[ HT Calculated Risk ]
Rick Santelli for President... or Atlas WILL Shrug. Eventually.
(This is probably the only time I didn't taste vomit on the back of my throat after watching CNBC... damn program is on every trading floor I've ever been to. WTF?)
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Sunday links: not worrying about the why
2 hours ago
11 comments:
I've been cogitating on the quick, widespread visceral reaction to Santelli's rant. One thing to draw from it is that as soon as a real leader steps up there will be a whole hell of a lot of folks who get on the bandwagon. I for one am ready to throw the bastards out -- torches and pitchforks, and I'm not kidding. This mother must be brought down.
The Surly One.
The popularity of Rick's rant shows the people's need for a leader, a hero. There are many among us, and it's time for them to show themselves. (Just like you do, every day you post, Ben)
LOL!
Speculators as "heroes"!
It would help if there were some actual evidence that speculation in futures has ever increased the size of the actual real economy ie. bigger harvests, more pulled out of the ground.
But there is not. Instead, it looks like a casino, shuffling other people's cash around, grabbing crumbs or exploiting insider knowledge...
As to mortgage mods, that's between the banks and their borrowers.
Oh yes, and the Law....which is in the hands of a democratically-elected body of representatives.
That speculators and their bankster buddies are no longer calling the shots there is hardly a reason to revolt. These pit guys were GWB repubs almost to a man...
Invetment is necessary and good. Speculation though is useless to the broader economy. And it was spec in the oil markets that pulled the USA'a capital markets into the mire...Unless you are yourself a speculator, it's just a very expensive "insurance" market.
A casino producing nothing but arrogant rich people (and despondent producers), providing no surplus food, no surplus materials, nothing but airy dollars...which are now deflating.
Plus, many of the "securitised" mortgages were negligently "packaged": the underlynig mortgages may now no longer be enforceable in a Court of Law, eg. if the "note" evidencing the original mortgage was misplaced, or can no longer be found.
Many of these mortgages are being paid because the Debtors' do not realize that they are off the hook due to sloppiness in the documentation of the "securitization".
My guess is that many many unmodified mortgages which have undergone securitization are only "good" so long as the Debtor does not ask a Court to rule on it: be sure, any "modification" which the Debtor accepts will close those loopholes of which the Debtor may be unaware.
In other words, any legislated modification may well be a stealth move to save the Banks from their own sloppiness in transferring the mortgages. That sloppiness could have serious repercussions on the Banks abilities to go after the debtors. If the debtors knew about those legal "imperfections"...which most do not, I think...there would be a whole lot more people not paying anything, and no longer worried about it, on their so-called "mortgages".
He's off base, anyway:
http://llinlithgow.com/PtW/2009/02/miracles_on_pennsylvannia_ave.html
Wait eight months....
We can do better than that. Elections in 2010 baby!
Judging by what I am reading on the leftist blogs, they are scared that this really is the beginning of a back lash against policies that reward those who are least responsible. The left thinks Satelli doesn't care about poor people, only his buddies on Wall Street but they have got it wrong. Santelli opposed TARP. He opposes giving money to the autos. He believes that in capitalism where if you can't run a company properly, you go out of business. Who will replace GM? Someone else who knows how to run a car company. Who will buy all those foreclosed homes? Someone who can afford it at the right price! The acual number of homeowners who are behind are a small segment of the population. Where does it stop? Obama wants to spread the misery, not the wealth. He wants us to be a collective, not individuals. Santelli said it best when he mentioned how Cuba became collective look at how they are doing! If you are an American who believes freedom is more important than a Mcmansion, a brand new car and other worthless posessions, you need to echo Rick Santelli's message. Obama is no leader. Rick Santelli has said what so many of us are afraid to say for fear of retribution. Join the Tea Party. If you think this mortgage plan is the solution, just look at the incoming budget. 70%-90% tax rates are coming back. And it won't be just the $250,000 and up crowd like the Obamabots believe. It will be everyone. Sales tax in California just went up to just under 10%. Hey Obamabots, does that just affect the rich? Join the Chicago Tea Party! When enough of us make as much noise as those on the left, things we will get real change! Go Santelli!
Gibbs is pissed because he knows Santelli is right.
Why belittle Santelli? Santelli is brave enough to say how we truly feels about Obama's plan. I for one, don't feel like paying for other ppl's mortagage.
And why do I have to give a f#$% about GM anyway?
We have got to encourage Rick Santelli to enter the election. He is what the Republican need, a leader that can speak with passion.
I have'nt been this pumped about a speech like Rick's since Ronald Reagan. Run Rick Run!!!!!!!
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