@@ryanodonnell6748 I hate that phrasing. It implies what is happening to the rest of us is Capitalism. Forceful quarantines, shutting business' down, insane money printing. Ha, I can't see capitalism for anyone right now.
History repeating itself. These tightening lockdowns are just a precursor for another massive stimulus. It comes down to the GA senate runoff. We need divided government!
I'm here after reading Obama's reference to this moment in his memoir. This guy and his take on the mortgage issue, really, irritated Obama. I can't blame Obama.
They need to replay this again on the news. Oh how ignorant so many are.. I'm waiting for someone to list the greatness our current administration is done. The parallels in what he's said and what's going on today, is quite remarkable.
@lordvore hoping these guys take a dive this recession is like someone hoping that all coaches of sports teams lose because they believe all coaches are sinister and shady. Nobody has ever been compelled into buying or trading stocks.
@@gregpaspatis9425 Is that really true though that people were not compelled? When people get 0% interest rate on their savings and instead face inflation, how do you reckon they build a monetary safety net?
Surprisingly yes. The guys you see on the floor come from all backgrounds. Some have big degrees while others are just guys with street smarts who can talk up a deal and read people
@@adamboyle3331 Backgrounds do not matter, Adam. That´s like saying that the military is a cross-section of America because they come from different towns or parts of the country. Once in the army they all do and behave (and almost look) alike. Something reflecting a cross-section of America would be, for instance, the group of those who smoke in the country.
@@GordonLF Peoples personalities and everything that makes up their personality don’t just go away when they find a job. Don’t be autistic, my point isn’t about making the absolute perfect statistical cross reference for an academic study. It’s that people have a perception of floor traders as big wig hotshots from wealthy families when they’re actually a very diverse group from many backgrounds.
@@adamboyle3331 Point taken, Adam. But please see that my OC was criticizing the statement "pretty good statistical cross-section" because it is not. Your answer was "surprisingly yes", which is mistaken. The biased perception of floor traders as hotshots from wealthy families was not implied in my comment.
"If I had only followed CNBC's advice, I'd have a million dollars today, provided I'd started out with a hundred million dollars. I can see why Santelli is mad at homeowners." -Jon Stewart
There’s nothing worse than Monday morning quarterbacks talking about the market. “Lol you were wrong on this stock. Bet you feel dumb! Me? No I didn’t make any predictions or have any skin in the game, but I’ll yell from the sidelines”
@@adamboyle3331 Is it your opinion that Jon Stewart's entire show was Monday morning quartbacking? And if so, would you say the exact same thing about conservative commentators? In other words, is this criticism of Stewart only about that fact that he made commentary about events that had already occurred (and thus this criticism would extend to anyone else who did the same regardless of ideology) or is your criticism influenced by Stewart's political leaning, and you're just not being forthright in saying so in order that your criticism may seem less biased?
@@balthasardenner5216 When it comes to stock picks and the market, yes. Anybody looks stupid when they watch the market in hindsight and say “look a stock went down! You were dumb for buying it and I’m so smart for pointing it out after the fact”. It’s up there with “this team just won the super bowl. I would have bet on them but I didn’t”
@@XeroFace Finally, and yeah...I became hip to it in 2008 through my local talk radio station, along with talking to some protesters atop an overpass I happened to walk by en route to work. There are so many misconceptions about the movement but it was initially a repudiation of Bush, not Obama. (edit: And if our word doesn't convince people, keep in mind...the way Rick Santelli uses the term "Tea Party", he's clearly not trying to coin a phrase. It's an off-hand mention which indicates he's aware of prior protests)
@@madwilliamflint Facts, Rachel Maddow covered it, so did other media talking heads... It was the Ron Paul Tea Party Movement, along with 9/11 truth and the End the Fed movement against the privately owned federal reserve bank.. That was the second year in 2007 where many protesters marched holding up Ron Paul Tea party signs and tossed boxes of "tea" with words written on them of the things they where protesting, the also burned large piles of the official 9/11 commission report books. Look it up. The media hijacked it to change the message and kill the spread of the movement.
Rick Santelli is sharing the frustration of the millions who have worked hard, managed their money properly and gotten bit by a government that is trying to prop up what cannot succeed. Spending trillions to subsidize corporations and individuals who are not making good decisions in their finances only increases the pain of this market correction. In a 6 month time period we have spent any existing wealth left in our country. This is not smart. Santelli has it right we are soon to be like Cuba!
@@hd-sf9li They are being punished for being successful , which is the worst thing you can do. All this kleptocracy does now is incentivize victimhood and failure, which can then be blamed on their political opposition. Trickle down is a red herring term. It's better undersood as get yours and leave mine the hell alone.
These fucks purposefully rigged housing to be unaffordable then gave mortgages they knew people couldn't pay to people to create tradable "shit breather" debt packages to trade. Gaming people's lives and livelihoods in a criminal conspiracy.
Haven't watched this since it was live, didn't realize it was THAT long ago. Dang. Santelli's tea party was highjacked by the very first rally. (Which I attended locally) they squashed this one quick.
Americans will never have true democracy under the current party system. Both parties are representing their donors only and all the rest is a charade.
Americans don’t have “true democracy,” and we never have. Our Republic has 3 brilliantly balanced branches. Look past voting rights - they’re not what matters. Free men govern themselves, via elected representatives.@@JackSndAceS
"This is America!" Yes, a bunch of 6, 7, 8 digit earners sitting in a Wallstreet trading room are the silent *majority* of America. It's interesting how many conservative Americans will take this guy's word for it that what he is saying is for the good of the American people and not just good for himself and his rich friends, when the fundamental tenant of capitalism is to maximize your own personal benefit regardless of the effect on others.
People tend to not understand that they are the corporations. There are levels no doubt but capitalism has lead more people our of poverty than any other system in the history of our organized society. I have to agree with the other reply here and slam you for your ignorance. This is a get up and get off your ass country start working and stop bitching.......
Take more from my paycheck and win that battle on poverty haha. The more y’all take from me and give away, the more dependency you create. And more anger from us.
Rick Santelli was mad at the only part of the TARP program that directly helped individual borrowers instead of institutions. He’s siding with the sharks, and he got his way. Shameful
How about we stop subsidising corporations first? Or bailing out the banks full-stop? It was bankers like him who sold the NINJA loans to those who could not afford it.
@Noallegiance People were in many cases tricked into it tho. I dont like taking money from people and giving it to people who cant pay their mortgage but i also dont like using tax payer money to bail out wall street banks. You cant be morally outraged by the former and cool with the latter.
The BostonTeaParty2008 took place on 12-14-2008. That was 2 months BEFORE Rick's rant calling for a Chicago tea party ! Rand Paul was our keynote speaker and the theme was "Restoring a sound money system"
I don't get why he is pissed at the person that can't afford the house when the bank loaned the loser the money. Any person can ask for a loan, it is up to the bank to say, "you don't have a job, your 40k in debt, this is your third home, so you don't get a loan." But in 2006 the banks were loaning to these people!!!!
@@MomoDojo okay, so let me borrow 1 million dollars. Oh, btw I don't have a job, I have 3 other mortgages, 2 loans on cars, and have 30k in credit card debit. If you give me the million dollars, then who is the dumbass? Me for being broke and asking, or you for knowing my situation and still letting me borrow the money? BTW, I am not broke, I was just making an example of what was happening before the financial crash.
@@MomoDojothere’s responsibility on both sides. I understand the frustration with both from both sides directed at both sides. The whole thing was just fucked
And the borrower has not responsibility for taking loan. I dont bankers were beating people's doors down to loan money. Its the same problem with student loans. These college aged people dont think they are responsible for the paper they signed. Moral hazard!!
Meanwhile. we just gave over 600 billion from the PPP to companies and corporations. No Tea Party rallies in sight. Rick Pricktelli, ARE YOU LISTENING?
People react differently to bailing out people that made poor financial decisions versus bailing out people due to a global virus pandemic where government forces people not to work.
"$3,000,000,000,000.00 for a lied about war is good with me. Me and my buddies made tons cash on war. We won't make two cents when some poor guy and his family get a coupe bucks to keep their house." ---Ranger Rick "Kool-Aid Party" Santelli
Does anybody know what Rick Santelli was doing or where he was in October 2008 when the Congress and the Fed bailed out the banks? I am genuinely curious if he had a rant then.
@jalexander3 Honestly. Of all this money that's been taken out of the national economy, how much of it do you think has been used to "help the poor"? Why do you think the growth of the welfare bureaucracy has led to increasing levels of poverty? This country has been scammed and screwed. Why to we continue to put up with it?
The economic collapse had several causes including: The outsourcing of millions of well paying industrial jobs, large federal budget deficits which created an artificial economy, deregulation of the financial industry, lowering the capital gains tax which encouraged speculation, the easy availability of credit, the failure of bond rating agencies to recognize toxic securities, and most importantly the failure of government regulators to police lenders, investment banks, and insurance companies.
President Obama was inaugurated on Jan 20. Santelli's Tea Party Moment was on Feb 19, 2009, 30 days after the inauguration. The S&P 500 hit bottom on Mar 9, 18 days later.
@@AntonioAkaPablo not just the deficit, but answering the question, what roll ought the government play in our lives. Should governors force massive shut downs and allow small businesss to fail while the big companies get bigger?
I saw this live.....it was very memorable and still very relevant today. Why are people surprised Trump was elected? Rational thinking people can see what has happened. The days are numbered for the permanent political class in Washington. We're mad as hell and we're not going to take it anymore!
Good Lenders always make sure that the borrower can make the payments. The problem occurred when government regulators failed to control bank and non-bank lenders.
@@squarecracker Nine months after Rick Santelli gave his rallying cry, New Jersey dumped Gov. Corzine for Chris Christie, GOP nominee Bob McDonnell resoundingly won as governor of Va., nominee Bill Bolling was elected Lt. Gov. & Ken Cuccinelli narrowly elected Atty. Gen. of Virginia, following year GOP resoundingly retook U.S. House & over six & seven yrs. following Santelli came along the whole MAGA thing.
wow, how sickening, a room full of traders, having creamed their profits from trading bad debt, all petitioning to kick their neighbours out on the street. Disgusting and immoral.
In light of Obama's statement that others created your business, not you. This is the exact opposite. This is indeed a conservative prayer, and you don't have to be ashamed of it. If you hate this prayer, you are no different then Obama.
Yes that's right, Santelli was (for a few seconds) the reincarnation of an Revolutionary Leader, just like the ones we had when our Country fought for its independence.
Actually, they did pay back the loans...but you're right. GM is now firing workers left and right, and Chrysler is such a mess, Fiat is now going under because of it and is getting bailed out by Renault. Bailouts don't work, because they don't address the basic problems that get these companies in hot water in the first place.
Outrage is the appropriate response.. this isnt a RANT this is how MOST Americans feel! It is a big F U to the policy of fleecing the country to give TRILLONS to special interest groups!
While I understand that executives share blame for some of this mess, I do not understand the mentality that everyone else can do no wrong (i.e., the poor is never wrong, the working class is never wrong, the middle class is never wrong, etc...) -- that nothing is ever their responsibility, that they are always being duped by the rich.
Just like the banks have been responsible for their actions, I suppose. Now they're free to do what they want with YOUR money. It's only a 'Free Market' for the little guy, for them it's Privatized Profits and Socialized Loss. Sanelli should be up on charges for aiding and abetting a global banking fraud.
"That's an issue of doing your due process when purchasing a product...and potentially fraud which is illegal." It was not fraud &/or illegal with passage of commodities act 2000. This what happens with all this nonsense deregulation/free market fundamentalism that the markets are somehow how self-correct which is nonsense.
I guess if working hard and being responsible for your actions, so you can be free to do what you want with your money, is a hoax then this whole countries premise has been a hoax for 230+ years.
We are beginning a new era in our government. I cannot too strongly urge the necessity of a rigid economy and an inflexible determination not to enlarge the income beyond the real necessities of the government. Andrew Jackson
He tells it like it is but how about if we do nothing and HALF the people lose their jobs from a more severe collapse ? I am a Conservative Republican but the damage is way too severe to not intervene. Almost ALL the banks are insolvent !
I agree with all except one point. Goldman wasn't motivated by a potential bailout. They actually bet against these mortgage backed investments. They hedged their losses so that they would win if the investments tanked, which they did. They were also poised to win following the commodities bubbles (oil and food). We all followed their advice and moved our investment there. Now we're all paying the price with a hugely unstable marketplace and very high prices. No gov't bailout needed.
Came here after watching A Closer look. Dude gets upset at the government helping out people who are going to lose their homes but is probably cool when the government subsidizes the rich.
@PackerBronco Yeah, the DJIA has gone up from 7465, where it was on the date of Santelli's rant, and now hovers around 12,300. Those stock traders he was whipping into a frenzy have made out pretty good under Obama.
And the DJIA almost doubled under only four years of Trump despite having vastly different policies. Presidents don’t have as big an impact on the market as people think.
The lie that launched a million clowns. The majority of pre 2008 home loan borrowers didn't mortgage homes they couldn't afford. They were happy to make payments when the rate was within their projected income. The problem arose when they couldn't keep up with payments after the adjustable rates kicked in. The economy (i.e. homeowners, markets and finance)would have been fine if they had been allowed to continue making payments at the affordable rate. Unfortunately, the banks didn't have the common sense or decency to look beyond the price of the monstrously designed, adjustable rate mortgages that they artificially created. The vast majority of people would have happily, continued to pay their monthly mortgage if it remained at the original rate. However, those A.R.M. rates kicked in like inflated monthly balloon payments and ruined the world economy. So p#uc& this guy, the tea partiers and their revisionists history.
There are laws against "Redlining" which is when banks deny credit to certain areas ,such as the inner city, but there are no laws that force lenders to give loans to people that do not have the income or credit history to make payments on a mortgage or other loan.
The outlook of a tea party supporter is every man for himself, and if you see someone down don't help them up, kick em' and take what they lost. Down on your luck doesn't exist in the mind of a tea party supporter.
Yep. Everything we were taught is moral and good is bad for these despicable people. Ayn Rand acolytes - the world’s most risible pseudo thinker. The pitchforks are coming for them all. Hopefully.
No it was a UN memo stating that there were WMD's in Iraq, AND there WERE WMDs found, just in smaller amounts. Also, what in the world do you think the Iraqi military were doing while they kept UN inspectors out for months? DUH! (After which they suddenly said, "Oh, you can come on in now!")
They made a big fuss about the deficit but they kinda went away when it exploded these past few years, so i guess is for the best nobody took them seriously.
You do realize most tax increases/decreases are not based on the % brackets because those bring the most controversy (because people notice it). The real changes are made on anything that changes your bottom line, before the %
I agree with Rick's dialogue yesterday. Give the people serving time in our Armed Forces the mortgage credits. If they don't want to use their credits to buy a house, they can sell them. Reward good behavior, not bad reckless behavior that is ruining our nation.
I love when people say that the government needs to pump money into the private sector. How about never letting Washington get a hold of the money at all? Tax cuts work. Eliminate corporate tax for a year and capital gains forever. Give tax credits for all employers that hire new workers and keep existing workers to encourage worker retention and the economy will improve daily. Furthermore, it won't cost a thing except in lost revenue for Washington, and that really is the best reason for it.
![ILLSLICK - THE KING'S LANDING [Freestyle]](http://i.ytimg.com/vi/feIJJnNkTfk/mqdefault.jpg)
I hope I'm not the only one who has come back here recently.
More people are about to come now!
No you haven't
DakAttack came here when I learned about mark meckler
Socialism for the 1% again and CAPTILISM for the rest of us.
@@ryanodonnell6748 I hate that phrasing. It implies what is happening to the rest of us is Capitalism. Forceful quarantines, shutting business' down, insane money printing. Ha, I can't see capitalism for anyone right now.
The first man to call for the "Tea Parties"... and the first journalist to call them an "angry mob". This is actually a pretty historic video.
Who’s here because of his confrontation with Andrew Sorkin
Oh, yeah! Standing up for those who just want to live life and move forward. "Give me liberty, or give me death!" Patrick Henry
Yeah it reminded me of these comments from Santelli. I had to come back and listen again.
Have to remember the wisdom
History repeating itself.
These tightening lockdowns are just a precursor for another massive stimulus.
It comes down to the GA senate runoff. We need divided government!
I found a new hero
Happened again this morning on Kramer. Head's up!
"We should all stop paying our mortgage, it's a moral hazard"!!!!
An epic statement
Here after reading a passage about this moment from Santelli in Obama's book Promised Land. (Page 272)
Lexington read it too and quoted the CNBC´s antigovernment rant in his weekly column.
I'm here after reading Obama's reference to this moment in his memoir.
This guy and his take on the mortgage issue, really, irritated Obama. I can't blame Obama.
I am here after reading the passage as well
@@yusufaden5401 I can/do.
If you willingly read soetoros book, you must have the IQ of a brick.
This rant will be in the history books someday.
As an example of astroturf B.S
I just love how everything is in the matrix to be easily recalled for context. Nothing is forgotten now!
Is this bad?
@@Thelittletow not in my book.
"Now they're driving '54 Chevys, maybe the last great car to come out of Detroit ..." LOL
AllBobsAllTheTime 1954 Guatemala. Look up Edward Bernays.
Chevy, Chewy... Simulation confirmed
A historic moment in television
for cunts
m.th-cam.com/video/6bNiDx7qTjA/w-d-xo.html
Fake media moment
Yes, and just as staged and phony as a "reality" TV show.
They need to replay this again on the news. Oh how ignorant so many are.. I'm waiting for someone to list the greatness our current administration is done. The parallels in what he's said and what's going on today, is quite remarkable.
I hope these guys take a dive this recession. Crooks to a man.
@lordvore hoping these guys take a dive this recession is like someone hoping that all coaches of sports teams lose because they believe all coaches are sinister and shady. Nobody has ever been compelled into buying or trading stocks.
@@gregpaspatis9425 Is that really true though that people were not compelled? When people get 0% interest rate on their savings and instead face inflation, how do you reckon they build a monetary safety net?
And so it begins....anyone here from reading "Promised Land"?
It's like time travel!
Yes!
Yess....
Yessir
LOL - I remember watching this live.
"A pretty good statistical cross-section of America". On the trading floor?
Surprisingly yes. The guys you see on the floor come from all backgrounds. Some have big degrees while others are just guys with street smarts who can talk up a deal and read people
@@adamboyle3331 Backgrounds do not matter, Adam. That´s like saying that the military is a cross-section of America because they come from different towns or parts of the country. Once in the army they all do and behave (and almost look) alike. Something reflecting a cross-section of America would be, for instance, the group of those who smoke in the country.
@@GordonLF Peoples personalities and everything that makes up their personality don’t just go away when they find a job.
Don’t be autistic, my point isn’t about making the absolute perfect statistical cross reference for an academic study. It’s that people have a perception of floor traders as big wig hotshots from wealthy families when they’re actually a very diverse group from many backgrounds.
@@adamboyle3331 Point taken, Adam. But please see that my OC was criticizing the statement "pretty good statistical cross-section" because it is not. Your answer was "surprisingly yes", which is mistaken. The biased perception of floor traders as hotshots from wealthy families was not implied in my comment.
Well thats a crazily simplistic way of looking at it.
Im glad I never did Coke in High School with this guy. He was a manic man back then!
Who?
Everyone did coke in highschool
"If I had only followed CNBC's advice, I'd have a million dollars today, provided I'd started out with a hundred million dollars. I can see why Santelli is mad at homeowners." -Jon Stewart
There’s nothing worse than Monday morning quarterbacks talking about the market. “Lol you were wrong on this stock. Bet you feel dumb! Me? No I didn’t make any predictions or have any skin in the game, but I’ll yell from the sidelines”
@@adamboyle3331 Is it your opinion that Jon Stewart's entire show was Monday morning quartbacking? And if so, would you say the exact same thing about conservative commentators? In other words, is this criticism of Stewart only about that fact that he made commentary about events that had already occurred (and thus this criticism would extend to anyone else who did the same regardless of ideology) or is your criticism influenced by Stewart's political leaning, and you're just not being forthright in saying so in order that your criticism may seem less biased?
@@balthasardenner5216 When it comes to stock picks and the market, yes. Anybody looks stupid when they watch the market in hindsight and say “look a stock went down! You were dumb for buying it and I’m so smart for pointing it out after the fact”.
It’s up there with “this team just won the super bowl. I would have bet on them but I didn’t”
Where the Tea Party begins.
False, it started with ROn PAul Revolution in 2007, this is the medias false hijack of the movment
@@XeroFace Finally, and yeah...I became hip to it in 2008 through my local talk radio station, along with talking to some protesters atop an overpass I happened to walk by en route to work. There are so many misconceptions about the movement but it was initially a repudiation of Bush, not Obama. (edit: And if our word doesn't convince people, keep in mind...the way Rick Santelli uses the term "Tea Party", he's clearly not trying to coin a phrase. It's an off-hand mention which indicates he's aware of prior protests)
@@XeroFace Oh sit down junior.
@@madwilliamflint haha
@@madwilliamflint Facts, Rachel Maddow covered it, so did other media talking heads... It was the Ron Paul Tea Party Movement, along with 9/11 truth and the End the Fed movement against the privately owned federal reserve bank.. That was the second year in 2007 where many protesters marched holding up Ron Paul Tea party signs and tossed boxes of "tea" with words written on them of the things they where protesting, the also burned large piles of the official 9/11 commission report books. Look it up. The media hijacked it to change the message and kill the spread of the movement.
...I remember watching this back in 2009...now it's 2020...
Yeah that is indeed how time works.
Rick Santelli is sharing the frustration of the millions who have worked hard, managed their money properly and gotten bit by a government that is trying to prop up what cannot succeed. Spending trillions to subsidize corporations and individuals who are not making good decisions in their finances only increases the pain of this market correction. In a 6 month time period we have spent any existing wealth left in our country. This is not smart. Santelli has it right
we are soon to be like Cuba!
This aged well 😂
"reward people who could carry the water instead of drink the water!!!"
Hopefully this video goes viral 11 years later
@@hd-sf9li They are being punished for being successful , which is the worst thing you can do. All this kleptocracy does now is incentivize victimhood and failure, which can then be blamed on their political opposition. Trickle down is a red herring term. It's better undersood as get yours and leave mine the hell alone.
Yet we never did punish the banks and wallstreet for the disaster they created.
These fucks purposefully rigged housing to be unaffordable then gave mortgages they knew people couldn't pay to people to create tradable "shit breather" debt packages to trade. Gaming people's lives and livelihoods in a criminal conspiracy.
Haven't watched this since it was live, didn't realize it was THAT long ago. Dang. Santelli's tea party was highjacked by the very first rally. (Which I attended locally) they squashed this one quick.
Americans will never have true democracy under the current party system. Both parties are representing their donors only and all the rest is a charade.
Americans don’t have “true democracy,” and we never have. Our Republic has 3 brilliantly balanced branches. Look past voting rights - they’re not what matters. Free men govern themselves, via elected representatives.@@JackSndAceS
"This is America!"
Yes, a bunch of 6, 7, 8 digit earners sitting in a Wallstreet trading room are the silent *majority* of America. It's interesting how many conservative Americans will take this guy's word for it that what he is saying is for the good of the American people and not just good for himself and his rich friends, when the fundamental tenant of capitalism is to maximize your own personal benefit regardless of the effect on others.
In Communism, man exploits man
Capitalism is the opposite
This guy is at the options exchange in Chicago, not anywhere near Wall Street.
@@YankeeNationalist Yes, because him happening to be in Chicago versus New York has literally anything to do with the point I made.
People tend to not understand that they are the corporations. There are levels no doubt but capitalism has lead more people our of poverty than any other system in the history of our organized society. I have to agree with the other reply here and slam you for your ignorance. This is a get up and get off your ass country start working and stop bitching.......
Take more from my paycheck and win that battle on poverty haha. The more y’all take from me and give away, the more dependency you create. And more anger from us.
Rick Santelli was mad at the only part of the TARP program that directly helped individual borrowers instead of institutions. He’s siding with the sharks, and he got his way. Shameful
How about we stop subsidising corporations first? Or bailing out the banks full-stop?
It was bankers like him who sold the NINJA loans to those who could not afford it.
He didn't force them
@Noallegiance People were in many cases tricked into it tho. I dont like taking money from people and giving it to people who cant pay their mortgage but i also dont like using tax payer money to bail out wall street banks. You cant be morally outraged by the former and cool with the latter.
Hes not a banker, he's a bond trader.
The BostonTeaParty2008 took place on 12-14-2008. That was 2 months BEFORE Rick's rant calling for a Chicago tea party ! Rand Paul was our keynote speaker and the theme was "Restoring a sound money system"
I don't get why he is pissed at the person that can't afford the house when the bank loaned the loser the money. Any person can ask for a loan, it is up to the bank to say, "you don't have a job, your 40k in debt, this is your third home, so you don't get a loan." But in 2006 the banks were loaning to these people!!!!
Right, adults should have no responsibility to actually ensure they can afford the things they buy.
@@MomoDojo okay, so let me borrow 1 million dollars. Oh, btw I don't have a job, I have 3 other mortgages, 2 loans on cars, and have 30k in credit card debit. If you give me the million dollars, then who is the dumbass? Me for being broke and asking, or you for knowing my situation and still letting me borrow the money?
BTW, I am not broke, I was just making an example of what was happening before the financial crash.
@@MomoDojothere’s responsibility on both sides. I understand the frustration with both from both sides directed at both sides. The whole thing was just fucked
And the borrower has not responsibility for taking loan. I dont bankers were beating people's doors down to loan money. Its the same problem with student loans. These college aged people dont think they are responsible for the paper they signed. Moral hazard!!
Meanwhile. we just gave over 600 billion from the PPP to companies and corporations. No Tea Party rallies in sight. Rick Pricktelli, ARE YOU LISTENING?
People react differently to bailing out people that made poor financial decisions versus bailing out people due to a global virus pandemic where government forces people not to work.
One off the cuff comment about a " Chicago Tea party" sets off a whole giant movement.
It takes a big man to yell on the network you’re the editor for! It’s Rick ‘My Shit don’t Stink’ Santinelli
"$3,000,000,000,000.00 for a lied about war is good with me. Me and my buddies made tons cash on war. We won't make two cents when some poor guy and his family get a coupe bucks to keep their house." ---Ranger Rick "Kool-Aid Party" Santelli
"This is America!" he proclaims of the traders on a trading floor in New York.
Talk about living in a bubble.
What a clown. 🤦♂️
Not an honest day's work amongst them.
Finance is the backbone of America
I just got in the market last year. I wanted to see how the financial world reacted while I was in the military.
Does anybody know what Rick Santelli was doing or where he was in October 2008 when the Congress and the Fed bailed out the banks? I am genuinely curious if he had a rant then.
@jalexander3 Honestly. Of all this money that's been taken out of the national economy, how much of it do you think has been used to "help the poor"? Why do you think the growth of the welfare bureaucracy has led to increasing levels of poverty?
This country has been scammed and screwed. Why to we continue to put up with it?
The economic collapse had several causes including: The outsourcing of millions of well paying industrial jobs, large federal budget deficits which created an artificial economy, deregulation of the financial industry, lowering the capital gains tax which encouraged speculation, the easy availability of credit, the failure of bond rating agencies to recognize toxic securities, and most importantly the failure of government regulators to police lenders, investment banks, and insurance companies.
I'm here after reading about it in Obama's Promise Land.
President Obama was inaugurated on Jan 20.
Santelli's Tea Party Moment was on Feb 19, 2009, 30 days after the inauguration.
The S&P 500 hit bottom on Mar 9, 18 days later.
ITS TIME TO BRING BACK THE TEA PARTY!!!!!!
So now we care about government deficit again?
@@AntonioAkaPablo not just the deficit, but answering the question, what roll ought the government play in our lives. Should governors force massive shut downs and allow small businesss to fail while the big companies get bigger?
@@AntonioAkaPablo Many members of the tea party and I never stopped caring about the deficit. Congress did.
The Tea Party became the Party of Trump!
Fuck off.
Who's here because of Matt Taibbi's confrontation with NY Mag re Gamestop?
Aaaayyyyy
What an organically grown moment...
This speech is more memorable then anything to come out of Obamas mouth (other then his call for a private army)
If the politicians can't fix this we are in for a second great depression ! And all the negatives that come with it ! Buy gold and guns !
"How many of you people wanna pay for your neighbor's [health care]?"...Revised for 2013.
how many of you want to pay for a illegal immigrants welfare and sex change operation 2020?
m.th-cam.com/video/6bNiDx7qTjA/w-d-xo.html
Here because of President Obama’s A Promised Land 😄 “how many of you people want to pay for your neighbour’s mortgage that has an extra bathroom?”
I saw this live.....it was very memorable and still very relevant today.
Why are people surprised Trump was elected?
Rational thinking people can see what has happened. The days are numbered for the permanent political class in Washington.
We're mad as hell and we're not going to take it anymore!
I would workfor Santelli for free!!!!!
I keep coming back to this defining moment in our history. Santelli the father of the Tea Party!
Good Lenders always make sure that the borrower can make the payments. The problem occurred when government regulators failed to control bank and non-bank lenders.
Like a fine wine, this rant gets better and better with age. I'll open it again on November 2nd eve and really savor the bouquet.
i'm sipping it in 2022
@@squarecracker Nine months after Rick Santelli gave his rallying cry, New Jersey dumped Gov. Corzine for Chris Christie, GOP nominee Bob McDonnell resoundingly won as governor of Va., nominee Bill Bolling was elected Lt. Gov. & Ken Cuccinelli narrowly elected Atty. Gen. of Virginia, following year GOP resoundingly retook U.S. House & over six & seven yrs. following Santelli came along the whole MAGA thing.
Came here from Ryan's book- trust me I'm lying
Obama's memoir A promised land mentions this clib and calls it a BULSHIT.
wow, how sickening, a room full of traders, having creamed their profits from trading bad debt, all petitioning to kick their neighbours out on the street.
Disgusting and immoral.
yep
Here after his freakout on "Smart" Money today 😂
Did he just call those traders behind him, "The Real America?" The same azzholes who got us into this mess.
Rick Santelli for FED Chairman, 2024.
OH YES!!
Bob Schiller sent me here! :) And you?
same😀
its funny those who caused it attack other people
Who’s here after reading Obama’s book?
My dog read it with a continually raised left leg.
@@tedgegi155 That’s an instinct that sounds about like the GOP right now.
I wonder where that “novel idea” guy is today.
Why do you wonder that?
1) You couldn't be anti-Obama during the Obama regime.
2) Floor traders have disappeared in the lost few years because of technology.
@@tpsu129 he prob defaulted on his mortgage and is homeless.
In light of Obama's statement that others created your business, not you. This is the exact opposite. This is indeed a conservative prayer, and you don't have to be ashamed of it. If you hate this prayer, you are no different then Obama.
God, I love this video!
Happy anniversary to the tea party - where are y'all now, though??
Yes that's right, Santelli was (for a few seconds) the reincarnation of an Revolutionary Leader, just like the ones we had when our Country fought for its independence.
THE BORROWER SHALL BE SERVANT TO THE LENDER.A truth that has been out there for over 2500 years
Funny Santelli also mentions Detroit - that was also bailed out but never paid back its loans and went bankrupt.
Actually, they did pay back the loans...but you're right. GM is now firing workers left and right, and Chrysler is such a mess, Fiat is now going under because of it and is getting bailed out by Renault. Bailouts don't work, because they don't address the basic problems that get these companies in hot water in the first place.
Outrage is the appropriate response.. this isnt a RANT this is how MOST Americans feel!
It is a big F U to the policy of fleecing the country to give TRILLONS to special interest groups!
It's the calm before the storm
While I understand that executives share blame for some of this mess, I do not understand the mentality that everyone else can do no wrong (i.e., the poor is never wrong, the working class is never wrong, the middle class is never wrong, etc...) -- that nothing is ever their responsibility, that they are always being duped by the rich.
Perhaps you don’t understand it because it’s not a thing. No one has ever said that, ever. Good strawmanning.
Hello, Rick-y my old friend. I've come to talk with you again.
Just like the banks have been responsible for their actions, I suppose. Now they're free to do what they want with YOUR money. It's only a 'Free Market' for the little guy, for them it's Privatized Profits and Socialized Loss.
Sanelli should be up on charges for aiding and abetting a global banking fraud.
Yea, he mopped up the floor with that goofball Sorkin.
Santelli is crooked
Rick Santelli I miss you Joey Kornatowski
"That's an issue of doing your due process when purchasing a product...and potentially fraud which is illegal." It was not fraud &/or illegal with passage of commodities act 2000. This what happens with all this nonsense deregulation/free market fundamentalism that the markets are somehow how self-correct which is nonsense.
I guess if working hard and being responsible for your actions, so you can be free to do what you want with your money, is a hoax then this whole countries premise has been a hoax for 230+ years.
We are beginning a new era in our government. I cannot too strongly urge the necessity of a rigid economy and an inflexible determination not to enlarge the income beyond the real necessities of the government.
Andrew Jackson
@kercaine saw it live when it happend
He tells it like it is but how about if we do nothing and HALF the people lose their jobs from a more severe collapse ? I am a Conservative Republican but the damage is way too severe to not intervene. Almost ALL the banks are insolvent !
Pls come back we need the tea party more now then ever
😂
I agree with all except one point. Goldman wasn't motivated by a potential bailout. They actually bet against these mortgage backed investments. They hedged their losses so that they would win if the investments tanked, which they did.
They were also poised to win following the commodities bubbles (oil and food). We all followed their advice and moved our investment there. Now we're all paying the price with a hugely unstable marketplace and very high prices. No gov't bailout needed.
Came here after watching A Closer look. Dude gets upset at the government helping out people who are going to lose their homes but is probably cool when the government subsidizes the rich.
Was reading Obama book a promised land and he even said Santelli had some point when he said this even though he disagreed with most of them.
We'll need this again with all the college debt whiners.
Anyone here after reading Ryan Holiday's book?
yep
Yes, from Brazil 😀
Rick is the man. He says it like it is.
@PackerBronco Yeah, the DJIA has gone up from 7465, where it was on the date of Santelli's rant, and now hovers around 12,300. Those stock traders he was whipping into a frenzy have made out pretty good under Obama.
And the DJIA almost doubled under only four years of Trump despite having vastly different policies. Presidents don’t have as big an impact on the market as people think.
The lie that launched a million clowns. The majority of pre 2008 home loan borrowers didn't mortgage homes they couldn't afford. They were happy to make payments when the rate was within their projected income. The problem arose when they couldn't keep up with payments after the adjustable rates kicked in. The economy (i.e. homeowners, markets and finance)would have been fine if they had been allowed to continue making payments at the affordable rate. Unfortunately, the banks didn't have the common sense or decency to look beyond the price of the monstrously designed, adjustable rate mortgages that they artificially created.
The vast majority of people would have happily, continued to pay their monthly mortgage if it remained at the original rate. However, those A.R.M. rates kicked in like inflated monthly balloon payments and ruined the world economy.
So p#uc& this guy, the tea partiers and their revisionists history.
Right on Rick!!! You set the world on fire whether you knew it or not! Right on!!!
😂
There are laws against "Redlining" which is when banks deny credit to certain areas ,such as the inner city, but there are no laws that force lenders to give loans to people that do not have the income or credit history to make payments on a mortgage or other loan.
Awesome, just awesome! I loved this!
The outlook of a tea party supporter is every man for himself, and if you see someone down don't help them up, kick em' and take what they lost. Down on your luck doesn't exist in the mind of a tea party supporter.
Yep. Everything we were taught is moral and good is bad for these despicable people. Ayn Rand acolytes - the world’s most risible pseudo thinker. The pitchforks are coming for them all. Hopefully.
Rick Santelli was awesome!
The best think that could happen to this country would be the nationalization of the banks.
Who’s watching this in 2020 as Trump crashes the markets with his coronavirus incompetence?
Where’s Rick’s rant now?
Or when the farmers were bailed out
Coronavirus isn't a financial instrument.
No it was a UN memo stating that there were WMD's in Iraq, AND there WERE WMDs found, just in smaller amounts. Also, what in the world do you think the Iraqi military were doing while they kept UN inspectors out for months? DUH! (After which they suddenly said, "Oh, you can come on in now!")
Watch it Santelli, you may be one of those "losers" soon....how ironic would that be....
Here after hearing Dan talk about this on Pod Save America
Nobody takes teabaggers seriously.... just saying.
How 'bout NOW?
Lots of people take the teabaggers seriously.... just saying!
They made a big fuss about the deficit but they kinda went away when it exploded these past few years, so i guess is for the best nobody took them seriously.
@@BrionBoyles YES HOW BOUT NOW!
You do realize most tax increases/decreases are not based on the % brackets because those bring the most controversy (because people notice it). The real changes are made on anything that changes your bottom line, before the %
come here to see whether history going to repeat itself or not
I agree with Rick's dialogue yesterday. Give the people serving time in our Armed Forces the mortgage credits. If they don't want to use their credits to buy a house, they can sell them.
Reward good behavior, not bad reckless behavior that is ruining our nation.
If veterans are incapable of making sound financial choices, there is no reason to treat them with any privileges
i dont get how this started the tea party
I love when people say that the government needs to pump money into the private sector. How about never letting Washington get a hold of the money at all? Tax cuts work. Eliminate corporate tax for a year and capital gains forever. Give tax credits for all employers that hire new workers and keep existing workers to encourage worker retention and the economy will improve daily. Furthermore, it won't cost a thing except in lost revenue for Washington, and that really is the best reason for it.