTeaParty2008 took place on 12-14-2008. That was 2 months BEFORE Rick's rant calling for a Chicago tea party ! Rand Paul was our keynote speaker and the theme was "Restoring a sound money system"
plr1954 1 year ago 9
Obviously a staged and controlled event. Public outrage always must be canalized, and the "grassroots" movements are ALWAYS spearheaded by very well-connected people. When will people get it?
suddenlyitsobvious 1 year ago
@suddenlyitsobvious Do you really honestly believe that? Honestly?
radconserv86 1 year ago
why dont those losers (90 percent of the people) who dont have bread to eat just eat cake instead?
oh my god - what will we do when those who buy some stock for five minutes and sell it to somebody else for more money five minutes later dont show up to work?
how will the world function if these nonproducers - err I mean "producers" go on strike.
screw 90 percent of people who are only hourly wage losers.
throw them all out on the street right rick?
modern day marie antoinette's, all of them.
irkedd 1 year ago