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XMFSinchiruna (27.48)

Rick Santelli Strikes Another Chord with Unadulterated Nuggets of Truth

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September 14, 2009 – Comments (32)

I'm not a fan of the available financial tv media, and I could probably count on one hand the number of times I felt like someone uttered words thereupon during recent years that I have deemed courageous and honest, but portions of this latest rant by Rick Santelli struck a chord with me. In a media world nearly devoid of a voice for the common man/woman, Rick Santelli occasionally takes off the gloves and punches the propaganda machine square in the nose.

His rant starts at 0:48. Please have a listen and then return here for discussion.

The highlights as I see them include:

"I thnk someday we'll learn that we didn't need to do very much, that time heals all wounds, and that you don't have to go broke in the process."

"We fixed all the banks, and people still can't get loans. OK, I'm done, now you can give me all the propaganda."

"It's one year ago today I could see that the philosophical issues of those who lead us isn't in lockstep with those who put them there, and probably that will change."

Perhaps the most poignant statement is perhaps unintentionally so, and comes from whomever the studio guest is during the last seconds of the clip. Think carefully about what this guy is saying: "The idea of just letting the system find its own level is a risk that the world couldn't afford to take, so it's silly to even talk about."

Do you think the market has yet found its own level one year later? Do you think the hundreds of trillions of dollars of toxic derivatives have done anything but hide in a dark corner for some future day of reckoning? If you believe that the system has somehow been magically repaired by the fiscal interventions, then I submit that you are falling prey to coordinated propaganda and "Management of Perception Economics". Those like Santelli who watches the bond market on a daily basis knows that the deeper crisis lies ahead still, and he's rightfully angry that an entirely different story continues to dominate the airwaves.

For those who may have been vacationing on another planet and missed his first rant, it's embedded below. He alluded to the idea that we'd have been better off letting the bad banks fail and dumping derivatives into Lake Michigan rather than reflating the market for them as we've done. As he correctly pointed out back then, and as I also alluded to last April, out founding fathers would be rolling in their graves at the sight of what's being done to our nation's finances and our currency.

32 Comments – Post Your Own

#1) On September 14, 2009 at 8:49 PM, XMFSinchiruna (27.48) wrote:

 

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#2) On September 14, 2009 at 9:14 PM, XMFSinchiruna (27.48) wrote:

Volcker said something pretty noteworthy today as well, stating that:

"A bank that generates the major part of its income from trading should not be allowed to have a banking license."

Of course, this was the core purpose that Glass-Steagall served, signalling that Obama's team may have warmed to the idea of restoring that post-depression separation between banks and brokerages. Then again, Volcker isn't exactly at the nexus of financial policymaking ... but is rather more like a silenced minority whispering in their ears.

Fools will recall that in the heat of battle even brokerage houses Goldman Sachs and Morgan Stanley were granted banking licenses in order to create a conduit for access to fiscal interventions as well as consumer deposits as money was thrown in every direction at the very industry that led us into chaos.

It was, and will be again, the worst kind of deja vu.

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#3) On September 14, 2009 at 9:14 PM, RVAspeculator (29.01) wrote:

Sinchiruna,

I am afraid that they are going to kick Santelli off to join Ratigan and Macke.  

Every person that tells the truth on TV gets the hook....  so we are left with a bunch of brainless Joe Terranova's...

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#4) On September 14, 2009 at 9:19 PM, XMFSinchiruna (27.48) wrote:

RVAspeculator

Macke didn't get it ... Santelli gets it. :)

But you're right, because he gets it, he'll probable get it. ;P

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#5) On September 14, 2009 at 9:24 PM, XMFSinchiruna (27.48) wrote:

Here's a man who has never backed away from the truth.

Please don't shoot the messengers

 

 

 

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#6) On September 14, 2009 at 9:35 PM, russiangambit (29.27) wrote:

Ha-ha. Did you hear his dig about not seeing any Washington protests on MSM?

I also think he'll get booted to join Dylan after daring to call the "first in bunsiness" reporting a propaganda.

After just a year we pretent everything is fine even though nothing was fixed, the toxic assets are still out there somwhere. Treasury is hiding the truth, just as RIck said. That is one of my Pet Peeves as well.

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#7) On September 14, 2009 at 9:45 PM, Tastylunch (29.26) wrote:

I'm going to miss Santelli when he's gone

 Or perhaps maybe he'll go to somewhere better  like Bloomberg. I woudn't mind that since I dont bother to waste my time with CNBC. :)

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#8) On September 14, 2009 at 9:55 PM, XMFSinchiruna (27.48) wrote:

Tastylunch

The same Bloomberg that today uttered this across their radio waves?

From Bloomberg radio at 5:14 PM EST. "China is polluting the WORLD because the Chinese utilize coal to produce power."

Wow!

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#9) On September 14, 2009 at 10:11 PM, outoffocus (22.85) wrote:

Maybe TMF needs to come up with its own TV show, to counter the drivel that comes from the 24 hour news networks. lol

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#10) On September 14, 2009 at 10:16 PM, XMFSinchiruna (27.48) wrote:

Maybe this is why we're not seeing more people protesting. Even a small, docile group like this one ends up getting pepper-sprayed, thrown to the ground and kicked, etc. This is a small preview of what's to come.

 

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#11) On September 14, 2009 at 10:33 PM, Tastylunch (29.26) wrote:

TMFSinchiruna

I said "better" I didn't say it was good. :)

Every channel has somenimrods due to the nature of format, Bloomberg just has less than CNBC.

I'll admit I'm biased I have a couple friends who work for Bloomberg. :)

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#12) On September 14, 2009 at 11:15 PM, DownEscalator (< 20) wrote:

That video from Minneapolis is sickening.  Broad daylight and you pepper-spray someone who is behind police tape?  You pull pepper spray on nonviolent bystanders?  You kick elderly people on the ground for voicing their opinion?

What's this country coming to?

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#13) On September 14, 2009 at 11:41 PM, checklist34 (99.71) wrote:

"housing is a human right" or "home ownership is a human right" beogt this mess, no?  Everybody deserves a mortgage?

I am fully aware, and as a younger man was at times on the wrong side of the fact that police can be a little power-trippy, ahem. It does look like they got carried away here. 

But in a general, not specific, defense of police, they are just doing their job by evicting someone. 

And was the someone evicted becuase he/she didn't/couldn't pay for the house?  Isn't that basically part of the deal?  If you don't pay you can't keep the house?

Is there more background to this situation that isn't really clear from the video?

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#14) On September 14, 2009 at 11:42 PM, russiangambit (29.27) wrote:

> Maybe this is why we're not seeing more people protesting. Even a small, docile group like this one ends up getting pepper-sprayed, thrown to the ground and kicked, etc.

Well, they didn't look that docile to me. Police looked decidedly uneasy about the whole situation. It is an FHA foreclosure it appears. There are much more of this to come since you can buy an FHA even today with just $100 down.

People need to readjust their expectations. I am sure they are nice people and all but if they can't pay for a house, they can't have it. Somebody is paying for that house, after all.

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#15) On September 15, 2009 at 12:08 AM, checklist34 (99.71) wrote:

gambit said "People need to readjust their expectations. I am sure they are nice people and all but if they can't pay for a house, they can't have it. Somebody is paying for that house, after all."

thtas exactly how I see it.  at the end of the day when I was broke beyond belief trying to start a business, did anybody give me a free house and then protest if I got evicted?  Nope, wound up living with my son and a roomate/business partner in a tiny apartment to scrimp cash.  You know what, thats what SHOULD have happened to us, we chose to go into business, we didn't do well quickly, we ran out of money, I SHOULD  have had to live in the worst apartment in town all sardined in.  

I cannot in all of this understand why owning a house is a right?  What on earth possible sense does that make?

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#16) On September 15, 2009 at 12:17 AM, XMFSinchiruna (27.48) wrote:

checklist34

russiangambit

My friends, you both missed the point.

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#17) On September 15, 2009 at 12:25 AM, amassafortune (29.45) wrote:

Evictions are just one step in finding the bottom of this recovery.

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#18) On September 15, 2009 at 12:47 AM, topsecret09 (34.26) wrote:

  I have seen this coming for quite some time.....  There Is going to literally be a Revolution In this country If CONGRESS,and their Media cheerleading companies continue to IGNORE "WE THE PEOPLE" The Mainstream News Media/ CONGRESS are complicit In an OUT RIGHT CONSPIRACY to MUZZLE United States Citizens,and ram their POLITICAL AGENDAS down our throats. {Follow The Money}......  Our government no longer does what Is right for AMERICA,they do whats right for all of their PET SPECIAL INTEREST GROUPS. This WILL change,mark my words........   http://caps.fool.com/Blogs/ViewPost.aspx?bpid=258720&t=01009917921919779399    TS

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#19) On September 15, 2009 at 12:55 AM, topsecret09 (34.26) wrote:

 Santelli GETS IT......  Looks like he has had enough too. Steve Liesman Is a total" MORON LAP DOG" for CNBC. He Is a useless journalist working for a useless network .... TS

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#20) On September 15, 2009 at 9:14 AM, XMFSinchiruna (27.48) wrote:

topsecret09

I'll tell you what ... I've been in some 60-70,000-person crowds before. Last weekend's event was something far far larger.

The crowd in this picture has to be 10-times that size. Look how far away the Capitol is in this picture!

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#21) On September 15, 2009 at 9:21 AM, XMFSinchiruna (27.48) wrote:

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#22) On September 15, 2009 at 10:10 AM, DownEscalator (< 20) wrote:

Okay, Checklist and RussianGambit:

I have no problem with evictions and see them as a vital necessity towards righting the ship.  I don't believe housing is a human right or that everyone deserves a mortgage, and I think the police should enforce court orders such as evictions.

But:

The police actions in that video are way over the line.  If people cross police lines, you use the extra officers standing around and you take them into custody.  You do NOT start pepper spraying a random group of people in their own neighborhood, and you certainly don't do it as a first defense.  Heck, get out the riot gear before you start pepper-spraying citizens.  What shoddy police work.

Some background on the story:  in the same neighborhood, there have been seven recent evictions.  The woman in question had lived in her house for 55 years and she was being evicted on her grandson's birthday.  She and her neighbors had squatted in the house since mid-August.

Ultimately, it's GMAC's technical rights for holding a sheet of paper versus inherant property rights for someone who's lived there 55 years. This wasn't someone buying a 400k home in the suburb on no money down.

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#23) On September 15, 2009 at 10:17 AM, russiangambit (29.27) wrote:

DownEscalator, in 55 years she hasn't paid the mortgage or what is the deal?

No, I still don't think police went overboard in this case. They are just average people like you and me, not trained hostage negotiators.

I get the message - the situation is getting bad, people are loosing their houses, people got no jobs, anger is building. That is what I've been saying all along too. We are on a path to a disaster.

But the people in the neighbourhood went wrong way about it. If they wanted to show support they should've organized a charity compaign to help that woman pey the bills. They shoud've portested in frnt of capital or something. Police has nothing to do with the whole situation.

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#24) On September 15, 2009 at 10:17 AM, russiangambit (29.27) wrote:

> frnt of capital

I meant Capitol , or whatever their city hall is called.

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#25) On September 15, 2009 at 11:26 AM, XMFSinchiruna (27.48) wrote:

russiangambit

No, I still don't think police went overboard in this case. They are just average people like you and me, not trained hostage negotiators.

Wow, I couldn't disagree more.

Whether you agree with their message or not, we have a Constitutionally protected right to voice our opinions through non-violent means. This crowd was expressing anger, but not in a manner that justified the use of pepper spray, and especially not in a way that justified kicking a protestor in the head while she's down on the ground.

Just because you've grown accustomed to seeing a lack of tolerance for the exercise of first amendment rights, does not mean that intolerance is just. Be careful to consider the implications of not being able to peaceably protest.

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#26) On September 15, 2009 at 11:50 AM, outoffocus (22.85) wrote:

I see wrongdoing on both sides of the camp. I agree with russian that if they wanted to help the lady the should have pooled some money together to help the lady pay her bills.  Fifty five years and you still have debt on the home? Even if you rented for 55 years, at some point the breakeven for rent to own should have propelled you to buy a house.  If you still choose to rent then thats on you. Owning a home is not a human right.  Its a privilege. Something that you work for.  If it was a right there would be no homeless. That is the major problem in the US.  People have forgotton how the distinguish between what a right and a privilege is.  All you have to do is look through history and see what we had before compared to what we have now and you will see what really is a right and a privilege.

On the other hand, the police were way out of line kicking protestor while she's down and randomly pepper-spraying protestors.  It looks to me that those police officers need more training on crowd control.

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#27) On September 15, 2009 at 12:16 PM, russiangambit (29.27) wrote:

> Whether you agree with their message or not, we have a Constitutionally protected right to voice our opinions through non-violent means.

Sorry. I forgot about it seeing how there is nothing but propaganda on MSM. I switched into my "russian preservation" mode. In Russia if you see a police officer, you cross the street to get on an opposite side just in case.

You are right, we should hold police officers to higher standards. But in that case it felt like they were out of their depth and didn't know what to do, not that they wanted to hurt people intentionally.

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#28) On September 15, 2009 at 12:22 PM, Londamania (65.92) wrote:

Responding back to the Rick Santelli quotes:

"I thnk someday we'll learn that we didn't need to do very much, that time heals all wounds, and that you don't have to go broke in the process."

Mr. Santelli is entitled to his opinion, however wrong it may be.  :)  The overwhelming majority of intelligent commentary I have heard on this supports the actions the government has taken to recover from what started to happen when we let Lehman collapse.  The majority of commentary I hear against this is ranting or devoid of facts.  The credit markets were about to freeze.  He is right from the standpoint that the sun would come up and we would eventually recover from everything if we did nothing.  The only problem is it would be 2015ish (or worse) and we would have been in another great depression for some number of years.  We had a great depression causing event last fall - last time that occured (1929) we did essentially nothing and the world was an economic basket case for a decade, some countries got militant as a way out of it, and then we killed each other for another 5 years.  I think the option we took this time was much better.  So do most of the people I hear informed opinions from.

"We fixed all the banks, and people still can't get loans. OK, I'm done, now you can give me all the propaganda."

 There is a common misconception by people generally aggravated by the continually rising market that the people participating in it think everything is fixed and all better.  We don't.  We just think it will be someday, and we have avoided the dark abyss through some smart government actions.  And given that it's time to buy now before everyone else does (admittedly it's a bit late for that but that has been the case for much of the spring and summer).  This makes people like Mr Santelli angry and to project erroneous assumptions onto others.  No one thinks banks are fixed.  We were loose lending for too many years and now we will have overly conservative lending for a while.  The banks don't want to repeat the recent past mistakes and have a lot of bad debt to work off so they can ill afford to add to it.  "People" can get loans.  However, many of the "people" (or businesses) who used to be able to get loans a few years ago can't get loans now - AND THEY NEVER SHOULD HAVE GOTTEN THEM THEN EITHER.  During all the madness of the past few years I was living within my means and paying off my 15 year mortgage early - we got a 5% APR home equity line of credit approved in one week back in April of this year.  Because we have a (very) good credit score.

"It's one year ago today I could see that the philosophical issues of those who lead us isn't in lockstep with those who put them there, and probably that will change."

Well, I knew the Bush adminstration was bad news back in 1999, it's too bad it took Mr. Santelli until just last year to figure that out.  :)  The new guys are doing the best they can with a very bad deck dealt to them.

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#29) On September 15, 2009 at 1:32 PM, XMFSinchiruna (27.48) wrote:

outoffocus

Peaceful protest is not "wrongdoing" even if you disagree with their ideas. Those are two entirely seperate topics.

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#30) On September 16, 2009 at 4:15 PM, BigFatBEAR (29.22) wrote:

Thanks for embedding that vid, Sinch. This kind of dirty laundry needs more airing!

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#31) On September 16, 2009 at 6:24 PM, silverminer (31.30) wrote:

BigFatBEAR

How's this for dirty laundry? 

If you live in San Diego, perhaps you too would like to know what your Sheriff's Department is doing with an LRAD sonic cannon designed within its arsenal of crowd control devices. In the photograph at the heart of this investigation, a mobile LRAD unit is positioned outside a recent town hall meeting in San Diego. 

Navy News describes the LRAD as "louder than a jet engine" and helpfully explains that it overwhelms its targets with "sound so loud they hear it inside their heads."

“LRAD works like a highly directional, high power megaphone, able to blast sounds (such as crowd-dispersal instructions in Arabic) in a narrow beam and with great clarity at a deafening 150 decibels (50 times the human threshold of pain). LRAD can also create deafening noises which can incapacitate people within 300 meters by “firing” short bursts of intense acoustic energy.”

Crazy times!

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#32) On September 25, 2009 at 10:11 AM, silverminer (31.30) wrote:

BTW ... the LRAD has just been confirmed used against G20 protestors in Pittsburgh.

Pay attention people. This is a violent device.

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