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« Bailout News Video PBS Charlie Rose: Economic Discussion With Nouriel Roubini, Fred Mishkin, Mark Zandi and Nina Easton | Main | Debating Obama's Home Mortgage Bailout Plan: Video NBC: Brian Williams Interviews Santelli and Liesman »

Home Foreclosure Mortgage Bailout CNBC Kudlow Video: Rick Santelli Responds to White House Press Secretary Robert Gibbs. Chicago Tea Party 

I'll have commentary later but for now enjoy the battle of words.  Gibbs is not going to last long.  He is condescending and annoying.  A quick word for you, Robert.  Santelli will eat your lunch before you even unfurl your napkin.  Don't forget Santelli's mind is wired differently than yours.  His operates in warp speed and yours seemingly doesn't operate at all.

Reuters says Obama's Home Foreclosure Mortgage Bailout Plan will cost taxpayers $275 billion to help the least deserving 9 million Americans.  Let that sink in please.  Obama is going to spend $275 billion on 3% of our population.  And it has absolutely zero chance of success.  Housing prices have much further to fall nationwide.  The market is inexorable.  He can delay the inevitable decline at great expense until he has proven to the world that we are the new Japan.  Where is the change Team Obama.  Everyday your administration look more and more like the past 20 years of Bush-Clinton incest.

Please visit chicagoteaparty.com and register your email with them.  Finally our day is coming.


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Reader Comments (12)

first? lol

Seriously, I'm enjoying watching this unfold now if we actually have high-profile people showing some integrity and respect for how this country was intended to function.

Can't wait to see what happens at the Chicago Tea Party. The pols seem to be getting a bit nervous these days.
Feb 21, 2009 at 9:45 AM | Unregistered CommenterJerseyBoy
I'd like to see a greater response to the banking bailout. If you think the percentage of homeowner bailout is low (3%) the banking bailout is a flat zero except for the ceo's. The banking bailouts haven't helped anyone!!! You kept harping on the undeserving homeowners but remember the homeowners aren't leavaged 10 to 66 times like the banks are. And in the banks case you are talking about hundreds of billions of dollars not the several hundreds of thousands of dollars the homeowners are And in GE case 140 times yet they contunine to receive taxpayers money.
Feb 21, 2009 at 10:45 AM | Unregistered CommenterNo Bailouts
Rick Santelli is the only one I respect on CNBC. He just tells it like he sees it.
Feb 21, 2009 at 6:46 PM | Unregistered Commenternocnbcfan

Mr. Santelli's Wrong.

Traders in the Chicago pits aren't, as CNBC commentator Rick Santelli claimed the other day, America. They are a very small demographic with an admittedly out sized influence on the day to day gyrations of the nation that, despite their obvious power are no more representative of the United States as a whole then Chicago hairdressers. In fact, traders who work at the exchanges there and elsewhere have, over their fairly lengthy history, quite often been big time mess makers who have grifted with the worst of them. And here's what Mr. Santelli is most wrong about, that President Obama's plan to help distressed homeowners "promotes bad behavior." Plainly that is an asinine statement. No, what the proposed plan, whose merits or lack there of I am not commenting on here, MIGHT be promoting, is the idea that those who make mistakes, either through, stupidity, avarice, or otherwise, should not, for better or worse, be left to their fate. This is a debatable stand, philosophically and practically, but what is not debatable is the bogus idea suggested by Mr. Santelli that the prospective recipients of Federal assistance are, in the main, bad actors, perpetrators of fraud, or some other sort of illegality.

No doubt there are a substantial number of bad actors, though I defy anyone, and that means you, Mr. Santelli, to offer any reliable numbers where this burning issue is concerned.

As for government promoting bad behavior, well, sir, since you've essentially opened that theme up for our consideration, I'd like to offer that the list of "bad behavior promotions" coming from government is much longer and contains far more egregious wrongs than the one you've, of late, cast your indignation upon.
Feb 21, 2009 at 7:47 PM | Unregistered CommenterEdwardo
@no bailouts

i have previously and will continue to rail on the bank bailouts. the numbers are much larger. trust me i understand and agree with you.

scan down the right column a little bit and you willl see how much i hate the bank bailouts and what i have had to say.

tha bank bailouts will end up costing $5 trillion possibly, this homeownder shit is a pittance in comparison.



those are 2 examples of my calm thoughts.
Feb 21, 2009 at 10:02 PM | Unregistered Commenterdailybail
@no bailouts

as far as ge, just so you know i'm fully aware of their leverage issues, here's teh article from option armageddon where that ratio you quoted came from.

i read on average 200-250 articles every day on this shit unfortunately, so i'm painfully aware of pretty much everythint going on in the financial space.

thanks for stopping by to everyone and keep coming back.
Feb 21, 2009 at 10:05 PM | Unregistered Commenterdailybail
Rick Santelli is right on! He's the only reason to watch CNBC. Robert Gibbs looks more and more clueless and unprepared every day, especially when attempting to directly attack Santelli. The new administration seems to get defensive awfully quickly.

We should not be bailing anyone out, PERIOD. Actions have consequences. Success is measured by failure. Banks, companies, and homeowners must be allowed to fail. To block them from doing so is to create more damage to the system than what the natural rise and fall would allow. Let Citigroup go out of business. Allow GM to close up shop. Boot defaulting homeowners out of their homes. This is the real world. Investors and entrepreneurs would eagerly replace failed companies if the rules didn't change each day and if they weren't taxed into oblivion. I hated Bush's bailout. Obama said he would change things, and he did so by making the bailouts bigger. I cannot tell the difference between the two parties anymore. I will vote against anyone in the next election who supported these bailouts regardless of party.

Because of all the market manipulation, it makes it even harder to actually buy a house. Sellers around here (Maryland) got wind of the tax credit and increased their prices or stopped negotiating. Lenders and realtors are tacking on junk fees where ever they can. These bailout and modification plans aren't helping.
Feb 22, 2009 at 1:40 AM | Unregistered CommenterBigDragon

"Plainly that is an asinine statement."

Rebuttal please. Talk about the pot calling the kettle black.

"... what is not debatable is the bogus idea suggested by Mr. Santelli that the prospective recipients of Federal assistance are, in the main, bad actors, perpetrators of fraud, or some other sort of illegality."

Fail! Everything is debatable and, furthermore, this has never been Mr. Santelli's position. Nice straw man though. We would have to seek additional evidence from agencies like the FBI to determine if "the prospective recipients of Federal assistance are, in the main, bad actors, perpetrators of fraud, or some other sort of illegality." This is entirely possible and should be taken into consideration on a case by case basis before any taxpayer money is doled out or contract law broken. One size does not fit all.

As much as I dislike CNBC, this was a great piece. Kudlow and Santelli were class acts. Kudlow raises some very good points, such as free speech, freedom of the press, respect, bullying, reaction to criticism. Gentlemen, you have now earned my increased respect and congratulations.
Feb 23, 2009 at 2:24 PM | Unregistered Commenterspideydouble

I agree with your post 100%. Your thoughts are my thoughts. Thanks for articulating them better than I could.
Feb 23, 2009 at 2:32 PM | Unregistered Commenterspideydouble
I don't like Obama administration reaction. Surprise! Someone disagree with Obama! How dare are you?! We got real problems in White House.
Feb 23, 2009 at 8:48 PM | Unregistered CommenterSergei
CNBC simply plays to their audience...which is very very small. Let's guess about 1 million traders investors, people that watch everyday? one million is fair. But this country is what, 250 million? CNBC is simply doing the smart thing...playing to their audience. there is very little real debate on CNBC. It is very similar to Fox news.
Feb 27, 2009 at 12:51 PM | Unregistered Commentereddy

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