Are There Really People Who Watch CNBC All Day?

  dinguses

Here’s one of the more unlikable people we’ve heard of for the first time today, CNBC’s Rick Santelli, at some trading floor in Chicago, going *apeshit* over Barack Obama’s $75 billion mortgage plan to keep “the losers” in their homes. Maybe Obama’s plan isn’t so great, who knows, but one thing is clear, and that’s that Rick Santelli hates poor people — and by poor people we mean the bottom 50-90% of per capita income earners. How else would you explain the fact that he and his trader friends are *just now* starting to worry about Moral Hazard? [Calculated Risk]

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Jim Newell is Wonkette's beloved Capitol Hill Typing Demon. He joined Wonkette.com in 2007, left for some other dumb job in 2010, and proudly returned in 2012 as our "Senior Editor at Large." He lives in Washington and also writes for things such as The Guardian, the Manchester paper of liberals.

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106 comments

  1. Bill_TX

    Yet another non-story overhyped by piece of human
    garbage Matt Drudge. Where was the siren, though?
    And more importantly, what the hell is a CNBC?

  2. user-of-owls

    Have you never watched this abominable channel before? The first three lines of the job application there are:

    NAME:
    ADDRESS:
    I HATE POOR PEOPLE: Immensely ___ With Every Fiber of My Being ___ They Are Not ‘People’ ___

  3. Crow T. Robot

    My moral hazard is his god given tax break…

    As I’ve quoted before (from a sign I saw a few months back):

    “Jump, you fuckers.”

  4. NotAnEvilLobbyist

    After listening to that idiocy, you really begin to see how easily Madoff was able to pull off his fraud…

  5. Mr Blifil

    “These guys are pretty straightforward…”

    I guess by “straightforward” he means theiving vultures who would hock their grandmother’s prized jewels if it prevented a margin call.

    Dear President Obama: Please do not craft policy with the view to pleasing Chicago Mercantile Exchange traders. Thank you.

  6. loquaciousmusic

    I just got my tax returns back from my elitist accountant. I went up a tax bracket this year. GODDAMMIT. I am a Republican now.

    Long live, um…Okay, so what do Republicans believe? I guess I should start reading up. First stop: Conservapedia!

  7. Hobgobbler

    HE SO SMART WHY NO ONE THOUGHT OF THIS YET? I NO WANT PAY NEIGHBORS EITHER

    LIBERALS COMMUNIST NOBAMA JANE FONDA

  8. jagorev

    Fuck CNBC and everyone on it (including especially that Erin Burnett, who gets away with spouting insane wingnut talking points because she’s so pretty and coquettish and smart!)

  9. Serolf Divad

    The best part of that video: watching all the traders on the floor cheering for this douchebag. These pukes still have jobs largely because we bailed out the financial industry. Fuck them. No. FUCK THEM IN THE ASS WITH A BOWLING BALL GLUED TO THE END OF A BROOMSTICK!

  10. user-of-owls

    [re=247294]Serolf Divad[/re]: If by best, you mean “most effective at inducing rage and bile,” then I agree wholeheartedly.

  11. lawrenceofthedesert

    What the traders, especially in commodities, are really worried about is increased government scrutiny; they have been scamming folks for a very long time. The Obama administration could do miracles simply by posting how many non-professional futures traders make a profit; it’s a smaller number than Jeb Bush’s hat size, for sure. If the markets got regulated, Santelli might have to find real stories to report, so he’s agin’ it. He might want to ease back on the crank, too, if he still has teeth, and somebody tell him not to wear brown lipstick with a blue blazer.

  12. loquaciousmusic

    Read some of the comments on that YouTube page. Seriously. Was this posted on Drudge, or did the Freepers get to it first?

    Stupid fuckers. You know what, you assholes? Why don’t you all go cram yourselves into Texas and secede. We’ll build a beautiful border fence and the rest of us can get on with fixing America’s goddamned problems while you piss and moan about how the Rapture has come and O’Bama is in the Black House and how we’re now the United States of Fucking CUBA.

    How about this for a solution? How about you WAIT. Obama has been the President of the United States of America for LESS THAN A MONTH. Do you really expect that he’s going to be able to fix all this shit overnight? When you got off your fat, lazy asses and tried to lose two pounds with Jenny Craig, did you do that overnight? No, you didn’t! In fact, because you didn’t give up the pork rinds and Natty Light, there you are today: 75 pounds heavier, bald and sweating, mystery cheese growing in between your toes, sitting on your plastic-covered sofa wrapped in an afghan blanket and watching Judge Judy on your analog television because you didn’t get the FUCKING MEMO about the digital converter box two years ago! So what do you do? You boot up your laptop, clear all the animal porn from your browser history, and log onto YouTube, where you watch some bitter, angry fucktard CNBC talking head bitch about losers with mortgages that they can’t pay. HEY NOW HEY what about the mortgage on your double-wide, dickwad? What about when you need help paying THAT? Oh, no, I’m sorry, we can’t help you because this is AMERIKKKA and we’re all supposed to fend for ourselves and the government shouldn’t do anything but sit around on its thumbs.

    Sorry. I was a Republican for eight minutes. It was scary in there.

  13. tehbenton

    I got about a minute in before I had to stop. The smug was making my eyes burn. Way to oversimplify, douchenozzle. You and Rush should get together for some mutual J.O.

    [re=247304]NoWireHangers[/re]: Of course it doesn’t affect him. Who forecloses in The Hamptons?

  14. norbizness

    Everyone should check out the Drudge Report right now; I wish that the fedora’d douchewad would have been covering the trading floors on the day of the frozen orange juice panic. We could have gotten a “MORTIMER DUKE SAYS: Fuck him! Now, you listen to me! I want trading reopened right now. Get those brokers back in here! Turn those machines back on!” headline in 36-point red font.

  15. jagorev

    To be fair, though, I know these traders, and most of them are just workaday stiffs, not evil financial geniuses. If you wanted to find the real birthplace of the financial crisis, you’d look elsewhere in Chicago – in Barry’s old neighborhood. No, not the communities he helped to organize, but in the economics department of the University of Chicago.

  16. Hooray For Anything

    I’m getting a little tired of hearing people complain that parts of Obama’s plan either needs to soothe the markets or keep the stock market up or make sure all the bankers and financial institutions are okay. They got us into this mess and therefore should basically STFU. If, as part of the stimulus plan, Obama mandates that each mortgage broker and or CEO at Fannie Mac/Fannie Mae/BofA/Wells Fargo/what have you have to spend the next year cleaning porta potties somewhere in inner city Queens, they should all say “sir, yes sir”.

  17. WadISay

    The politics of Rush Limbaugh and the charm of Gilbert Gottfried. I have seen teh emerging Republican majority.

  18. user-of-owls

    [re=247322]jagorev[/re]: There are roughly 3000 residents of shallow graves in Chile who would second your assessment of the Chicago Boys.

  19. NoWireHangers

    [re=247311]loquaciousmusic[/re]: It started on Drudge. I think we, as Wonketteers have a duty as warbloggers to go over and regulate that YouTube comment section…

  20. loquaciousmusic

    [re=247335]NoWireHangers[/re]: Even better: the comment section of a story in The Oklahomanabout a guy who was pulled over for having an “Abort Obama Not the Unborn” sign on his pickup. To wit:

    In my opinion, anyone can threaten Obama all day long and the exact charge of “Threatening the POTUS” will have to be exhaustively proven in court. Part of the discovery process by the defense shall be subpoenaing Obama’s original long form birth certificate and many other documents that Obama has gone to unprecedented lengths to keep hidden from the American people. This discovery will bring to light many things that must be firmly established before any charge of “threatening the POTUS” concerning “that guy”, currently residing in the People’s House, can be proven. Further, once it is proven that Obama is a fraud and illegitimate, anything he ever signed will be null and void.

  21. red7510

    Here’s one of your “losers” Rick:

    Countrywide’s representative never arrived. Fatheree was ready to leave, and have the eviction rescheduled, when the men heard a noise inside the house. Dillon, worried that Addie had fallen and needed help, said that he knew a way to get in, and Fatheree told him to try. Dillon fetched a ladder, climbed to a second-floor bathroom window, and worked it open. He stepped inside and called for Addie, but heard no reply. Fatheree’s official eviction notice, the duct tape attached, lay on a bedroom dresser. Dillon found Addie in bed, reclined on her side, apparently asleep. A gun lay beside her, and he recalls wondering, Huh? Why is Miss Polk sleeping with a gun in her bed?

    http://www.newyorker.com/reporting/2008/11/24/081124fa_fact_boyer?printable=true

  22. bitchincamaro

    If you watched Frontline the other night and still haven’t offed yourself and/or your entire apartment building, you’d know that CNBC is GOD on Wall Street and is 50% responsible for the mess we’re in.

  23. comradepaulson

    You know, those crazy kids of the French Revolution had a point, didn’t they? I can’t wait to haul Erin Burnett and the rest of CNBDouchenozzles off to the guillotine.

  24. Mista Eko

    Did he just ask for an internet poll to dictate critical policy?

    And that is where the disconnect begins…

    Followed swiftly by 20 guys who own their Midtown apartment outright booing poor people’s mortgages.

  25. jagorev

    Santelli is in real trouble now. Barry will probably invite him over to discuss these issues over a nice cup of tea, and then appoint him Commerce Secretary.

  26. Baron von Hobo

    Best part of this is the asshole talking about Cuba going from “the individual to the collective” and how because of that, they’re now driving ’54 Chevys. Yea, because everything was fucking wonderful and Cuba was a giant lollipop land under the Batistas, and now mean Mr Castro makes everybody drive old cars even though the United States has definitely not held an embargo against Cuba long after its usefulness expired.

    Assface.

  27. digibal235

    Did that douchebag just say that the stock traders on the floor represent a cross-section of America? Somebody needs to set his balls on fire and put out the fire with a mallet.

  28. Delicious

    [re=247294]Serolf Divad[/re]: FUCK THEM IN THE ASS WITH A BOWLING BALL GLUED TO THE END OF A BROOMSTICK!

    I think I saw that tested on Mythbusters.

    It works!

  29. BadKitty

    [re=247356]bitchincamaro[/re]: I watched that Frontline. Christ on a cracker that was depressing. I’ve been drunk ever since. The alcohol isn’t really surpressing the rage but it’s made me too clumsy to put the bullets in the chamber.

  30. friendlyskies

    Feel the psyops, man. That Frontline piece about the collapse/bailouts also tried to blame the people who can’t pay their mortgages, while portraying bankers as “doctors” trying to save “the patient” (global finance). Frontline specifically referred to the foreclosures as a “contagion” in the system – something from the outside that infected the otherwise healthy patient.

    wtf?

    It didn’t mention so-called “predatory” and “aggressive” lending, or the fractionalized banking that magnified the problem expotentially. Pure propaganda piece trying to shift the blame from bankers to people with foreclosed homes. Bitches, please. The shadow government needs a new marketing department. Who was doing the Army commercials back in the early 1990s?

  31. Aurelio

    I do kinda resent having to subsidize people who chose to risk a zero-down ARM, hoping to flip the house, and then got caught in the downturn. Does that make me a heartless, reactionary right-wing swine?

    I resent their enablers, the bankers, even more. Does that mitigate my reactionary reaction?

  32. Maus

    [re=247449]friendlyskies[/re]: “Feel the psyops, man,”

    You only *need* psyops when the media isn’t compliant and raising their hindquarters for you to mount. They don’t mind being spoon-fed stories because it means they don’t have to write them, they also love a narrative, because hey, there’s a story that they can follow for weeks until the rabble gets bored.

  33. steve

    So, like, six more months until we kill the rich and take their houses and cars? ‘Cause it isn’t like they aren’t asking for it.

  34. NoNewKidontheBlock

    I’m going to get my super hero mask too … NO MORE PORK BARRY … ONLY ANGUS MEAT HERE !!!!

  35. Atheist Nun

    [re=247388]digibal235[/re]: Did that douchebag just say that the stock traders on the floor represent a cross-section of America?

    OK, I just watched this and, indeed… Douche Santelli actually tried to claim that a room full of rich white frat-boys represents a cross-section of America. Where’s Lynndie England to shackle this guy in a dog collar and give him the old thumbs-up!?

  36. slavojzizek

    Shouldn’t this douchebag be selling mattresses or something with that voice? How in the world did this country adopt a strategy of letting these people get as rich as possible, and not think it was all going to end very badly?

  37. AWOcoholic

    “I’d say the [traders working OT at the CSX] represent a pretty good statistical cross section of America.” …because I don’t really know what a statistic is.

    Rush Limbaugh was talking about this for like 20 minutes today. Also, some high schoolers in Nevada don’t like Obama. Based on that, he said a revolution started today. He really said that. No foolin.

  38. BlueCarp

    If the people would just give the government the power it needed to make things right, the economy could be successfully planed by a central authority. Don’t people like Santelli get that?

  39. hageesheart

    So… what I don’t get, aside from his psychotically-charged hate of “losers”– is, isn’t the bankruptcy fix supposed to be ultimately good for the market, too? Isn’t it supposed to help stabilize the economy & be one of the legs of the recovery “stool” or whatever, so the plutocracy can feel safe investing and loaning and getting rich off the fat of the land again?

    And yet, judging by Wall Street’s weird reaction to the bailout plan, and this clip, they apparently see themselves as… what, victims? Che Guevara? What the fuck is going on here? What am I missing that makes their petulance make any kind of sense?

    I know a lot of ‘em are just doing the 9-5 thing, but the their culture as a whole is coming off as disgustingly vile.

  40. bigbrotherbutch

    Do I watch any of this all day…NO! However Rick Santelli makes valid pointa and its time for a tea party. I am not bailing your sorry asses out..Quit buying foreign made goods and get back to the basics. You are not guaranteed a house, a Wii or a caddy under the constitution. Long live America. Come to my area and you’ll see what real community, regular families, guns and religion are all about. Get off your ass and fight back against the PORK!

  41. loquaciousmusic

    [re=247660]bigbrotherbutch[/re]: It’s time for a tea party? What the fuck does that even mean? Hey, everyone, let’s get on the Mass Pike, go up to Boston, and, um, throw tea into the Charles?

    How would complete and utter anarchy help this country’s financial stability? Please.

  42. niqui

    Yeah, but what I or anyone else who work in the building could have told you is that just means it was too long since Rick’s last smoke break.

  43. hobospacejungle

    [re=247801]PacificGatePost[/re]: Are you responsible for your neighbor’s bad decisions?

    How much do you think you’re house will be worth when it’s surrounded by foreclosures? Half what you paid for it? One-quarter? Less? Enjoy that, selfish fuckface.

    Goddammit I wish the stimulus package & the mortgage-helping bills were targeted so the districts and/or states whose reps/senators voted against it got no help & could therefore wallow in their self-righteousness and ignorance and see how many hobo beans that buys them when their state comes crashing down around them.

    As a resident of south Austin I’d make it a point to drive up to watch ultra-right wingtard Williamson County empty out as all those ugly motherfucking subdivisions fell to foreclosure while I walked from house to house pointing and laughing and not sharing my hobo beans.

  44. NunnaTheSOBs

    ..I missed it, but was this guy just
    as pissed when the first $350B was
    handed over to the banksters, so that
    all those fucks who made millions
    on derivatives (before the collapse)
    wouldn’t have to “suffer the consequences”
    of their bad decisions ?

    ..Kinda doubt it. Has he said that
    the banks that have been kept on life
    support since last autumn should
    be allowed to collapse?

  45. Poor and LOVE Santelli

    You people are truly pathetic and should not consider yourselves americans. I make $10,000 a year, own a house and have NEVER been late on a mortage payment. (credit score in 800s) Late mortage payers – irresponsible, lazy people – are despicable. Pick yourself up and take care of yourself. Santelli has it right. Why should responsible people take care of idiots? What planet did you people fall of? If you bought a $300,000 house and it’s worth $200,000, guess what- you’re an idiot. I bought a $70,000 houes that is now worth $250,000 thanks to all the hard WORK I put into it. It’s time for a revolution and let the idiots fall where they will. They obviously can’t take care of themselves so what good are they anyway?
    P.S. For the absolute idiot that doesn’t know what a tea party is, God help you.

  46. Brokeashell

    NunnaTheSOBs – Hell, yeah! They’ve been saying all along to let the bad banks fail so that the good banks can buy them out. Free market economy is what they have been spouting not some scam to keep all of the money. If you damn fools watch the channel instead of guessing what they are saying without even looking you’d know this.

    For the rest of you:
    S**t, just watch Jim Cramer’s mad money if you need to learn about stocks. Stop being so f**king ignorant and trying to blame people with money or who know how to make money for your damn problems.

    There are winners and loser in every aspect of life! Santelli did apologize for the use of the word ‘Loser’ not long after that interview but for what. If you lose you lose, that’s the way life goes. If I take out a loan knowing full well, it’s going to stretch me beyond my means then that is my fault and that is what he saying.

    I’m tired as hell of all this bailout crap, I’m poor and a tax payer. I don’t have money to spend on everybody else.

  47. PrairiePossum

    If Rick Santelli and his friends are such economic genuises, where the hell were they the last 8 years? Why weren’t they calling for more government oversight of the lending industry or the prohibition of bundling crap loans and selling them as securities?

    Remember, it was the douchebags with ivy league MBAs and finance degrees who thought it was a good idea to extend credit to people who couldn’t afford to pay back the loans. The idiots on Wall Street cut their own throats by purchasing crap loans and then using crap loans as security to borrow money from other lending institutions. Banks would have never made the bad loans if there weren’t a bunch of brainless investors willing to purchase them.

  48. Brokeashell

    Ha, that’s just as smart as the fat people who blame Mc Donald’s for their weight problem. Just because someone offers you something, there is no obligation for you to take it.

    I would say use common sense but common sense ain’t so common after all!

  49. Brokeashell

    The same amount they’d bet on the fact you suck your daddy’s dick wearing your mom’s clothes!

  50. Tra

    Oh great, the wingnuts are invading.

    [re=248459]Brokeashell[/re]: Pssst, your praise of Mad Money as a source of information about stocks and your assertion of poverty are not necessarily independent facts.

    [re=248295]Poor and LOVE Santelli[/re]: God, who wants to break it to this genius that a “$250,000 houes” and a nickel is currently below the going rate for a can of Hobo beans? On the plus side, you will be able to tear up all those home improvements and use them for kindling! So well done!

  51. Brokeashell

    Damn fool. It say’s, YOUR MOM’S. How are you going to correct, me when I wrote it correctly. That shows how stupid you are. To go from a talking about finances/politics to something like this. You are a piece of shit, the scum of the earth! Your MOM should have swallowed you!

  52. Brokeashell

    [re=248532]Tra[/re]: I do understand that. The fact is, I’m at least thinking of way out of poverty instead accepting it. I have a very long time before I will need the money that I set aside for this. It’s an investment in my future. So instead of me going to buy something like a video game or something that I’ll be tired of in a month; stocks seem to be a better,wiser choice. 10 years from now, the economy will not be as bad as it is now.

  53. Brokeashell

    What I just said was the truth. We weren’t in a depression 3 years ago, were we? Yet, there have been depressions/recessions before that time. The economy moves in waves. You go from prosperity to disparity just like life. Everyday of your life isn’t sunny happy go lucky, there are clouds eventually. You just have to have a little optimism about your future.

  54. Tra

    [re=248552]Brokeashell[/re]: All right, man, I wish you luck and hope it works out.

    But just to warn you, people around these parts don’t take kindly to hearing the financial industry referred to as “people who know how to make money,” since it’s become excruciatingly clear that they are, in fact, people who mostly know how to steal money. Watching the guys who just took $700 billion in bailout money after screwing the entire economy cheering on a guy criticizing people for wanting their interest rates reduced is a bit … galling, to say in the least.

    In less polite terms, the impulse is to line each and every one of them up against a wall and play French revolution.

    Also, Wonkette’s a political humor site. If you’re looking for serious discussion, you may be disappointed.

  55. kujo76

    This post doesn’t make any sense at all. “Rick Santelli hates poor people —poor people we mean the bottom 50-90% of per capita income earners.” The mortgage crisis is a result of housing prices that inflated way past the point where potential new buyers could afford to buy a house. Poor people cannot afford houses now and have no future prospects of doing so if the government insists on artificially supporting housing prices. There are tens of thousands of unoccupied homes in the country right now because rich people speculated on property. Whoever supports mortgage bailouts is doing rich speculators a favor and are screwing the poor, who will not be able to benefit from the low housing prices that the oversupply of homes would create if only the market were allowed to work. Housing prices need to come down to levels where people can afford to buy them. That’s how markets work. Santelli is in the corner of poor people here, and if you’re for a mortgage bailout, your are against poor people. You are also against sensible people, because a mortgage bailout screws anyone who thought housing prices were way inflated over their natural value. What does everyone on this site have against poor people and sensible people wanting to afford homes?

  56. kujo76

    Also, people should keep in mind that any Obama plan to assist mortgages are basically a way to bolster the terrible mortgage backed security products that the banks own. Also, Obama has made it clear that those who took the worst and riskiest mortgages, i.e., the poorest of the home buyers nearing default, are not going to be helped by the mortgage bill. Any mortgage bill is simply another giveaway to banks at the expense of tax payers and will have the effect of keeping houses out of the hands of those who could legitimately afford reasonably priced houses. The economy has to reallocate it’s capital and everything Obama (to be fair, basically any president who had a shot of winning the last election would be doing the same thing right now) is doing is preventing that.

  57. wiredog

    Rick Santelli IS correct. Additionally if you want housing prices to FINALLY go back up you need to reduce supply. You do that by letting home prices find their water lever (i.e., MARKET VALUE) even if that means dropping another 30%-40%. Homes become affordable and people will buy them again, yes EVEN POOR people will then be able to by the homes. What do you have against “Poor People”?

    Rick Santelli IS correct. Additionally if you want housing prices to FINALLY go back up you need to reduce supply. You do that by letting home prices find their water lever (i.e., MARKET VALUE) even if that means dropping another 30%-40%. Homes become affordable and people will buy them again, yes EVEN POOR people will then be able to by the homes. What do you have against “Poor People”? If you keep asking Obama so SUBSIDIZE housing prices the inventory will never be bought-up and your home prices will never begin to appreciate and you will be right back at his door asking for yet another SUBSIDY.

    Yep sucks for you and me if our home prices drop but, hey that means you PAID TOO MUCH. It is stupid to keep home prices artificially high and then turn around and offer an $8k tax credit. If rather have a home that cost $20K less when I buy it. That’s money in the bank.

    But hey if you all are so excited about helping out your neighbors and keeping the price of their home up what aren’t you busy writing a check to help them make their mortgage payment? I don’t see any Obama supporters rushing over to do that with THEIR OWN money or from his CAMPAIGN WARCHEST.

  58. apollo

    AFTER you morons have actually READ the Bill of Rights and the Constitution of the United States of America, come back and tell me WHERE anyone has the right to buy more house than they could ever afford. They paid MARKET PRICE at the time, so freaking sorry the values went down. I too have bought a house many years ago, at one time; the market tanked and GUESS WHAT? I was under water too! You know what I did? I freaking WAITED and a few years later, it was worth MORE than I had paid originally. The teachers unions and school boards across this country should be ashamed… liberal speak has taken over and the idiots are teaching our children lies! We don’t all deserve B’s on our tests just because we showed up for class, you have to take the test and PROVE you know the material. We also all don’t deserve a nice house, nice car, flat screen TV, etc. You have to WORK for it and sometimes, what you thought you could afford, and now can’t, you have to give it up, cut back and work hard to get back to where you were. God help us all. I feel like an idiot now, my house is paid for, I guess I should have taken out a loan based on the equity we had two years ago, not made any payments and bought a new house with cash!

  59. Pinkoslayer

    Let’s see what happens if Obama and all of his communist supporters continue down this path. You’ll remember people like Santelli. He is a modern day Paul Revere. By the way, for all you communist dbags, be thankful for Matt Drudge. It’s the only way anybody ever hears of you.

    Tea anyone?

  60. Sam Rainey

    This post is embarassing in its ignorance. Santelli hates 50-90% of earners ? Over 90% of homeowners are meeting their mortgage obligations, obeying the contracts that they entered into freely and openly. Why should the 90% majority bail out the the 10% minority ? There are no guaranteees that any asset will appreciate–you take your chances. My 401k is way down over the last two years—should I get a bailout too ?

  61. mongooseman

    I’m damn tired of being robbed by the govt to pay for the dumb asses who did not control their own financial matters. Why should I suffer to pay for some uverextended asshole while I struggle to live within my financial means. Wake up assholes…. Bama is leading us straight into a socialist govt controlled economy. Time for a “Boston Tea Party” and rebel! These give away programs will kill the country. My grandkids kids will be paying these bills!

  62. mongooseman

    Stimulus is where the government gives a smidgen of your tax dollars back to you, making you feel so good about yourself [stimulated] that you want to run out to Wal-Mart and buy a new Chinese-made HDTV and go home and watch Telemundo!

  63. bookish_lesbian

    ok i understand the HATE because this guy is a douche + a blowhard, but one thing does need clarifying:

    he was on the floor of the derivatives exchange in chicago. not in new york, where the banks that got the bailout dollars are located.

    derivatives:
    derivatives are not all equal. there are two kinds: (1) listed, aka exchange traded; (2) OTC

    (1) listed. these are derivatives that trade on exchanges are TRANSPARENT — you can see their volumes at any time. they are made up of options + futures

    (2) OTC. the derivatives that got us into trouble are know as “OTC” or “over the counter.” it’s just you, me, and a piece of paper stamped by a pricey lawyer. CDOs and CDSes, both OTC, are what got us into this mess.

    OTCs are not traded on that trading floor, so this guy, while douchey, is not benefiting from the bank bailouts.

  64. bookish_lesbian

    to further clarify: OTCs are not traded on ANY trading floor. hence the name, “over the counter”

    it was a sketchy, sketchy business, and again, had absolutely nothing to do with these public exchanges.

    if all these CDSes and CDOs had traded on actual floors like that, the world would be a different place right now.

  65. Phinehas

    Sign me up for Santelli’s Chicago Tea Party. Before the accusations of heartlessness come rolling in, I’d like to say that I am also in favor of helping hard working Americans keep their homes. That’s why my wife and I make liberal use of our freedom to give charitably every month despite our own economic struggles. I am a strong believer in charity. I just don’t think it should be legislated. I believe that charity and liberty can coexist and that our founding fathers intended this to be the case. I also believe that the further you remove charity from the local setting, the more you are likely to introduce inefficiency and corruption. That’s why I believe that compassion is a red herring in this debate. The real issue is whether or not you believe in financial liberty.

  66. SayItWithWookies

    [re=248758]Phinehas[/re]: I also believe that the further you remove charity from the local setting, the more you are likely to introduce inefficiency and corruption.
    Absolutely. It’s a known fact that closeted homosexual meth-using pastors who drive around in God’s Cadillacs are far less corrupt than some damn government program.

  67. Internally valid

    [re=248765]Lee Atwater[/re]: Seriously, who are these people? It’s like they’ve walked into an indie music bar and started telling everyone how great Garth Brooks is.

  68. skynomad

    Rick is right. We can’t fix everyone’s problems. Let the market adjust. Yes, it seems heartless to have people lose their homes, but it’s not. They bought houses they couldn’t afford and in many cases will never be able to get out from under, even with help. Let free markets correct. Let people who can afford them buy these distressed properties at discounted prices. Markets are efficient until politicians start messing with them.

  69. Bruno

    [re=248793]skynomad[/re]: The best punishment would be for everyone who bought a McMansion they can’t afford to be live in their mom’s basement and have to walk to work. I don’t want these exurban losers getting a penny of stimulus.

  70. Bruno

    [re=248770]SayItWithWookies[/re]: I stopped giving to United Way years ago after the news broke the CEO had limos and helicopters at his disposal. How is that efficient?

  71. Bruno

    [re=248728]mongooseman[/re]: How do you feel about being robbed by the government to blow up stuff in brown countries? What sustainable economic benefit does that create?

  72. Graphite

    Actually Santelli has been ranting about moral hazard and opposing bank bailouts since they started in 2007. So, it only took you a paragraph, but you’ve shown you pretty much have no idea what you’re talking about.

    Of course, when you point this out to people, the form of their outrage instantly transforms from “where was he when the banks were getting bailed out?” to “he wants us to live in a Mad Max world!” The logical pretzels continue to boggle the mind.

  73. Reefpilot

    For all of our freeper friends and other similar minded individuals who have to wear a helmet to get online, I humbly ask your opinion of two things. I also invite discussion as well as suggestion and criticism on the two below items.

    1) Please comment on the National Review’s top 25 “conservative” movie thread. http://wonkette.com/tag/pt-well-that-was-fun/ Some of the entries are a little puzzling. Case in point, “Groundhog Day.” I finally realized how it could be construed conservative because the only black character in the movie is a kindly Uncle Tom sort behind a bar, and he has no speaking parts and only shakes his head a few times, minding his place. I know that’s conservative. But what other aspects of that movie fall under your ideology?

    2) How does it feel to know you lost not one, not two, but three of your conservative strongholds in the last election? Florida, they have all those libral jews, so I can see that one. Virginia also has the communist northside that’s not real America. But North Carolina? Jesus Christ, how did you fuck up so bad to lose North Carolina? And also lose Libby Dole to a socialist lesbian atheist?

    Your friend and brother in Christ,

    reefpilot

  74. billy rubin

    “He might want to ease back on the crank, too, if he still has teeth, and somebody tell him not to wear brown lipstick with a blue blazer.”
    [re=247308]lawrenceofthedesert[/re]: That ain’t lipstick…

  75. SayItWithWookies

    [re=248814]Bruno[/re]: United Way is a private organization and not a government program, right?
    Sometimes it’s justifiable, though, for the head of a charitable organization to have access to means to travel far and wide — they shouldn’t be living high on the hog on others’ donations, though. I don’t give to them either — it makes much more sense to contribute to the charities directly.

  76. FredJones

    Hee hee hee. Keep on laughin’ Wonkette and friends.

    Those of us who have been paying for your silly social programs have had enough. Santelli was just the first to pop off. There will be tens of thousands of others.

    So while you sit smug, sipping your chai latte, we’re organizing.

    The center has shifted, and it’s not in the direction you expected.

  77. FredJones

    Heee heee heee. I dunno about Malkin but I know Hobgoblin of Little Minds DEFINITELY wears a cheerleader costume.

  78. Pittsburgh58

    This is the kind of horrible horrible person who loves the people who have stolen all of our capital and wants all of us to bail them out with our tax dollars, but is annoyed that we want to know where it is going and definitely want it back! The more he screams about “losers” getting money shows how desperate these people are to deflect attention away from their utter incompetence and moral bankruptcy.

  79. Brokeashell

    [re=249044]Pittsburgh58[/re]: What the hell are you talking about? The whole time he has being saying no to the bail outs. If you don’t know the facts shut the hell up, listen and do some research!

  80. zhubajie

    [re=247483]steve[/re]: Actually, 6 months till the televangelists tell their followers to “kill the liberals”, starting a Rwandan style rampage. Don’t you think Santelli goes to one of those “Health&Wealth” churches?

    Zhu Bajie

  81. zhubajie

    [re=248459]Brokeashell[/re]: Probably Santelli hires “losers” to do most of the work around his McMansion.

  82. HeckSpawn

    [re=247842]hobospacejungle[/re]:

    Goddammit I wish the stimulus package & the mortgage-helping bills were targeted so the districts and/or states whose reps/senators voted against it got no help & could therefore wallow in their self-righteousness and ignorance and see how many hobo beans that buys them when their state comes crashing down around them.

    How many folks here have enough long term memory left to remember a couple years ago when the newly elected Dimocrats were hauling the banking execs onto the carpet and grilling them as to why they weren’t lending more money to poor folks to allow them the pride of home ownership?

    There was a reason banks hadn’t lent money to them. They weren’t in the habit of making enough regular payments so as to lift their credit rating. That’s why they were called RENTERS!

    The banking industry, in response to pressure from the politicians, came up with Creative Financing, where aformentioned poor folks could get a mortgage without a down payment. All this did was shift them from paying rent on a home they didn’t own to paying rent on a home they did own.

    Then they cut the oversight of Fannie and Freddy…

    Oh, then we have a crisis that’s “just too good to waste”…

    …and we wind up with a Dimocrat in the White House along with control of the Legislature and now we’re going to tax ourselves into prosperity… AGAIN!

    I would have no problem with targeting the Bailout/Stimulus to the districts that voted for it. With the addendum that the ones that voted against it also don’t have to pay for it.

  83. HeckSpawn

    Oh yeah, you would have seen Sen. Dodd grilling the bank CEO’s back then if you had been watching CNBC.

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