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Santelli On The Encumbered Youth Of The US

Tyler Durden's picture




 

"Sometime the math just doesn't add up" is how CNBC's Rick Santelli begins what should become must-watch viewing for the youth of America as he tries to "Wake Up Young People" to the incredible realities of the level of debt encumbrance they are being born with. The lessons we are learning from our European brothers is that no-one is going to volunteer for austerity and fundamentally, to Rick, austerity is about 'past due bills'. From birth (where the average soon-to-be-taxpayer is already encumbered by $138k) to the future (looking for growth through capital attainment and job creation), Santelli starkly looks into camera, addressing the under-27-year-old demographic and tells them straight "you are paying for a meal that previous generations have eaten". The worrying point is that in order for the youth not to revolt against this 'unfairness' they need optimism and what appears to be occurring now is a fading of that generational optimism (except for CEOs whose last name begin with Z) as joblessness, and the costs of college and healthcare anchor our traditionally upwardly mobile bias.

So how do 'we' hook the younger generations in? Student loan forgiveness? But where's that money going to come from? ...and so the ponzi feeds on itself once again. The government is promising to take care of you when it has already shown that we couldn't take care of the generations of the past. Quite a dismal picture indeed.

 

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Tue, 05/08/2012 - 12:01 | 2406888 Rahm
Rahm's picture

Math?  What math?

Tue, 05/08/2012 - 12:10 | 2406929 kridkrid
kridkrid's picture

People should start with the exponential function.  It's what our debt based monetary system is predicated upon.  It's why austertiy is a cruel joke and only meant to extract more from those who have nothing else... to maintain a charade just a little bit longer.   

There is no solution.  Austerity and modern Keynesianism are two sides of the same coin.  In our system, where money is debt... virtually all money is loaned into existence.  Only to pay the principle and the interest requires ever greater amounts of debt to be generated, in the aggregate.  The system doesn't care where the debt ends up... consumers, corporations or governments... it is agnostic... it only requires that aggregate debt expands or the system will collapse.  And the system will collapse... it's only a matter of timing.  This is simple math... it's not politics... it's not even economics.  It's just math.

Tue, 05/08/2012 - 12:15 | 2406955 SHEEPFUKKER
SHEEPFUKKER's picture

Rick speaks a lot of truths, but he does work for CNBS @ the CME so go figure. 

Tue, 05/08/2012 - 13:03 | 2407136 WonderDawg
WonderDawg's picture

Rick should be proud. He's the smartest guy on the short bus.

Tue, 05/08/2012 - 13:26 | 2407260 Fluffybunny
Fluffybunny's picture

I have to admit, pretty funny!

Tue, 05/08/2012 - 13:30 | 2407270 WonderDawg
WonderDawg's picture

Thanks. I kind of cracked myself up a little bit with that one.

Tue, 05/08/2012 - 17:53 | 2408264 BlackholeDivestment
BlackholeDivestment's picture

...if Rick had a bit bigger balls (and more of a clue?) he would start using the phrase ''Children of Moloch'', when refering to the ''Young Voters of America'', or just start drawing pictures of the Owl, the one on the private and foriegn Federal Reserve ''Debt Note'', that also says ''In [their Goldman god (Moloch) God We Trust'' , and have Moloch's Owl image, and mark of the beast, perched on the barren ''Tree of Liberty'' ...with the ''Aborted Youth'' body stuffed in it's beak  http://www.lostartsmedia.com/images/JordanMaxwell/$1%20Dollar%20Bill%20(Owl%20of%20Molech).gif 

...awe, here's labor at the Grove, all tied up and ready to burn. http://www.bibliotecapleyades.net/imagenes_sociopol/bohemiangrove02_02.jpg 

...and here's the Youth ritually being burned. http://www.youtube.com/watch?v=rAwqvjqAfkQ 

...awe, and the sweet smell of success rises to the top, like an evil scumbag brought to you by the NWO Occult Globalist freaks that established the U.N. Ageneda and built the World Trade Center. http://www.youtube.com/watch?v=GHFoUZEjuNM 

http://www.youtube.com/watch?v=7WYdAJQV100 

...on a side note, lol: http://www.youtube.com/watch?v=Ou60mbgW41U

Tue, 05/08/2012 - 20:43 | 2408644 The Alarmist
The Alarmist's picture

There's a reason we dumbed down the kids, and it is so they can't figure out until its too late how much we've screwed them.

Tue, 05/08/2012 - 20:57 | 2408672 blunderdog
blunderdog's picture

You don't have to keep 'em dumb if you can throw 'em onto the wrong trail. 

Maybe there really is someone out there with PRECISELY the right list of badguys.

Tue, 05/08/2012 - 20:46 | 2408648 Bicycle Repairman
Bicycle Repairman's picture

Keep pumping that generational divide.  The Republican party needs a wedge issue.  Right now all they have is Romney (since thay seem determined to reject Ron).  And Romney is nothing.  And that's what the GOP has; exactly nothing.  Nothing as far as the eye can see.

Tue, 05/08/2012 - 21:01 | 2408680 blunderdog
blunderdog's picture

Personal note: I've enjoyed my share of harsh words thrown in your direction, sir, but I'm of the opinion that you've grown significantly within the past six months.  I wonder whether you feel it in yourself as well.

Wed, 05/09/2012 - 21:10 | 2411869 Bicycle Repairman
Bicycle Repairman's picture

When I see Ron Paul's success lately I feel that maybe America has grown.

Tue, 05/08/2012 - 13:33 | 2407288 aerojet
aerojet's picture

Wow, you have hit the nail perfectly--no hyperbole.  The reason we have government spending going absolutely bonkers is because of what you just said--either credit (debt) expands or we hit the singularity.

Tue, 05/08/2012 - 13:54 | 2407393 kridkrid
kridkrid's picture

yup.  gov't spending is the easies lever to pull, because the politicians are captured by the system... not the other way around.  But gov't spending doesn't need to be pulled (or pulled with such vigor) as long as us sheeple are buying mcmansions or loading up on student loans.  Some of the "levers" are automatic.... unemployment insurance, for example... some need authorization.  But it's certainly no coincidence that gov't spending exploded as the credit market cratered.  "austerity" means shuffling the deck to insure that interest payments keep being made and the SQUEEZE is on.  Cut services, raise taxes and bleed the general population as long as you can.  It won't last forever... will we be smart enough to create an honest system on the other side?

Tue, 05/08/2012 - 14:41 | 2407590 diesheepledie
diesheepledie's picture

"It's why austertiy is a cruel joke and only meant to extract more from those who have nothing else... to maintain a charade just a little bit longer."

I agree, austerity is not going to solve the problem. You can't fleece a bald sheep, or slaughter a starved emaciated cow for meat.

What we need to do is find a more economically sound way to make use of the bewildered herd. I believe with only a little bit of ingenuity, we could use their bodily chemicals for producing electricity - as described in the popular sci-fi movie "The Matrix".

 


Tue, 05/08/2012 - 14:56 | 2407672 blunderdog
blunderdog's picture

Why not just BURN THE FOOD?

Tue, 05/08/2012 - 15:24 | 2407789 spinone
spinone's picture

We already do that - ethanol

Tue, 05/08/2012 - 16:56 | 2408144 blunderdog
blunderdog's picture

Do what you like with yours, I've been drinkin' mine.

hic.

Tue, 05/08/2012 - 15:37 | 2407847 kridkrid
kridkrid's picture

tru that.  After reading my OP, I wondered if I might be coming across as a little too sympatric to the plight of those about to be squeezed.  Nice reality check.

Tue, 05/08/2012 - 16:05 | 2407973 Thisson
Thisson's picture

To the contrary, there is a mathematical solution: Set the exponent to 0.

Tue, 05/08/2012 - 12:31 | 2407010 chet
chet's picture

And what sacrifices does he call for from his own generation to cover the meal they've already eaten? 

Tue, 05/08/2012 - 12:42 | 2407050 Abitdodgie
Abitdodgie's picture

"And what sacrifices does he call for from his own generation to cover the meal they've already eaten?" None whatsoever why do we care about the young generation ,they dont

Tue, 05/08/2012 - 12:49 | 2407074 Raynja
Raynja's picture

They don't give a fuck about us, but when we choose to rise, a hero in their childrens eyes
Now they give a fuck about us

Tue, 05/08/2012 - 13:35 | 2407293 aerojet
aerojet's picture

He doesn't know, but I can think of something.  It rhymes with booicide.

 

 

Tue, 05/08/2012 - 13:37 | 2407304 smb12321
smb12321's picture

"And what sacrifices does he call for from his own generation to cover the meal they've already eaten? "   Listen to Santelli instead of bashing him.  He's stated (repeatedly) that the welfare state framework has failed and is doomed 0 first Europe then here. 

He's called for radical reductions in spending (social programs, defense, the whole idea of the nanny state).  Essentially he is a Ron Paul with a microphone,trying to change the public's idea about the role of government while cutting through all the DC BS. I view this attempt as hopeless since the intelligentsia (MSM, politicians, academia) long ago decided the role of government was "taking care of people." 

Tue, 05/08/2012 - 12:01 | 2406889 TheSilverJournal
TheSilverJournal's picture

How about some AUSTERITY for supper, kiddos. Us parents already at the real meal.

Tue, 05/08/2012 - 12:02 | 2406897 WALLST8MY8BALL
WALLST8MY8BALL's picture

Add Pepper Spray and water - makes it own sauce!

Tue, 05/08/2012 - 12:05 | 2406908 francis_sawyer
francis_sawyer's picture

Label disclaimer: (add ketchup or you'll still be hungry)...

Tue, 05/08/2012 - 13:05 | 2407149 DaveyJones
DaveyJones's picture

nice

Tue, 05/08/2012 - 12:18 | 2406964 yabyum
yabyum's picture

Sounds like the last suppers to me.

Tue, 05/08/2012 - 12:02 | 2406893 Oh regional Indian
Oh regional Indian's picture

Go See the UCC. A reclaim my personhood from the debt matrix movement would be a great thing for young people to try, en masse.

UC? This 138k stuff is diddle daddle. As a debt-piker, you are worth millions as Chattle. Cradle to Grave baby, cradle to grave. 

Go deeper than....garsh, can I say it....Even Santelli. He is after all Telli-ing it on the Telli-vision.

ori

/the-year-the-time-and-the-place-of-our-dam-ming/

Tue, 05/08/2012 - 12:07 | 2406912 duo
duo's picture

$138K doesn't buy a week in intensive care. 

Tue, 05/08/2012 - 12:03 | 2406894 Clueless Economist
Clueless Economist's picture

I want to see Santelli punch Liesman right in his fat face and then slap his bald head. 

Tue, 05/08/2012 - 12:05 | 2406913 francis_sawyer
francis_sawyer's picture

What? Are your 'economic models' saying that that will be a boon to GDP?

Tue, 05/08/2012 - 12:55 | 2407105 bayoutrader
bayoutrader's picture

I want to see Santelli punch Liesman right in his fat face and then slap his bald head.

Hell yes!!!

Tue, 05/08/2012 - 13:22 | 2407229 Beam Me Up Scotty
Beam Me Up Scotty's picture

Santelli could give Liesman the "Benny Hill" bald guy slap.  =0

Tue, 05/08/2012 - 15:43 | 2407871 Matt
Matt's picture

looks like someone posted out of character.

Tue, 05/08/2012 - 12:02 | 2406895 Broccoli
Broccoli's picture

I am exactly 27, does that make me a screwed or a screwer? I think Santelli is too optimistic, I'd say 40 and under won't get to eat that meal.

Tue, 05/08/2012 - 12:13 | 2406936 TheSilverJournal
TheSilverJournal's picture

Basically everyone alive will feel the pain caused by an overly obese Federal government fed by the Fed, when the Fed is no longer able to feed the Federal government. The implosion of the bond bubble is not too far off. 2 weeks? 9 months? I have a hard time believing it's more than 3 years away.

Tue, 05/08/2012 - 12:22 | 2406972 Broccoli
Broccoli's picture

I don't place bets on when the collapse will come, that is a fools game. I believe though that one should never underestimate the capacity to kick a can. The Roman Empire took 400 years to collapse once it peaked. Spain, what 200 years? Even given our fast paced world of shortening boom/bust cycles, I wouldn't be surprised if the can was kicked out another 25 years.

Heck, we could even pull out a miracle if we ended the Fed, destroyed all the money center banks and associated vampire financialization entities, ended the welfare state, and stopped punishing producers and innovators for success. Who am I kidding, I must have been slipped PCP to have even typed the previous sentence.

Tue, 05/08/2012 - 12:45 | 2407056 TheSilverJournal
TheSilverJournal's picture

No matter what a collapse must occur because the US can never pay its debts. The US can default and a restructuring of the debt will be needed, or it can default through hyperinflation. Of course, an honest default now would be a much kinder collapse.

Real interest rates are already negative and the Fed is only going to be buying more and more debt as the deficits continue to grow. Even if it's postponed as long as possible, given negative real interest rates and the rate the Fed is purchasing bonds at, it can't be much  longer.

Tue, 05/08/2012 - 13:40 | 2407320 smb12321
smb12321's picture

It's like a hamster's cage where the faster he runs, the faster he has to run - and yet he stays in place.  The bond market is the key.  Interest rates are forever trapped at zero since raising them would add hundreds of billions to interest payments and force...more buying of treasuries (the hamster race). 

But the powers that wannabe are geniuses at postponing the inevitable so don't look for anything soon. 

Tue, 05/08/2012 - 13:59 | 2407418 TheSilverJournal
TheSilverJournal's picture

The markets are the most powerful of the all. When the bond market gets so saturated that nobody wants to buy bonds, the money will flow into stocks and commodities, which will drive inflation, and real interest rates will become so deeply negative that investors will be force out of bonds, with the Fed's only remaining response to keep printing the money to buy the bonds, driving yields even further into negative territory...and that's how we get hyperinflation.

Tue, 05/08/2012 - 14:02 | 2407438 emersonreturn
emersonreturn's picture

do you believet an honest default is possible? collectively are we capable of undertaking such rigorous clarity?  mayn't the greek bipolar dysphoria prove a template of our own human frailities, proclivities? 

Tue, 05/08/2012 - 22:57 | 2408899 TheSilverJournal
TheSilverJournal's picture

Possible...yes. There would have to be an unreal movement that at the moment isn't forming. But you never no.

However, I'm putting the odds on hyperinflation.

Tue, 05/08/2012 - 14:42 | 2407599 in4mayshun
in4mayshun's picture

US debt increasing at roughly $1.5 Trill per year and you thinks we can pretend another 25 years???

Riiiiiiiggghhht. (Do you work for the BLS by chance?)

Tue, 05/08/2012 - 15:46 | 2407893 Matt
Matt's picture

One 50 percent currency devaluation and suddenly GDP doubles, the budget is balanced and Debt-to-GDP is close to around 50 percent.

Of course, lack of energy independance and reliance on Chinese imports, plus global military adventurism put a real damper on this actually working out.

Rome had what, 3 or 4 hyperinflations before it collapsed?

Tue, 05/08/2012 - 12:33 | 2407020 Yikes
Yikes's picture

It will take longer than you can imagine.  Just take a look at Japan.  Twenty years and still going!  Unlike Greece, we have the luxury of printing our own money and it being the resserve currency of the world.

 

That buys a lot, and I mean a lot of can kicking.

Tue, 05/08/2012 - 12:52 | 2407093 TheSilverJournal
TheSilverJournal's picture

Japan also ran a trade surplus until now. The US has been running trade deficits for decades. Today, the world is awash in US Treasuries and with the rate they're being pumped out at, I can't imagine the world is going to want to take on many more of them.

Tue, 05/08/2012 - 15:21 | 2407774 LFMayor
LFMayor's picture

Comparisons to Japan, Argentina, East Germany, USSR are pointless.  During all these there was still sanity, or well, "stability" in the world markets.  They tanked, but like a drunk buddy, they got helped home and into bed to sleep it off by their still somewhat sober buddies.

Rome is a better comparison.  They were the biggest, baddest and largest economy going. The big difference is they took 400 years to roll over because they didn't have motor transport, telecoms, they yoke, the stirrup and other things that make our current society rise and fall at a MUCH faster rate.

When we go, and we will, it won't be slow.  It will be sudden, brutish and shocking and everyone will get a bite of the shit sandwich who's not already eating one in some festering 3rd world sore.  Those 3rd worlders are just going to fucking starve, since it's by and large the 1st world supporting populations at levels that are unsustainable w/o the support of the modern technologies of the world.

Use of and reliance upon technology and transportation will make it happen faster.  Our feckless leaders, who have lived and operated in echo chambers and never held real jobs in their lives, will only hasten and exacerbate the chaos and destruction. 

I think of window licking retards playing with submachine guns in croweded rooms.  It will end poorly.

Tue, 05/08/2012 - 16:02 | 2407953 TheSilverJournal
TheSilverJournal's picture

Also, Rome wasn't on fiat...they devalued their coin, but it still had some precious metal in it. The US took the dollar from a gold coin standard all the way to pure fiat in a mere 58 years. Then there's the debt problems of the US, which Rome probably had too, but I bet the US is doing it much better with exporting its debt market to the rest of the world, along with being able to straight print..err...type into a computer how much currency to create.

And Rome didn't moronically manipulate its interest rates to 0%.

Tue, 05/08/2012 - 21:39 | 2408744 cynicalskeptic
cynicalskeptic's picture

Rome (the western Empire) debased its coinage to nothing and taxed its citizens to death.  'Bread and circuses' kept a non-productive citizenry distracted while slave labor did the work that needed to be done.  The military was eventually filled with the very barbarians Rome was trying to defend itself against.  

The path from Republic to Empire led to dissolution and failure with overreach and the unaffordable expenses incurred with that expansion.  We in the US have done the same - followed the same path  - at an accelerated rate - one hundred years instead of a thousand.  And while our Empire was one one of direct occupation and rule it was domination through chosen proxies (often hated by the populations they ruled).  Rome was far more tolerant and made participation in empire.....    The US is viewed as a resorce hog - living off credit while others do all the work.....

Tue, 05/08/2012 - 12:15 | 2406957 kridkrid
kridkrid's picture

Happy birthday.

Tue, 05/08/2012 - 12:26 | 2406995 DOT
DOT's picture

Ah, the optimism of youth !

 

Desert has just been served.

 

 

Tue, 05/08/2012 - 13:35 | 2407303 aerojet
aerojet's picture

You're way into the "screwed."

Tue, 05/08/2012 - 12:02 | 2406896 midgetrannyporn
midgetrannyporn's picture

Santelli in no way wants to see the demise of the fed.

Tue, 05/08/2012 - 12:12 | 2406939 Vince Clortho
Vince Clortho's picture

If he ever says those words, he will go the way of Napolitano (the Judge).

Tue, 05/08/2012 - 12:41 | 2407047 Baron Robber
Baron Robber's picture

You are correct - he is a schill of the banksters and was happy that JPM, GS, MS, etc., etc, got bailed out.

Tue, 05/08/2012 - 12:57 | 2407114 WonderDawg
WonderDawg's picture

Matt Taibbi rips Santelli pretty good in his book Griftopia.

Tue, 05/08/2012 - 12:04 | 2406905 Hobbleknee
Hobbleknee's picture

They won't let him on TV much longer.

Tue, 05/08/2012 - 12:21 | 2406980 Dagny Taggart
Dagny Taggart's picture

No, they need him there to show there really IS free speech. There must be if he is permitted to go on like this... right?

Tue, 05/08/2012 - 15:02 | 2407699 blunderdog
blunderdog's picture

There's no relationship whatsoever between "free speech" and what the people on the teevee say.

Tue, 05/08/2012 - 16:09 | 2407980 Matt
Matt's picture

*SIGH* the above poster was stating that Rick Santelli is on TV to preserve the illusion of free speech thru the mechanism of controlled opposition, using the humor style known as sarcasm.

Tue, 05/08/2012 - 16:56 | 2408151 blunderdog
blunderdog's picture

Nah.

Tue, 05/08/2012 - 12:06 | 2406910 Badabing
Badabing's picture

Rick Santelli tells CNBC to take this job and shove it live!

http://www.merriam-webster.com/dictionary/not

 

Tue, 05/08/2012 - 12:06 | 2406911 narnia
narnia's picture

The youth aren't going to pay these debts.  They know it & most people on this board know it.  The rest, well, they're in for a very RUDE awakening indeed.

Tue, 05/08/2012 - 12:07 | 2406920 Chippewa Partners
Chippewa Partners's picture

"To get a job you have to get an education".........get them out of their parents basements, shut off the iPhones, get off of Facebook........good luck with that.

They are all addicts.   The thrill of the thread.  Like me with ZH.

 

 

 

Tue, 05/08/2012 - 12:38 | 2407039 Quinvarius
Quinvarius's picture

When they come out of their parents basements, you won't be happy with the job they decide needs to be done.

Tue, 05/08/2012 - 17:37 | 2408255 Incubus
Incubus's picture

The ones who've  taken advantage of the information abundance provided by the internet will be the ones running the show.  Your facebookers and iphoners are just the useful idiots: muscle for the real thinkers.   And if these grandpas ever ventured to the darker sides of the 'net, they'd know that the really motivated millennials aren't going to put up with their bullshit about eating peas and austerity so that they can live off of their pie in the sky retirement hopes and dreams. 

 

 

Tue, 05/08/2012 - 12:08 | 2406924 orangegeek
orangegeek's picture

Denial Denial Denial, all the way to the bottom.  Is it too late?  Of it is.   Stormy seas ahead.

Tue, 05/08/2012 - 12:11 | 2406927 Beam Me Up Scotty
Beam Me Up Scotty's picture

And for those who DO have jobs?  They pay into the Social Security ponzi to boot.  I am 43, I would gladly let them keep everything I have paid into the system until now, if I could keep the rest going forward.  I could stuff it all in a matress and have more to show for it when I am 65 then I have any chance of seeing by giving it to Uncle Sam to hold.  I can't believe there are any people under the age of about 45 that think that paying into SS is any kind of a good deal.  Typical Sheeple, believing in the All Star cast at the Gubbamint.  Talk about a piss poor investment, Social Security is at the top of the list.

Tue, 05/08/2012 - 13:38 | 2407316 aerojet
aerojet's picture

It's a good deal in the sense that no jackboots are kicking in my door and carting me away to jail for not paying my "fair share" of taxes or whatever the fuck else they like to say to make you want to comply. 

Tue, 05/08/2012 - 15:04 | 2407711 blunderdog
blunderdog's picture

Social Security isn't an investment, it's a tax, levied primarily on the lower-end of the wage-earning spectrum.

Tue, 05/08/2012 - 12:10 | 2406932 Snakeeyes
Tue, 05/08/2012 - 12:25 | 2406989 LetThemEatRand
LetThemEatRand's picture

From your link: "Only Germany, Austria and the Netherlands are under 10%."  

So if "Socialism" is to blame, how do you explain that all three countries listed on your link as doing well are more socialistic than the U.S.  For example, they all have universal health care.   In Germany, it is required that half of corporate board members be comprised of Union members, etc ad nauseam.  Why don't you turn off the Fox or Rush or whatever, and look at the world around you.  Try googling "globalization," for example.   And then ask yourself who is making all the money from the current system.  Answer:  the top. 01%, who also by the way feed you your disinformation about socialism via Fox, Rush, etc.  Ironic that Rush is worth hundreds of millions of dollars while he tells his fool listeners that our economy is choking the rich?

Tue, 05/08/2012 - 12:35 | 2407028 DOT
DOT's picture

Union members, now there is a cohort that has never been corrupted or deceived.

 

Tue, 05/08/2012 - 12:37 | 2407034 Beam Me Up Scotty
Beam Me Up Scotty's picture

Lets see how your love affair with the European model and Universal Health Care looks in a year or two.  There might not be any UHC for young people either, there won't be any money for it because people like you insist on spending it all now.  You can crow about how good it is today, life is good when you max out your credit cards too.  The bills come due sooner or later.  Lets see if Europe can pay their bills.

Tue, 05/08/2012 - 21:27 | 2408729 Beam Me Up Scotty
Beam Me Up Scotty's picture

-5 From all the people with maxed out credit cards and underwater mortgages clammoring for higher taxes.  Typical.  Go get a job fat ass losers, or get on the treadmill and lose 100 pounds.

Tue, 05/08/2012 - 12:42 | 2407053 Grinder74
Grinder74's picture

Maybe it's because they have a combined population of 106,699,287--a third of the US population.

Tue, 05/08/2012 - 13:25 | 2407239 FrankThinkTank
FrankThinkTank's picture

@LetThemEatRand

Do you actually read anything here?

Do you really believe the unions power structure isn't rich? Are they fair too?

Drop the ideology down a notch, you may blather less. 

Tue, 05/08/2012 - 13:37 | 2407308 Hobbleknee
Hobbleknee's picture

America contributes more federal dollars per capita to health care than Europe.

Tue, 05/08/2012 - 16:24 | 2408053 Matt
Matt's picture

1) Those three countries are practically monocultures:

Germany 87% German. Austria 91% Austrian. Netherlands 80% Dutch. from Wikipedia under each country's article.

2) Their healthcare system costs nearly half as much per citizen served:

http://en.wikipedia.org/wiki/List_of_countries_by_total_health_expenditure_(PPP)_per_capita

3) they have rules against GMO food:

http://en.wikipedia.org/wiki/International_trade_of_genetically_modified_foods

4) They are currently taking a break from trying to rule the world. no citation needed.

Tue, 05/08/2012 - 12:12 | 2406938 adr
adr's picture

The advice the TV keeps telling me is to buy stocks. Apple, and other corps like social media will make me a millionare by the time I'm 35. Don't work, boorow student loans and drop out, putting the borrowed money in Facebook instead, easy win and hapiness for life.

Isn't that the CNBC advice?

And now the news for today is the Fed induced HFT algo buying spree to once again save the market from a 2% down day. Dow up 80 points in the past hour with 30 ppints in the last 15 minutes.

EUROPE IS CLOSED, BUY, BUY, BUY!!!!!

If the market closes green I'm going to puke. Also who the fuck is keeping Oil above $95?

Tue, 05/08/2012 - 12:17 | 2406965 Vince Clortho
Vince Clortho's picture

The Central Planners are hitting a logical paradox.  They currently want consumers to buy gizmos and purchase equities.  But most of the blood has already been squeezed from the consumers.

This stage will end soon and be followed with another stage setup like an Ant Colony.

If you are wondering who will be the "Queen", it ain't you.

Tue, 05/08/2012 - 12:19 | 2406969 WALLST8MY8BALL
WALLST8MY8BALL's picture

The Electric Mistress allways sound so bold

She said im free to do everything Im told

I check the latest newsflash it's sensational

I feel so seduced I need to reproduce!

Tue, 05/08/2012 - 12:12 | 2406944 theTribster
theTribster's picture

Go Ricky go, they may have to send him to MSNBC with Dylan Ratigan. Always liked Rick, one of the best at CNBC.

Tue, 05/08/2012 - 13:00 | 2407127 WonderDawg
WonderDawg's picture

 Always liked Rick, one of the best at CNBC.

Kind of like being the smartest guy on the short bus.

Tue, 05/08/2012 - 12:14 | 2406947 rumblefish
rumblefish's picture

santelli....the only intelligent life at CNBC.

Tue, 05/08/2012 - 12:45 | 2406950 junkyardjack
junkyardjack's picture
I teach the truth to the youth, I say hey youth here's the truth, You better start wearing bullet proof -Ol Dirty Bastard
Tue, 05/08/2012 - 12:48 | 2407070 Joe The Plumber
Joe The Plumber's picture

Sure but at some point when interest payments consume fifty percent or more of tax receipts it cant continue. There is only so much the population will tolerate giving " fat cat bondholders" before a populist party gets into power and stops letting bondholders "rip off" the taxpayer . At that point borrowing ceases and the can can no longer be kicked down the road to the next generation

When you stop paying interest to "rich fat cat bondholders" then you can no longer sell bonds and the game of pushing costs to the next generation is over

Tue, 05/08/2012 - 12:14 | 2406951 DOT
DOT's picture

Nice and simple explanation of the "hook";  give me a $trillion and now I owe you $^

Tue, 05/08/2012 - 12:15 | 2406952 sharky2003
sharky2003's picture

RON PAUL 2012!!!

Tue, 05/08/2012 - 12:14 | 2406956 carbonmutant
carbonmutant's picture

 CNBC's idea of Token credibility...

Tue, 05/08/2012 - 12:16 | 2406960 icanhasbailout
icanhasbailout's picture

Bad debt needs to be cleared from the system for anything that is net economic positive to have room to grow.

Tue, 05/08/2012 - 12:19 | 2406968 RWR
RWR's picture

SEE IF THIS DOESN'T MAKE YOU SICK!

 

http://www.wthr.com/video?clipId=7054149&autostart=true

Tue, 05/08/2012 - 12:27 | 2406993 sharky2003
sharky2003's picture

That's awesome. Don't forget about the free healthcare too!

Tue, 05/08/2012 - 12:29 | 2407004 RWR
RWR's picture

GOT ANY NIECES OR NEPHEWS I CAN BORROW?

Tue, 05/08/2012 - 16:28 | 2408074 Matt
Matt's picture

I don't think the IRS will actually go to Mexico and audit your extended family, so I doubt you need to worry about that. Just make them up.

Tue, 05/08/2012 - 13:43 | 2407339 John Law Lives
John Law Lives's picture

Thank you for posting that.  Wow!  Such an alarming story should get wider notice.

Tue, 05/08/2012 - 12:20 | 2406976 hotrod
hotrod's picture

What encumbrances, it will all be Forgiven.

 

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each

Tue, 05/08/2012 - 12:40 | 2407049 Beam Me Up Scotty
Beam Me Up Scotty's picture

Probably to the people who used their houses as ATM's and who haven't been paying the mortgage.  I won't see one of those letters, and I have never missed or been late on a payment on my house ever.  The whole problem in this country is there is no moral hazard anymore.  Imma bout ready to get as many credit cards as I can, max them all out, and go on a bender in Vegas until the money is all gone and let someone else take care of me.

Tue, 05/08/2012 - 12:52 | 2407084 Abitdodgie
Abitdodgie's picture

Thats a good idea ,why not at this stage in the game who cares, I would suggest that you maxs them out on gold and silver . If you have gold n silver hidden they cannot take it from you .

Tue, 05/08/2012 - 12:42 | 2407051 DOT
DOT's picture

Bank of America will be getting thousands of letters back as "addressee unknown".  The houses were forclosed on by a service company on behalf of another lender. Yea!  MERS !

Tue, 05/08/2012 - 12:30 | 2406988 Widowmaker
Widowmaker's picture

Give me a break, no one gives a flying fuck about youth, or the unborn.   All lies, all the time.

Tue, 05/08/2012 - 12:37 | 2407036 Joe The Plumber
Joe The Plumber's picture

There was a time widowmaker when there was a political consensus in this country that intergenerational debt was immoral. You should read more history.

Tue, 05/08/2012 - 13:06 | 2407152 Lucky Guesst
Lucky Guesst's picture

We will when they are in charge and hungry. We will all get the pillow treatment when they have to choose between us or their children and who could blame them????

Tue, 05/08/2012 - 12:26 | 2406990 toady
toady's picture

Why doesn't anyone understand that the debt WILL NOT be repayed?

The younger generation knows this, if only instinctually. That's why they aren't rioting.

Tue, 05/08/2012 - 12:31 | 2407012 Joe The Plumber
Joe The Plumber's picture

It wont get paid but, by pretending and extending and finding new ways to fool peoPle and maintain their faith, there is a whole lot of suffering and lowered standard of living for decades until the pretense is over

Tue, 05/08/2012 - 17:11 | 2408183 Matt
Matt's picture

Inflation is a form of default. 7 percent inflation for 10 years cuts the real value of the debt in half. The trick is, how to get that inflation to go into wages so it works its way into tax revenues and spending.

Tue, 05/08/2012 - 12:27 | 2406999 Joe The Plumber
Joe The Plumber's picture

As the old man of generation x I urge you young ones to educate each other as to what old people are doing to our country. We are taking on shitpiles of debt for our retirement and health care and making you fools pay for it. Interest on national debt will consume fifty percent of your income taxes by 2050. So half your taxes go to debt we rung up so we could all have the newest motorized scooters and heart cath gizmo

Tue, 05/08/2012 - 12:30 | 2407008 Widowmaker
Widowmaker's picture

Fraud Inc = Record bonuses.

I don't know what you're so butt-sore about.

Tue, 05/08/2012 - 12:33 | 2407025 Joe The Plumber
Joe The Plumber's picture

The record bonuses compared to the amount spent on social security and health care is a pittance. It might amount to one week or less of transfer payments

Tue, 05/08/2012 - 12:29 | 2407006 AldoHux_IV
AldoHux_IV's picture

Here's some ideas for rejuvenating the generational and once in a lifetime optimism felt amongst everybody regardless of age group:

  • bring the irresponsible and rapacious policymakers to justice
  • end the banking cartel and bring those ceo's to justice
  • debt forgiveness for all and everything
  • change the personnel in government
  • ensure that lobbyists and bib business no longer affect a more smaller and effective government built to cover needs of the less fortunate and regulate those who seek to destroy true capitalism
  • replace the news networks with actual news
  • end the wars
  • focus on rebuilding our global economy based on solving society's greater problems and not by adding to it

 

Tue, 05/08/2012 - 13:00 | 2407124 Joe The Plumber
Joe The Plumber's picture

Debt forgiveness for all. Your proposal is to punish the prudent who save and try not to be a burden on orhers. Their assets are the liabilities you would wipe out with your jubilee

Tue, 05/08/2012 - 17:17 | 2408195 Matt
Matt's picture

*Replace the USTs and MBS and all the other paper in saver's pension funds with gold from Fort Knox. 

There, is that fairer for you?

Tue, 05/08/2012 - 12:32 | 2407013 johnjkiii
johnjkiii's picture

What us worry? These idiots are not going to pay anyway. They are the entitled, the ones who never got lower than "pass". Mommy & daddy told them that they are above average. LOeffingL!

Tue, 05/08/2012 - 12:33 | 2407017 BandGap
BandGap's picture

Fuck this. The greatest threat to the youth of the US is the fucking war(s) that will be a result of this bullshit. Let no one fool themselves about that little fact. They come for my kids and they have to go through me.

Tue, 05/08/2012 - 12:53 | 2407099 Dr. Engali
Dr. Engali's picture

You're damn straight. I'm sure they will offer an added incentive of debt forgiveness if they serve too.

Tue, 05/08/2012 - 13:17 | 2407197 Lucky Guesst
Lucky Guesst's picture

GREAT! That made me sick to think about and I can easily imagine that bill/executive order passing.

Tue, 05/08/2012 - 16:23 | 2408051 Bastiat
Bastiat's picture

I think they already offer debt forgiveness on student loans.

Tue, 05/08/2012 - 12:54 | 2407103 Abitdodgie
Abitdodgie's picture

Theywill not come for your kids ,there are plenty of idiots that will sign up by themselves.

Tue, 05/08/2012 - 13:12 | 2407179 BandGap
BandGap's picture

I don't care to take an assurance that there are enough idiots to fight a war. You do realize that in past wars they took men up to 35+ years old, right? Don't apply logic to anything this country might do now or in the future.

Tue, 05/08/2012 - 12:36 | 2407030 lizzy36
lizzy36's picture

Here is the issue....Nobody is paying for the lifetime expenditure of the average American.

And by average i mean the bottom 80%.

You could print $360B and give every unemployed person $30K....What accounts for the other $1.2T in the deficit? 

And the $1.2T is not an offset for deleveraging. Because the only deleveraging that has gone on is really defaulted debt, which does not affect the cash flow of the consumer. Household liabilites have actually increased 2.5% since 2006.

What is the money being spent on.....since 2007 government social benefits have increased by $633B...No personal tax hikes, No increase in social security payments to pay for this. Corporate tax reciepts are at the lowest level in 40 years.

The deficit IS STRUCTURAL.  Because nobody is paying for the lifetime expediture of the average American. This is manifesting itself at the student loan level and continues on to the average american having $56k set aside for retirement.

BTW, the government spending isn't going to consumer savings....it is going right on corporate balance sheets.

So, the powers that be are looking for a soft landing in the living standards of bottom 80%, while praying the US doesn't become a banana republic on the way.

Tue, 05/08/2012 - 12:52 | 2407086 Dr. Engali
Dr. Engali's picture

We are printing money to buy our own debt... Sounds like a banana republic to me.

Tue, 05/08/2012 - 12:59 | 2407118 NotApplicable
NotApplicable's picture

Well, other than we have no bananas.

Tue, 05/08/2012 - 17:22 | 2408206 Matt
Matt's picture

America needs to fix its healthcare system, which costs nearly double as much per capita as all the rest of western civilization. That would save what, $1 trillion per year right there? And increasing as more boomers get older. 

Obamacare, however, is not the answer. How to go from what you have to what everyone else has is another matter.

Tue, 05/08/2012 - 12:50 | 2407032 JustObserving
JustObserving's picture

Ricky, why do you ignore the $1,046,019 in unfunded liabilities per taxpayer while focusing on the $138,039 of debt per taxpayer?

Focus on the elephant in the room - not the cockroach.  But, then again, you work for CNBC.

BTW, Koltikoff estimates unfunded liabilities per taxpayer at $1,857,828.  But CNBC would fire you if you cited that number, Ricky.

Tue, 05/08/2012 - 12:55 | 2407111 haskelslocal
haskelslocal's picture

Why focus on either? What's the difference? Why attach previous debt to current TAXPAYERS if nobody wants to pay off the debt with HIGHER TAXES? The likes of Santelli keep talking in circles relating debt to tax payers THEN refusing to take (rightfully so) responsibility for that debt.

But none of it matters. Hypothetically, what if every American begins to pay off their $138k debt portion. It will be no interest payments of $13.8k per year for ten years. WE COULDN'T EVEN DO THAT if we wanted so there is NO NEED TO ARGUE ABOUT IT! Talk about water from a stone. So either devalue the currency or file for bankruptcy. 

Tue, 05/08/2012 - 12:39 | 2407045 Grinder74
Grinder74's picture

"So how do 'we' hook the younger generations in? Student loan forgiveness? But where's that money going to come from?"

 

It's pretty easy really.  I owe about $35k to "Sallie Mae" (controlled by the government).  The government owes me about $53k.  Offset the two and call it a day.

Tue, 05/08/2012 - 13:20 | 2407215 Lucky Guesst
Lucky Guesst's picture

Well I paid off my Sallie mae so I'll be expecting a check in the mail!!

Tue, 05/08/2012 - 12:47 | 2407065 haskelslocal
haskelslocal's picture

Such an entertainer.

A man that relates debt to the individual tax payer at $138k in one breath, and a man who claims there should be no taxes upon that debt to pay it down. Then a man that in the next breath says the $1T student loans shouldn't be forgiven because that's participating in the ponzie scheme.

How then Mr. Entertainer would you suggest the debt get paid down? 

And leaving it empty at the end Santelli?  Again lying to everyone as if they have a choice to vote as a voting block at the polls. What choice? Tea Party? Gone. Sold out to the republicans years ago. There is no offered solution. Just T.V. entertainment.  

 

Tue, 05/08/2012 - 12:56 | 2407112 Joe The Plumber
Joe The Plumber's picture

There are no solutions that dont require some level of pain and retrenchment. The question is do we do the moral thing now and get our financial house in order, or do we try to push the pain further out by piling more debt on our kids

Wed, 05/09/2012 - 10:32 | 2409867 blunderdog
blunderdog's picture

The better question is whether we want to bother going through a ton of pain and retrenchment to salvage THIS bullshit system.

Government debt is a result of the attempts to have it suck less.  If the current model didn't suck so badly in the first place, it wouldn't be necessary.

Tue, 05/08/2012 - 12:52 | 2407092 Obnoxio
Obnoxio's picture

I believe Generation X may have it worst because the pensions/Social Security money will be gone when we retire but we were planning on it being there. At least younger people now know it won't be there so they can plan accordingly. I saw that Providence, RI was capping pension payouts at 1.5 times the states medians wage to close a budget deficit. This is the way things need to go and I would suggest capping all government pensions at the states median wage. Retirees shouldn't get rich off those still working paying their benefits.

Tue, 05/08/2012 - 13:07 | 2407156 NotApplicable
NotApplicable's picture

It all depends on what you mean by "be gone." I fully expect that as long as DC holds together, they'll issue checks to the masses, as promised without skipping a beat. The part that will "be gone" is the purchasing power.

As one of the world's oldest Xers, my plan is to have my fixed costs (primarily mortgage) covered by my fixed payout (pension (like I said, I'm an old Xer)), while my non-fixed costs, (primarily food and energy) I'll look to provide myself with on my farm (and generate extra cash as needed).

Oh, and I hope to avoid sickcare as long as possible by adopting a primal diet and keeping very active.

Otherwise, it's going to be all about figuring out which brand of dog food is the most protein for the price.

Tue, 05/08/2012 - 13:09 | 2407166 lemonobrien
lemonobrien's picture

i buy gold; i knew all this shit would end up like this. Take a look at any baby boomer and you'll see a retard talking shit like Obama. "This is the dawning of the age of a Aquarius.... Aquarius" I think they should be called the spoiled brat generation.

Tue, 05/08/2012 - 12:55 | 2407101 NemoDeNovo
NemoDeNovo's picture

If Rick keeps this kinda talk up he might wind up DEAD in a Hot Tub with a Transexual Hokker and some misc Drugs scattered about </sarc>

 

Well maybe more true then not, just sayin......

 

Nemo

Tue, 05/08/2012 - 13:09 | 2407165 NotApplicable
NotApplicable's picture

Nah, he's controlled dissent. I like how the idiots in the studio always make fun of his rants, nervously trying to discredit them lest they come face to face with the truth.

Tue, 05/08/2012 - 13:02 | 2407133 Bastiat
Bastiat's picture

 

 

 "you are paying for a meal that previous generations have eaten"

Bullshit!  Paying for a meal that the banksters and the military-industrial complex have eaten, more like.

 

 

Tue, 05/08/2012 - 13:06 | 2407150 lemonobrien
lemonobrien's picture

eat the youngs, dey succulent, tender meat.

Tue, 05/08/2012 - 13:12 | 2407180 Treeplanter
Treeplanter's picture

The only way to escape this sinking ship is bankruptcy.  Greece wwill follow Iceland's lead.  Germany will leave the euro.

Tue, 05/08/2012 - 13:26 | 2407251 digalert
digalert's picture

+1 Santelli

Tue, 05/08/2012 - 15:06 | 2407313 Seasmoke
Seasmoke's picture

Civil War ......CHARGE !!!!!

 

What side of the fence does a 40YO fall on ??????????

Tue, 05/08/2012 - 13:52 | 2407380 kevinearick
kevinearick's picture

Junior Seau & the Peter Pan Economy

In high school, the quarterback that got the college scholarship was Someone’s kid, not the best. Money provides temporary relief for anxiety, in a positive feedback loop, hence Mr. Seau’s condition, rolling concussions in exchange for $30M, with increasing concussions for decreasing income once the empire example was transmitted. By all means, have your baby in a hospital, packed with the most high-strung, anxiety-ridden people on the planet and learn to feed it processed food at its will, instead of mother’s milk in tune with the planet’s economy.

Individuals are abandoning the current empire in droves. Otherwise, the cops would not be losing their pensions, the municipalities would not be stiffing the banks, and the hedge funds would not be carrying Apple. If you step aside and prosper separate from the divide and conquer empire, it will implode of its own weight. To the extent you need more gravity, give it some green shoots. Adjust your position relative to the empire black hole, of its income event horizon black holes.

If you want to protest in the face of an insecure cop “earning” $250k in salary, benefits, side jobs, and free loans, who has no skills to support that income, go ahead, but don’t expect a happy outcome. They exist to protect and serve the empire status quo for the manufactured majority, not liberty for the individual. Only the US Supreme Court is charged with liberty and its perch rests on Harvard and beyond, best business practice, supporting non-performing legacy mythology with the consumption of new family formation.

The empire is a wave of History. Throwing your body at it is not intelligent; mobilization is. Discriminate accordingly and let the robots fight discrimination on the way to their least common denominator. Don’t waste your time in line with the robots waiting for a State job filling the empire’s holes with cold patch, or betting when the next vehicle will lose its alignment. Create the data; don’t interpret the interpretation of robots. When in Rome, be a robot, or don’t be in Rome. Evolution, perception, is all about intelligent discrimination.

My goal is not agreement. My primary market is intelligent kids surrounded by robots, and my secondary market is those with the means and awakening to support their efforts to transform the necessary assets. My tertiary market is global military units, reminding them that all “thought leaders” accurately represent the robots, and if war breaks out there are no rules or boundaries, the big cities are expendable, electronics are subject to backlash, and Congress in no way represents the root of American spirit. No existing government is on your side; they all live in TVland.

Your value to the planet rests upon that which is unique. Everything else ends up being clawed back to the quantum DNA churn pool. Learn to think for yourself, to place your unique talent in a negative symbiotic feedback loop, to eliminate anxiety.

Anxiety is the prison and you are endowed with the key. If you sold it, you will need assistance, hence the standard marriage contract placing a premium on intelligent choice, to combine logic and emotion (lobe balance), which has withstood the empire test of time. The muppets are gearing up to escort me to the gallows again, same sh-show, different dress, attempting to short my future to theirs, with nothing but a 1 billion word manual, written by technical writers with no comprehension, to go by.

If you must protest, mobilize at the US Supreme Court, under the 10th amendment, where your case belongs, or agree upon another constitution, now that the empire is embedded in the computer controller. It is not Congress or Administration or Bank that sold you out, and every empire computer must have a clock to catalogue its entries.

Vote with your spirit, then your mind, and then your body. Any moron can have sex, although I am endlessly amazed at their difficulty; false assumptions are like porcupine needles. You love your children; you do not have sex with them. Where are you in the queue?

You are a needle in a haystack, which the empire must find by process of elimination, and, under current civil law, your spouse may hand your children and you over to government at will. Common law is feudalism, plain and simple, and it’s always a cleric dressed in the robes of your own faith, playing the divide and conquer game learned from parents, that sells you out. Turnabout is fair play. Simply walk away from the area of regulation and allow the empire to feed itself, turning the tables on monetary policy for the kids to watch.

The robots listen to their subconscious, instead of directing it, confirming each other in clicks to form a clock, in a circus of performing arts. The more intelligent you get, the more they stack the deck against you, in a positive feedback loop, until you step aside and allow gravity to do its job. A constitution is a jubilee, which lasts as long as individual character aggregating the result. Long term investors always build upon a timeless foundation.

So, there I was, the boss pacing around the controller, with the inspector, electricians, firefighters, university officials, research doctors, and surgeons, all occupants, waiting for the outcome, playing heads-I-win-tails-you-lose, while I read through all 400 pages of the manual, looking for one arbitrary bit. My boss learned to love the sh-show when he had the account at Harvard. If you are following, read the notes left behind for the information relevant to you, to turn the building around the elevator.

The system has many unique users, all with unique keys, that only the unique individual will recognize. Individuals that do not secure themselves are players that enjoy playing the bullying game. Secure yourself and get on with your work, and let the parents take care of the others, at the appropriate time. That’s what parents do. Resetting with the same deck and the same dealer doesn’t further your goal.

Inflate the price, deflate the cost, raise the tax, and blame the demographic speculators. Rinse and repeat. Where has the Court placed you in the race for bankruptcy entitlement? Do you have Trump?

Nothing grows in prison, especially children in a prison of prisons. Neither Obama nor Romney is completely clueless, but they are 6 of one, half dozen of the other, as is Congress and Bank. It’s that 4th horse that you want to keep your eye on. When the tyrant pulls common law out of his back pocket, it’s time to start assigning sunk cost to everything it touches.

Take or leave that which is offered freely, but do not presume to judge unless you are prepared to be judged (always be prepared) yourself. Suicide is not the answer, but meeting your maker is. Take a look at the justices on the Court. What are the odds it is not a scam / banana republic?

Tue, 05/08/2012 - 14:20 | 2407502 world_debt_slave
world_debt_slave's picture

yeah, I'm glad I'm not young anymore in this f'd up situation that our Dear Leaders have created for us!

Tue, 05/08/2012 - 14:28 | 2407542 emersonreturn
emersonreturn's picture

traditionally, war has been the preferred method of radically undermining a generation.  it appears TPTB, in their evolved prowess, have granted them a life of servitude; perhaps in the delusional hope the young may possess all that they lack, as well as sufficent strength and creative ingenuity to save themselves whilst carrying the insolvent and aged upon their backs like atlas.  although war remains on the table...

Tue, 05/08/2012 - 14:54 | 2407654 ejmoosa
ejmoosa's picture

We are all paying the price because the US economy is not even at 1/4 the potential we could be.  And with each passing day, we fall further and further behind where we could have been.

 

Instead of growing the econmic pie to a bigger and bigger size, we are quibling about who gets what in a smaller version.

 

Pissing our time away.....

Tue, 05/08/2012 - 15:21 | 2407775 ebworthen
ebworthen's picture

Debt jubilee and massive upheavel/restructuring.

Tue, 05/08/2012 - 15:50 | 2407909 rfullem
rfullem's picture

ah yes, brilliance from yet another hypocritical conservative gamer of the system. Lets see Rick. You vote for Bush? the one who put Mel Martinez and his Texas buddy Alphonso Jackson to "run" HUD. The same Bush that appointed directors to Fannie/Freddie and allowed the two agencies to buy junk paper from investment banker/banker friends (they didnt loan, they bought). The same Fannie/Freddie that had bankers as directors. You voted for Fannie/Freddie, Rick, you wanted to see the goverenment help your house price go up. You wanted a cheap second mortgage, as well. How stil taking a governmetn sponsored mortagage deduction Rick? How is tha tsecodn home? You refi (always government sponsored)? You cashin your clunker? then, when the game YOU VOTED FOR all goes bust, you complain about budgets, irresponsible peopel, etc....Pathetic. As an aside, loans are always affordable - by definition. Otherwise its a gift. Pathetic.

Tue, 05/08/2012 - 17:48 | 2408295 TimmyB
TimmyB's picture

That idiot Santelli should be on Fox News with all the other liars.  Fucking nitwit thinks we can cut our way to prosperity.  To call him a truth teller is to expose your own ignorance.   

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