Olbermann Inserts Shoe

[SlowDownFast]

My words:

Rick Santelli's rant on CNBShit the other day was not a defense of crooked financial institutions or even the brokers/traders he had cheering, despite the backlash against that rant. Santelli is a BOND trader, not an equity trader. As a bond trader, he understands the underlying reasons of this market crisis better than any run-of-the-mill stock broker. He has consistently railed against ANY bailout. Those cheering traders at the Chicago Mercantile Exchange understood this. They weren't defending the rich, the CEO's or even the stock market. This wasn't a rich vs poor or Repug vs Dem thing, which many seem to fail to understand. This is about the truth of this crisis, and there is plenty of blame to be shared. The Pigmen Bankers (and certain members of congress) need to be hung by their toenails and worse. And the folks who signed the dotted line on their ARM loans, lied about their income and are now upside down should lose their homes. Anything else is just Unicorns shitting Skittles.

Denniger's take (which I agree with).

http://market-ticker.org/archives/819-Olberman-Inserts-Shoe.html

[sharp_stick]

1. Yeah because everyone knows

that having my now deadbeat neighbors, who used to be nice guys until Santelli opened his moronic yap, lose their homes will do absolute wonders for the value of my house when the bank comes in to take them over.

Having people lose homes becaue they are under water is probably the worst possible thing that could happen right now. Most, damn near all, of them are more than willing to continue paying on their mortgages and paying off their loans at the current principle levels. If my neighbors lose these perfectly good homes near my perfectly good home the value of the entire neighborhood tanks and it will take years to get the value back up to anything near what it used to be. The values of the homes will continue to tank and pretty soon I'm going to be underwater because even though I have a nice little 30 year fixed the value of the fucking property is going to drop faster than I can pay off the fucking mortgage.

Nobody should owe less than they truly do but they should be allowed to continue to pay down what they do owe rather than have the asshole financial institutions, who started this mess to begin with, come in and firesale the places to dirtbag speculators.

[SlowDownFast]

3. Welcome to reality.

Time to clawback the money from the bankers and use it to help those who are truly upside down through no fault of their own - not the people who overstated their incomes on their applications.

Anything else is just a farce.

You think you're the only one who has a truthful, legitimate mortgage whose home value is declining?

[girl gone mad]

6. The government is picking winners here, though.

It may or may not help you if your neighbor is able to refinance. It won't help the renters and those who saw the bubble for what it was and made more responsible choices.

I think that a lot of people the administration is trying to help would be better off in the long term going through foreclosure. I don't think the plan is that bad overall, though.

[Frustratedlady]

2. I couldn't watch. He looks like a sanctimonious jerk with a "rug" that

needs adjusting.

What is it with these guys and their hair, lately?

[SlowDownFast]

4. Well, then, continue to remain oblivious.

That's your right.

It just continues to confirm my belief that this country is fucked beyond all repair and that I still don't have enough seeds and ammunition yet.

[dixiegrrrrl]

5. If you can't watch him, read him.

http://market-ticker.org/authors/2-Karl-Denninger

I know he is a pain to watch...so is Max Keiser.

But their information is gold plated and will keep you sane about your money and the economy.

Unfortuantely, our new Pres. is not listening to the the sane guys.