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CNBC’s Rick Santelli goes nuts

I wanted to re-published this rant. I want talk about it tomorrow. I originally published this in February 2009.

This is pretty amazing to watch. Here is a guy who has guzzled from the free-market Kool-aid. I’m sure if we asked him about Bush’s idea to put Social Security into the hands of Wall Street, he would have thought that was a GREAT idea.



RICK SANTELLI: The government is promoting bad behavior. Because we certainly don’t want to put stimulus forth and give people a whopping $8 or $10 in their check, and think that they ought to save it, and in terms of modifications… I’ll tell you what, I have an idea.

You know, the new administration’s big on computers and technology– How about this, President and new administration? Why don’t you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers’ mortgages; or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road, and reward people that could carry the water instead of drink the water?

TRADER ON FLOOR: That’s a novel idea.

(Applause, cheering)

JOE KERNEN: Hey, Rick… Oh, boy. They’re like putty in your hands. Did you hear…?

SANTELLI: No they’re not, Joe. They’re not like putty in our hands. This is America! How many of you people want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills? Raise their hand.


President Obama, are you listening?

TRADER: How ’bout we all stop paying our mortgage? It’s a moral hazard.

KERNEN: It’s like mob rule here. I’m getting scared. I’m glad I’m…

CARL QUINTANILLA: Get some bricks and bats…

SANTELLI: Don’t get scared, Joe. They’re already scaring you. You know, Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now, they’re driving ‘54 Chevys, maybe the last great car to come out of Detroit.

KERNEN: They’re driving them on water, too, which is a little strange to watch.

SANTELLI: There you go.

KERNEN: Hey Rick, how about the notion that, Wilbur pointed out, you can go down to 2% on the mortgage…

SANTELLI: You could go down to -2%. They can’t afford the house.

KERNEN: …and still have 40%, and still have 40% not be able to do it. So why are they in the house? Why are we trying to keep them in the house?

SANTELLI: I know Mr. Summers is a great economist, but boy, I’d love the answer to that one.

REBECCA QUICK: Wow. Wilbur, you get people fired up.

SANTELLI: We’re thinking of having a Chicago Tea Party in July. All you capitalists that want to show up to Lake Michigan, I’m gonna start organizing.

(Whistling, cheering)

From C&L:

Robert Gibbs took to the podium today to defend President Obama’s foreclosure recovery plan and took direct aim at Rick Santelli and his hysterical rant (above) on CNBC yesterday.

“I’m not entirely sure where Mr. Santelli lives or in what house he lives in. But the American people are struggling every day to meet their mortgage, stay in their jobs, pay their bills to send their kids to school, and to hope that they don’t get sick or somebody they care for gets sick that sends them into bankruptcy. I think we left a few months ago the adage that if it was good for a derivatives trader, that it was good for Main Street. I think the verdict is in on that.

“I would be more than happy to have him come here and read it. I’d be happy to buy him a cup of coffee….decaf.”

By |2010-12-10T19:48:24-04:00December 10th, 2010|Economy, Obama administration|23 Comments

Another Bad Day for Senator McCain

As I noted in previous posts, last week was really bad for Senator John McCain, BUT that appears to be nothing compared to the way that this week has started off.

Former Texas Senator and presidential hopeful, Phil Gramm is a lobbyist for UBS as well as an economic adviser under McCain. Gramm is credited with the deregulation “reform” which may have led to the current subprime mortgage crisis.


Below I noted MSNBC’s story tonight about how former Senator Phil Gramm (McCain’s economics advisor) was advising him on his subprime mortgage bailout policy while Gramm was also a registered lobbyist for the Swiss bank UBS.

Now, it’s clear from the report that UBS had some exposure on the subprime front. But I wasn’t aware of the true extent of it. TPM Reader KB sends in articles Businessweek and Forbes that show just how big a player UBS was. Forbes says that UBS is among the banks hit worst by the global credit crisis, particularly in their direct exposure to the US subprime market. According to Forbes, UBS has some $37 billion in write-downs on assets tied to bad U.S. mortgages. In other words, the bank’s very life appears to be on the line with regards to how the U.S. government chooses to handle the matter.

As MSNBC reported, UBS deregistered Gramm as a lobbyist for the company on April 18th, though he continues to serve as a vice chairman of the bank. But that was fully a month after McCain’s speech outlining his own approach to the crisis.

By |2008-05-28T01:25:51-04:00May 28th, 2008|Countdown, Election 2008, Ethics|Comments Off on Another Bad Day for Senator McCain
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