Must See Santelli Rant On Mortgage Bailouts: "Nothing The Government Does Is Efficient" (New Video)

CNBC Video:  Rick Santelli should run for the U.S. Senate in 2012 -- Aug. 11, 2010

Runs just 90 seconds.

• "My reaction is simple.  I've got a 22 year-old daughter who's always dreamt of owning a home.  Let's waste billions more artificially keeping the prices up.  Forget the humanity.  We made mistakes.  We spent bailout funds imprudently.  Let prices come down.  Let the flush happen.  That's how things are supposed to work...We need to streamline taxes, streamline health care.  Have they ever tried to read their own legislation?"

From last week:

• Rick Santelli Slams Former Fed Gov. Laurence Meyer: "The FED Is A Lot Like Your Appendix, It's In There But You Don't Really Need It"

Comments

[Z]

WHAT'S THE BIG SECRET...CURRENT AND FUTURE U.S. TAXPAYERS...BEND OVER...AGAIN!!!

In my view, this is another bailout. The Fed is paying interest on the cash reserves held by these firms, cash that the firms have only because of a prior bailout. This is the cash that was poured into these firms to cover their horrendous liabilities for their leveraged gambling habits. A large part of those liabilities have already been sold to the Fed and Fannie and Freddie for a lot more than they were worth. I think they call that adding insult to injury. It is a shameful scheme. Wait, no, they have no shame.

New York Fed Expands Reverse Repo Counterparties by 14 Firms

http://www.businessweek.com/news/2010-08-18/new-york-fed-expands-reverse-repo-counterparties-by-14-firms.html

http://www.cnbc.com/id/38754786

[DailyBail]

z...good links and good points about another stealth bailout...but actually the fed is NOT paying interest on reserves yet...Bernanke has floated the idea several times...but it still hasn't been announced or implemented...it's an easy mistake to make especially given the very imprecise language in the bloomberg article below:

"Reverse repurchase agreements are one of the tools being prepared for an eventual withdrawal of monetary stimulus. Fed Chairman Ben S. Bernanke has said officials may use reverse repos, pay interest on excess reserves and sell securities to investors to withdraw or neutralize cash in the banking system."

That being said i think bernanke will eventually choose to pay interest on reserves...assuming we ever start to see growth and inflation and he actually needs to begin removing stimulus...for right now, he sees no reason to remove the economic vibrator...

[Z]

Fed buys $180 mln in reverse repo mortgage debt...

http://www.marketwatch.com/story/fed-buys-180-mln-in-reverse-repo-mortgage-debt-2010-08-04-111560

I think the Fed is full of liars, cheats and thieves.

New York Fed Completes $540 Million Reverse Repo Even As It Proceeds With QE Lite

http://www.zerohedge.com/article/new-york-fed-completes-540-million-reverse-repo-even-it-proceeds-qe-lite

I am sure that they are doing more than this and not reporting it. They don't answer to Congress...

http://www.youtube.com/watch?v=rCWXrMCGJT4

Bernanke is one sick dude and should be tried for treason.

Please...watch it again and again and again...WILL YOU TELL US MR. BERNANKE??? NO!

[Z]

You should really repost Bernanke's testimony...you can't give or get enough reminders of what we are dealing with.

[DailyBail]

z...that's a great clip...it's in this link along with a couple more from the same hearing...you'll like it...

Bernanke Testifies Before The Senate Budget Committee »

http://dailybail.com/home/2009/3/4/bailout-aig-and-ben-bernanke-cnbc-videos-federal-reserve-cha.html

[DailyBail]

i could bring the story back to the front page...but there are dozens of newer stories that need to be covered...

[Z]

...and this one of Gibbs the Gibbon...he is so full of shit...

http://www.youtube.com/watch?v=uTlhVMxjQXA

I don't think she is enough of a Marxist for Obama. She is also way to honest for the Obama Administration.

[stan s]

Z,has got more brains than all of them fools in washington d c, and one of the only people on cnbc who has the guts to tell it like it really is. r.z. for president

[Z]

Good to see the government getting in on the action...

New Jersey Settles SEC Fraud Claims Over $26 Billion in Bonds
http://www.bloomberg.com/news/2010-08-18/new-jersey-settles-sec-claims-of-misleading-bond-investors-on-pension-fund.html

Typical government work, they got caught.

[mark mchugh]

How 'bout "DB Classics"?

I understand the need to stay current, but Z has a point. We can forget about some of these monster moments. Maybe when you need a break, you can repost the things you hope no one forgets.

For example: "Update: Elizabeth Coleman still has her job" and repost the Grayson-Coleman clip. Just to keep the blood angered-up.