Rick Santelli’s ‘Rant of the Year’ highlights Wall Street Hypocrisy
Rick Santelli went bonkers on the trading floor against the stimulus package and the ‘shocking’ plan to forestall foreclosures across the US. He sees it clearly as ‘why should we help those idiot homeowners who got in over their heads?’
Who is Rick Santelli? 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.
Hhmmm. What’s missing in this rant?
Oh yes, the trillions of dollars that the banking industry and Wall Street (his effective employer) BLEW, which has now trickled down to little homeowners in the form of excess debt!
He’s railing, screaming, shrieking and says NOTHING about his own culpability, about the stock exchange, about the crappy ratings companies who fraudulently misrated financial instruments that he bought and sold.
Mortgages, Mr. Santilli?
That’s not the problem.
Your greed is. Your rant is dangerous, similar to screaming “FIRE” in a crowded theater, because you are inflaming people’s fear when your own actions and the actions of companies you have bought and sold have caused this problem and you are deflecting responsibility.
Here is a CNBC Interview by Melissa Francis with JPMorgan Chase President and CEO. Dimon took $25 billion in bailout funds and refused to let Melissa Francis know where he’s spent it, but he’s belligerent about homeowners not being released from their home ownership debts.
Seriously, does anyone still believe we are in the financial straights we are in, as a country and as a global economy, because SOME US HOMEOWNERS HAVE NEGATIVE EQUITY?
They’re screaming about a few thousand dollars in mortgage, versus $25 billion that Dimon took and won’t tell us where he spent it?
Its ass-backwards and hypocritical…
Remember this blog post?
THANK YOU for this post! I so agree! The last thing I want to hear is a complaint from the criminal bankers and traders. Gee. They can pay their mortgages from ripping off the very people they want to see kicked out of their homes for trusting their BS advice.
Your post is spot on! The news people are acting like the guy is some kind of hero. He and those like him who saw all this stuff like Bernie Maddoff coming and did nothing are to blame for the problem! What’s also missing from his rant is that bankruptcy judges are allowed to renegotiate terms on a vacation house or a 2nd or 3rd house, but not the principal residence. This is insane! In the real world most of us only have the house we live in, but those like Santelli don’t have a clue! Your post needs to be sent to all these stations airing that rant and twittered to shows like on MSNBC. This side needs airing, also!
I did not know that about 2nd or 3rd homes. No wonder so many homes in the Hamptons and other luxury places are not being foreclosed. Terrible!
You people are nuts. Santelli hit it right on the nose. Yes the $75 billion for home mortgages pails in comparison to the first $350 billion to banks and the spendulus bill of $783 billion. What you are missing is that all these spending bills are bad ideas (Republican or Democrat). We need the government to quit spending American tax payers money and give it back to them. What we need is a tax revolution in this country and if Santelli can get it started and more and more join him, we might finally take back our country. I promise you this, a revolution is coming. Whether it’s the class workfare being promoted by the media and washington or the bubba effect where bubba quits paying and starts shooting, a revolution is coming. And you know what, you whiners with your hand out at the trought of the ogvernment will be the first to fail because you don’t know how to stand on your own two feet. God help us and God Bless the United States of America. Not the United Socialist States of America.
We are in a world of hurt, spending more than we have. But its not the fault of individual homeowners, its the banks who lent 47x every dollar they had in their vault, and its the unsupervised, unregulated way they do business. Santelli’s rant is a lie, because he’s a hedge fund guy, he’s one of the guys who got us into this mess. I agree that we need a revolution but don’t think its going to be violent. Its got to get back to American basics, you spend what you have, you save for your future, you do your due diligence before you give up your money and you insist that your government and banking system are responsible. No more money to idiotic spending, I say.
Before crying about the lack of regulation you might review the December 2004 hearing where republicans calling for regulations were demonized by democrats who’d been receiving massive campaign donations from those very same institutions who needed more oversight. On top of this, had government regulations not forced banks to loan to broke people, those institutions wouldn’t have been holding many of the bad loans they sold off in bundles to start with.
[...] rightly ask to divert the billions from already failing, dying corporations to living people, Rick Santelli (backed it appears by Republican money from the Koch family who bought the http://www.chicagoteaparty.com [...]