They ginned up the system to make money out of nothing and when the whole thing blew up in their faces they bitched about the way it had to be cleaned up. Fucking incredible.
What about the financial institutions that encourages those "losers" into those loans? What about the losers of all financial institutions that then bought up those bad loans that cause the actual crisis ?
All of those "losers" should have lost their investment. New home buyers, like me, would have been able to find and buy affordable properties. Instead we're out in the cold, because government gave free money to Hedgefunds to buy up these properties and spiked up prices for everyone. It's bullshit.
Rick Santelli is literally standing on the floor of the Chicago Stock Market in front of people who were bailed out by the taxpayers to the tune of billions of dollars due to their fraud and greed and are complaining that average Americans on Main Street, who were scammed by the Housing market, might also get bailed out.
You are such an idiot. "The Chicago Stock Market"? 😂😂 If you knew anything you would know it's called the Chicago Board of Trade and it's a futures exchange. In addition, Rick Santelli was against the bailout. Guess the socialists didn't include that information in the monthly newsletter.
Agreed. They cried and cried for a bailout because they said if they got assistance, then they could help out the rest of America..... guess they didn't end up doing that
I worked at the Chicago Board of Trade for over 5 years; Rick always said hi to me and seemed very laid back. I am surprised that he is always getting so worked up on CNBC.
These *_"losers"_* didn't force the banks to *throw out their underwriting procedures* and force them to give a mortgage to any *_"loser"_* that walks through their doors.
the Greatjon No, that would be the government, primarily via Fannie and Freddie buying these morgages from primary lenders. That was the whole issue - government encouraging (and in some cases forcing) primary lenders to make irresponsible loans to people who couldn't really afford these houses via sub prime loans with very low teaser interest rates. It wasn't the losers fault so much as the government's for insentivising this irresponsible behavior as an industry practice to get more people into better houses. Sad thing is they are up to it again, losenning the underwriting standards for Fannie and Freddie just over the course of this past year, removing the need for morgage insurance in many cases, lowering the credit score needed, overlooking delenquencies, reducing the down payment. This in response to the slowdown and higher inventories. This is but one many cases where long term low interest rates cause a buildup of systemic risk in the form of debt fueled stupidity. But the politicians love it because it allows more stuff now, in the present, deferring the costs until later when they aren't in office.
Josh Hoover I disagree. Blaming the fed for incentivising commerical banks to knowingly make bad loans to borrowers whom they know would struggle to make the monthly once the ARMs had repriced is analogous to me blaming McDonald's for making me fat. I also disagree for I worked for a commerical bank that did not participate in subprime lending and were not *_directly_* affacted by its collapse. The closest we got was the flirtation of creating a subsidiary that would lend out to the less than stellar borrowers but the brass ultimately shot it down. The biggest direct exposure we had was through our investments in MBSs but again, with our conservative philosophy, it made up a very small portion of our investment portfolio and ultimately was divested. Given the for profit driven nature of banks, I'm not surprised that relaxed lending practices have returned (been out the game a few years). If the banks are not doing their due diligence, properly risk-weighting sub par borrowers and limiting their exposure, then the market will punish them like before, but that will still be on the banks.
the Greatjon Many of the MBS were being represented as better grade than they really were. When this type of debt monitization ocurres we need to see more care taken. The pension programs (and other institutions) which purchased these MBS apperently didn't do the legwork needed to understand the risk or didn't take it seriously enough. Low interest rates mean lower cost to borrow and more borrowing, and I would argue that this leads to more risk. Compound this with the tendency to see more mal investment decisions to to the low cost of money and we have a recipe for disaster. I am sure that there is plenty of blame to go around. I just think we have driven things out of wack with these low interest rate policies.
@jamesk479 I can agree with part of what you said. That the homeowners weren't losers, however a vast majority were not in good financial situations to take that risk and had poor credit.
No matter how many times I see this, Santelli still reminds me of that guy in the bar who has an answer for every problem in the universe, just shouts louder when confronted with facts - yet never undertakes anything that would make *him* personally responsible for an outcome. I'd like to see him deal with the real-world problems of government. And I wonder how he might feel if he were ever one of the "losers" that he so despises?
that's smart. he's not telling john q to follow sheep off the cliff. like everybody else on the planet he's entitled to his opinion. personally I'd never trade interday as an example. but you ain't trading intraday with only a few grand of extra cash you don't really need either. thus the old adage holds true. the more bucks you got to throw into the pot the bucks you'll make (if you're smart like this guy).
Perspective changes a lot but it just doesn't make sense that we should all hold the burden for someone else's irresponsible actions. It's not illogical
I was a independent trader on the floor of the Stock Exchange for over 30 years. What I noticed that when the cameras came in, those who had little or no knowledge became camera hogs and prognosticated about where the markets were going and what was happening. Those of us who were good or great traders ignored the cameras because they were a distraction and we focused on trading. I put Rick Santelli in the former camp.
2016. Lots of people lost their homes. Housing prices are skyrocketting past what their last highs were because of Hedgefunds buying them up due to government giving them money to do so.....and individual buyers can't afford a lot of homes that were starting to become affordable back in 2011 anymore. They inflated the market out from under us to enrich some Hedgefunds.
yeah we bought right at the bottom and even chiseled even more out of BOA because we were in cash and knew these people were in the banking business not the building business. here they are holding a note that would never get paid with a principal that was double what we were offering. they took our offer. of course they were paid the differential by the bailout. I woulda let them go under for making such idiocy loans to begin with. now the residence is back up where it was before the crash. Personally? I think it was a conspiracy from the getgo to kick good (but naive) people out of their homes. many of these were taken aback by ARM resets... having no idea what they were really getting into.
Rick Santelli is a perma bear on the US, on stocks and on life. I would love to see him publish his portfolio and performance in the last 10 years. I am willing to bet that he has substantially under performed the stock market. Lucky for him he gets a paycheck from CNBC.
Rick Santelli - Father of the TeaParty Movement.... I hear of so many people trying to take credit for it, but Rick was the one that was able to take the frustration of nation and mobilize it. Respect!
Funny how he never complained about the trillions of dollars that went to bailing out his failure friends. I don't like handouts but I'd rather give 5 bedroom houses to every single strung out drug addict or disease ridden hooker before a single penny of tax payer money went into the bank accounts of millionaire executives who couldn't manage their businesses.
Democrats called banks racist and forced them to make loans to low-income minorities, those loans go bad and bring down the market with them but somehow this is the fault of everyone except the Democrats who forced the banks to make bad loans or be called racist? Seems to me the banks were setup to be the bag holders when these subprime borrowers inevitably defaulted on their overpriced, twice-mortgaged McMansions; all in the name of "fairness". The Banks were not without blame then, they created a scheme to try to stop the massive bleeding caused by the Clinton-era policies of easy money for deadbeats. If the banks had not been bullied by the criminal Democrat party, we could have avoided the resulting disaster. Banks have lending criteria for a reason. It's not the fault of "racism" if you cannot get a loan. The fault is with you. Stop living in your fantasy world of Class Warfare and join reality. Nothing is as simple as the politicians would have you believe and there is enough blame to go around for everyone, including me and you. p.s. When is the last time a "strung out drug addict" provided you with a living wage? (yes I know this is 5-years old, but your ideas are so misguided and ill-informed I had to say something. I can only hope that you have become smarter in the last 5 years somehow..)
I live in Texas and I am encouraging a TEA Party organizer to run for Congress or the Senate. I will work for her and give her money. That is what it will take to make a change. Hope you will do the same where ever you live
***** There are different types of conservatives out there. The tea party activists simply want a federal government that doesn't consider the Constitution and Bill of Rights as a quaint list of suggestions. I don't view that as "unsustainable."
I won't say whether I think he's right or wrong, but I like how Rick Santelli says what's on his mind. He's a great asset to CNBC. In fact, I love CNBC in general. CNBC is a great reason to have cable television.
People believe this was a spontaneous thing, and that the Tea Party movement was a "grassroots" movement inspired by Santelli. Load of crap. The whole thing was planned far in advance by wealthy, powerful people, and millions of people have been suckered into it. Only retards and the brainwashed think what he said was not planned and paid for, and that the whole thing was not astroturf. There is ample evidence of the astroturfing, but the easiest part to verify is the fact that a website was ready to have his "rant" video available, and the domains were registered well in advance. If you don't believe me, you can look up the teaparty.org's Creation Date (6th line from the top): www.register.com/whois.rcmx
He’s a shameless douchwad. CNBC is nothing more than a propaganda organ for rapacious Wall St banks, funded by ad revenue from the financial services industry.
Hell yes. There is a local tea party tomorrow at noon on the steps of the county courthouse that I am attending. Anyone in Altoona/Blair county, PA check it out.
Ironically, Obama actually does care for the banks you seem to love so much, and hasn't really done shit to punish those actually responsible for this crisis.
Rick is right. My sister and brother in law, never worked, filed for bankupsy twice withing last 15 years, never paid for their taxes, defrauded their clients. 2005-6 bougth two houses , no down payment , pull out hundred of thousand in loans and now they will be bail out .
Michael Moore and our friend the Nobel Prize cardiologist Bernard Lown knew the results in Cuba all along. I have been to Cuba 6 times, Dr. Lown emailed me, and learned much about doctoring in Cuba. Their thinking on social determinants of health, on the primacy of public health and the vital role of prevention strategies are unmatched in the world.
"It does not take a majority to prevail. What it takes is an irate, tireless minority, keen on setting brushfires of freedom in the minds of men." -Samuel Adams
Financial Reform recently passed but one item that we are looking for is the requirements of margin loans for bond holders. Traditionally margin loans have requirements for loans against stocks; the market is changing and i urge you all to write to your congressman to get this idea moving
Santelli was arguing that NONE of the bailout money (meant to go to the banks) should go to homeowners. MANY people were duped into loans they couldn't afford. MANY were not aware that, when the terms they were promised didn't appear in the final loan documents, they could walk away from the loan or refinance. They might not be the sharpest tools in the shed, but that doesn't mean they should lose their homes WHILE the lenders involved get bailed out. The people who duped them were criminals.
In concert with Rick's consternation with out og control spending, bail outs and the concept of redistribution, the first Tea Party Patriots' national rally was held on Feb 25, 2009.
I would like to point out that he is not referring to the TARP program which cost 750 billion, or QE which cost trillions, both of which benefitted the so called "water carriers", who by the way, are people who are GAMBLING on the actual water carriers. He is referring to the 75 billion that helped homeowners a) refinance to a less crappy mortgage, and b) allowed them to get on a payment plan to actually pay back their mortgages.
Rick Santelli, your THE BEST!!! You tell it like it is, and all of the Obama lovers need to hear the truth from hard working people like you and me! Its economists like you that will guide us out of our situation, not community organizers, tree huggers, and dope smokers...You make me proud to be a Republican! GOD BLESS AMERICA and GOD BLESS RICK SANTELLI!!!!!!!!
Hmm..."You can't buy your way into prosperity", curious thing to say. He doesn't live in the real world does he. The commodities I presume he trades, must be bought to be held, right? In fact, given the amount of short selling you'd expect during that time, I expect him to say that 'You can only sell your way into prosperity'. Not exactly a value investing attitude. I remember short selling being suspended at that time. Is this the fury of sour grapes? (I didn't exactly agree with that either) I guess it was deemed by the authorities that they didn't deserve to short sell. Ah the emotions! Or maybe I'm reading too much into this, but i wouldn't be the only one to read too much into something, would I?
I loved how the traders around Rick started cheering him on! As for president... forget that, have him write a blog and appear on the Sunday talk shows. We need more truthsayers like him.
Well, i'm a sailor not a saint. As far as the tough guy thing, your right. I've been shot twice, stabbed three times, broke a few knuckles with my face, stood up for my brothers and sisters for years getting a beatdown every night, break into unoccupied houses for food. No I'm not tough, I'm determined. I like violence and conflict as much as the next. But if you bring it I will not back down and if I get knocked down I get back even when I shouldn't. That's all I know.
What does it matter? He works in the media. We all knew that the low interest rates were the proponent of the mess and as you'd say from a technical view "History repeats itself and trends are more likely to continue than to reverse"
Of course there are other factors and of course correlation doesn't equal causation. But the fact of the matter is that revenues were on a downward trend before the bill took effect, and since economic growth is THE PRIMARY factor in tax revenues, the tax cuts absolutely led to the increases in revenues.
I find it amusing this guy has received credit for starting the tea party or even "The lightning rod that started the tea party." Google tea part 07 if you want to take a look at the first modern tea party and the people who started it.
I have watched home prices skyrocketed way way beyond the fundementals ie: income and inflation. I watched as people constantly belittle others who spoke of bubbles and prior housing corrections. Many even today seem to gloss over the that prices not so much the mortgages were the issue. Rick was certainly correct on many fronts here.. It makes sense for home buyers to hire a lawyer when it comes to contracts but equally need to get indepented understanding of their home purchase price.
![[Sub Thai] APT. - ROSÉ & Bruno Mars](http://i.ytimg.com/vi/bYjhzP8x_uc/mqdefault.jpg)
They ginned up the system to make money out of nothing and when the whole thing blew up in their faces they bitched about the way it had to be cleaned up. Fucking incredible.
Spot on
Rick, you sent the shot around the world and woke us up! Thank you!
What about the financial institutions that encourages those "losers" into those loans?
What about the losers of all financial institutions that then bought up those bad loans that cause the actual crisis ?
this guy is a sock puppet for the financial institutions. What do you expect?
+BroncoTed those institutions are called fannie mae and freddie mac both government corporations
+Jerrad Flaherty those institutions are called fannie mae and freddie mac both government corporations
All of those "losers" should have lost their investment. New home buyers, like me, would have been able to find and buy affordable properties. Instead we're out in the cold, because government gave free money to Hedgefunds to buy up these properties and spiked up prices for everyone. It's bullshit.
Don't forget the people who bet on the betters betting on the betters! They did no wrong - it was those damn 'losers' again!
Rick Santelli is literally standing on the floor of the Chicago Stock Market in front of people who were bailed out by the taxpayers to the tune of billions of dollars due to their fraud and greed and are complaining that average Americans on Main Street, who were scammed by the Housing market, might also get bailed out.
You are such an idiot. "The Chicago Stock Market"? 😂😂 If you knew anything you would know it's called the Chicago Board of Trade and it's a futures exchange. In addition, Rick Santelli was against the bailout. Guess the socialists didn't include that information in the monthly newsletter.
Agreed. They cried and cried for a bailout because they said if they got assistance, then they could help out the rest of America..... guess they didn't end up doing that
I worked at the Chicago Board of Trade for over 5 years; Rick always said hi to me and seemed very laid back. I am surprised that he is always getting so worked up on CNBC.
I remember seeing this live. Tea party born this day.
These *_"losers"_* didn't force the banks to *throw out their underwriting procedures* and force them to give a mortgage to any *_"loser"_* that walks through their doors.
the Greatjon No, that would be the government, primarily via Fannie and Freddie buying these morgages from primary lenders. That was the whole issue - government encouraging (and in some cases forcing) primary lenders to make irresponsible loans to people who couldn't really afford these houses via sub prime loans with very low teaser interest rates.
It wasn't the losers fault so much as the government's for insentivising this irresponsible behavior as an industry practice to get more people into better houses. Sad thing is they are up to it again, losenning the underwriting standards for Fannie and Freddie just over the course of this past year, removing the need for morgage insurance in many cases, lowering the credit score needed, overlooking delenquencies, reducing the down payment. This in response to the slowdown and higher inventories.
This is but one many cases where long term low interest rates cause a buildup of systemic risk in the form of debt fueled stupidity. But the politicians love it because it allows more stuff now, in the present, deferring the costs until later when they aren't in office.
Josh Hoover I disagree. Blaming the fed for incentivising commerical banks to knowingly make bad loans to borrowers whom they know would struggle to make the monthly once the ARMs had repriced is analogous to me blaming McDonald's for making me fat.
I also disagree for I worked for a commerical bank that did not participate in subprime lending and were not *_directly_* affacted by its collapse. The closest we got was the flirtation of creating a subsidiary that would lend out to the less than stellar borrowers but the brass ultimately shot it down. The biggest direct exposure we had was through our investments in MBSs but again, with our conservative philosophy, it made up a very small portion of our investment portfolio and ultimately was divested.
Given the for profit driven nature of banks, I'm not surprised that relaxed lending practices have returned (been out the game a few years). If the banks are not doing their due diligence, properly risk-weighting sub par borrowers and limiting their exposure, then the market will punish them like before, but that will still be on the banks.
the Greatjon Many of the MBS were being represented as better grade than they really were. When this type of debt monitization ocurres we need to see more care taken. The pension programs (and other institutions) which purchased these MBS apperently didn't do the legwork needed to understand the risk or didn't take it seriously enough.
Low interest rates mean lower cost to borrow and more borrowing, and I would argue that this leads to more risk. Compound this with the tendency to see more mal investment decisions to to the low cost of money and we have a recipe for disaster.
I am sure that there is plenty of blame to go around. I just think we have driven things out of wack with these low interest rate policies.
@jamesk479 I can agree with part of what you said. That the homeowners weren't losers, however a vast majority were not in good financial situations to take that risk and had poor credit.
@@joshhoover1202 awesome discussion, your first comment really wasn't up for debate as it was factual and a govt induced problem
No matter how many times I see this, Santelli still reminds me of that guy in the bar who has an answer for every problem in the universe, just shouts louder when confronted with facts - yet never undertakes anything that would make *him* personally responsible for an outcome. I'd like to see him deal with the real-world problems of government. And I wonder how he might feel if he were ever one of the "losers" that he so despises?
that's smart. he's not telling john q to follow sheep off the cliff. like everybody else on the planet he's entitled to his opinion. personally I'd never trade interday as an example. but you ain't trading intraday with only a few grand of extra cash you don't really need either. thus the old adage holds true. the more bucks you got to throw into the pot the bucks you'll make (if you're smart like this guy).
Perspective changes a lot but it just doesn't make sense that we should all hold the burden for someone else's irresponsible actions. It's not illogical
This is history in the making, surprised there aren't more views.
Jamal It's repulsive.
Thank you Rick Santelli, you made it all happen, not only for me, but for millions of We The People.
Made what happen, exactly? You are a clown
Love this video...watch it frequently! Very motivational!....."Rick Santelli for president!"
Wow, I had never seen the last half of the video, thanks for keeping this up!
I was a independent trader on the floor of the Stock Exchange for over 30 years. What I noticed that when the cameras came in, those who had little or no knowledge became camera hogs and prognosticated about where the markets were going and what was happening. Those of us who were good or great traders ignored the cameras because they were a distraction and we focused on trading. I put Rick Santelli in the former camp.
This NEVER gets old.
I listened to this on the way to work, along with the rest of the nightmare unfolding as it all happened.
2016. Lots of people lost their homes. Housing prices are skyrocketting past what their last highs were because of Hedgefunds buying them up due to government giving them money to do so.....and individual buyers can't afford a lot of homes that were starting to become affordable back in 2011 anymore.
They inflated the market out from under us to enrich some Hedgefunds.
yeah we bought right at the bottom and even chiseled even more out of BOA because we were in cash and knew these people were in the banking business not the building business. here they are holding a note that would never get paid with a principal that was double what we were offering. they took our offer. of course they were paid the differential by the bailout. I woulda let them go under for making such idiocy loans to begin with. now the residence is back up where it was before the crash. Personally? I think it was a conspiracy from the getgo to kick good (but naive) people out of their homes. many of these were taken aback by ARM resets... having no idea what they were really getting into.
Rick Santelli is a perma bear on the US, on stocks and on life. I would love to see him publish his portfolio and performance in the last 10 years. I am willing to bet that he has substantially under performed the stock market. Lucky for him he gets a paycheck from CNBC.
Rick Santelli - Father of the TeaParty Movement.... I hear of so many people trying to take credit for it, but Rick was the one that was able to take the frustration of nation and mobilize it. Respect!
I love this video. I watch it frequently! Very well done, Mr. Santelli! Traders Tea Party......sign me up!
Funny how he never complained about the trillions of dollars that went to bailing out his failure friends. I don't like handouts but I'd rather give 5 bedroom houses to every single strung out drug addict or disease ridden hooker before a single penny of tax payer money went into the bank accounts of millionaire executives who couldn't manage their businesses.
+TheRiiiight He speaks out against that as well if you look at his other videos
Democrats called banks racist and forced them to make loans to low-income minorities, those loans go bad and bring down the market with them but somehow this is the fault of everyone except the Democrats who forced the banks to make bad loans or be called racist? Seems to me the banks were setup to be the bag holders when these subprime borrowers inevitably defaulted on their overpriced, twice-mortgaged McMansions; all in the name of "fairness".
The Banks were not without blame then, they created a scheme to try to stop the massive bleeding caused by the Clinton-era policies of easy money for deadbeats. If the banks had not been bullied by the criminal Democrat party, we could have avoided the resulting disaster. Banks have lending criteria for a reason. It's not the fault of "racism" if you cannot get a loan. The fault is with you.
Stop living in your fantasy world of Class Warfare and join reality. Nothing is as simple as the politicians would have you believe and there is enough blame to go around for everyone, including me and you.
p.s. When is the last time a "strung out drug addict" provided you with a living wage?
(yes I know this is 5-years old, but your ideas are so misguided and ill-informed I had to say something. I can only hope that you have become smarter in the last 5 years somehow..)
Couldn't agree more.
Happy New Year and thank you, Mr. Santelli.
Tea Party On.
Is this why JP Morgan Chase is paying $13B in fines for mortgage fraud?
The irony is lost on Rick Santelli.
I'm surprised this clip hasn't been removed already
Just epic...
Thanks for reminding us who the real enemy is, unemployed American homeowners.
He is saying that they aren't homeowners, if they used the banks money then it's not really ownership in a sense
"Do you think I want to take a shower every hour? The last place I'm ever going to live or work is DC!" - fucking epic from Santelli
There's at least five names that I know of who left cnbc for Fox business. Maria Bartiromo being the most recent. Rick should do the same.
CNBC destroys FBN. FBN is nothing more than FNC 2....Without the ratings.
I agree. nobody watches cnbc anymore... pure leftists surprised rick is still there.
@@BizarrePower This didn't age well.
I live in Texas and I am encouraging a TEA Party organizer to run for Congress or the Senate. I will work for her and give her money. That is what it will take to make a change. Hope you will do the same where ever you live
Well at least one person understands some of what the Tea Party stands for, the rest that the Leftists spew is their own prejudices.
Well said. Leftists are comfortable with their stereotypes of conservatives and have no interest in being tolerant of different ideas.
***** There are different types of conservatives out there. The tea party activists simply want a federal government that doesn't consider the Constitution and Bill of Rights as a quaint list of suggestions. I don't view that as "unsustainable."
+Me60262 Are you sincerely oblivious to the irony of the comment you made?
And thus the greatest political monster in American history was created.
I won't say whether I think he's right or wrong, but I like how Rick Santelli says what's on his mind. He's a great asset to CNBC. In fact, I love CNBC in general. CNBC is a great reason to have cable television.
did he do a rant when the Fed decided to bail out banks? Dunno. Just asking.
yeah he did. bigtime.
"Let them eat cake."
We know what happened to that person.
I love this Video we need more people to do this
Rick santelli is brilliant. One of my favorites on CNBC
People believe this was a spontaneous thing, and that the Tea Party movement was a "grassroots" movement inspired by Santelli. Load of crap. The whole thing was planned far in advance by wealthy, powerful people, and millions of people have been suckered into it. Only retards and the brainwashed think what he said was not planned and paid for, and that the whole thing was not astroturf.
There is ample evidence of the astroturfing, but the easiest part to verify is the fact that a website was ready to have his "rant" video available, and the domains were registered well in advance.
If you don't believe me, you can look up the teaparty.org's Creation Date (6th line from the top):
www.register.com/whois.rcmx
You and your mom started the Tea Party? Suuuuuure you did.
If you were really trying, you would have googled it.
It was the Libertarian Party that got co-opted by the Republicans actually. They actually used to be about personal liberty instead of economics.
He’s a shameless douchwad. CNBC is nothing more than a propaganda organ for rapacious Wall St banks, funded by ad revenue from the financial services industry.
Rick Santelli planting Astro Turf seeds, fertilizer provided by Koch Industries...
Rick Santelli and the rant heard round the world! History in the making! The moment the TEA PARTY was born. One man can make a difference! And he did!
This guys awesome
These guys miss the mark even with all their fire.
Hell yes. There is a local tea party tomorrow at noon on the steps of the county courthouse that I am attending. Anyone in Altoona/Blair county, PA check it out.
Ironically, Obama actually does care for the banks you seem to love so much, and hasn't really done shit to punish those actually responsible for this crisis.
oh yeah, stock traders are a great "cross-section of america"... smh
Rick is right. My sister and brother in law, never worked, filed for bankupsy twice withing last 15 years, never paid for their taxes, defrauded their clients. 2005-6 bougth two houses , no down payment , pull out hundred of thousand in loans and now they will be bail out .
Net worth 3 million dollars and demanding we all feel sorry for him for paying taxes.
RageHole how much should he pay in taxes then?
somewhere between 1$ and 3 million
He's right that the Every-man shouldn't be paying such high taxes and mortgage, but he isn't included in that generalization.
President Trump are you listening?
Rick Santelli is one of the Founding Fathers of the Tea Party and he doesn't BS.
He just tell you the truth. I love it.
The beginning of the Trump movement :)
the KKK was around long before this
Screaming white men gon be screaming white men
Michael Moore and our friend the Nobel Prize cardiologist Bernard Lown knew the results in Cuba all along. I have been to Cuba 6 times, Dr. Lown emailed me, and learned much about doctoring in Cuba. Their thinking on social determinants of health, on the primacy of public health and the vital role of prevention strategies are unmatched in the world.
You are 100% correct about the parties.You have a good one
This was the beginning--Let History show it--Thank You Rick
wicked Rick Santelli.
best financial journalist out there who speaks how it is...
keep it going!!
Speaking up about what's wrong is..doing something. It gets the ball rolling. It also takes courage to stand up and say what others aren't yet..
In what way is a room full of traders a cross-section of America?
God Bless Rick Santelli, it was time for us to be heard, and we are not going to stand for this anymore.
Read My Lips, NO NEW TAXES!!!
Rick Santelli is the new Paul Revere, the rant that was heard not only in America, but around the world. Truly a GREAT AMERICAN and PATRIOT!
Shocked that they blamed the poor.... /s
They can't afford the house!
Neither could the banks afford the huge bonuses paid to their traders and execs after they had been bailed out.
ur right
this budget does include the war spending, whereas the previous years budgets did not actually include the amounts to be spent on the war.
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not"
~ Thomas Jefferson
"It does not take a majority to prevail. What it takes is an irate, tireless minority, keen on setting brushfires of freedom in the minds of men." -Samuel Adams
Rick! You are the man! Well said. Straight and on point.
Financial Reform recently passed but one item that we are looking for is the requirements of margin loans for bond holders. Traditionally margin loans have requirements for loans against stocks; the market is changing and i urge you all to write to your congressman to get this idea moving
Santelli was arguing that NONE of the bailout money (meant to go to the banks) should go to homeowners.
MANY people were duped into loans they couldn't afford. MANY were not aware that, when the terms they were promised didn't appear in the final loan documents, they could walk away from the loan or refinance. They might not be the sharpest tools in the shed, but that doesn't mean they should lose their homes WHILE the lenders involved get bailed out. The people who duped them were criminals.
God Bless Rick Santelli!
This guy should run for president. He loves the founding fathers, and so does every patriotic american.
This is so good.
WOW!
Rick really ignited the people with this.
Look at all the people that attended the tea parties.
Rick is like a hero now.
In concert with Rick's consternation with out og control spending, bail outs and the concept of redistribution, the first Tea Party Patriots' national rally was held on Feb 25, 2009.
The best part is the guy next to him saying what a great idea.
I love hearing this coming through the NBC airwaves.
I like that guy, Santelli!
I would like to point out that he is not referring to the TARP program which cost 750 billion, or QE which cost trillions, both of which benefitted the so called "water carriers", who by the way, are people who are GAMBLING on the actual water carriers.
He is referring to the 75 billion that helped homeowners a) refinance to a less crappy mortgage, and b) allowed them to get on a payment plan to actually pay back their mortgages.
I saw this live and it was GREAT
Rick Santelli, your THE BEST!!! You tell it like it is, and all of the Obama lovers need to hear the truth from hard working people like you and me! Its economists like you that will guide us out of our situation, not community organizers, tree huggers, and dope smokers...You make me proud to be a Republican! GOD BLESS AMERICA and GOD BLESS RICK SANTELLI!!!!!!!!
Absolutely, this is what working Americans are thinking in this country!
Good for you, Rick Santelli! There are so many people who agree with you!
That is actually a very good point. Now that you mention it, I think back on all the smokers I have known, and yeah, that is true for most of them.
The first intelligent thing I've heard on CNBC. Enough Bailouts! Enough Spending!
this is fucking awesome!!!
best video of the year!!! hell yes!!
Hmm..."You can't buy your way into prosperity", curious thing to say. He doesn't live in the real world does he. The commodities I presume he trades, must be bought to be held, right? In fact, given the amount of short selling you'd expect during that time, I expect him to say that 'You can only sell your way into prosperity'. Not exactly a value investing attitude. I remember short selling being suspended at that time. Is this the fury of sour grapes? (I didn't exactly agree with that either) I guess it was deemed by the authorities that they didn't deserve to short sell. Ah the emotions! Or maybe I'm reading too much into this, but i wouldn't be the only one to read too much into something, would I?
Rick is my hero. I'll be at a Tea Party today. Thanks for speaking the truth brutha!
I loved how the traders around Rick started cheering him on! As for president... forget that, have him write a blog and appear on the Sunday talk shows. We need more truthsayers like him.
Well, i'm a sailor not a saint.
As far as the tough guy thing, your right. I've been shot twice, stabbed three times, broke a few knuckles with my face, stood up for my brothers and sisters for years getting a beatdown every night, break into unoccupied houses for food. No I'm not tough, I'm determined. I like violence and conflict as much as the next. But if you bring it I will not back down and if I get knocked down I get back even when I shouldn't. That's all I know.
What does it matter? He works in the media.
We all knew that the low interest rates were the proponent of the mess and as you'd say from a technical view "History repeats itself and trends are more likely to continue than to reverse"
Of course there are other factors and of course correlation doesn't equal causation.
But the fact of the matter is that revenues were on a downward trend before the bill took effect, and since economic growth is THE PRIMARY factor in tax revenues, the tax cuts absolutely led to the increases in revenues.
I think he was referring to people who never should've been given a mortgage in the first place because they were bad credit risks.
Rick you said exactly what so many of us are thinking and saying in our private circles.
"Traders revolt!"........my favorite video! Always good to see in the morning before work. Time to trade.........
This aged well.
Awesome video! Dr. Ben Carson himself mentioned this video in his new book, "America the Beautiful".
Have you ordered the bumper sticker or t-shirts? I've got to get one!!
Hmmmmmm cuba comment is very relevant today,,,10 years later
There to patriots like Rick Santelli there is still hope!
Good it will open up the job market when I graduate.
I never get tired of watching this clip!
Add "&fmt=18" to the end of the URL to play video correctly.
I'm so proud of Rick. Let's all stand up & support the constitution!
I find it amusing this guy has received credit for starting the tea party or even "The lightning rod that started the tea party." Google tea part 07 if you want to take a look at the first modern tea party and the people who started it.
I have no idea what the fuck they are talking about, but this Santelli dude is really good, man, I support what he said totally!
Rick Santelli is like Ron Burgendy, "In other words, he is the balls."
I have watched home prices skyrocketed way way beyond the fundementals ie: income and inflation. I watched as people constantly belittle others who spoke of bubbles and prior housing corrections. Many even today seem to gloss over the that prices not so much the mortgages were the issue. Rick was certainly correct on many fronts here.. It makes sense for home buyers to hire a lawyer when it comes to contracts but equally need to get indepented understanding of their home purchase price.
great video!