Where was Rick Santelli when the banks got a bailout?

[originalpckelly]

Why should I have to pay for some loser banker's fuck up? :shrug: Why should I have to pay for them to live beyond their means and making shitty loans with other people's money?

If we stop the bailout, let's stop bailing out all classes, not just the poor or middle class, but also the rich fuck faces who own everything and are the ones who really got us into this problem.

[sinkingfeeling]

1. Yeah Rick, when we get to vote on the $5 trillion the government has given to 'wall street' and the

banks, then we'll vote on the housing plan.

[MattBaggins]

2. We need some good DUer to research this

Who exactly does that asshole work for, how much bailout money did they get, and how big was his bonus for this year?

[originalpckelly]

3. He works for GE/CNBC.

[MattBaggins]

8. No that's his cover for now

He was and probably still is a Hedge Fund weasel. He started out as Reagan era Junk Bond scammer.

[tridim]

4. He gets the douche bag of the week award for sure.

Maybe he should go out on the street and ask the same question instead of asking it in a room full of rich people who still have jobs.

[marketcrazy1]

7. Rick Santelli on bank bailouts

Rick Santelli has been consistently AGAINST Bailouts for banks and has taken much heat from his CNBS fellows..............

[originalpckelly]

11. And yet we didn't hear this kind of bullshit.

Now did we? Where was his rant that made the news then?

[DJ13]

5. I posted this earlier

I like Rick Santelli, but that was just (another) financial guy rant against the government trying to help Main street instead of Wall street.

Rick doesnt seem to care that his own house will decline by 50% (or more) if Obama allows the laissez-faire economic atmosphere to continue in housing.

He seems to think millions of empty foreclosed on homes piling up, adding to the already swollen inventory, wont impact everyones home valuations.

He's wrong.

Oh I agree with the hatred of "paying for someone else", but the government is only paying for half the difference on the renegotiated mortgages, not the entire amount.

Earlier today Mark Haines on CNBC was bitching about "so these people get the principle on their mortgages renegotiated down, but who profits when home prices recover and go back up?"

....ah, the people that remain current on the renegotiated mortgages? DUH

Well, if a loan is modified to the current valuation of the home in todays market, just consider the home as being sold today, and stop your bitching.

This "what about poor little old me?" is the root cause of our problems in the first place, its time for those people to sit down and shut up so we can work towards a recovery.

[marketcrazy1]

9. need to do a little reading..

""Earlier today Mark Haines on CNBC was bitching about "so these people get the principle on their mortgages renegotiated down, but who profits when home prices recover and go back up?"

..."".ah, the people that remain current on the renegotiated mortgages? DUH""" this statement is not factually correct..

[DJ13]

14. this statement is not factually correct..

So explain it then.

[marketcrazy1]

17. this statement -

- "".ah, the people that remain current on the renegotiated mortgages? DUH""" unless i am mistaken this implies mortgage holders who remain current after their mortgage has been modified will benefit from increased value if home prices go up. actually the way this program is being set up would allow banks or the government to recover the amount of principle deducted in the loan modification when the house is resold in the future perhaps even in excess of the amount of the principle reduction....

[DJ13]

20. Then you need to tell that to Mark Haines

He was all over CNBC this morning ranting about the deadbeats making money when the housing market recovers.

[marketcrazy1]

22. Mark Haines should do some research

instead of spouting "talking points" ( I hate that term ) I research EVERYTHING and NEVER EVER take the media`s rantings at face value...

[notadmblnd]

6. Ask and yu shall recieve

A veteran trader and financial executive, Santelli has provided live reports on the markets in print and on local and national radio and television. He joined CNBC from the Institutional Financial Futures and Options at Sanwa Futures, L.L.C. There, he was a vice president handling institutional trading and hedge accounts for a variety of futures related products.

Prior to that, Santelli worked as vice president of Institutional Futures and Options at Rand Financial Services, Inc., served as managing director at the Derivative Products Group of Geldermann, Inc., and was Vice President in charge of Interest Rate Futures and Options at the Chicago Board of Trade for Drexel, Burnham, Lambert. Santelli began his career in 1979 as a trader and order filler at the Chicago Mercantile Exchange in a variety of markets including gold, lumber, CD's, T-bills, foreign currencies and livestock.
http://www.cnbc.com/id/15837966/

[MattBaggins]

10. That's just the white wash mumbo jumbofrom CNBC

I bet he got a nice bonus this year from whomever he really works for and I would just love to see it thrown in his face if he got money from an institution that got bail out money.

His comments about "those who only drink the water" or "won't be contributing to the GDP after the bailouts"; just set my blood to boiling. That self important little snob. He owes this nation an apology for that infantile little outburst.

[tridim]

12. Instead he's getting kudos from MSNBC.

It's really pissing me off.

[prolesunited]

13. And he keeps asking why these people

didn't have THEIR lawyers look at the documents. That shows how detached they are from the everyday person. I don't have my own lawyer on retainer. Do you?

And then I think about what some of the predators did in poor areas with little education, encouraging people with small or no mortgages to get loans. There was a story on one of the news shows about a 60-something widow who was convinced to refinance four times in four years. The brokers made $40,000 off of her and now she faces losing her home.

[MattBaggins]

15. Hey Rick says she's just a loser anyway

and deserves to fail. She should be allowed to fall so that "winners" like him can go in and buy her home out for pennies on the dollar.

That's why that little f-tard is so mad. He is banking on being able to go in like a shark for a little feeding frenzy in the foreclosure market. A targeted housing investment would put a stop to his plans.

[brentspeak]

16. You've hit the nail on the head regarding the "just let it all fail" crowd

The way they envision the "market working itself out" is for them to buy up everybody's assets on the cheap.

[4lbs]

19. That's exactly what he's moaning about.

"But... But... if these people get to refi their homes with favorable conditions so they can actually stay in them, and not default, then how am I gonna be able to swoop in and buy it out from under them for cheap?!?!?"

[Mike 03]

18. Yes, it's really in our best interest if the banks fail. Damn them for intervening. NT

[me b zola]

21. I wrote to cnbc earlier

I blasted them for this bozo's screed. I really should also write to msnbc for airing that crap. :grr:

[Mike 03]

23. Tip: Listen to Bloomberg. They are a million times better than CNBC. NT

[doc03]

24. I only watch CNBC for Erin Burnett, I liked it when

she compared Bush's intelligence to a chimp.

[malaise]

25. Great question

The hacks love it. He's on NBC Florida right now. Someone's paying this hack.