CNBC Rips Obama Mortgage Bailout

[guido911]

Saw this in red on Drudge. Just WOW!

http://www.cnbc.com/id/15840232?video=1039849853

[Gaspar]

They are playing it on every network now.  I've had half a dozen people email it to me too.

The Motley Fool usually stays out of politics, but they are weighing in too "Of all the government measures to right the economy, President Obama's plan to aid homeowners seems like the most irresponsible to date."

[we vs us]

I appreciate a good rant as much as the next guy but . . . well, thanks for nothing, Mr. Mouthpiece For The People Who Got Us Into This In The First Place.

[guido911]

quote:Originally posted by we vs us

I appreciate a good rant as much as the next guy but . . . well, thanks for nothing, Mouthpiece For The People Who Got Us Into This In The First Place.

That's right. Wall Street got us into this mess. It wasn't the banking institutions, or Congress, or even Pres. Bush/Clinton policies.  While I admit openly I am anti-Obama, you and a few others in this forum are such Obama apologists its laughable. Memo to you and those, Obama's ca-ca does stink.

[we vs us]

quote:Originally posted by guido911

quote:Originally posted by we vs us

I appreciate a good rant as much as the next guy but . . . well, thanks for nothing, Mouthpiece For The People Who Got Us Into This In The First Place.

That's right. Wall Street got us into this mess. It wasn't the banking institutions, or Congress, or even Pres. Bush/Clinton policies.  While I admit openly I am anti-Obama, you and a few others in this forum are such Obama apologists its laughable. Memo to you and those, Obama's ca-ca does stink.

Funny thing is, we're not even talking about Obama here.  We're talking about a guy who stands next to traders all day and dispenses their pt of view to CNBC viewers every morning.  I watch him. Do you? He's frustrated and they're frustrated, but you know, they DID get us into this.  They made billions and billions of moronic loans and sold them to each other, passing the bad loans throughout the system, so that pretty much the entire financial industry as we know it has collapsed, and the remnants of the system that remain are sitting on top of their government bailouts, afraid to trust anyone -- not other banks, not consumers, not corporate American, all of whom need that money to survive.  

It's ludicrous to me that an industry that has just had bailout money shoveled at it by the truckful has the gumption to squeak about another part of the system (homeowners in distress) getting help of their own.

[guido911]

quote:Originally posted by we vs us

quote:Originally posted by guido911

quote:Originally posted by we vs us

I appreciate a good rant as much as the next guy but . . . well, thanks for nothing, Mouthpiece For The People Who Got Us Into This In The First Place.

That's right. Wall Street got us into this mess. It wasn't the banking institutions, or Congress, or even Pres. Bush/Clinton policies.  While I admit openly I am anti-Obama, you and a few others in this forum are such Obama apologists its laughable. Memo to you and those, Obama's ca-ca does stink.

Funny thing is, we're not even talking about Obama here.  We're talking about a guy who stands next to traders all day and dispenses their pt of view to CNBC viewers every morning.  I watch him. Do you? He's frustrated and they're frustrated, but you know, they DID get us into this.  They made billions and billions of moronic loans and sold them to each other, passing the bad loans throughout the system, so that pretty much the entire financial industry as we know it has collapsed, and the remnants of the system that remain are sitting on top of their government bailouts, afraid to trust anyone -- not other banks, not consumers, not corporate American, all of whom need that money to survive.  

It's ludicrous to me that an industry that has just had bailout money shoveled at it by the truckful has the gumption to squeak about another part of the system (homeowners in distress) getting help of their own.

His rant was all about Obama's mortgage bailout plan, which I agreed with 100%. I do agree with you though about the irony (hypocrisy?) of his position.

[we vs us]

Well, seriously.  Let's talk about the merits of the plan rather than sit here and rip into Obama's ca-ca.  I've never said the man was failsafe, but I do like how he approaches things.  Big whoop.  He can still **** things up.  

And IMO, Santelli's rant isn't so much about Obama the man as ripping on the whole idea of bailouts and moral hazard.  Except, he's ranting about moral hazard for OTHER PEOPLE, not for his "silent majority" (of traders, bankers, and sundry Wall Street types).

[Conan71]

Investors are scared to death of a bank nationalization.  The Obama team needs to come up with some answers quickly to alleviate fears.  Retirement accounts are drying up quickly and people are losing faith in the market at a rapid pace. This is a freaking blood-bath... 7000 here we come.  If you have brass ones, not a bad time to buy, but picking survivors at this point is a guessing game.

[rwarn17588]

quote:Originally posted by Conan71

Investors are scared to death of a bank nationalization.  The Obama team needs to come up with some answers quickly to alleviate fears.  Retirement accounts are drying up quickly and people are losing faith in the market at a rapid pace. This is a freaking blood-bath... 7000 here we come.  If you have brass ones, not a bad time to buy, but picking survivors at this point is a guessing game.

So ... what do you suggest we do?

[Conan71]

quote:Originally posted by rwarn17588

quote:Originally posted by Conan71

Investors are scared to death of a bank nationalization.  The Obama team needs to come up with some answers quickly to alleviate fears.  Retirement accounts are drying up quickly and people are losing faith in the market at a rapid pace. This is a freaking blood-bath... 7000 here we come.  If you have brass ones, not a bad time to buy, but picking survivors at this point is a guessing game.

So ... what do you suggest we do?

Two things would help at the moment:

1) A reassuring voice to tell people to quit panicking

2) Put restrictions on short-selling.  There are a lot of professional investors making a killing off other's losses right now.

We may figure out that gov't intervention was premature in this whole crisis as the fall bail-out has failed to produce any measurable results.

Due to shrinking retirement aco****s, a lot more people are going to be asking for handouts down the road, or the gov't is going to wind up trying to commandeer the entire retirement account system.  Neither are attractive alternatives.

[Townsend]

quote:Originally posted by Conan71


retirement aco****s

Freudian slip Conan?

[dbacks fan]

Rick Santelli work the floor of the Chicago Mercantile Exchange (Bio)

And as Paul Harvey would say, "And now, the rest of the story"

[guido911]

quote:Originally posted by dbacks fan

Rick Santelli work the floor of the Chicago Mercantile Exchange (Bio)

And as Paul Harvey would say, "And now, the rest of the story"

Good find. Very informative debate.

[Conan71]

quote:Originally posted by Townsend

quote:Originally posted by Conan71


retirement aco****s

Freudian slip Conan?

Oh, that's hillarious.  I clicked edit to see what I spelled, but I think I can guess that one...