Rick Santelli - The Rant Heard 'Round the World'
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The rant heard 'round the world'. The Drudge Report is highlighting CNBC's Rick Santelli's rant on CNBC this morning ripping Obama's mortgage plan:
'The government is promoting bad behavior... do we really want to subsidize the losers' mortgages... This is America! How many of you people want to pay for your neighbor's mortgage? President Obama are you listening? How about we all stop paying our mortgage! It's a moral hazard'...
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why we're upset
the market is tanking from highs only because of supply and demand. at the high point we were DRILL DRILL DRILL, spend spend spend, loan loan loan.....where is the next bull market and future bubble waiting to pop? what's in demand!
Look before speak
Suggesting a connection between the interest rate traders in the Chicago futures pits and the malfeasance that got us in this mess shows how ignorant most of this country is about what really happened. Understanding of the situation is an integral step forward in correcting and keeping this from happening again.
Rick Santelli's Rant
I don't remember Mr.Santelli having this kind of tantrum over the Bank Bailout wich is still ongoing and will cost all of us more money before it's over. The people of this Country need some help and they should get it. the Government should make every one of the Banks,mortgage brokers etc. fix the mess they created. These exotic mortgages should have never happened , these were very slick traps designed to benefit the lenders and the investors not the homeowners, some buyers knew they were getting in over their heads and some were pushed in. So be it , we have a problem that needs to be fixed lets fix it before it gets worse instead of trying to incite a media riot . I don't think the exact guidelines for the President's housing plan are due to be released until sometime in March so I think Mr.Santelli has placed the horse before the cart. It is my opinion that anyone who agree's with Mr.Santelli must also think that ponzi schemes and shell games played with people's money by places like Stanford Financial are perfectly ok.
A large portion of those seeking mortgage assistance are folks that were coached into applying for loans with brokerages that were heavily traded in the same room he carried on his rant.
The traders are doing what the supply chain requires. I agree "coaxing" people into the home and the financing they won't be able to afford when the reset happens is the fault of the lenders, what do the national builder and mortgage broker care, they made their bones on the poor souls they coached into the deal. Now look what the CFO of Toll bros. is offering, more of the same "creative" BS financing techinques, just to keep their butts from going under. "Buy a house today and if you loose your jobs within the first year, Toll bros. will pay for up to 6 months on the loan" BRILLIANT!! How about REFUNDING or OFFSETTING the loss experience these people just took ! Focus on the source and cause of the problem-afterall this was a"housing bubble" not a financial reporter or trader created fiasco.
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Is everybody a putz?
NYCityBob on Mar 6, 2009 05:52 AMSince when did the lenders become the borrower's fiduciary. The mortgage broker's were dealers of loans not Financial Advisors, Custodians or Nannies. What about Caveat Emptor? Can some one explain to me how people who did the "responsible" thing are in financial distress with homes underwater "through no fault of their own." It is the duty of the borrower to accept or reject the loan terms. The irresponsible are at fault for accepting the terms they couldn't afford. The exact opposite of how the borrowers are portrayed. Should a mortage require an intelligence test? Should we blame the Realtor's for recommending the purchase of homes that went underwater so quickly.? Are they fiduciaries? Sadly, Americans have become comfortable saying "I'm a putz" and abducating any responsibility for their decisions.