Video: The obligatory “CNBC, Chicago traders dump on Obama’s mortgage plan” clip
posted at 1:20 pm on February 19, 2009 by Allahpundit
The way Drudge is hyping this, I thought there’d be a mob of brokers on the floor chanting “no justice, no peace.” In fact, it’s CNBC anchor Rick Santelli pitching some pro forma populism about the unfairness of having to bail out deadbeats to a few obliging hoots and whistles. Try decaf, Matt.
I’m all for the tea party, though. Who’s in? Exit question: You don’t really want the Octomom to have to live on the street, do you? Click the image to watch.
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NAILS IT,PERIOD!!!
centryt on February 19, 2009 at 1:53 PM
Done! Thanks!
aquaviva on February 19, 2009 at 1:53 PM
……….. count me in!
Seven Percent Solution on February 19, 2009 at 1:53 PM
Hoo-rah! And while we’re at it, let’s bring back tar and feathering. I’ve got a few Fannie Mae Demoncrats in mind…
warriorlawyer on February 19, 2009 at 1:54 PM
Revolution without personal risk?
neuquenguy on February 19, 2009 at 1:54 PM
I’m in.
bluelightbrigade on February 19, 2009 at 1:54 PM
Meanwhile back on the ranch, The Boy King’s approval ratings are dropping.
Linky
Knucklehead on February 19, 2009 at 1:55 PM
I hate this.
I HATE this.
I HATE THIS.
I have conducted myself responsibly, paid my bills, paid off my mortgage and pay a LOT of taxes. There are no tax breaks for me. There is no incentive for me to spend ay money.
For all my responsibility, I get to pay the bill. That’s it. My children and I get to pick up the bill for Obama’s largesse.
I detest that damned moron.
drjohn on February 19, 2009 at 1:55 PM
There you go. Its why conservatives can’t rise in protest.
genso on February 19, 2009 at 1:55 PM
Quit paying your taxes on time. Request the extension. Tell’em to shove it.
larvcom on February 19, 2009 at 1:55 PM
Hey the dude is only speaking truth to power, right??? Dissent is patriotic, right????
Mike D. on February 19, 2009 at 1:56 PM
DITTO!
christene on February 19, 2009 at 1:56 PM
How many think this video will be disappeared by the end of the day?
I said on another thread that all the exchanges should shut themselves down for a week in protest. If the capitalists can’t rally themselves now what hope do we have?
rockmom on February 19, 2009 at 1:59 PM
Rick Santelli – my new hero.
Political Junkie on February 19, 2009 at 1:59 PM
I’m willing to take personal risk, but am not willing to give up my principles of personal responsibility. Does that make sense?
Key West Reader on February 19, 2009 at 1:59 PM
Dissent or descent. Each can be painful but only one allows one to stand on principle.
genso on February 19, 2009 at 1:59 PM
He’s Paul Revere of 2009!
canopfor on February 19, 2009 at 2:00 PM
I am just guessing Allah that being a resident of NYC you rent.
My husband and I have paid our mortgage on time each and every month for almost 20 years now. I would gnaw off my left foot before falling delinquent on my mortgage.
The very fact that someone who is delinquent will be offered a better rate than what I currently have makes me want to vomit.
You say we should drink decaf rather than get exercised over this bail out? Put yourself in my shoes, if you can…
This is insanity.
Babs on February 19, 2009 at 2:01 PM
If 49 to 50 million just stopped paying their mortgage…
We can then all be a part of the Messiah’s plan…
Let’s just all stop producing, stop achieving…
Mark Garnett on February 19, 2009 at 2:01 PM
Ugh, here comes my economics major geekness. Inflation as defined by what Drudge reported does not take into account housing prices. As stupid as that sounds, it’s the case.
When the cost of housing falls 15-20% as it did last year and will most likely again this year….and housing is on average 30% of people’s expenses, it is simply impossible to have consumer inflation.
You could have gas at $5 by summer and a $10 Bic Mac and it still wouldn’t not offset the drop in housing.
angryed on February 19, 2009 at 2:01 PM
Drudge is such a drama queen – emphasis on queen.
capitulus on February 19, 2009 at 2:01 PM
These guys are right michelle. Many people are angry. Why should I pay my bills, save money and strive to get ahead when the govt is giving it to people. About 4 years ago my sister tried to get me and my wife to buy a condo in Irvine, California. The going rate for an 900 SqFt place was about $500,000. She told me that I get an interest only loan, and sell it in a few years. my wife and I looked at it but decided against it. I was a Marine Officer at the time. There was no way I could pay the mortgage. Plus, I could not justify paying half a million for a glorified apartment. We decided against it an it turned out to be a great decision. People can’t give those things away anymore. Now I got out of the Marine Corps, move to Texas and own a huge home for half the price.
Warriorjason on February 19, 2009 at 2:02 PM
What I enjoy most about this clip is that it is very reflective of what I am seeing personally. A lot of weak Republicans voted for Obama this election and they are starting to have regrets, I know quite a few of them. The worm is turning, slowly, but turning nonetheless. Whats great about this housing proposal is it is very clear to understand. Do you, or do you not, think it is acceptable to pay for your neighbors financial mistakes? I think most people would say you know what, I’m barely keeping afloat, but Im doing it and Im not going to burden myself with others debt. People are paying attention now and those moderates ares starting to become queasy. This is going to backfire big time, no matter how hard the media tries to protect the President.
nswider on February 19, 2009 at 2:02 PM
In
artist on February 19, 2009 at 2:02 PM
I’m all for the tea party, though. Who’s in?
……….. count me in!
Seven Percent Solution on February 19, 2009 at 1:53 PM
heathers on February 19, 2009 at 2:02 PM
Yes, I see your point in that respect. But I think that some times we conservatives have contributed to this slippery slope by being more attached to our 401K and finantial security than to our liberty. I am not accusing you personally of doing this.
neuquenguy on February 19, 2009 at 2:05 PM
It’s especially frustrating on some days when a lot of my patients are on Medicaid that I realize that through my taxes, I essentially get to pay for the privelage of working that day. And any money I receive for the visit is heavily taxed to pay for their next visit.
Now I get to comfort myself by knowing that I’m paying for their house, too. Wheeeeeeee!
DrAllecon on February 19, 2009 at 2:05 PM
I’m in. It’d be a trip home for me, so that’s a bonus.
capitalist piglet on February 19, 2009 at 2:06 PM
It’s odd how Obama equates himself to Lincoln—whose policies brought an end to slavery—and yet Obama is establishing policies that do nothing more than enslave a class of people, and force them to labor with their might to support the lifestyles of those who believe they are entitled.
hucktwain on February 19, 2009 at 2:06 PM
Out of CNBC? Rick may not be around too much longer there, once George Soros gets wind of this. I hate to see a truth teller get squashed by the Left’s Corruption Machine. Hopefully Fox will have something for him.
DL13 on February 19, 2009 at 2:06 PM
You are correct. This figure was a bit misleading. However, in the long term, when housing bottoms and starts to rise and the effects of the Treasury and Fed flooding the market with printed money and debt that they buy from themselves, inflation will be a serious problem. Actually, today’s number is good in the sense that deflation is much more dangerous now.
genso on February 19, 2009 at 2:07 PM
I like it. Anything to use this unlimited resource of mine.
Yup. But I am always ready for a true revolution. I am the kind of person who will not back down, even if I am scared $hitle$$. It is my pride that will be my downfall.
My husband calls me a radical for this personality trait.
Yes, dear. Those crazy Sons of Liberty were pretty radical, weren’t they?
Badger40 on February 19, 2009 at 2:08 PM
I think he speaks the minds of a lot of Americans. The fact that this is on CNBC is pretty amazing, I don’t care how many people is on the tape. Is that really correct?
victoria330 on February 19, 2009 at 2:09 PM
It’s a very, very simple concept, one that even someone who attended public union run schools:
The people that did the right thing LOSE!
The people that did the wrong thing WIN!
People understand this… Even Liberals, Moderates and Centerists understand that this is basicly NOT FAIR!
Liberals always preach about “fairness” remember, now it’s turned on them like the freaked out Chimp…
If anyone thinks the Messiah’s plan is a good one, please ask them to walk over to their neighbors house, ring the bell and tell them that you want their wallet, cash and credit card so you can pay your mortgage and expenses…
Get back to me and let me know how that went for ya, if you have teeth and your jaw is not wired shut…
In Texas if you do this, make sure it’s during the daylight, otherwise you will most likely be shot dead for stealing from a persons home during the night…
Mark Garnett on February 19, 2009 at 2:09 PM
Well done Rick Santelli, nice to see someone in the media tell it like it is for a change.
Maxx on February 19, 2009 at 2:10 PM
I’m in. Santelli is one of the few voices of reason on CNBC. He tells it like it is. Btw, I just read “Meltdown” and highly recommend it for a free market look at what caused this mess and why the stimulus package won’t work.
popularpeoplesfront on February 19, 2009 at 2:11 PM
Caveat: If my liberty and freedom is threatened, then it is no holds barred. I will fight to the death if my freedom and liberty are jeapordized. I think that’s what Obama underestimated.
PS: When is he going to stop flapping his lips at speeches and report for duty at the White house?
Key West Reader on February 19, 2009 at 2:11 PM
angryed, what are you talking about? I don’t buy a house every year. I do buy milk every week and groceries and pay for gas and heat and gasoline for my car.
If products rise in price but the housing market drops, it only benefits those who are buying a house right now, and only temporarily. Inflation continues and continues to hurt.
Good lord, man, I lived through the Carter years. My mom bought powdered milk because we couldn’t afford real milk. Do you know what powdered milk tastes like? I’ll tell you what it tastes like.
It tastes like Obama.
bonnie_ on February 19, 2009 at 2:12 PM
Awesomely Awesome…
D2Boston on February 19, 2009 at 2:12 PM
Key West Reader on February 19, 2009 at 2:13 PM
Count me in.
bloggless on February 19, 2009 at 2:13 PM
That was better than the Pope’s smackdown of Pelosi! I’m in for a tea party!
tnmama on February 19, 2009 at 2:14 PM
I’m betting that my teaching retirement is involved in this somehow. Oh well. I won’t lose any sleep over it bcs in the end, I suppose the only retirement I’ll ever be able to enjoy at this point will be my govt rations.
I’ll probably have to keep on teaching in the People’s Proletariat School til I drop dead.
Badger40 on February 19, 2009 at 2:14 PM
I personally want Octomom to live wherever she can afford to live without my help. If that’s the street then it is what it is and her kids can be adopted by someone responsible.
Rick Santoram for President! Impeach the socialist.
robtr on February 19, 2009 at 2:15 PM
Though I like RadioFreeUSA’s idea of sending quantities of tea to Congress…I have this mental image of Nancy Pelosi buried up to her neck in tea leaves.
ScaryBiscuits on February 19, 2009 at 1:42 PM
No half efforts please have the decency to cover her face due to the fact every time i see it my stomach churns
heshtesh on February 19, 2009 at 2:15 PM
Tea party? When are we going to storm the Capitol?
CacaDeTorro on February 19, 2009 at 2:16 PM
For what it’s worth, every night when I tuck my son into bed, part of his prayer is “and God bless our teachers”.
Key West Reader on February 19, 2009 at 2:19 PM
I’m for a moratorium on botox injections for the next 6 months. Pssst: She’s Helen Thomas in a mask.
Key West Reader on February 19, 2009 at 2:20 PM
President Obama, the natives are getting restless!
GarandFan on February 19, 2009 at 2:20 PM
Lincoln freed the slaves. Obama wants to enslave the free.
Lincoln saved the Union. Obama wants to save the unions.
Lincoln appealed to the better angels of our nature. Obama looks for a better angle.
rockmom on February 19, 2009 at 2:23 PM
Just wait until the meat shortages and gas lines start again. 1978 here we come!
rockmom on February 19, 2009 at 2:25 PM
I pray God will strike some intelligence into teachers’ brains.
So far, this hasn’t happened yet. The ones with brains are few & far between.
I do thank God I teach in a small rural school where Jesus is still included in our Christmas pageants.
Badger40 on February 19, 2009 at 2:26 PM
Made my day! Santelli covers the bond market and most of the time his commentary is difficult to understand. This morning his message was crystal clear.
Rick’s Revolution is how CNBC is referring to his eruption.
Rick Santelli…Bless you!
FireBlogger on February 19, 2009 at 2:26 PM
That would be an excellent point if housing costs had been included in inflation numbers over the years when home prices were rising precipitously, but my understanding is that they weren’t.
During the credit/housing bubble, at least, the government was in the habit of removing the largest inflation factors from their calculations to hide the true value.
FloatingRock on February 19, 2009 at 2:26 PM
Your Lincoln comparisons were very clever!
No meat shortages at my house. Come on over. I got cows, horses, dogs, pheasants, deer, partridges, rats…….
MMMMMMMMMMMMMMMMM…..
Badger40 on February 19, 2009 at 2:27 PM
Ha.
genso on February 19, 2009 at 2:27 PM
In answer to the exit question, Octomom is just like so many other homeowners that are sticking their hands out like beggars on the street. You reap what you sow. Want 8 kids? Figure out how to support them. One job not enough? Get two. Three even. But don’t shove your debt on society. We have enough of our own debt to worry about, and a lot of us do work two jobs. So when I have to get up at 8am on my Saturday and go work another 8 hours instead of sleeping in, knowing that part of my check goes to support people like her, it makes me want to spit nails. She can live on the streets. The state won’t let the kids so I wouldn’t worry about them. I’ll have to pay for them either way.
scalleywag on February 19, 2009 at 2:27 PM
Ditto that.
He is only one Alpha male among many Betas with ball$.
I salute!
Badger40 on February 19, 2009 at 2:28 PM
The governments numbers have been bogus for so long it may be difficult to sort out the truth and make an accurate comparison, especially if the government keeps up the charade.
FloatingRock on February 19, 2009 at 2:28 PM
I’m for a moratorium on botox injections for the next 6 months. Pssst: She’s Helen Thomas in a mask.
Key West Reader on February 19, 2009 at 2:20 PM
From a perspective on reasoning i can see your point.
heshtesh on February 19, 2009 at 2:29 PM
This is great! Do I hear drumbeats in the distance??
outwestdownsouth on February 19, 2009 at 2:30 PM
Throw children and grandchildren into the water, in lieu of tea.
Christien on February 19, 2009 at 2:31 PM
We could also try a little “riding the wooden horse” which was used during the run-up to the Revolution. It involved stripping a man naked, forcing him to stradle a split rail fence and then having several burly guys on either end pick it up off the ground and kind of gallop around with it for a while. Quite an unpleasant experience I imagine and just the ticket for those you descirbe.
sdd on February 19, 2009 at 2:32 PM
Words of Wisdom for Peggy the Moocher, Henrietta Hughes and her strapping-healthy 38 year old 200 pound 6’2 son, Octomom, and the McDonald’s dude that sucked wind better than any Kirby vacuum I ever heard:
“You Only Get What You Work For”.
Obama takes all of this wisdom away. I’m starting to wonder if this is not Reparations or something. Michelle Obama pulls his strings. She’s a very angry woman.
Key West Reader on February 19, 2009 at 2:32 PM
Wow!!!!!!!!!!!!!
Now that is speaking truth to power!!!
Baxter Greene on February 19, 2009 at 2:32 PM
You owe me a keyboard. And Windex for my monitor.
LMAO
Key West Reader on February 19, 2009 at 2:34 PM
WHERE’S MY PITCHFORK!
scalleywag on February 19, 2009 at 2:35 PM
Did anybody see the black woman that the today show had on yesterday on show how bad the phoenix market is?
First, she is going through foreclosure. They did the interview from her kitchen. What kind of kitchen? All stainless steel appliances, granite counter tops, center island, and has to be at least 400 square feet. Then they show the outside and it’s got to be pushing 300 square feet double story with great landscaping in the former desert.
I’m supposed to support these people with a much bigger, more expensive house than the one that I have because I didn’t overspend and lived within my means?
F*CK NO!!!
jukin on February 19, 2009 at 2:38 PM
Tea Party in San Diego? Were and When?
opusrex on February 19, 2009 at 2:38 PM
I believe riding the rail often accompanied tar and feathering. The only problem is that in Barney Franks case, he’d probably enjoy it a little too much.
FloatingRock on February 19, 2009 at 2:39 PM
Did anybody see the black woman that the today show had on yesterday on show how bad the phoenix market is?
First, she is going through foreclosure. They did the interview from her kitchen. What kind of kitchen? All stainless steel appliances, granite counter tops, center island, and has to be at least 400 square feet. Then they show the outside and it’s got to be pushing 300 square feet double story with great landscaping in the former desert.
I’m supposed to support these people with a much bigger, more expensive house than the one that I have because I didn’t overspend and lived within my means?
F*CK NO!!!
jukin on February 19, 2009 at 2:38 PM
*
2010 and 2012 campaign ad just waiting to happen.
marklmail on February 19, 2009 at 2:42 PM
You know why this is never going to work? Because we all have jobs we want to keep. And why “Obligatory”? Why? If you aren’t as pissed off as we are then you don’t understand what’s happening.
.
I will join any protest as long as it’s during my lunch hour and nearby. In fact, every day at lunch I may just slap on a sandwich board sign of protest and stand outside the Subway “Eat Fresh” Shop while reading a book and eating lunch. Someone’s gotta start it up, man. This can’t be allowed to stand.
BrideOfRove on February 19, 2009 at 2:42 PM
*Snort*
.
Sigh.
BrideOfRove on February 19, 2009 at 2:44 PM
And so it begins………
how and the h#ll did this happen…..
how long till the madness ends…….
what will be left,oh ye have faith………….:)
canopfor on February 19, 2009 at 2:45 PM
Um…did you rety refinancing? Rates are really low right now. My parents are nowhere near foreclosure and they just refinanced and got a killer new rate. Instead of bitching go out there and see what you can get. If your house is in good order and will get a strong re-appraisal you can get a great rate. The WHINING from the right these past few days has been hilarious.
DeathToMediaHacks on February 19, 2009 at 2:50 PM
I’m in. But I’m not bringing a pitchfork to a funfight.
ammon_of_cs on February 19, 2009 at 2:50 PM
I want an Oompaloompa, Bammy, I want an Oompaloompa now!
bloggless on February 19, 2009 at 2:51 PM
I’m in, plus, chicks apparently dig revolutionaries.
javamartini on February 19, 2009 at 2:51 PM
I watched this live this morning, and was very glad to see it. Those Wall Street traders aren’t your typical “bitter clingers.” They’re rich (by most standards), well-educated elites, and the fact that they’re angry about Obama’s forced wealth redistribution is a good sign. The anger about this unjust and counterproductive plan is spreading.
AZCoyote on February 19, 2009 at 2:53 PM
I don’t know AP, a few more people spitting into the camera and the wheels are going to come off the BHOtox bus. There was one year and three months between the Boston Tea Party (Financial Crisis) and Lexington and Concord (Gun Control Crisis). Here we have open revolt of the financial sector (more to come, so get your popcorn out) and Holder is greasing for strict gun control despite SCOTUS Heller. The Digital age merely compresses reaction time. This could get ugly quickly.
GunRunner on February 19, 2009 at 2:53 PM
atlas is near the tipping point
gatorboy on February 19, 2009 at 2:58 PM
Does anyone here know how to start our own “Patriot Party”, or A.U.P (americans united party) so that we can take this country back. If the republicans don’t stick to their guns in this fight against creeping socialism, then we need a new party based on conservative values, built from the grassroots level on up to the halls of Power. If getting the current Republican party to get in to the swing of things is this hard and organizing it too vast a job, then we need a new party built from the scratch with conservatism built in as the core of the Party.
That’s the New Tea Party. Hey maybe thats a better Name. It seems to fit…
jhogan7777 on February 19, 2009 at 3:04 PM
I disagree i loved the clip.
the very fact that you have traders live on tv
openly mocking the idiots in the democratic party
Laughing and telling obama maybe you need to hear us..
This is very telling for real people are now seeing what all the liberals have in store for us..
and it is
Economic and political SLAVERY..
jcila on February 19, 2009 at 3:04 PM
Atlas shrugged already.
Schadenfreude on February 19, 2009 at 3:04 PM
This is why when you talk about Republicans needing to be more centrist, AP, it makes me laugh. We’re entering an era where our country will likely be insolvent with the trillions of debt Obama is using to repay his constituents; he’s going to wipe out generations of wealth.
The anger in this video is just the beginning, a small-scale hint of things to come.
We’ll be lucky if this doesn’t end in armed revolt by the time Obama’s done.
blue13326 on February 19, 2009 at 3:07 PM
I liked the reaction of the others’ in the room – everyone seemed almost as intent on doing their jobs as joining in on some mini-rebellion.
I wonder what the tipping point is for people like these to actually stop performing their duty in the workplace and begin to perform a duty to the Constitution?
Would it take unemployment? Taxation that gets so high that they can barely make ends meet anymore simply because of the taxation? What would they have done if a tear gas cannister popped into the middle of that room?
Can you imagine the military being ordered to put down a Conservative uprising?
Otis B on February 19, 2009 at 3:08 PM
Rick Santelli – Worst Person in the World!
JimRich on February 19, 2009 at 3:09 PM
I’m still waiting for my freaking unicorn.
Snowed In on February 19, 2009 at 3:10 PM
If you want a tea party remember these famous words.
“Wall Street got drunk”.
They are the fools that caused this depression.
getalife on February 19, 2009 at 3:11 PM
The best thing to do is to let her live in a shoe.
Cheshire Cat on February 19, 2009 at 3:12 PM
Heh. Now THAT would be interesting to see.
genso on February 19, 2009 at 3:13 PM
Amen, my friend, AMEN!
ChicagoBlues on February 19, 2009 at 3:13 PM
When the Shaw of Iran fell, it was mainly due to the fact that the military did not fire upon the people. In fact, they counted on this fact. Of course, I am no expert on this, just something I read awhile back.
javamartini on February 19, 2009 at 3:14 PM
You’re an idiot and not even useful. When you finish your education come back and we’ll talk.
genso on February 19, 2009 at 3:14 PM
Speaking of the markets… the DOW is sitting on top of MAJOR 10-15 year support right now (Between 7000-7500)… if it breaks through to the downside, there aren’t really any technical levels to stop it before 3000.
Good times!
BPD on February 19, 2009 at 3:16 PM
It sounds like you’re a lock for a refi at really excellent terms. You’re the kind of customer they’d kill to get right now. The rates at my CU are jaw-dropping but I haven’t been in the house long enough. Don’t miss out on a lower rate, sure sounds like you deserve one!
And DTMH, you think the “whining” is loud now, wait until millions of people like Babs see the parade of scam artists they weren’t able to prevent from receiving these funds. I’m not normally big on riding a cresting wave of economic resentment — I’m a positive-sum-game sort of guy — but we have not scratched the surface here. It is a toxic flood headed straight for Washington, and I’m beginning to doubt there’s any degree of deflection, misdirection, obfuscation or charisma that will alter its course.
DrSteve on February 19, 2009 at 3:17 PM
Then please continue to not spend it and quit your bitchin.
God, you people have basically descended into kindergarten levels. Your supply side economics led this country into the economic gutter and even the hint of someone trying to correct it leads to the biggest chicken little crap I’ve ever seen. Man up conservatives and just stop paying taxes. Do what other people who’ve had “righteous” causes have done in the past. Risk going to jail. Risk being out in the streets and smacked in the head with a police bayonet. Do something. All this teeth gnashing and complaining is just unbecoming and, to use your own word…beta.
DeathToMediaHacks on February 19, 2009 at 3:17 PM
Yep. Those traders in Chicago are just as scared as we are. That’s telling because they have a greater understanding of the problems we face than the average person.
genso on February 19, 2009 at 3:20 PM
Guess we’ll see. Obama seems to have a stronger sense of what the nation wants right now than these talk radio shock jock demagogues these days. Rush Limbaugh these days has transitioned 100% back to 1992-1994 mode, except like fatter and perhaps even more angry. It’s hilarious. These folks used to claim that the “anger” of the left had distorted their minds and now they have all been transformed into raving lunatics at their anger at Obama. Who’s been in office for a months but somehow single handidly caused the economic crisis and is ruining the country. I think people are getting stirred up, but not alot of people are, average Americans are on board.
DeathToMediaHacks on February 19, 2009 at 3:20 PM
O ne
B ig
A s*
M istake
A merica
(H/T Chekote)
artist on February 19, 2009 at 3:21 PM
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