This page has been archived and commenting is disabled.

Rick Santelli Goes Nuts In A "Top 3" Rant Protesting (What Else) Endless Subsidies And Fed Meddling

Tyler Durden's picture




 

Rick Santelli went a little nuts this morning, in a rant that easily qualifies in his Top 3 of all time. The gratuitous rating tends to correlate with the peak dB achieved while screaming at some gratuitous idiot and/or the length of applause by fellow CME floor members. (We also appreciate the advertising). Rick gets wound up based on earlier disclosure by Bill Gross that if the government guarantee of the GSEs were removed, he would only participate in the mortgage market if there was 30% down payments by first time homebuyers (oh, and, tee hee, guess who will be present and providing "eye of the monopolist beholder" advice at next Tuesday's panel). As Rick summarizes: "the people holding, the Treasury or institutions, are locked up in this place where the subsidies can't come out; extrication is going to be difficult much less getting out of the way of anything they may do in the future." Yet what sets Rick off is the debate over why the Fed should not let housing crash to its fair value bottom, instead of artificially pushing rates lower and lower, which benefits nobody except those serial refinanciers who hope to lock in a 30 Year at 0.001%. The screamfest begins at 5:40.

And by the way, Rick, whatever you do, don't, don't read the following article by Bloomberg: "Manhattan Luxury Condos Try FHA Backing in Sales `Game Changer'" in which we read that "The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments range from $820,000 to $3 million." Yes, ladies and gentlemen, the FHA is now insuring purchases of ultra luxury appartment by the ultra rich, affording what is essentially a no money down "NINJA/subprime-like" creep up into the most expensive properties in the world, entirely on the backs of the US middle class. If that "uber-wealthy" don't blow up the FHA, and the $7 trillion in GSE debt, nothing will.

 

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 08/13/2010 - 13:37 | 520249 JLee2027
JLee2027's picture

I'm shocked they allowed this. 

Fri, 08/13/2010 - 13:47 | 520275 Tarheel
Tarheel's picture

me too. they usually play the bumper music as soon as anything controversial is said.

Fri, 08/13/2010 - 14:16 | 520379 Tom Servo
Tom Servo's picture

Hope Rick doesn't have a hot tub...

 

Fri, 08/13/2010 - 15:07 | 520474 Janice
Janice's picture

Rick Santelli,

It is obvious that you read ZH.  Using your influence to the financial masses, please explain to the politicians that we, the people, do not re-finance our homes because we have lost so much value in them already.  My home has lost $130K in value.  Because we did the "right" thing, we put down $80K at closing.  Our hard earned savings of $80K has evaporated.  Yes, we have been paying our mortgage and are current.  Yes, our credit scores are okay.  Yes, we are employed.  The reason we don't refinance is because we would have to bring $50K to closing to meet the current appraised value.  If we bring the $50K, where does it go?  It evaporates, because it damn sure isn't converted to equity.  The American citizens may have been born at night, but not last night.  I'll sit on my $50K in case things get worst or ....buy gold bitchez! (Not implying that you, Rick are a bitch,...just a ZH tag).

Fri, 08/13/2010 - 15:09 | 520537 spekulatn
spekulatn's picture

Well said, Janice.

 

Read ZeroHedge.com Bitchez!!

Fri, 08/13/2010 - 15:26 | 520569 Turd Ferguson
Turd Ferguson's picture

Santellivision is the only thing worth watching.

The guy in the middle is a complete idiot. Following his logic, The Fed should just become the interest rate/treasury market and drive all rates to ZERO. At that point, all mortgages could be refinanced at 0.00% and all homeowners would be flush with cash in this new, zero-rate utopia. What a complete fucking moron. I would never, ever, in a million years entrust any money to Payden & Rygel. Clearly, they are a bunch of buffoons.

Fri, 08/13/2010 - 20:55 | 521116 FEDbuster
FEDbuster's picture

Banksters and government whores are 99% to blame.  Here is why the banks don't give a shit what your house is worth or what houses sell for:

http://www.youtube.com/watch?v=ssl5yb7FewA&playnext=1&videos=XqM2D_CbsHQ

There will be blood in the streets. 

Sat, 08/14/2010 - 12:28 | 521718 Plainview
Plainview's picture

Exactly Ferguson.

We listened to two decades of "look how silly Japan is, they should take the marks but they won't, silly buggers."

Now we have the same commentators, buffoons like this guy, imploring ZIRP ZIRP ZIRP; as if it is some gee-whizz panacea.

Fri, 08/13/2010 - 15:11 | 520545 knukles
knukles's picture

Rightie-O

And just where the Fuck do those Smartest People in the Room in the Sacred Halls of Gubamint think that The People, their Constituency are gonna get the New and Improved Additional Down-stroke from, when;

I'm underwater on the House and thus have No Equity left to take out of the House to serve as a New Down-payment on the Same House on which I already Lost my First Down-payment?  

My 401(k) is shot to Crap, so I can't Get Money From There, and Even if I could, I'd have to Pay Taxes on It to get it to Refinance with the Money I No Longer Have. 

And they keep talking to me about Increasing Investor Confidence to get Me Back Into the Market, when I don't have anything to Get Back Into the Market With and If I Did, I Sure as Hell Wouldn't Put It There because Everybody's Come to Believe the Idea that It's a Scam to take Money Away From the Little People by the Big People.

Ever Hear of;
Once Burned?
Cats and Hot Stoves?
Being Ripped Off?
I was Born at Night but not Last Night?
And I'm Not That Stupid?

Inmates Running Asylums.

(Primal Scream)

Fri, 08/13/2010 - 15:15 | 520564 bonddude
bonddude's picture

Did ya just hear Santelli bitch slap Insana

(that fat sports reporter/failed hedge fund mgr.) ?

Santelli is da man.

Fri, 08/13/2010 - 15:23 | 520580 Pamela Anderson
Pamela Anderson's picture

Ron Insana..... "ohhh God please help this poor soul find the light..."

Why is that all Cramer collaborators are IDIOTS ?????? Altucher, Insana , Dykstra .... too many of them to be a coincidence !!!

Fri, 08/13/2010 - 16:14 | 520730 bonddude
bonddude's picture

Pimps pushing skanky hos

Fri, 08/13/2010 - 16:21 | 520743 Cognitive Dissonance
Cognitive Dissonance's picture

Ron Insana is clearly one of the premier public myth keepers. His duties include perpetuating the myths, supporting the myths and backstopping any myths that might be undermined by common sense and critical thinking. But most important for dear Ron (and something that's clearly to his personal liking) his use of dramatic eye rolling, slow strained talking so all nearby fools can understand him combined with his classic "Dear Lord, save me from these misguided fools" disgusted looks has reached the pinnacle of the disinformation and propaganda art form.

How dare Rick not accept at face value whatever propaganda spills from Insana's conflicted lips. After all, if the Fed has assured Insana that ZIRP forever is the only way they roll and Insana sees the divine wisdom of anything Fed as pure and unassailable, whoa be any mere mortal who questions the mighty Ozsana.

Tool. Pure unadulterated tool. And even more dangerous to the world, Insana appears to be that very special type of propagandist tool. It appears he might just believe what he's spewing. Kill me now Insana so you no longer suffer my foolish questions.

Insana needs a sharp object injected into his annulus......pronto.

Fri, 08/13/2010 - 16:44 | 520795 Janice
Janice's picture

I do not know who Ron Insana is.  I have a bad habit of dismissing idiots.  Which is also why I am self-employed.  : )

Fri, 08/13/2010 - 17:24 | 520865 Ripped Chunk
Ripped Chunk's picture

Cramer out as poster boy for euthanasia, Insana in. Cramer will be back, don't worry.

 

Mon, 08/16/2010 - 22:15 | 525249 berlinjames02
berlinjames02's picture

If Insana was so fucking good, then why did his hedge fund fail? I am surprised SAC capital picked that dickwad up.

http://finance.yahoo.com/tech-ticker/article/49567/Ron-Insana%27s-Hedge-...^GSPC

Fri, 08/13/2010 - 23:44 | 521279 Hedge Jobs
Hedge Jobs's picture

Santelli is definately the man! but Immelt will kick him off the station if he keeps telling the truth.

Fri, 08/13/2010 - 15:23 | 520584 Jeffersonian
Jeffersonian's picture

In the same boat as you Janice. What a dolt I was to pay a downpayment. Now I can't even refinance. I guess i should have known better, but what young person buying there first house has any understanding of bubbles and crashes? Oh well, my education has been dearly paid for, but worth it in the long run I suppose.

Fri, 08/13/2010 - 15:58 | 520676 Janice
Janice's picture

This is the second home that I bought during my lifetime.  We paid the first home off and was able to sell it just as the market crashed.  What we are experiencing in almost unprecedented, except for the Great Depression era.  I expected our home to lose value, but $130K...33%?  And it doesn't appear that the bottom is in.  I fully expect that the value of my home will go back up...in my children's lifetime. 

 

I started thinking about the solution.  And it is easy...raise the interest rates!  If the interest rates were higher, people would stop buying gold and put money in savings account...hopefully in local banks... and then those local banks would lend for local projects.  The down side of that is that there are so many Treasuries out there that the interest payments would drastically cut into the federal budget.  So, we have the government of the people, by the people, for the people....screwing the people.

Fri, 08/13/2010 - 16:13 | 520719 ZeroPower
ZeroPower's picture

Raising rates would slow things down even more. Only reason why your neighbours to the North did so last month was because of an actually improving economy. However, last jobs report, we lost many jobs as well.

So, go figure...raising rates (while i agree money in the bank at interest is king) tends to slow the already sad excuse of a 'recovery' to a standstill.

Fri, 08/13/2010 - 16:37 | 520782 Janice
Janice's picture

While I understand your point, I am not too sure about that I agree.  If I put my money back in the local bank at a decent interest rate, I would be able to take that interest and hire an employee at my business....or buy a new purse and a bunch of other stuff, and the cycle begins.  If not now? When?  Crap, raising interest rates is the only thing that the Fed has not tried.....Yes, I have heard the party line....the FED can only influence interest rates in a small way via the Treasury market...bullshit.  The federal government can make any damn policy that they want....They want the masses to be enslaved to the government via handouts.

 

Next on my wish list would be federal term limits and lobbyist controls.  In Florida, we have both and while we may also have a few corrupt politicians, they are thrown out after 8 years, to allow a new crop of crooks to evolve.  The way I figure it, it takes about two - three years to turn a good man (dedicated to change) into a criminal dedicated to self-preservation.  

 

But, I digress and am taking up too much valuable ZH real estate.

Fri, 08/13/2010 - 18:06 | 520938 Kayman
Kayman's picture

RAISING INTEREST RATES IS THE ONLY SOLUTION !!!!!!

1. the Fed has no where to go but print money, expand credit, since they followed the drum beat to the bottom (ZIRP).

2. ZIRP has produced ZIP.  No jobs, no investment in jobs, and don't tell me government workers have jobs- these are only sponges of private sector taxes.

3. Insanely low interest rates continue to do what they have been doing for the last decade- kill savers, induce misallocation of investment and encourage absurd risk taking.

ZIRP and its cousin (rates lower than the general growth rate of the economy) is an insidious policy that is deluding central bankers and politicians. Stupid "investments" will continue to burn through scarce capital until this economy is no more.   

ZIRP IS THE DISEASE THAT PURPORTS TO BE THE CURE !!!!!!!!!!!!!!!!

Fri, 08/13/2010 - 17:29 | 520867 Ripped Chunk
Ripped Chunk's picture

Banks are not lending no matter what rate they might choose to charge. They know we have not seen the bottom of anyting yet.

I re-financed last November at 5%. I knew rates would go lower but I was afraid I would not have the 20% equity needed to do it if I waited any longer.

Sat, 08/14/2010 - 15:23 | 521887 Psquared
Psquared's picture

Raising rates is the answer but it would show that banks are insolvent. Heck, it would show the entire economy is bankrupt. The Fed hopes that home values will go back up and we will pull ourselves out of the recession/depression. Only then will they raise interest rates. But ZIRP has created an imbedded deflation fear so the economy will not recover. They are going to have to find a way to raise rates so banks will not buy treasuries but will loan money instead. This will not be an easy thing to do, but the Fed Funds rate needs to be around 2-3% right now. The policy they are currently pursuing guarantees deflation.

Fri, 08/13/2010 - 16:14 | 520720 Jeff Lebowski
Jeff Lebowski's picture

I can count on one hand how many people I hope to meet someday to simply shake their hand.

Rick Santelli is at the top of that list.

Janice, you are spot on.  I put $100k down (25%) on my northwestern Chicago suburb home and am current in my loan.  It has now declined in value by 40%.  It doesn't matter if interest rates are zero...  I cannot put down another $48k to refinance to meet the 20% level of PMI. 

 

Fri, 08/13/2010 - 17:04 | 520831 Janice
Janice's picture

Wait a minute! Who does PMI help?  Not the law abiding, tax paying citizen who is dedicated to paying off a mortgage.  I had a client once tell me "the credit card company knows that I am good for it."  And I responded, that's why they treat you like crap...they know that you are good for it no matter what.  PMI helps the banks and insurance companies...the real ones that run our government.  I think PMI is crooked, just like the new health care legislation.

Fri, 08/13/2010 - 17:06 | 520833 Waterfallsparkles
Waterfallsparkles's picture

Janice,

I on the other hand paid off my House and do not want to finance, re finance.  I know one thing for certain that I own the roof over my head except of course the Property taxes which have gotten out of hand, but that is a different matter.

I would be afraid with this economy to put my Home in jeopardy.  I am not patting my self on the back as it took over 20 years to pay it off and it was not easy.  But, well worth the peace of mind.

I do have a few small mortgages on rental properties not enough of a principal to refinance.  Yet, if I happen to lose them I would not lose the roof over my head.

Although, if rates got to 3.5% I would consider financing my home to bet on higher rates in the Banks in the future.  As if I could get 4.5% or 5.5% in a Federally Insured Bank I could make money on the spread.  Would be a risk but I would go for it.

Fri, 08/13/2010 - 17:21 | 520861 Janice
Janice's picture

I hear you.  Our first home was paid off.  I wish we'd stayed, but it was too small and the neighborhood was starting to go down.  But because our first home was paid for, we were able to save a huge down-payment for the new one.  In the post above, someone brought up the PMI.  I had forgotten about that.  To refinance, we would have to bring not only the $50K in lost equity, but another 20% to get out from under the PMI......which means another $48K....just not worth the hassle and potential loss of future equity.  

Fri, 08/13/2010 - 17:18 | 520851 Ripped Chunk
Ripped Chunk's picture

+ 1,000,000  Thanks Janice

The refi talk in the media is a joke. 

Sat, 08/14/2010 - 01:21 | 521343 cocoablini
cocoablini's picture

You don't REFI because a REFI extends the loan abck to ANOTHER 30 years and you end up paying more. The only reason the REFI at a marginally lower rate is because YOU CAN'Y AFFORD the monthly payment. In a deflation the best thing to do is GET THE HELL OUT OF DEBT and pay it off.

People are have lost their jobs or lost income will either pay the mortgage because they CAN afford it or they will default because they RAN OUT OF MONEY. No one gives a rats ass about what a great citizen these people were and playing by the rules. The rules were made to gank money from the middle class and poor.

If you are going to lose your house its because Al Greenspan and the Government wanted to get you and others into HOCK so you could be derivatived and trached as an asset and money supply. You are now worthless to the US government and economy-unless they can fool you into holding a worthless asset at a high price for as long as possible.

This is not an insult, it's just how corrupt these dickwads are at the FED and Congress.

And in a deflation(or the destruction of money and credit supply) no one should give a FUCKING SHIT about credit scores. that is some dumb high school popularity contest between corrupt money-lending institutions. Pay in cash and tell the credit score people to go hump a camel

Sat, 08/14/2010 - 11:04 | 521660 Janice
Janice's picture

Agreed, but would refi to a 15 yr if the conditions were right.  Cut 10 years off the current loan.  Pay more, be mortgage free in 8 year.  Not everyone thinks inside the box.

Sat, 08/14/2010 - 12:47 | 521746 Lux Fiat
Lux Fiat's picture

Another reason not to refinance, if you live in a non-recourse state - should things take a turn for the worse, you will be able to walk away from your home without the bank hounding you for the difference betweeen what you owe and what it is worth.  Unless some politician gets the bright idea to make a retroactive change in contract law.

Fri, 08/13/2010 - 14:26 | 520419 Number 156
Number 156's picture

Im surprised they didnt pull the plug on him too, Especially when he quotes Zero Hedge!

Fri, 08/13/2010 - 17:20 | 520449 Ripped Chunk
Ripped Chunk's picture

Heavens to Mergatroid!

 

 

Fri, 08/13/2010 - 15:16 | 520565 MyFriendMises
MyFriendMises's picture

I almost spit my coffee onto my computer when I heard him mention ZeroHedge.  It just made my day.  And you know the guys in the production room started sweating once they heard it.

Fri, 08/13/2010 - 15:43 | 520644 MichiganMilitiaMan
MichiganMilitiaMan's picture

+1000

Fri, 08/13/2010 - 16:15 | 520728 ZeroPower
ZeroPower's picture

Haha definitely, yes great illustration. Surprised Rick's feed didn't get cut off cause of technical difficulties..

Fri, 08/13/2010 - 16:11 | 520715 johngaltfla
johngaltfla's picture

Tyler, IF you don't get that man a Zero Hedge t-shirt or a Goldman Sachs level hooker, I will.

Rick, that was out f'in standing.

Fri, 08/13/2010 - 17:21 | 520860 MyFriendMises
MyFriendMises's picture

Actually what you need to send him is a non-descript zero hedge pin with just the logo so only those who come to the site will know what it means.  Now that I think about it, everyone who come to this site should start wearing it that way you could be walking down the street and see someone wearing it and know that they are part of the club.

Fri, 08/13/2010 - 14:31 | 520435 flacon
flacon's picture

Financial Jerry Springer show!

Fri, 08/13/2010 - 14:39 | 520463 Translational Lift
Translational Lift's picture

Rick's the only one left at msnbc with more than half a brain....They must be paying him well.......

Fri, 08/13/2010 - 15:13 | 520554 knukles
knukles's picture

CNBC...

plus MSNBC, plus NBC, Plus GE, plus TARP, makes.........

Fri, 08/13/2010 - 16:15 | 520731 MSJChE
MSJChE's picture

I'm surprised they let him talk, as many here have already said.  He may want to temper his comments a bit if he plans on staying around.  Although I hope he doesn't.  We need as many people with sense as we can get.  Heaven knows we have precious few.

Sat, 08/14/2010 - 21:11 | 522133 maddy10
maddy10's picture

Hendry has his neck on the line as Hedge fund manager unlike Phds out there

He is buying whatever he is saying

so he is brave when he says things and right when he buys USTs

Fri, 08/13/2010 - 14:16 | 520385 equity_momo
equity_momo's picture

Santelli and Hendry, thank god for honest, common sense speaking individuals. It really is amazing Rick keeps his contributor status - although if he did disappear , whats left of CNBCs pathetic viewing figures would go with him.

Who was the douche in the middle? Please tell me he doesnt run money /and or advice on economic policy.

Fri, 08/13/2010 - 14:19 | 520396 Spitzer
Spitzer's picture

Herndry ??

hendry is a poor misinformed soul that is bullish on the US dollar that is backed by the imploding FIRE economy that he cant see, maybe he needs new glasses.

 

Fri, 08/13/2010 - 15:20 | 520570 Thomas
Thomas's picture

I agree. Hendry, while I agree with him on many points, is too arrogant for my tastes. That is a very dangerous trait. As to the Santelli rant, I thought they were basically arguing the same point. The guy was entertaining the idea* of the Fed's problem and Rick was pounding him for endorsing it. Don't get me wrong, I love it when Rick pounds on guests. I'm just not sure this guy was as far outta whack.

*Aristotle said something to the effect that an educated man can consider an idea without necessarily endorsing it.

Fri, 08/13/2010 - 15:22 | 520579 bonddude
bonddude's picture

He's been very right about US Ts, no?

Fri, 08/13/2010 - 16:07 | 520699 Spitzer
Spitzer's picture

He is about as right on USTs as Nasdaq investors where in 1999 about internet stocks.

 

Peter Schiff was wrong about the bankruptcy of fanny/freddie for a while too.

 

Fri, 08/13/2010 - 16:20 | 520739 bonddude
bonddude's picture

whaddarya talkin about?

On a percentage basis he's kicking ass, not just

grabbing the last 10%. whatever

Fri, 08/13/2010 - 17:00 | 520825 Spitzer
Spitzer's picture

Schiff was wrong for a couple profitable years of fanny and freddie too.

Hendry will be on the wrong side of the dollar selloff.

Sat, 08/14/2010 - 21:15 | 522136 maddy10
maddy10's picture

USTs are the black swan

100% bullish sentiment among traders and not a bear in sight other than talking heads

Odds of USTs failing is closest to black swan event odds

Fri, 08/13/2010 - 15:31 | 520613 Cathartes Aura
Cathartes Aura's picture

have to say, loved Santelli's closing quip re: the Fed's "tinkering" -

". . . we need to get 'em out of the tinkering business."

given the different meanings of that word, yeah, score!

well done Tylers.

Fri, 08/13/2010 - 13:38 | 520250 traderjoe
traderjoe's picture

No Private Mortgage Market Bitchez!

Fri, 08/13/2010 - 13:39 | 520252 Steak
Steak's picture

Seeing Santelli quote ZeroHedge is like watching Amanda Drury and Jennifer Connelly make out...a beautiful and awesome mixing of worlds!

Congratulations Tyler and the whole ZH crew.

while i'm here i'll drop my last link of the day to playlist ;)

http://www.youtube.com/view_play_list?p=AC5C492890CABEE7

Fri, 08/13/2010 - 13:47 | 520276 Dingleberry Jones
Dingleberry Jones's picture

Agree. Also, Santelli's outrage is awesome and to the point.  Beautiful.

Fri, 08/13/2010 - 14:22 | 520415 uno
uno's picture

love the shoutout.  Can you imagine the CNBS control room when they heard Zerohedge. 

Fri, 08/13/2010 - 14:55 | 520509 Cognitive Dissonance
Cognitive Dissonance's picture

The control room has just been put on notice to ramp up the delay to 7 seconds when Santelli is on so they can bleep out some of those disgusting words he uses during his rants.

For example, ZeroHedge.

That's just a filthy disgusting word that has no reason what-so-ever to be uttered on a corporate shill mainstream media outlet. Shame on them. Where are those complaint forms. They should be around here somewhere. The last time I downloaded one was when "the nipple" showed itself during the super bowl half time show. :>)

Fri, 08/13/2010 - 13:57 | 520253 themosmitsos
themosmitsos's picture

Chicago bitchez

You BETTER not be badmouthing my man ;)

Don't know about top 3 though. I've seen him make MUCH better & more salient points, he was just flat out pissed here is all.

Fri, 08/13/2010 - 14:26 | 520425 -1Delta
-1Delta's picture

bears cubs and bulls

Fri, 08/13/2010 - 16:49 | 520804 jimijon
jimijon's picture

A paisan after my own heart... the passion, the passion to say the truth

Fri, 08/13/2010 - 13:40 | 520256 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Larry Kudlow is an economist?  Haha!

Sat, 08/14/2010 - 17:10 | 521959 New_Meat
New_Meat's picture

PhD.

Mon, 08/16/2010 - 19:34 | 524974 TheGoodDoctor
TheGoodDoctor's picture

Piled higher & Deeper

PS BS = Bullshit and MS = More Shit

Fri, 08/13/2010 - 13:42 | 520263 Gully Foyle
Gully Foyle's picture

Thomas Jefferson Johnson: Terry, tell me something. With all this money coming in from both sides, how does anything ever get done?
Terry Corrigan: It doesn't. That's the genius of the system.

Fri, 08/13/2010 - 13:43 | 520266 Noah Vail
Noah Vail's picture

Step right up, ladies and gentlemen and get your free financial advice from a 400 lb. analyst who can't stop feeding his pie hole. Gives new meaning to the term PIIGS.

Fri, 08/13/2010 - 14:00 | 520322 oddjob
oddjob's picture

I'm suprised they didnt stop the interview half way thru so he could grab a bite to eat.

Fri, 08/13/2010 - 13:43 | 520267 NOTW777
NOTW777's picture

yeah Santelli

Fri, 08/13/2010 - 13:45 | 520271 Gimp
Gimp's picture

Santelli is the only reason left to watch that crap channel CNBS. Go Rick, don't let the propagandists ever change your straight talk.

Fri, 08/13/2010 - 13:46 | 520273 JLee2027
JLee2027's picture

Righteous anger

Fri, 08/13/2010 - 13:47 | 520277 the not so migh...
the not so mighty maximiza's picture

A Rick Santelli breakfest:

1 Raw T-Bone steak

1 Raw Egg

6 shots of fine whisky

1 PHD economist

Fri, 08/13/2010 - 13:56 | 520309 themosmitsos
themosmitsos's picture

That's funny :)

Fri, 08/13/2010 - 14:14 | 520370 breezer1
breezer1's picture

yes, that is very funny. will he be invited to the white house i wonder. maybe they will take him straight to the basement at goldman headquarters instead.

Fri, 08/13/2010 - 13:46 | 520278 Plinko
Plinko's picture

Did anyone catch the ZH mention @ 1:42?  Or did I hear that? 

Fri, 08/13/2010 - 14:11 | 520359 George the baby...
George the baby crusher's picture

Subliminal advertising.

Fri, 08/13/2010 - 13:47 | 520280 Hondo
Hondo's picture

He's right....I love it.  The problems we've always had are the result of Federal Reserve or Congress tinkering and minipulating free markets to the benefit of their cronies that keep them in office.....The system needs protection from itself because stupid people elected and appoint stupid people.

Fri, 08/13/2010 - 14:49 | 520489 Wallace Hartley
Wallace Hartley's picture

Right on, right on!!!  Free market means free from manipulation and 'tinkering'.  Free market does not mean free food, free healthcare, free houses, free loans, etc.  (although these entitlements and 0% Fed discount window loans are not free after all...they will cost us dearly for many generations to come!!)

"The nine most terrifying words in the english language..."I'm from the government and I'm here to help."

Ronald Reagan

 

Fri, 08/13/2010 - 13:52 | 520294 ColonelCooper
ColonelCooper's picture

JUUunnk!

Way to stay right on topic, Troll.  How long you been waiting to slip that in?  Couldn't hold back any longer?  Better go change your pants; you blew early.

Fri, 08/13/2010 - 14:42 | 520469 SteveNYC
SteveNYC's picture

I think he's being sarcastic, look at his avatar and username. It's obvious. He's pretty good at stirring it up though....

Fri, 08/13/2010 - 14:52 | 520496 ColonelCooper
ColonelCooper's picture

Thanks Captain Obvious.  I actually thought Repugnifuck was endorsing a Quayle.  /sarcasm

His post could even have been called witty if he would have put it even REMOTELY CLOSE to a conversation involving politics.

The problem with partisans is that they tend to be simple/single minded.  He can't read a post about about gov. intervention in the housing market without jumping in to spout something completely off topic. 

In their case, if A is not equal to B, then it MUST equal C.  (I disliked his post, therefore I want to vote for Palin.)

Fri, 08/13/2010 - 14:03 | 520321 homersimpson
homersimpson's picture

What we need are clueless Obamacrats to stop embracing Keynesian policies and stop spending our damn money.

What comes around goes around...

http://www.youtube.com/watch?v=mm1KOBMg1Y8

Obama/Biden 2012 - "The Empire Strikes Back"

What's Obama's theme come 2012? "Spend more, save more?"

 

Fri, 08/13/2010 - 14:02 | 520326 Temporalist
Temporalist's picture

It is so obvious that bird brain Quayle has no clue, just like his papa.

Put the brains of Quayle and Palin together and the IQ wouldn't register higher than a Richter scale reading.

Fri, 08/13/2010 - 14:05 | 520331 Johnny Bravo
Johnny Bravo's picture

Completely agreed.

You'd have to be retarded to vote for somebody like Palin.

Then again, Bush got elected twice and their intelligence levels are obviously similar...
I wouldn't count it out.

We could conceivably see Sarah Palin also in the White House don'tchaknow if the gee golly teabaggers get their gosh darn tootin way.

Fri, 08/13/2010 - 14:10 | 520351 homersimpson
homersimpson's picture

"You'd have to be retarded to vote for somebody like Palin." Ladies and gentlemen, the meat and potatoes of Obama's voters:

http://www.youtube.com/watch?v=P36x8rTb3jI&feature=related

http://www.youtube.com/watch?v=57t4u4c4H98&NR=1

Before you throw stones in glass cages, you might want to look in the mirror. Besides, it's not W's fault dumb 'Crats in Florida didn't know how to work a voting machine.

 

Fri, 08/13/2010 - 16:21 | 520740 ZeroPower
ZeroPower's picture

LOL @ both links

And the 2nd gangsta "im against..uh.. ya ya against stem cell"

Sad, but true. Good job Howard Stern.

Fri, 08/13/2010 - 16:07 | 520705 John Self
John Self's picture

By my count, only one presidential election of the past 34 years did NOT feature a Republican candidate (either pres. or vp) that was painted as an idiot.  Now, I'll readily acknowledge that most pols are awful and few are geniuses.  But is it really likely that one of the 2 major national parties nominates someone that regularly who is an idiot -- even relative to other politicians?  I submit that it's evidence of the tongue-in-groove coordination of the DNC and the national media.

1976:  Ford

1980:  Reagan

1984:  Reagan

1988:  Quayle

1992:  Quayle

1996:  --  (probably unnecessary)

2000:  Bush

2004:  Bush

2008:  Palin

Fri, 08/13/2010 - 21:25 | 521144 TuesdayBen
TuesdayBen's picture

zactly.  And Obama is touted as brilliant, even though he wed a mediocre intellect and hides his academic records and can't grasp basic economics.  Obama is 50% lungs and 50% propaganda product.

Fri, 08/13/2010 - 16:27 | 520757 Double down
Double down's picture

The virtue of George Bush was that there were certain mistakes he could not make.

Fri, 08/13/2010 - 14:08 | 520345 homersimpson
homersimpson's picture

Honestly - who cares about book smarts and IQ when it comes to politics. It's pretty evident the brains of Obama, Blankfein, Greenspan, Paulson, etc. are more dangerous than any Palin/Quayle/(insert liberal media hatred for conservatives here).  Also, after seeing what these supposedly "brainy" people can do in Washington the past decade, I'd rather have someone who registers high on common sense for once.

Fri, 08/13/2010 - 14:41 | 520468 Temporalist
Temporalist's picture

I wouldn't argue with you on that either but certainly neither of the far ends of the bell curve are most desirable.

Fri, 08/13/2010 - 15:00 | 520516 ColonelCooper
ColonelCooper's picture

+100.  Problem is, tough for a fiscally conservative, social liberal to get very far.  Hence we will continue to have Obama/Palin/Pelosi/Gingerich/Reid/eetc...  Hypocrites, every effing one of them, regardless of "party". 

At this point, I'd vote for my garbage man.  I've known him for years.  He at least has a soul.

Fri, 08/13/2010 - 15:26 | 520605 MachoMan
MachoMan's picture

We need to treat elections like jury duty.  Draw names out of a hat and call it a day.  Sucks you got picked, now go do your job.  I'd say we'd have a little more impetus to ensure an educated and intelligent society...  and, most importantly, it would take care of the destructive power (and lack of viable choice for voters) inherent in the self nomination process...  no campaign promises to repay...  just joe six pack and some head scratching decisions.  The crazy part is that the jury gets it right most of the time...

I jest, but this scenario would cure a lot of what ails us. 

Fri, 08/13/2010 - 15:31 | 520617 ColonelCooper
ColonelCooper's picture

You may jest, but I'll bet you a good dinner it would work better than anything we've had in a long time. 

I think most people would make a sincere effort to muster what wisdom they had and do the right thing.  Because you have removed "what's in it for me?" from the equation, I really think people would get it right more often than not.

Fri, 08/13/2010 - 17:27 | 520869 minus dog
minus dog's picture

Term limits.

I have no faith whatsoever in juries.

Fri, 08/13/2010 - 18:25 | 520973 MachoMan
MachoMan's picture

All term limits would do is put a new cock in our ass.  We need structural change.

Fri, 08/13/2010 - 16:40 | 520787 zhandax
zhandax's picture

The most ridiculous proposition I have heard in my lifetime is that there is anything wrong with an 'inexperienced' politician. In fact, if there is to be any hope for the republic, it may have to become a requirement for office.

Fri, 08/13/2010 - 15:08 | 520530 Cathartes Aura
Cathartes Aura's picture

homer, please.

if you seriously believe any "elected" sock puppet has ANY say in how things are run, then you need a swift kick. . . a "palin" or a "obama" is just the "public face" - gonna have to take a peek behind the curtain soon. . .

and the Red Neck Repug is in character people, try to keep up with the sarcasm.

laughter > rage - occasionally.

Fri, 08/13/2010 - 22:48 | 521235 chindit13
chindit13's picture

The choice you have just given me is would I rather have Jeffrey Dahmer or John Wayne Gacy babysit my children.

I'd almost take the Kayser Zose solution to either of those.

While brains and Obama may be a poor match, common sense and Sarah Palin are not in the same language.  The first may initiate the gag reflex, but the latter produces a redux of that scene in Scanners.

As one who has spent the last thirty years outside of his home country, I can tell you this:  the collapse of the dollar may be inevitable, but a Sarah Palin in the WH would have the entire world light their dollars on fire.  If I had a dime for every non-American who has said about Palin, "That's just a joke, right, like Big Time Wrestling...I mean Americans are not so stupid to actually vote for that bimbo, are they?", I could single-handedly reflate the US housing market.

If Palin were elected I would personally break out of jail John Hinckley, Jr., Squeaky Fromme, and I'd clone Lee Harvey Oswald.  But that's just one man's opinion, and sadly, we live in a democracy where absurdity can become reality if the mutants go to the polls.

Sat, 08/14/2010 - 01:16 | 521339 Red Neck Repugnicant
Red Neck Repugnicant's picture

I think you underestimate Palin's close relationship with God.  

Are you questioning God's will?

 

Sat, 08/14/2010 - 01:27 | 521349 chindit13
chindit13's picture

"Are you questioning God's will"

Isn't the correct term "contest" the will?  Yes, if Palin was elected, even God would commit sepuku.  All I ask is that he leaves me Pebble Beach and a Piedmont winery.

Sat, 08/14/2010 - 02:44 | 521387 akak
akak's picture

I am not questioning Palin's closeness to her Lord.

I am just questioning to exactly which God she is close.

I am guessing Demeter ---- who also lost her daughter to a devious slimebag who lorded over the grey and dismal world of the damned (having many times been to Wasilla --- or "Wasyphilis" --- I can attest to the strong similarities between the two).

Fri, 08/13/2010 - 14:16 | 520384 oddjob
oddjob's picture

 You had your chance with Ross Perot,and you chose criminals instead...nice work.

Fri, 08/13/2010 - 15:21 | 520578 MyFriendMises
MyFriendMises's picture

I was just having a conversation the other day about that.  It is funny how much he was correct about and how he was made out to be a loon at the time.

Fri, 08/13/2010 - 18:20 | 520964 Threeggg
Threeggg's picture

Same as Ron Paul

Fri, 08/13/2010 - 21:43 | 521163 RockyRacoon
RockyRacoon's picture

Oh, so true.  But it's the media that do these guys in.  They get laughed at and ridiculed unfairly for promoting odd things like, I don't' know, The Constitution, and The Bill of Rights.  You know, that really weird stuff.

Fri, 08/13/2010 - 23:02 | 521247 KTV Escort
KTV Escort's picture

I remember standing near a freeway onramp in Seattle, in the pouring rain on election night, with my Ross Perot sign... 4 of 5 drivers flipped me off.

Fri, 08/13/2010 - 13:51 | 520291 Double down
Double down's picture

Tyler, your stock went up, alot.  That feeling your feeling is... power.  Congratulations 

Fri, 08/13/2010 - 13:55 | 520305 NOTW777
NOTW777's picture

doing the right thing and staying truthful always pays off. thanks to ZH

Fri, 08/13/2010 - 13:50 | 520292 Dr. No
Dr. No's picture

So which one of you guys is Rick????

Fri, 08/13/2010 - 15:07 | 520533 thesapein
thesapein's picture

Doubt any of the posters here have much of a voice in the public. Admit it; we all only post here because we don't have much else in regards to a public outlet.

I also doubt guys like Rick even have the leisure time to read the comments.

Fri, 08/13/2010 - 15:52 | 520661 ColonelCooper
ColonelCooper's picture

I was kind of hoping we'd find out Rick was Chumba.  Or akak. 

Oh well.

Fri, 08/13/2010 - 16:20 | 520738 akak
akak's picture

Sorry, Rick S. is not I!

Were I he, I would have been thrown off CNBC long ago for slugging Ron Insan(e)a in his fat, smug Keynesian piehold, or doing the same to that screeching, ADD-afflicted monkey Jim Cramer.

Fri, 08/13/2010 - 16:34 | 520778 ColonelCooper
ColonelCooper's picture

Further reflection has brought me to the conclusion that Rick S.'s alter ego is none other than Mako.

Fri, 08/13/2010 - 16:47 | 520797 akak
akak's picture

Funny!

But I do think that "JohnnyBravo" is really a collaborative backroom effort between Steve Liesman and Ron Insan(e)a during the innumerable CNBC commercial breaks.

Fri, 08/13/2010 - 16:53 | 520813 ColonelCooper
ColonelCooper's picture

That's actually much less of a stretch than Mako being Santelli.

Fri, 08/13/2010 - 18:27 | 520977 MachoMan
MachoMan's picture

Santelli is Bravo...  he gets to put on the other hat that way.

Fri, 08/13/2010 - 15:37 | 520631 ranrun
ranrun's picture

+1

Fri, 08/13/2010 - 13:51 | 520293 Internet Tough Guy
Internet Tough Guy's picture

Somebody got Rickrolled!

Fri, 08/13/2010 - 15:07 | 520534 Panafrican Funk...
Panafrican Funktron Robot's picture

Nice, well done.

For those unfamiliar with the reference:

http://www.youtube.com/watch?v=oHg5SJYRHA0

Fri, 08/13/2010 - 15:35 | 520622 I am a Man I am...
I am a Man I am Forty's picture

This video is like watching a car wreck, but it is so fascinatingly bad you have to watch.  Rick's "mom jeans" and all.

Sat, 08/14/2010 - 21:14 | 522135 rapunzel
rapunzel's picture

pushing all the right buttons yesterday, big guy. got to r u n

Fri, 08/13/2010 - 13:53 | 520296 Caviar Emptor
Caviar Emptor's picture

This illustrates my point to perfection! When you short circuit the supply/demand relationship, as the Fed has been doing with its "Reflation Policy", liquidity gets dispensed on a political basis not a supply/demand basis.

You therefore get huge mis-allocations of liquidity, such as FHA subsidizing luxury Manhattan condos for millionaires. 

That, friends, is the Double Whammy Economy in action: deflation of everything you own, inflation of everything you need. But even Hoenig doesn't see it yet: when you have both forces at work simultaneously, you don't need much of either to have a devastating effect. Like if you keep adding weight to both sides of a barbell simultaneously while a middle class consumer is holding the weight above his head: it's "balanced" so it doesn't appear as either severe inflation or deflation. So we have commodities soaring to boom time levels while incomes, real estate and employment deflates.

Fri, 08/13/2010 - 13:56 | 520311 Spitzer
Spitzer's picture

No it will be hyperinflation when the bond market crashes and these dollars are looking for a home. It will be a matter of days or weeks, the govt will call it currency reform.

Fri, 08/13/2010 - 14:00 | 520323 Johnny Bravo
Johnny Bravo's picture

How long have you been saying it will be a matter of days or weeks?

Just curious... 

Fri, 08/13/2010 - 14:22 | 520413 Spitzer
Spitzer's picture

I don't mean that it will happen in a matter of weeks, I mean the events duration will be a matter of weeks or days and if you are not properly invested, you better hope that you own something a gold owner wants because otherwise you will starve.

Fri, 08/13/2010 - 16:23 | 520747 MSJChE
MSJChE's picture

Hey Spitz, don't get JB started.  He'll have you headbutting your monitor.

Fri, 08/13/2010 - 16:25 | 520751 Dr o love
Dr o love's picture

When TSHTF, there will be nothing that gold holders have that, after a memorable punch in the mouth, won't be mine.

Fri, 08/13/2010 - 16:46 | 520800 ColonelCooper
ColonelCooper's picture

I'm sure you're correct.  Because all Goldbugs are unarmed, 115 pound metro-sexuals who stand on side of the street with a sign that says, "I have gold".

Good luck with that.

Fri, 08/13/2010 - 17:03 | 520830 Spitzer
Spitzer's picture

lol, well put.

Fri, 08/13/2010 - 17:16 | 520848 Dr o love
Dr o love's picture

I'm sure I'm correct too because you won't see it coming.  I won't be giving you a phone call first to tell you, "hey I'm coming over to punch you in the mouth and take your food... by the way, you can keep that shiney yellow stuff because it won't feed my kids."

Fri, 08/13/2010 - 17:32 | 520880 minus dog
minus dog's picture

This is a joke right?

Please tell me this is some sort of joke.  I'm not talking about the shiny metals, I'm talking about the notion that you'll just waltz into people's homes - even during good times, let alone some sort of emergency.

Fri, 08/13/2010 - 17:35 | 520884 ColonelCooper
ColonelCooper's picture

Again, good luck with that.

I don't know where you're from, but where I come from that's a really good way to get "ventilated".  Or at the very best chewed on by dogs.

Feel sorry for your kids.  Tough to grow up hungry, AND orphaned.

 

Fri, 08/13/2010 - 18:20 | 520963 AVP
AVP's picture

Colonel, sounds like condo city folk talk too me. His kids would not starve, but their asses would farm and carry wood for their keep.

Fri, 08/13/2010 - 18:33 | 520996 ColonelCooper
ColonelCooper's picture

My thoughts too.  Where I grew up, if you called the sheriff, you probably shouldn't expect to see anyone for a good half hour forty five minutes at least, and more than likely it was the game warden who showed up.

When there's only one or two LE officers on duty at a given time in an entire county, it's pretty much up to you to take care of your own shit. 

It's a good example of how we really do live in two different countries.

Fri, 08/13/2010 - 23:14 | 521257 AVP
AVP's picture

+1215...I could not agree more!

 

 

 

 

 

Fri, 08/13/2010 - 17:42 | 520898 MyFriendMises
MyFriendMises's picture

That's OK because right after you punch all of those puny gold bugs and take their food and shiny stuff I will be there to knock you the F*$K out and take it all...(a la Internet Tough Guy)

Gold Bitchez....

Fri, 08/13/2010 - 17:01 | 520829 Spitzer
Spitzer's picture

How would you know how much gold I have ?

Fri, 08/13/2010 - 17:38 | 520890 AVP
AVP's picture

Really...I'd like nothing better then to blow your fucking thieving head off when you try that shit!

 

Fri, 08/13/2010 - 18:02 | 520924 ColonelCooper
ColonelCooper's picture

+40 S&W.  Assuming he isn't just being a smartass, it's really hard to believe what some people think. 

Fri, 08/13/2010 - 16:28 | 520758 bonddude
bonddude's picture

" Blah, blah, blah, blah, blah " -Spitzer

"ZZZZZZZZzzzzzZZZZzzzzzz" -everyone else

Fri, 08/13/2010 - 13:52 | 520301 Mactheknife
Mactheknife's picture

BRAVO Santelli !!! Of course leave it to the bond man to be the only one on that channel with ANY sense.

Fri, 08/13/2010 - 13:58 | 520313 element115
element115's picture

I had the pleasure of speaking to Mr Santelli a few months ago, he mentioned that he does not read the financial blogs, but here he is, quoting Zero Hedge. Awesome.

What a beautiful day.

Fri, 08/13/2010 - 14:19 | 520358 Pamela Anderson
Pamela Anderson's picture

Hi element115 or shall I say "Ununpentium" or "UUP" or "Dollar bull" maybe....;?? I can guarantee you that Santelli reads Zero Hedge every day.

PD. Very clever of you if purposely you choose element115 because of UUP (dollar bull)!

Fri, 08/13/2010 - 15:16 | 520562 spekulatn
spekulatn's picture

Well done, Ms. Anderson.

Fri, 08/13/2010 - 13:58 | 520317 traderjoe
traderjoe's picture

I'm so tired of people asking for inflation. Why would anyone want to pay higher prices for something? Especially since all of the inflation created would simply be due to monetary debasement?

People should be asking for growth. 

ZIRP forever is a ridiculous policy aimed at saving the true owners of the Fed Reserve. 

Fri, 08/13/2010 - 14:01 | 520327 Johnny Bravo
Johnny Bravo's picture

Because we need more money in the economy to make up for the money that was stolen under the Bush-era policies by the top 1%

Fri, 08/13/2010 - 14:21 | 520400 earnyermoney
earnyermoney's picture

And it's being stolen and will continue to be stolen under Obamas policies by the top 1%

Fri, 08/13/2010 - 16:51 | 520531 ColonelCooper
ColonelCooper's picture

+1.  You would do yourself a service JB, to shed some of the partisanship and understand that the top 1% is going to fuck you regardless what letter follows their name.

 *Despite my earlier promise to junk you in perpetutity, none of your considerable tally today have come from me, BTW.

Fri, 08/13/2010 - 15:07 | 520535 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1%

Do NOT follow this link or you will be banned from the site!