A CNBC analyst on the floor of the Chicago Mercantile Exchange this morning responded to President Obama’s proposed $275 billion deficit-financed homeowner bailout plan and other massive spending measures with a call for a new “tea party.”
Rick Santelli, in a nearly three-minute rant that drew approving hoots and comments from nearby traders, said the Obama administration’s promotion of bad behavior must be causing the founding fathers to roll over in their graves.
“We’re thinking of having a Chicago Tea Party in July,” Santelli told CNBC co-anchor Joe Kernan. “All you capitalists who want to show up at Lake Michigan, I’m going to start organizing.”
“I have an idea – you know, the new administration is big on computers and technology,” Santelli said sarcastically. “How about this president and new administration, why don’t you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers’ mortgages or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road and reward people that could carry the water instead of drink the water.”
An unidentified trader on the floor near Santelli shouted out, “Hey Rick, that’s a novel idea.”
Santelli then turned his back to the camera and dramatically asked the traders on the floor, “How many of you people want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills? Raise (your) hand.”
A large moan went up from the floor as none of the traders appeared to raise their hands.
“President Obama, are you listening?” Santelli asked to the camera.
The unidentified trader to Santelli’s right then leaned into the analyst and said loud enough to be picked up on microphone, “How ’bout we all stop paying our mortgages. It’s a moral hazard.”
Kernan then said, “This is like mob rule here. I’m getting scared.”
“Don’t get scared, Joe,” Santelli responded. “Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective, now they’re driving ’54 Chevys, maybe the last great car to come out of Detroit.”
After an exchange with another guest, Santelli returned at the end of the segment, referring to the traders as a “pretty good statistical cross-section of America, the silent majority.”
“Not-so-silent majority,” said co-anchor Becky Quick.
VIDEO LINK: Click HERE for the video.
(Source: World Net Daily)
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11 Responses
Banks should have know better than to loan people 100% of the value of a house, knowing the house was overvalued by the appraiser, without regard to the ability of the person to repay the loan, with no plan on having the loan repaid since the bank assumed they could get more fees by refinancing based on rising home prices, and then “selling” the loan to investors who weren’t told the loan was extremely dubious. The bankers should be stripped of their assets and thrown in jail. Instead Obama (well, the Treasury which sort of does what the president tells them to, though that hasn’t been too clear) is trying to save the bankers’ necks by salvaging worthless mortgages.
Since political prisoners and terrorists are being removed from Gitmo, maybe we can move all the bankers there.
Banks were being forced to lend as part of the Community Reinvestment Act, thank you Jimma “I love terrorists” Carta who started it and Bill “Slick Willy” Clinton who reinforced it further.
The lunatics have taken over the asuylum in Washington.
Obama’s mortgae subsidy plan is designed to placate the thouands of poor homeowners who are at risk of being foreclosed out of their homes.
Many are “Minority” people who have, historically, brned down the cities when they were angered. This subsidy is really a blackmail payment to prevent riots in the cities.
akuperma, Senator Chris Dodd and Congressman Barney Frank sent letters out to the bankers threatening penalties if they don’t become more flexible with prospective buyers and extend mortgages to those who they termed “underprivileged”. When are you going to get your facts straight?
As far as the post, so what else is new?
“ATLAS SHRUGGED?”
To: Mayan_Dvash
The Community Reinvestment Act has nothing to do with the current state of the economy. However it does benefit many frum families that rely on subsidized housing.
#6- it wasn’t the loans to inner city people that undermined the banks — NO ONE told (especially not the liberal democrats who would disappear if their favorite constituents moved to the suburbs)the banks to give people mortgages to suburban mansions that could only “work” if prices kept rising. Except for places like Detroit whose major industry died (New York will feel similar, soon), the crisis is in places where middle class, or better, people were doing the buying. The reality is that it would take a lot of mortgages to inner city row houses to bring Citibank to its knees – but the “subprime” weren’t trying to get a better walk-up in BedStuy, they were buying into the suburbs (okay, maybe they wanted to live next to people like Dodd and Frank – I doubt the view was reciprocal)
akuperma,
The banks were FORCED to give people the loans. This was compliments of your friends Jimminy Carter, Bill Clinton, Ms. Barney Frank, Barbara Boxer, Maxine Waters, and others INCLUDING the current president. When the hearings were taking place in 04, many of the above were claiming there was nothing wrong with Freddy and Fannie. Call this another (mostly) liberal mess!
I know you believe in revisionist history but you are WRONG!
I guess MSNBC THE OBAMA NETWORK will be getting rid of this right thinking kind of guy. Thats good because he would get a job with FOX in a second!
Community Reinvestment gives a lower rate, but traditional qualifications are usually needed. Those are, for the most part, not the ones now threatened with foreclosure.