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Santelli On False Dictatorships And Fed Exit Strategies

Tyler Durden's picture




 

In a little under three minutes, CNBC's Rick Santelli clarifies (in a much-needed manner) that we do not live in a monarchy or dictatorship (hoping for benevolence) - no matter how many Democratic senators and congressmen believe the President was given a mandate leaving him "holding all the cards" - we live in a republic (where the sovereignty rests with all individuals) and removing 'debt ceiling' checks and balances (for example) is a ride down a slippery slope. The chagrined Chicagoan then goes on to discuss the fact that the Fed, having unloaded another package of potentially infinite unsterilized money-printing, was actively discussing its exit strategy. Put simply, Santelli notes, "mark my words" the market will decide that exit - and the Fed had better be ready when it comes.

 

 

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Thu, 12/13/2012 - 14:58 | 3060292 BringingTheRukus
BringingTheRukus's picture

Ah, my man-crush is at it again.

Thu, 12/13/2012 - 15:03 | 3060315 MillionDollarBonus_
MillionDollarBonus_'s picture

Interviews with average Americans

What do average Americans want from their government?

Brad Jones, age 25, IL

“What do I want from my government? What do I want?? Are you fucking kidding me? I have basic needs: A job, a descent salary, a house, a fucking vacation. These are needs not wants – get that through your stinkin head. Fucking government doesn’t give a shit about unemployed average guys like me. I’ve got a fucking college degree for fuck’s sake! I studies media and modern culture for four damn stinkin years and this piece of shit government can’t even provide me with a fucking JOB??? They’ve got enough  money for wall street, but not for an average hard working guy on the street. Fuck this shit. The occupy movement is gonna take over this country so guys like me can get a guaranteed job and a decent wage. We need a revolution in this country ... a progressive revolution

Thu, 12/13/2012 - 15:09 | 3060338 fonzannoon
fonzannoon's picture

Brad is fkin hysterical.

I can't stop laughing.

"I’ve got a fucking college degree for fuck’s sake! I studies media and modern culture for four damn stinkin years"

I'm crying.

Thu, 12/13/2012 - 15:21 | 3060399 duo
duo's picture

media and modern culture, is that Halo 3 on x-box?

Thu, 12/13/2012 - 16:22 | 3060654 Matt
Matt's picture

So, is the goal of the Occupy movement to make sure everyone that wants a job, gets a job, and that job is matched to the college course they took?

At least it seems that way, according to Brad.

Thu, 12/13/2012 - 17:39 | 3060930 Leopold B. Scotch
Leopold B. Scotch's picture

I'll be anyone here two $ 1 trillion platinum coins that Brad Jones borrowed to gills for his degree, too.  (Govt. backed loans, I'm sure, taxpayers...)

Behold: The Next Bubble to Pop!

Thu, 12/13/2012 - 18:05 | 3060986 eatthebanksters
eatthebanksters's picture

not just a job, but a good paying job, with benefits and lots of vacation time!

Thu, 12/13/2012 - 18:20 | 3061016 bigkahuna
bigkahuna's picture

These people who are after the government to give them everything are just too afraid to admit that they fucked up in life, let alone take the time and pain to go back and fix their own mistakes. 

What a bunch of losers.

We all fuck up. Some of us have the courage to un-ass our heads and fix it. Yes-speaking from EXPERIENCE!

Thu, 12/13/2012 - 18:57 | 3061017 bigkahuna
bigkahuna's picture

.

Thu, 12/13/2012 - 15:28 | 3060435 rbg81
rbg81's picture

Wish I had as much faith in "The Market" as Santelli.  The whole point of Central Bank balance sheet expansion is to make "The Market" much less significant, or even irrelevant.  Like a Republic, the Market is probably viewed as "too messy" these daze.

Thu, 12/13/2012 - 15:36 | 3060471 SheepDog-One
SheepDog-One's picture

Yea really...what 'market'? For years now the only market at all has been 'Gee, I wonder when and if Ben Bernank is gonna gift us some free money?' 

What fucking market is it Santelli speaks of?

Thu, 12/13/2012 - 15:45 | 3060512 Bay of Pigs
Bay of Pigs's picture

He must still believe the "bawnd vigilantes" are coming back.

Yeah, sure they are Rick.

Thu, 12/13/2012 - 16:42 | 3060735 debtor of last ...
debtor of last resort's picture

The market is more than just shorting aapl. Comex default through physical shortages, or plundering supermarkets due to high inflation is also 'the market'. The market will take care. Don't worry.

Thu, 12/13/2012 - 15:31 | 3060450 Joe Davola
Joe Davola's picture

Hopefully he partied it up during those four years, because he's gonna 'descent' to a job well below his perceived station.

Thu, 12/13/2012 - 21:46 | 3061533 jerry_theking_lawler
jerry_theking_lawler's picture

And his vote counts just as much as yours.......haha. We will get what we deserve.....as a country.

Thu, 12/13/2012 - 15:08 | 3060343 Big Corked Boots
Big Corked Boots's picture

I'd say if that boy studied Media and Modern Culture for four years, he has received exactly what he has earned.

Thu, 12/13/2012 - 15:42 | 3060501 azzhatter
azzhatter's picture

I've been studying media and modern culture for most of my 60 years. It's not pretty

Thu, 12/13/2012 - 15:51 | 3060539 boogerbently
boogerbently's picture

"media and modern culture"

TV and FB???

Thu, 12/13/2012 - 18:06 | 3060989 Esso
Esso's picture

There's a lot more to it than that. There's keeping a cell phone glued to the side of your head for 16 hrs/day, texting constantly, video gaming, the constant search for the Latest & Greatest iDooDad, it just goes on and on...

Thu, 12/13/2012 - 22:15 | 3061631 HardAssets
HardAssets's picture

So true, and so common.  I recently spoke with a middle aged moron who said he liked to "keep up with things" so he'd bought the latest i-gadget. I pointed out that he just bought the thing . . . . he didnt design it. The worse was seeing a man who had to be in his late 60s or early 70s with a gold earring stud. Probably a freakin' Californian. America . . . land of the 'trendy' and the brainless sheep.

Thu, 12/13/2012 - 18:10 | 3060995 eatthebanksters
eatthebanksters's picture

his degree should get him a great job as a bartender at the Hard Rock Cafe...

Thu, 12/13/2012 - 16:16 | 3060635 Rockatanski
Rockatanski's picture

and you certainly didnt need a college to help you with that endevor either, i assume.

Thu, 12/13/2012 - 15:09 | 3060345 HoaX
HoaX's picture

Least his modern culture course seems to be paying off.

Thu, 12/13/2012 - 15:10 | 3060346 mayhem_korner
mayhem_korner's picture

 

 

MDB...I can't stop laughing at your hat, dood.

Thu, 12/13/2012 - 16:46 | 3060758 debtor of last ...
debtor of last resort's picture

Would you please use the word 'dude' instead of 'dood'? Dood means death in my language. As much as i hate MDB, i don't want him dead.

Thu, 12/13/2012 - 17:00 | 3060822 Raymond K Hessel
Raymond K Hessel's picture

Dewd,

In what language does dood mean death and dude does not mean death?

Thu, 12/13/2012 - 17:35 | 3060922 Hobbleknee
Hobbleknee's picture

Faglish?

Thu, 12/13/2012 - 17:35 | 3060923 A Nanny Moose
A Nanny Moose's picture

How would The Dude spell it? HWTDSI

Sun, 12/16/2012 - 03:43 | 3068226 MeelionDollerBogus
MeelionDollerBogus's picture

:D

Thu, 12/13/2012 - 15:13 | 3060356 Popo
Popo's picture

Jobs don't come from government.  

Government jobs come from government.   

Get that through your stinkin' head, Brad.  

BTW -- did they teach grammar and spelling in that "Media and Modern Culture" program?

Thu, 12/13/2012 - 15:15 | 3060376 centerline
centerline's picture

This stuff is pure genius MDB.  +1 from me.

Thu, 12/13/2012 - 15:20 | 3060395 q99x2
q99x2's picture

I want nothing from federal government except State ownership of their nukes.

Thu, 12/13/2012 - 15:25 | 3060420 Mad Mohel
Mad Mohel's picture

Give that kid a bag of rocks and the directions to the Fed. These little teat suckers need to put their money where their mouthes are. You want it? You gotta take it!

Thu, 12/13/2012 - 15:27 | 3060425 ejmoosa
ejmoosa's picture

Oh, we are going to have a revolution.

But I don't think ol' Brad will like the outcome very much.

 

Thu, 12/13/2012 - 15:34 | 3060458 caimen garou
caimen garou's picture

I studies whores in memphis, but whats that got to do with the price of rice in china! rich,million dollar butt wipe!

Thu, 12/13/2012 - 15:36 | 3060467 EmmittFitzhume
EmmittFitzhume's picture

This forum is the greatest!  I love all you guys...except MDB...and anyone like him....aaaannnd Brad

Thu, 12/13/2012 - 16:34 | 3060709 yogibear
yogibear's picture

"a house, a fucking vacation"

Since when are those necessities?  Isn't he already on a forced vacation?

 

Thu, 12/13/2012 - 22:19 | 3061641 HardAssets
HardAssets's picture

He's on a vacation from thinking.

Thu, 12/13/2012 - 19:44 | 3061209 FanOfAnn
FanOfAnn's picture

It's not the Government that has failed you. Its you that's failed you. Wake the fuck up! 

Fri, 12/14/2012 - 02:32 | 3061997 brettd
brettd's picture

Brad is about to become a SNL recurring character....

 

Thu, 12/13/2012 - 15:07 | 3060333 flattrader
flattrader's picture

Fuck Santelli

>>>CNBC’s on-air editor, Rick Santelli, calls ordinary Americans who face losing their homes to foreclosure "losers" who don’t deserve government help.

America’s homeowners have just lost about $6 trillion in home value in 2008, largely because the people who are supposed to oversee and finance the economy didn’t do their jobs, but Santelli thinks we should let Americans facing foreclosure just fail. That way, more patriotic Americans like the traders surrounding him — the guys who made a bundle riding the housing bubble economy — can scarf up the properties for pennies on the dollar and get rich.<<<

He's a predator.

Thu, 12/13/2012 - 15:18 | 3060370 Popo
Popo's picture

What?   Americans are losing "their homes"?   Please define "their homes". 

Why can't these people rent like I do?  And just out of curiosity, should renters also be given free homes?  Or just the people who took out mortgages, but never actually paid for their homes.   I'm not sure I understand your logic about specifically which Americans should be given free houses.

Thu, 12/13/2012 - 15:34 | 3060464 flattrader
flattrader's picture

Where did I ever say that anyone should be given "free houses?"

Quote me...

Oh, you can't...because I never said that.

Thu, 12/13/2012 - 15:46 | 3060494 Popo
Popo's picture

If someone is in foreclosure, they can't afford their house.  You'd like them to keep it despite the fact that they can't pay for it.  The technical term we use for things that one gets to keep without paying for them is "free".

What you're doing is accusing me of quoting you.  I am not quoting you.  Please do not erect straw men and knock them down.  

What I *am* doing is ridiculing you because you believe that ownership is distinct from acquisition.   And you believe government's job is to provide homes to those who made irresponsible business decisions, but under different circumstances those individuals should keep the profits should those decisions go their way.  You are like a child.  You want a win win scenario courtesy of your fellow Americans.

Thu, 12/13/2012 - 17:02 | 3060830 Raymond K Hessel
Raymond K Hessel's picture

I rent because I can't afford a mortgage.

If those who were foreclosed on were as honest about their expenses as I was, they'd be secure in their rented homes.

Thu, 12/13/2012 - 18:13 | 3061001 eatthebanksters
eatthebanksters's picture

I lost my house, I hate TBTF banks, but in the end it was my fault and I own it...and Santelli is my fucking HERO!

Thu, 12/13/2012 - 19:03 | 3061092 Freddie
Freddie's picture

I "own" a home, almost paid off, and have plenty of equity.  But guess what?  The county owns my home.  My home is there to keep fat f**k unionized govt workers on the gravy train with cushy pensions and endless freebies.  It is for the cops and firemen to make $100K + with cushy side jobs that can rake in more money, maybe an extra $50,000, plus everything they can steal.  

I went to a restaurant a few months ago near a police station in town with 100,000 people.  I ended up paying $10-11 bucks for dinner.  The cops and their cronies come in and it is all free.

Anymore, you "don't own nothin" in this country.  I just rent my home from the county by paying taxes aka rent.

Thu, 12/13/2012 - 20:59 | 3061407 VisualCSharp
VisualCSharp's picture

So true. As long as any person or organization can place a lien against "your" property or sieze it through eminent domain, you do not own your property.

Thu, 12/13/2012 - 19:32 | 3061173 Ayn NY
Ayn NY's picture

I rent because it was obvious to my husband and I that we were in a housing bubble and taking out a mortgage on an over priced house is financial suicide. Most people who took out mortgages at that time couldn't afford them - you were smart not to get in over your head.

Fri, 12/14/2012 - 07:03 | 3062097 Tom Green Swedish
Tom Green Swedish's picture

Here's the problem.  As we all know the housing market caused the entire problem with our lives today. It is what the entire crisis was blamed on, we have heard it over and over again, yes it was the banks fucking with loans etc, but the root of the problem was "the American Dream". You can argue gas oil chinese etc etc, but the problem was BLAMED ON HOUSING.  So we have a big huge hint on what we need to fix.  HOUSING.  Ok so what do we do? It would be hard to fix the past, but better to prevent the problem in the future. 

 

First 1 percent loans for everybody, or rates that are on par with 30 year treasuries.  Housing has to go up less than inflation or not at all or within wage increases (otherwise the ponzi scheme will be in full effect and the next generations will get screwed; we are already experiencing this problem) or alternatively smaller houses or smaller cities with no suburbs.  So here is the problem once housing goes down renting prices go up.  Total crap. From one thing to another.  Somebody has to have an intelligent fix to this problem because the only thing housing does is stimulate the construction economy, and it is an extremely profitable business.  The materials to make a mansion are not that expensive.

 

I like averages so we'll use averages to prove our point. 

Go to menards and you will see the materials for a 2700 square foot home are 91,000 dollars (the average home size in the USA).

http://www.menards.com/main/project-center/homes/h053d-0021-the-heathwoo...

 

The median sales price for a home is 178,000 dollars (where I live its 280,000).  Ok so where did the other 88,000 dollars come from?  Land? Construction?  Ok here's the problem.  There's enough room in this country for us all the have a chunk of land.  2. Lets just say construction is for a new house (I'm not talking for one made 30 years ago when wages were 8,000 dollars a year) is 50,000 dollars or about 175,000 dollars.  Thats one man's salary for an entire year on average or gross pay for 8 years one AVERAGE.  Yes I would have to pay 8 years of my life for something that was constructed in 3 months, is that fucked up or what?  Ok so I can spend one entire year building a house for myself or 8 years for that matter and I'd come out ahead. Sounds like a plan to me.  

 

This is how stupid things are.  We are paying higher prices for labor and materials already purchased at a lower price so people can sit on their ass and collect money for nothing.  Pathetic.

Thu, 12/13/2012 - 15:20 | 3060391 mayhem_korner
mayhem_korner's picture

America’s homeowners have just lost about $6 trillion in home value in 2008, largely because the people who are supposed to oversee and finance the economy didn’t do their jobs

 

If the people who oversee and finance the economy did their jobs the way they should, those people wouldn't have bought overvalued homes (if any at all).

Thu, 12/13/2012 - 15:30 | 3060438 flattrader
flattrader's picture

Yep. Agreed.

But of course Santelli wasn't interested in holding banks, MERS or anyone else accountable...just the homebuyers, many of whom were documented victims of fraud.

Thu, 12/13/2012 - 16:48 | 3060752 Beam Me Up Scotty
Beam Me Up Scotty's picture

Just what did you think would happen when you got the lower adjustable rate mortgage instead of the slightly higher fixed rate mortgage.  You didn't think the rate might go up?  If you couldnt afford the house at the highest possible rate on the ARM then you shouldnt have been buying the house.  You get a Truth in Lending statement when you apply for a mortgage moron, stating what the interest rate is and how much your payment is going to be.  I've bought/refied a few times over the years, and I've never been duped.  Why were you?? Most mortgage foreclosure is because of idiots who don't know what an amortization schedule is.  Too bad they didn't pay attention in 8th grade math class.  Boo Hoo.

Thu, 12/13/2012 - 16:53 | 3060783 flattrader
flattrader's picture

I wasn't duped.  Others were.

And I guess you missed that whole mortgage fraud element of what went on...the fraudulent origination, the liar loans and the people who thought they were applying for a fixed rate mortgage and had their papers switched out on them.

Thu, 12/13/2012 - 16:58 | 3060811 Beam Me Up Scotty
Beam Me Up Scotty's picture

Um, you get copies of all of those documents at closing.  Thats what courts and lawyers are for.  The vast majority of foreclosures were related to people buying more house than they could afford on an ARM.  Rates adjusted up, and they couldnt afford the payment. 

Thu, 12/13/2012 - 17:31 | 3060865 Leopold B. Scotch
Leopold B. Scotch's picture

Santelli ain't defending the banksta gangsta crowd.  He's just not excusing the masses from their own stupidity. 

What?  A house doesn't go up 15% per year forever? Who the...!!??!

I should not take out a loan at 125% of the home's appraised value?? Whaa..?!?! Fraud! Fraud! Fraud!

Really, half these folks are experts on who Hollywood dates, the latest reality T.V. Crap, choosing ignorance over reality.   They keep voting to have government indoctrination in their schools run by the Education Industrial Complex that never questions an ounce of the system, and they keep voting to keep their AHOLE politicians in office... and have no idea that the Fed is a banking cartel in a political-banking nexus with our political masters.  Prepare to bend over for the rest of your life if you CHOOSE to keep your head in the sand.

A fool and his money are soon parted.  A bigger fool knows that's the case and demands that it's someone else's problem to make sure he (the fool) isn't victimized again, and that he shares no fault for allowing himself to be victimized in the first place.

Thu, 12/13/2012 - 18:17 | 3061008 eatthebanksters
eatthebanksters's picture

Read todays news, Obama and Cameron let HSBC of the hook for thousands of criminal acts (you read that right) because they are too big to fail. That's the fucking problem...if you get to big then laws don't apply to you; this shit is gonna backfire when the little people get tired of a two tiered justice system.

Thu, 12/13/2012 - 17:13 | 3060860 Leopold B. Scotch
Leopold B. Scotch's picture

Hard to believe.

Thu, 12/13/2012 - 16:21 | 3060650 MachoMan
MachoMan's picture

If the people who oversee and finance the economy did their jobs the way they should, those people wouldn't have bought overvalued homes (if any at all).

No, no, and more fucking no.  It is INEVITABLE that this happens when people are given this level of oversight and control.  It is their job to ensure that what happened ended up happening.

Thu, 12/13/2012 - 15:21 | 3060396 redpill
redpill's picture

A predator because he doesn't want the government to use force against people who DO make their mortgage or rent payment to make them pay for the people that don't?  Think about who is really advocating aggression here.

Thu, 12/13/2012 - 15:24 | 3060413 ozzz169
ozzz169's picture

Once in a while you have to put a clown like this in his place.  So if someone is stupid enough to buy a house in a market that is very inflated, its the governments responsibility.  No if you bought a house that was very overpriced then its your fault you lose your house.  (now I do feel for people that were lied to by banks and lost there houses to the banks because of false promises and illegal forclosures (because I was one of them, ie entered rework programs instead of selling houses, then made payments while they forclosed on the house).

 

 

Thu, 12/13/2012 - 16:14 | 3060627 batterycharged
batterycharged's picture

People didn't go down the street to buy the mansion on the hill.

Your portrayal of the situation is LAUGHABLE.

People bought WHAT THE MARKET costs were for a home.

And why were the houses so expensive? Why are the houses no longer expensive?

Because asshats that love to gamble (i.e. investors) and banksters let this shit go on.

You blame the average person because the bank lent money to bums? And some fucknut on Wall Street wrapped the mortgage in a security, driving up prices???

Santelli is a fucking ASSHAT. I'd love to kick the living shit out of him. He personifies the macho ego of the wall street crowd, effing MAGGOTS at the trough, doing NOTHING for society but thinking they are the pillars of society.

Then they blame the average person that simply bought houses at the market rates for "being dumb and a loser". How is that for rubbing salt in a would? You fuck us over, then blame us for your shitty profession?

 

Thu, 12/13/2012 - 16:27 | 3060672 MachoMan
MachoMan's picture

You left out the most important aspect of the equation, leverage.  Whenever you borrow to engage in any activity...  to purchase ANYTHING, then you are a speculator.  Plain and simple.  The fact that you blew money on a consumptive endeavor (house) does nothing to change the fact that it was purely speculation.

By your logic, if the price of a 3/2 1500 sq ft home was $10,000,000,000,000, then they were perfectly reasonable to buy that on a 30 year @ 5% with an annual salary of $50,000...  ok.

Thu, 12/13/2012 - 16:59 | 3060821 flattrader
flattrader's picture

And by your logic it was perfectly reasonable to originate a loan on that 3/2 1500 sq ft home costing $10,000,000,000,000 to someone making $50,000 dollars a year?

Who was really culpable here???

[ I suppose you want us to pity the poor banks, mortgage cos., insurers etc...who purpotrated this fraud...and got bailed out. ]

Thu, 12/13/2012 - 17:08 | 3060851 Raymond K Hessel
Raymond K Hessel's picture

You don't encumber yourself with debt payments that go above a certain threshold.  If you have the cash it's fine.  If you are barely making payments, then it is your own fault.  The people underwriting loans aren't mad banksters. They're making $60,000 at best and told to write loans.

I was told I could afford a loan well above what I knew I could afford.  I said no.

I didn't use calculus and differential equations loaded up in a supercomputer to figure this out.  I knew what my takehome pay was and said I can't spend more than x percent of that amount.

It's that simple.   

 

Thu, 12/13/2012 - 17:59 | 3060899 Leopold B. Scotch
Leopold B. Scotch's picture

Well, there is legitimate blame for this fiasco that should be applied to the global cartelized banking system.  By killing the natural rate of interest and defending below market rates by expanding monetary policy, you remove a critical pricing indicator from the market.  In an environment that would demand higher borrowing rates when a heated economy is borrowing too much, this is a non issue -- the bubble snuffs itself out before it gains any traction as anything remotely bubble-like.   Enter the fed, fractional reserve banking, and the bailout machine, and a flood of money backing an artificial interest rate, a great amount of activity begins cropping up on the back of the price fixing, a boom that goes as long as it can, egged on in this case by steady dropping rates and fractional reserve pyramiding of debt upon debt, much of it laundered from CCC to AAA via B.S. finance throughout the system.  So, yes -- many folks, entrepreneurs, etc. were mislead. 

However, those who understood this in advance -- who were educated in non mainstream economics -- we avoided the fiasco.  Anyone with an Austrian Economic background knew an echo bubble was coming from the minute Greenspan bailed out the collapse in tech.  Nobody listened to us, preferring the syrupy words coming from the seed-corn raiding, free-lunch promising, broken window fallacy believing, neo-Keynesian AssHat crowd.  (a.k.a. "The prevaling wisdom" majority)

Of course, there's also blame in government, where through B.S. Redlining Laws, they made sure plenty of unqualified people in really shitty areas had access to capital that drove up those prices as well, borrowers who were so insolvent they'd default on their 2nd mortgage payment.  Thank Barny Frank and his cadre of GSA defending Poverty Pimps, who called out anyone who pointed out this disaster waiting to happen as "Racists", etc.

And you could go on and on.

But, heck -- the world is filled with criminals and sheisters.  It's your job to not believe in the myths that you can trust politicians, Big Government, or a banking cartel granted the legal right to print whatever $$ it takes for them to earn massive profits and bail themselves out.

It's your fault for enabling it and allowing it.  The rest of us having been buying gold (as I've been doing since 2003 at $318 /oz).  The writing was always on the wall if you bothered to pay attention and / or stop throwing sand in your own eyes.

Thu, 12/13/2012 - 17:58 | 3060972 blunderdog
blunderdog's picture

     You don't encumber yourself with debt payments that go above a certain threshold.

I know a fair number of folks who didn't pay much attention to the heist in September '08 because "it was just weird technical stuff." 

They had bought houses/cars/etc based on their income and the (obviously incorrect) belief in something like job security.  Once you knock the idea that you can depend on holding a job out of play, you pretty much have to give up ALL forms of finance. 

It's just not possible to know which businesses are going to succeed/fail in such a manipulated financial environment.

No one is concerned about the "poor" fucks who signed NINJA docs for $500,000 mortgages.  Even THEY aren't concerned--they knew all along it was a grift.

Unfortunately, there were TONS of folks who didn't know all that was happening, and had been convinced (by an industry of liars) that a $350,000 house on a $60,000 income was REASONABLE because of the interest rate manipulation by the Fed and our biggest banks.

It doesn't even matter if you throw them out of their houses.  That'd be fine if the market would be permitted to clear, because it would mean they could afford shittier houses in cheaper locations.  But as long as the supply is artificially restricted, there's no opportunity for any of the correction that we all know needs to occur.

Thu, 12/13/2012 - 18:29 | 3061034 Leopold B. Scotch
Leopold B. Scotch's picture

Blunder, I have tremendous amounts of empathy for folks who didn't see this coming and got their asses handed to them.  You and all your friends need to read up on why Henry Ford once quipped (paraphrased), " if Americans truly understood the nature of their banking system, there'd be a revolution overnight."

We're deliberately mal-educated.  It's not accident.  It's conspiracy on such a grand scale we're oblivious to it.

Read Rothbard's "The Case Against the Fed" and his "What has the Government done to our Money."

Those were the basis of knowledge that saved my ass this last round.  I couldn't believe it was entirely true and was in denial through the bubble that was lead with tech.  It cost me many of my friends / clients tons of money, etc..  I didn't make the same mistake twice.  You and your friends don't have to, either. 

You can download both books for free as .pdf files, so no excuses.  Build from there, unless you prefer to remain oblivious.  (Blue Pill or Red Pill, Neo.)

Thu, 12/13/2012 - 19:43 | 3061205 blunderdog
blunderdog's picture

I did my best to educate folks over the past decade, with some success here and there.  I'm doing fine.  I never bought a house.  I also don't have kids. 

I'm just reminding folks that although there were plenty of fraudsters and charlatans in on the game, there was a great number of their victims who ended up with the worst of all outcomes.

It's easy to blame them for not knowing what you may have known, but do you really want to lay the foundation for punishing them even MORE now that they've already lost their shirts?  To what end?

(It's not so very difficult to see where the stolen money WENT.)

Fri, 12/14/2012 - 10:55 | 3062551 MachoMan
MachoMan's picture

False dilemma/strawman.  I said nothing of the sort, nor implied it.  Here's the issue, ALL ARE TO BLAME. 

Thu, 12/13/2012 - 15:30 | 3060441 ejmoosa
ejmoosa's picture

I think you meant to say that homeowners did not do a good job of evaluating the real estate markets before committing to a purchase price.

If you want to know who really made out, check out who collected the taxes on all those housing transactions, and all those that had their property taxes skyrocket because YOU OVERPAID for your house.

Thu, 12/13/2012 - 19:24 | 3061145 Winston Churchill
Winston Churchill's picture

The people that really made out:

The merchant banks that set up the REMIC trusts.

Not happy with a one off profit of 40% on cost,they sold these loans

multiple times.The record is one loan sold 42 seperate times.

The average Note was sold ten times.They also benefited from CDS

contracts written on ALL those sales,

The homeowners are straw men hiding the banking  fraud.

The biggest fraud in history.

Fri, 12/14/2012 - 07:01 | 3062098 flattrader
flattrader's picture

Yep..Biggest Fraud in History...and the idiots here are STILL blaming the "homeowner" and defending the fraud (and Santelli.)

Thousands of articles posted here explaining in excruciating detail how this happened and they still don't get it.

 

Thu, 12/13/2012 - 15:56 | 3060559 boogerbently
boogerbently's picture

Gotta agree with the rest, flattrader,

The home isn't yours until it's paid off.

You took out a loan you couldn't afford. Tough $hit.

You walk away from your contract because it wasn't the "investment" you envisioned, you CAUSED the recession.

Not everyone foreclosed on was hard working Americans who lost their job during the recession....not by a L O N G S H O T . Lead by example. NOT two wrongs make a right.

Thu, 12/13/2012 - 16:05 | 3060585 flattrader
flattrader's picture

>>>You walk away from your contract because it wasn't the "investment" you envisioned, you CAUSED the recession.<<<

How 'bout you make a shit load of crappy loan without documenting income for fat origination fees, bundle them together with a few good ones and then pawn them off as high grade investments to some suckers???

Now, exactly WHO caused the recesession again???

Thu, 12/13/2012 - 16:12 | 3060621 redpill
redpill's picture

All of the above, plus Congress and the Fed.

Thu, 12/13/2012 - 16:28 | 3060680 MachoMan
MachoMan's picture

and a shitload of apathetic citizens...

Thu, 12/13/2012 - 16:52 | 3060782 unununium
unununium's picture

and the ratings agencies.

Thu, 12/13/2012 - 16:54 | 3060794 Beam Me Up Scotty
Beam Me Up Scotty's picture

"How 'bout you make a shit load of crappy loan without documenting income for fat origination fees, bundle them together with a few good ones and then pawn them off as high grade investments to some suckers???"

Did you lose your house?  Or did you lose your ass buying MBS??  Average Joes weren't out buying Mortgage Backed Securities.  But they were out buying the absolute most their money could buy on a house.  Mabye instead of taking out a $500,000 mortgage they should have gotten a $250,000 mortgage and half the house.  But its no fun when your buddy has a nice new McMansion and you don't isn't it.  Plain and simple, most people bought more house than they could afford.  Period.

Thu, 12/13/2012 - 17:05 | 3060841 flattrader
flattrader's picture

>>>Average Joes weren't out buying Mortgage Backed Securities.  But they were out buying the absolute most their money could buy on a house.<<<

Some average Joes didn't buy McMansion they couldn't afford but, got their asses handed to them nonetheless in the form of unemplyment or saw their small businesses fail because the greedy fucks fed at the trough and puked up a recession.

Thu, 12/13/2012 - 17:13 | 3060863 Raymond K Hessel
Raymond K Hessel's picture

Flattrader,

You and BMUS are both correct, but he's more correct than you.  

If you don't watch out for yourself, then you are not doing your job.  Everyone knew prices were too high.  Everyone.  

But they kept buying.  I tried to buy and said no way.  The mortgage payments, even at 75% LTV, were higher than rents on comparable apartments.  

It doesn't make sense to buy when it was cheaper to rent.  

People were buying thinking prices never go down.  They got burned.  Too bad.

Thu, 12/13/2012 - 17:27 | 3060902 Beam Me Up Scotty
Beam Me Up Scotty's picture

I agree there was some fraud.  But by and large, an hour of education about a mortgage is all that it takes to avoid problems.  And you can't blame the bank if you lose your job, or you get sick.   But I see people who every day make piss poor life decisions and then cry like a spoiled baby when they can't afford something.  I see people talk about making late mortgage payments then later hear them talking about the movie they watched on HBO.  What?  You haven't made your mortgage payment but you have a top tier Directv package? 

I know a woman who is in her early 30's.  She's single and has 4 kids.  She can't afford the 4 she has, and guess what, shes having a 5th.  I'm sick and tired of people pissing and moaning about their own shitty decisions, and then trying to make me pay for them. 

Thu, 12/13/2012 - 17:56 | 3060969 Leopold B. Scotch
Leopold B. Scotch's picture

Dooood.  You're harshin' my mellow with all that "blamin' the victim" talk...

Thu, 12/13/2012 - 18:47 | 3061067 Beam Me Up Scotty
Beam Me Up Scotty's picture

I don't feel any sympathy for people who are victims of their own stupidity.

Thu, 12/13/2012 - 22:29 | 3061666 Better_late_tha...
Better_late_than_never's picture

McDonald's made me fat. They should have told me that all that sugar was bad for me. It's not my fault. They made it taste good.

Thu, 12/13/2012 - 17:22 | 3060887 helping_friendl...
helping_friendly_book's picture

I watched a VP of the FHA on C-Span admit that the FHA is extending credit to people who defaulted 3 years ago. He claims they are a good risk now. Unbelievable. My mortgage rate is 4.875% but, I'm going to get it down to 3% soon.

Thu, 12/13/2012 - 19:44 | 3061204 Jeepers Creepers
Jeepers Creepers's picture

I remeber a friend railing about how the bank screwed over his mom on her mortgage that made her lose "her" home.  I asked how the defrauded her, he said they were upfront about everything with full disclosure about what she owed and her responsibility, but the big crime was that they approved her.  Something tells me this guy would be screaming if the bank had turned her down about how the system screwed his poor little mom.  And something tells me had the real estate market gone p, she would have found a way to make the payments.

 

Look, I hate banksters as much as the next guy, but I'm not going to check my intellectual honestly and pretend every other person is some innocent angel.  It's really no different than student loans or credit cards with young people.  No one put a gun to your head and made you become reckless.

Thu, 12/13/2012 - 18:12 | 3061002 blunderdog
blunderdog's picture

    The home isn't yours until it's paid off.

That's not true.  The house (whether it's a home or not) belongs to you when you get the deed.  The mortgage holder just has a LIEN on it.

The "ownership" is a done deal--it's handled by the county clerk.

You really ought to learn just the tiniest bit of stuff before trying to pretend you understand what's going on.

Thu, 12/13/2012 - 21:04 | 3061427 VisualCSharp
VisualCSharp's picture

While you may be legally correct, practically, if any person or entity can put a claim of ownership on your property then it is not truly yours. It can be taken from you legally through liens or eminent domain.

Fri, 12/14/2012 - 11:11 | 3062597 blunderdog
blunderdog's picture

Then you never can possibly "own" anything.

You've got kind of a self-defeating argument there.  The bank can't "claim ownership" of your house, they basically have to sue you for it.

Anyone can try to sue anyone for anything.

Thu, 12/13/2012 - 16:02 | 3060575 Spigot
Spigot's picture

Are you seriously stupid? The fuckers are already rich without your decaying McMansions. Santelli has never advocated anything but letting the market fail ALL failures big or small. Your version of Santelli is pure ignorance.

Thu, 12/13/2012 - 16:11 | 3060615 Seer
Seer's picture

"America’s homeowners have just lost about $6 trillion in home value in 2008, largely because the people who are supposed to oversee and finance the economy didn’t do their jobs"

No one was forced to do anything.  Greed ran rampant, that's what happens in bubbles.  I'm fairly conservative, in which case I wasn't willing to take everyone's advice- I sold before the market collapsed.  And if little old I could have figured it out (with NO/ZERO adivce from anyone else- I went on logic alone) then ANYEONE else could have as well; but not the case with those in which greed kept them locked in.

Buy low, sell high.  Food, Shelter (not "investment properties") and Water.  And people continue to be suckered because they are greedy, THAT is what happened.

"can scarf up the properties for pennies on the dollar and get rich"

I've challenged others on this (who may have come at it from a different angle, but the aim/target is the same- that "they" are buying everything up).  Who the fuck are they going to sell to once everyone is broke?  And are those cheap condos really work anything?

Riddle me this: if "they" weren't buying up real estate WOULD YOU BE?  If you think that this could be the big get-rich scheme then why aren't you/didn't you moving/move on it?  Are you waiting for someone else to tell you?

I took plenty of ridicule for straying from the herd.  My aim of being a farmer was looked down upon.  That's what happens when you step outside the circle.  Can't step outside the circle AND be free of risk.  Stay in the circle and it's quite likely that the herd is rounded up, at some point.

I don't like Santelli either, but then again I don't care much for ANY talking-head (whether right or wrong- best course of action, most productive is, well, to be "productive" [and market trader also doesn't classify for me as being a "producer"]).  And given the base economic philosophy of "perpetual growth on a finite planet" is a BIG FAIL, all of these folks' offerings are worth little (other than entertainment- also provide good fodder for attacking others- humans are good at casting dispersions on others).

Thu, 12/13/2012 - 15:41 | 3060492 azzhatter
azzhatter's picture

I would still like to slap that asian bitch. She is a smarmy little cunt

Thu, 12/13/2012 - 15:46 | 3060517 batterycharged
batterycharged's picture

I know right, is there another man on the planet that you would love to CRUSH more?

Starting with his geeky little head?

I love  little fags that make tons of money by swapping paper berating people that actually FUCKING WORK FOR A LIVING.

Thu, 12/13/2012 - 14:59 | 3060294 kliguy38
kliguy38's picture

Good luck Ben when this Biatch slap comes

Thu, 12/13/2012 - 15:11 | 3060353 Cursive
Cursive's picture

@kliguy38

To paraphrase Liz Phair, when it comes, it's gonna be a volcano.

Thu, 12/13/2012 - 15:00 | 3060299 Id fight Gandhi
Id fight Gandhi's picture

So go over the cliff, freak everyone out, get a brief mkt pullback more QE and more spending and remove the debt ceiling.

Thu, 12/13/2012 - 15:00 | 3060305 buzzsaw99
buzzsaw99's picture

the market is a myth like manbearpig

Thu, 12/13/2012 - 15:08 | 3060335 NewThor
NewThor's picture

I dated a womanbearpig once.

She fucked like a woman,

caught fish like a bear,

and tasted like bacon.

...but eventually 

the lack of good conversation

was a a real bore,

so I had to move on. 

Unicornwomen is where it's at!

Thu, 12/13/2012 - 15:29 | 3060436 Mad Mohel
Mad Mohel's picture

I bet if she fucked like a pig, you could have overlooked the shitty conversation. What are ya anyway a professor or something? Conversation, LOL.

Thu, 12/13/2012 - 16:21 | 3060646 Seer
Seer's picture

I've got a rare one...  She can actually think logically (which throws me off a bit because I second-guess this when wondering why she married me)...  Face-to-face conversation is good, and there aren't very many faces that are more beautiful than her's, so... lucky me!

Thu, 12/13/2012 - 16:31 | 3060691 MachoMan
MachoMan's picture

So you want to have sex with a woman with a really large penis horn?

 

*chris hanson voice* tell me about your father...

Thu, 12/13/2012 - 15:01 | 3060306 GMadScientist
GMadScientist's picture

There are two problems with Keynesian stimulus; first, that it does work, in a limited sense, giving proponents creedence well beyond what they deserve, and second, that you can't stop once you've started without causing another crash.

Like a medicine that has no curative power, but alleviates symptoms, at least until your tolerance and homeostasis make it impotent.

Thu, 12/13/2012 - 15:14 | 3060368 HoaX
HoaX's picture

Keynesian stimulus would mean using the money to actually build useful stuff. You know, infrastructure projects, bridges.

Not saying I´m into Keynes but this has jack shit to do with his ideas.

Thu, 12/13/2012 - 15:28 | 3060434 GMadScientist
GMadScientist's picture

There are a lot more "monuments" than Hoover Dams, when all is said and done, but unlike most here, I've actually read the general theory and understand the illogic in the classical approach that the man was attempting to address. And you can make the point that the hundreds of billions in block grants is directly correlated to the monetization of US debt by our good friend and the bad bank.

 

Thu, 12/13/2012 - 15:33 | 3060454 Orly
Orly's picture

Exactly.  Just like "supply-side" economics, which would also work, neither idea has been implemented properly.  Keynes said when you need to borrow, go ahead but build useful stuff.  He also said that when times are good, you save for a rainy day.

Can't really expect the programme to work unless it were implemented on both sides of the equation.  Same with supply-side.  The deal was to take away all the tax loopholes.

As in Marxism, Communism, Capitalism and Socialism, great ideas that can benefit all of mankind are perverted for the few who write the laws or pay to have the laws written for them.

Same old, same old.

:/

Thu, 12/13/2012 - 15:51 | 3060537 ShrNfr
ShrNfr's picture

"You know, infrastructure projects, bridges." - Where I come from those are known as overhead. Some overhead is necessary. Not all overhead is. They "stimulated" a perfectly good road near where I live. The old road was fine and actually had twice as many lanes as the "stimulated" road. Of course, Wagner Act wages were paid.

Thu, 12/13/2012 - 15:19 | 3060387 forwardho
forwardho's picture

Three cheers for a hot shot of pure morphine!   Yea!

Thu, 12/13/2012 - 15:26 | 3060423 GMadScientist
GMadScientist's picture

Crap. Stepped-on methadone agin.

Thu, 12/13/2012 - 15:29 | 3060437 edotabin
edotabin's picture

Like a medicine that has no curative power, but alleviates symptoms, at least until your tolerance and homeostasis make it impotent

 

Looks like the FED looked to the FDA for answers. Just cover the symptoms and make tons of cash doing it. Screw cures!

Thu, 12/13/2012 - 16:07 | 3060588 Clinteastwood
Clinteastwood's picture

The problem with drugs is...

.....sooner or later you have to come down.

Thu, 12/13/2012 - 15:02 | 3060307 mayhem_korner
mayhem_korner's picture

 

 

I'm picturing the Bernank curled up in a corner stabbing his Santelli voodoo doll with a needle...

Thu, 12/13/2012 - 15:30 | 3060440 GMadScientist
GMadScientist's picture

TMI

Thu, 12/13/2012 - 15:31 | 3060451 ejmoosa
ejmoosa's picture

I think it's more like he's sitting in a corner, popping Viagra by the handful, and yet he still can't get it up.  Just one more....

Thu, 12/13/2012 - 15:01 | 3060308 surf0766
surf0766's picture

We are past the point of no return. They are just waiting for Jan 20 to complete the transformation. The debt ceiling vote is a joke. It will be done away with to protect the people. 

Thu, 12/13/2012 - 15:06 | 3060325 Caviar Emptor
Caviar Emptor's picture

That's right. There really is no viable alternative. And the public at large and the global community will vote not with their feet but with their asses, pluncked squarely and firmly on the couch receiving the truth as it emanates from a rectangular-shaped oracle.

Thu, 12/13/2012 - 15:16 | 3060371 forwardho
forwardho's picture

So right Surf, If there ever was a point of  return. Living a complete fantasy since well before '08. Sort of a very prolonged Whille-e coyote moment. Although not to sure about the "protecting the people" part.

Thu, 12/13/2012 - 15:32 | 3060452 surf0766
surf0766's picture

"protecting the people" is gov't speak for take control of everything

Thu, 12/13/2012 - 16:35 | 3060710 Matt
Matt's picture

Grandma is protected. Grandma has gone down the stairs. We are the space robots. We are here to protect you from the terrible secret of space.

http://www.youtube.com/watch?v=7E0ot9iJm_k

Thu, 12/13/2012 - 15:43 | 3060506 SmallerGovNow2
SmallerGovNow2's picture

When they remove the debt ceiling there will be NO ONE buying our debt.... hey wait a minute...

Thu, 12/13/2012 - 15:51 | 3060534 NotApplicable
NotApplicable's picture

Well, they won't be that upfront about it. They'll just tie it to the unemployment rate, or some other genius idea that measures flow, rather than volume.

Because, as we all know...

They have to do SOMETHING!!!

Thu, 12/13/2012 - 15:03 | 3060311 fonzannoon
fonzannoon's picture

Liesman: "Rick if you are so concerned about the debt why aren't your traders selling treasuries right now instead of buying them?"

Santelli: "Traders wan't to make money".

Liesman: (asks same question)

Santelli: "Let's ask one!". (Grabs trader) "Hey Liesman wants to know why you guys are not selling treasuries!"

Trader: (no hesitation at all) "who would buy?"

End of story

Thu, 12/13/2012 - 15:11 | 3060349 Dr. Engali
Dr. Engali's picture

That's so true in all these no bid markets. If there was any selling volume at all the "bids"would just disappear.

Thu, 12/13/2012 - 15:18 | 3060381 cougar_w
cougar_w's picture

LOL that was priceless.

Thu, 12/13/2012 - 15:29 | 3060444 TonyCoitus
TonyCoitus's picture

Ha ha ha.  That's hilarious!  Anyone have a video of this?

Thu, 12/13/2012 - 15:37 | 3060476 SheepDog-One
SheepDog-One's picture

THAT is the video clip I wish was selected to show here....had to have been proceless! 

Thu, 12/13/2012 - 15:03 | 3060313 Donlast
Donlast's picture

Thank God for Rick Santelli.  We should go down every night and wear holes in the carpet to give thanks that he exists. 

Thu, 12/13/2012 - 15:22 | 3060314 Flakmeister
Flakmeister's picture

How come no one brings up clip of McConnell filibustering his own proposed vote on the debt ceiling?

For those that may have missed it

http://screen.yahoo.com/mitch-mcconnell-s-self-filibuster-31316181.html

and

http://tpmdc.talkingpointsmemo.com/2012/12/jon-stewart-mcconnell-filibuster-debt-ceiling.php

Edit: Added a link

 

Thu, 12/13/2012 - 15:34 | 3060463 TonyCoitus
TonyCoitus's picture

Fuck McConnell.  I wanna see the Liesman/Santelli exchange.

Do you suppose Jon Stewart will show it?

Thu, 12/13/2012 - 16:02 | 3060574 fonzannoon
fonzannoon's picture

I hope everyone heard Stewarts explanation of the debt ceiling to his ignorant liberal army.

Thu, 12/13/2012 - 15:12 | 3060319 A Lunatic
A Lunatic's picture

The FED is the market.

Thu, 12/13/2012 - 15:19 | 3060388 cougar_w
cougar_w's picture

That was my first thought ... sort of like "Yeah that's right the Market will ... uh ... whut? "

Thu, 12/13/2012 - 15:04 | 3060321 youngman
youngman's picture

I don´t think the MARKET can cause the exit...because there is no Market anymore....I do think there will be a big dump in treasuries...some country will panic or some event...but the Fed will just double or triple their balance sheet...4 trillion to 20 trilllion...whatever....after that...people will have to make investment decisions on that move....that is when it will get crazy

Thu, 12/13/2012 - 15:40 | 3060486 Blizzard_Esq
Blizzard_Esq's picture

"some country will panic or some event..."

Its all about Apple....

Thu, 12/13/2012 - 15:47 | 3060520 Seer
Seer's picture

You just might have something there.  It's the poster child for what's NOT right.  One of the largest cap'd companies (largest?) and it doesn't really produce anything that is beneficial for "productive" things: if anything, it subtracts.

Take a look at their chart.  See the slinky?

What's even worse is that FB is going up.  WTF?  If this isn't a clue about there being nowhere to go then I don't know what is...

Thu, 12/13/2012 - 15:07 | 3060327 BISTRO
BISTRO's picture

.... The bigger the better !!

 

Thu, 12/13/2012 - 15:08 | 3060330 Donlast
Donlast's picture

Sometimes one wishes Keynes was strangled at birth. 

Thu, 12/13/2012 - 15:21 | 3060398 A Lunatic
A Lunatic's picture

Shit, there are days I wish that for myself.............

Thu, 12/13/2012 - 15:21 | 3060404 cougar_w
cougar_w's picture

Well come on maybe not strangled. Not at birth.

But maybe sent to Java on a slave trader to work in the diamond mines, yeah sure why not would have clarified his thinking on some things.

Thu, 12/13/2012 - 15:51 | 3060533 Seer
Seer's picture

The caveats were there.  Further, if not him then someone else.  The banksters would have cooked up someone else or something else.  The ONLY sure fire way of keeping any of this from happening is to eliminate all centers of power.

Thu, 12/13/2012 - 15:08 | 3060331 AnAnonymous
AnAnonymous's picture

But, but, but if sovereignty rests with all 'individuals', does it mean that the government's actions commit all those individuals who ultimately holds the responsibility for the government's actions?

Does it mean that a third world is justified in targeting any 'american' individual in retaliation for the government the 'american' 'individuals' empower?

Ah, 'americans'. Everything is situational.

Government is good for hand cleaning when it comes to kill and live off blood money (this is always the government's fault) but when it comes to other stuff, suddenly, no more proxies, no more hitmen, the 'individuals' take charge.

And this 'american' Santelli, he will never put his life on the line to prove that in 'american' nations, in a republic, the sovereignty lies with the 'individuals'.

So funny.

'Americans' can not debate. it is absolutely impossible. They have built a world so full of contradictions they cant move in any direction without exposing themselves for what they are.

Thu, 12/13/2012 - 15:13 | 3060362 mayhem_korner
mayhem_korner's picture

'Americans' can not debate.

 

I'm pretty sure no one can debate with you AA...cuz no one knows what you're saying.  Or do you just let one of your pre-woked cats dance on your keyboard before hitting send?

Thu, 12/13/2012 - 15:20 | 3060380 akak
akak's picture

But, but, but if hygiene rests with all 'individuals', does it mean that the public defecator's actions commit all those individuals who ultimately holds the responsibility for the defecator's actions?

Does it mean that a turd world is justified in targeting any 'american' individual in retaliation for the flush toilet hygiene the 'american' 'individuals' empower?

Ah, Chinese shitizens. Everything is shituational.

Chinese shitizens are bad for hand cleaning when it comes to squatting and roadside crappery (this is always the shitizen's fault) but when it comes to other stuff, like projecting their society's innumerable faults and failings onto others, kneejerk blameplacing, forcing responsibility to the exterior, monolizing the speeching means, blobbing-up, and bigoted anti-American ranting, suddenly, no more proxies, no more hitmen, the shitizens  take charge.

And this Chinese shitizen AnAnnoyingUs, he will never put his life on the line to prove that in Chinese shitizen nations, in a so-called "people's republic", the sovereignty lies with the government, not even the shitizen.

So funny.

Hypocritical chinese shitizens like AnAnnoyingUs can not debate. it is absolutely impossible. They have built a world so full of contradictions, hypocriticality, insanitation and blind bigotry they cant move in any direction without exposing themselves for what they are: roadside crappers.

Thu, 12/13/2012 - 15:30 | 3060442 Big Corked Boots
Big Corked Boots's picture

Free Tibet, asshole.

Thu, 12/13/2012 - 15:08 | 3060334 PaperBear
PaperBear's picture

Dick Rick Santelli call the chairman of the non-Federal non-Reserve a dictator and that the market will hoist the chairman by his own petard when the market decides it is the time to exit ?

Thu, 12/13/2012 - 15:08 | 3060339 mayhem_korner
mayhem_korner's picture

 

 

My exit strategy is to leave when I'm kicked out.  Timmay

Thu, 12/13/2012 - 15:12 | 3060354 Caviar Emptor
Caviar Emptor's picture

Our National Debt Ceiling - A play

Act 1: The hand wringing

Act 2: The name calling

Act 3: The near-death experience

Act 4: The triumphant return of the status-quo 

Thu, 12/13/2012 - 15:53 | 3060546 Seer
Seer's picture

And when everyone leaves the theatre Mother Nature is waiting...

"Men argue, nature acts." - Volaire

Thu, 12/13/2012 - 20:31 | 3061326 YuShun
YuShun's picture

Voltaire

Thu, 12/13/2012 - 16:40 | 3060725 GMadScientist
GMadScientist's picture

Orpheus in the Underfundedworld.

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