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Rick Santelli Goes Nuts In A "Top 3" Rant Protesting (What Else) Endless Subsidies And Fed Meddling
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.
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Don't know if this has been posted yet, but did anyone see his rant from Wednesday? It's even better.
http://www.cnbc.com/id/15840232/?video=1564239366&play=1
Top stuff.If we don,t reinvent things rapid were knackered,full stop,the end .The status quo has to go.Either we take our medication of our own time and choosing or circustances will give it us.We ain,t gonna take it no more ........................
your too obvious, with your stupid punctuation bad habit, big fucker.
What am I missing out on here?
a condom on your goddam ugly ass cock. please, there is really nothing attractive about that picture you have chosen. men simply need to keep it covered up, if you ask me. G O D didn't design that thing with any beauty involved. they are the ugliest things next to the dumb B A L L S you all have. worthless sacks of W H A T ? not sure what they were meant to help you all improve your wicked spirit of stupidness. really the lower half of males are just not something to be so god damn proud of.
UUUhm,, you may very well be right, and I admit it is hard to tell from the picture size, but there is nothing showing on that picture below the waist......
You think that picture is supposed to be attractive? It's Barney Fucking Frank.
The whole concept of the picture is disturbing. It is meant to represent the giant shit Barney takes on us every day.
What the fuck did you think it was? Honestly? You think if I looked like that I'd dingle over the camera and take a pic?
you know i just spent 8 months of my dumbest part of my life in MA. my sister and her hugest ass husband worshipping all things, barney frank. i guess i was raw-raw for him too, in my stupor of ignorance. thought just a year ago he was a benefit to the P E O P L E.
now here on ZH, he ain't looking to good. ya know COP, i have no fucking idea what is disturbing any more. don't do your world of exploratory research. honest.
well shit, i dingled over the camera and took a pic. i did, for heavens sakes, now how do you think i feel about myself. not entirely whole, for sure. some people just haven't had the experience and certainly don't learn, that's vultures are every where. not many people are gullible the stupid, aka repunzel.
Nobody should feel whole after looking at that photo. Only it is meant in a debasing way, not an old man perv one. (although I'm sure he fits the bill in both arenas)
go away
good lord MAN what are you displaying now?
seriously impairment of W H A T †
gotta run cause daughter wants me to put on a bra and be on time. heavens, really squares.
You wouldn,t be here without em
ok, all 3 of them or just the golden ones?
go away, nobody ever replies to me. you guys talk to each other, why won't you talk to me.
rosie.
Who gives a shit what your opinion is apart from "You" .....
your dumb
i have always liked santelli, italian of course, and he is a adorable.
Rick can you hear me Santelli, you're message is loud and clear common sense. More in tune with what America is thinking than those propaganda dolts on CNBS. Keep up the fight.
Rick is the only voice of sanity in the mess, I agree completely!
Folks out there listening tonight, whether you are in prison, real or virtual, this is the only play for you - elect a strong president in 2012, someone who knows the intracies of the economy, steeped in global policy expertise, a visionary leading open the doors of the industries (oil and war, er defense) that will take America back to its glory in the 21st century, someone with a thumb on the very fabric of decent folk America and already a FOX news contributor. The person who will bring us the best, stunningly dumb ass reality show that will pail even the most shockingly dumb shows on TV today........people, I am talking about Sarah Palin, the Ayatollah of Rockin Rolla, who is going to bring us the final act, the big one baby, the War to End all Fuckin Wars.... Yea Baby. Bring it On !!!!
We are so fk'd, it's not even funny.
When "despair panic" kicks in, we'll see events that have never been seen before. The global currency system will collapse over the course of days... not months.
I never thought in my life time that I would ever experience something link this.
Watch the precious metal markets and Iranian oil.
Watch the Chinese... they have been at economic war with us for the last 20 years... we have just not realized this. Sun Tzu if he were alive would have a field day with this.
Rick: don't bust a brain vein arguing with idiots.Ain't worth it. Where ignorance is bliss, tis folly to be wise. Kudlow is a moron of the highest order, always has been ,always will be...a real smiling fool.
-HULK
oh man. santelli is the only thing good about msnbc. i laughed my ass off watching this one. i couldnt agree more. the deflation that everyone wants to avoid is what we need to get to a point were w can grow again. lets accept reality and attack it head on. then lets get back to work.
What struck me about this interview was the pompous attitude of Thomas Higgins, the so-called economist in the middle, who sat there with an incredulous smirk on his face entire time. This is what happens when our universities are more interested in indoctrinating students with Keynesian hubris than educating them to think!
Higgins condescending attitude toward the other guests, particularly Santelli, as well as the viewers, was disgusting! This is one reason why I stopped watching CNBC in early 2009. Rick Santelli, God bless him, needs to find a new home on a network that is something more than the Obamanomics propaganda channel!
I take exception to this line "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%."
It is not the serial refinanciers that benefit it is those who are refinancing them that truly benefit. Basically just more subsidy to the Banksters. Stop it already
Thanks! We love you Rick!
I am still waiting for Santelli to tell me why my taxes have to pay some loser's mortgage...
So Rick... why should my taxes pay for your friend's loser jobs?
Rick Santelli and Ron Insana on Fed and Hoenig's dissent:
http://www.youtube.com/watch?v=9KV0ofR7c7o
love Rick .... <b> but , he's nuts !!!!! </b>
Here's what Rick was too pissed off to verbalize.... Rick you are awesome!
Instead of wasting their time and our tax dollars passing the economy killing finreg and health bastardization bills, the government should be working to get itself out of the mortgage markets so housing can be rational.
Look at the rules and ask yourself does this make sense.
1. If you live in a house for two of the past five years your gains are tax free.
2. You pay RE taxes which mostly go to schools that 50% chance you have no kids in.
3. Those RE taxes are deducted from your Federal tax bill.
4. In California your tax bill depends on what you paid for the house (prop 13, this may happen in NJ next). Thus your neighbor with exactly the same house and property may pay half the RE taxes you pay (don't laugh, this was the case for me up till 2007 when I sold out).
5. In NY you pay a mortgage recording charge, thus if you pay cash you save a large chunk of change in a stupid fee. The rules are so convoluted I won't bother you with the details, it appears most people pay something like 1% of the mortgage.
6. As you pay your mortgage the interest is deductable from income taxes.
7. Federally chartered entities buy mortgages and compete with private lenders for business in an effort to lower rates. The end result is that the low end of the market has higher home prices.
There's a bunch of other rules I could mention but it's getting long enough already, you get the idea, it's time for government at all levels to GET THE F* out of the housing markets and let things return to their natural state of equilibrium. Until this happens we'll continue to have boom and bust, like the Great Recession and the failure of almost every S&L back in the early '90s.
Actually the only solution at this point is to cut the government spending at all levels but we all know that is not going to happen. We are all in the pot being boiled like the frog but no one has the guts to jump out of the water. This generation of people are soft- hell we can't even fathom the idea of having to do without air conditioning. We all know Santelli is right but we just don't want to face the cold that is surely coming.