Rick Santelli speaks his mind

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Santelli for President 2012.

Wait until his life goes belly-up through no fault of his own, then he'll have a different opinion.

I DON'T think Santelli would have a "different opinion."

I know that if my life "goes belly up through no fault" of my own, I will work whereever I can and do whatever I can do to make it. That might mean giving up the house and renting, it might mean giving up the big house and moving into a more affordable one in an older neighborhood. It might mean working three part-time jobs. It might mean taking in someone else's laundry, for crimeny's sake, and turning the heat down to 60, and not buying potato chips, pre-made mashed potatoes ($4.29 a pound! Make your own for less $) and other convenience foods .
It might mean accepting charity from my church that is willingly shared by the community, instead of stolen from the taxpayers. It will mean living leaner.

I'll be damned if I'll concede that it is "right" to bail out people who can't make the combination of house, car, and credit card payments and who refuse to do the right thing and file for bancruptcy and make a clean start at a more reasonable standard of living.

Santelli's diatribe inspired me. It is time for revolution.

The ironic thing is, those folks cheering on Santelli in the background may not have been there if WE didn't bailout Wall St

Pink Slip

Oh, you are so right! I agree 100%...

Those fatcats on Wall Street were even more irresponsible than someone who might get a $30,000 reprieve on his mortgage. They were using OUR money, there was deception/graft/and a whole lot of manipulation going on, and their actions had an avalanche effect on the economy and consumer confidence.

A guy in an $800 suit ranting at people in the very industry that got us in this mess about how they shouldn’t be responsible for helping ensure the economy on which they depend doesn’t go to hell. And, of course, his populist outrage is met with hoots and hollers, because the guy’s on the trading floor of the stock exchange.

Exactly Sensor

Pink Slip

Sensor and Pink, since you seem to think that it is Wall Street and the Republicans who are to blame for the housing meltdown, please kindly show the world the bill introduced by the Democrats that could have prevented the Fannie Mae and Freddie Mac meltdown?

For instance, show us ANY bill introduced by ANY Democrat to try and regulate the motgage industry anytime between the years of 2001, when Bush took office, and 2008 when Bush left office.

Meanwhile, here is the link to the text of H.R. 1461 introduced by Rep. Richard Baker [R-LA] and cosponsored by the following REPUBLICANS.

 

http://www.govtrack.us/congress/bill.xpd?bill=h109-1461

Notice there are ABSOLUTELY NO DEMOCRAT cosponors? And also notice that the bill died in a Democrat controlled committee?

"

This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session.
Last Action:
Oct 31, 2005: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Don't blame me,
I didn't vote for a
socialist.

Notice there are ABSOLUTELY NO DEMOCRAT cosponors? And also notice that the bill died in a Democrat controlled committee?

Libs, last I checked--the Republicans controlled Congress in 2005 when the bill was introduced and died. Also, even the conservative think tank American Enterprise Institute said this was a bad bill:

"The bill is a significant step forward for Fannie and Freddie, but it is far from a tough bill. Indeed, HR 1641 is so fundamentally flawed as a “reform” measure that it would leave the two GSEs much better off than they are under current law."

Even the Decider said this bill was too weak:

"H.R. 1461 fails to include key elements that are essential to protect the safety and soundness of the housing finance system and the broader financial system at large. As a result, the Administration opposes the bill."

show us ANY bill introduced by ANY Democrat to try and regulate the motgage industry anytime between the years of 2001, when Bush took office, and 2008 when Bush left office.

Here you go.

Pink Slip

Freddy and Fanny were only a small times players in today's economic collapse...

Business Week summed it up nicely last September...

http://www.businessweek.com/investing/insights/blog/archives/2008/09/com...

Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we’re hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act — a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.

That said, what Obama is proposing, is to keep things from getting worse. With the economy is free fall, many good people are loosing their jobs. By allowing people to refinance at a lower rate and over 30 years, a large number of people will be able to stay in their homes. I guess we could just give sacks of money to the banks instead so they can pay bonuses.

United We Stand

While drinking beer the other day, one in my group mentioned that the proposed programs offer no benefit to those citizens who have paid / continue to pay for the legal debts they assumed.

How about low % mortgages for everyone . . . not just those who are delinquent on their mortgages / facing bankruptcy. Since the bailout funds at one time belonged to the taxpayers, why doesn't the plan offer benefit to all taxpayers, not just those who for whatever reason aren't able to make payments?

Jim Cramer was credited with the suggestion. He also wanted a tax credit given to those who met their financial commitments. While not picking on the unfortunate who are unable to meet the financial obligations they themselves created, it's not a bad idea. It seems a lot fairer to me.

Big Jim

Bigjim, it is obvious you were drinking when you hatched this idea. This would mean rewarding success, and our current federal leaders are on a mission to reward failure:
--bailout insolvent banks
--bailout insolvent auto industry
--bailout insolvent citizenry
--bailout the salt-marsh mouse which can't adapt to environmental changes

(Kidding aside, I like the idea. I could use a tax break for having an excellent credit rating. It's akin to an insurance break for being a safe driver.

Could it happen? President Obama wants to clear half the deficit by 2013. How can he do it with the extravagant spending he just signed off on? He plans to restructure healthcare at a cost savings, but I think we all know TAXES will be the tool used to shift the deficit more toward the black, and that means those of us who pay our reasonable mortgages will be called upon to pay more taxes. I can't see the government affording more tax breaks...Alas, we can dream.

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