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Video: Santelli tears up Obama’s mortgage plan

posted at 8:48 pm on February 22, 2009 by Allahpundit
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Dude, it’s enough already.


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Dude, it’s enough already.

NO, it’s not enough.

I read somewhere that the White House is running the country like it’s a Chicago ward. Besides the corruption and lies, they’re going on the attack on private citizens.

INC on February 22, 2009 at 10:32 PM

I Love Rick the Reporter!

Dpet on February 22, 2009 at 10:34 PM

Santelli gets the spotlight with his trading floor revolt, then segues from that into this; a tempered, indoor voice, point-for-point deconstruction of Obama’s roundabout way of realizing his and Ayers’ dream, a communist America, via the mortgage bill.
If he had tried repeat the same rabble-rousing he had on the previous clip I would have agreed with the “enough already” comment but that wasn’t the case here. This was a very good spot.

Crusty on February 22, 2009 at 10:35 PM

Just saw the Little Hand Puppet, Dennis the Menace Kucinich, on Heraldo’s Fox Sunday show, and Denny said that “Two trillion more – at least- is needed for stimulus, and THAT may not be enough.” Santelli had it right, as posters seem unanimously to be saying. When I was in first-year Law School contracts class, the first thing we learned about was a concept called the “Sanctity of Contract.” This simply meant that a contract, which was valid and binding between parties, was enforceable.

If, now under Barry’s Governmental hand, a contract’s terms can be altered by a judge(that would include a mortgage, folks….), without consent of all parties to the contract, then the conduct of everyday business in the U.S. will be severely undermined. Result? Chaos in the business community. Who would want to lend a dime to anyone, without the certainty that at least the lender had a right to enforce the contract, as PREVIOUSLY agreed upon, with mutuality of consent? Danger ahead.

jsaturn on February 22, 2009 at 10:36 PM

Heck, we need to have a number of irate taxpayers whirling tea bags around their heads and standing behind Present-debt Government when he speaks to Congress in the brazen way of the Code Pinkos. Enough already with the condescending idiots in this administration and in Congress.

onlineanalyst on February 22, 2009 at 10:37 PM

If someone finds the bill, please provide a link. Can’t find it.

PrincipledPilgrim on February 22, 2009 at 10:39 PM

I think the more important question they ask is, “Is this what we can expect from The One’s administration anytime a member of the media or the citizenry dares to question the Lightworkers policies?”

Kevroy on February 22, 2009 at 10:22 PM

Yes. We can.

baldilocks on February 22, 2009 at 10:42 PM

I agree it’s not enough. Not nearly enough. I’d like to see Santelli berate the plan each and every time an administration official tries to sell it and double down when Obama opens his big socialist mouth about it.

And more tea parties please. We need to have one a week in every city in the country with posters of Santelli for President, among other more serious banners.

Dusty on February 22, 2009 at 10:42 PM

Re-posted because it was orphaned on the last past.

Here’s an article from FreeRepublic via Gateway Pundit via michellemalkin.com about Jim DeMint calling for street demonstrations.

From the article:

“I’ve become increasingly aware that the thoughtful, well-informed leaders are very few and far between in the Congress — people who seem to be well-read and continuing to kind of grow their skills. It’s become rhetorical and political …”

Instead, DeMint is looking to the people — where he still sees a “remnant” of freedom-loving still stirring.

Only a remnant?

“That’s all it is,” he concludes. “But that’s all it takes.

“Freedom is in our hands; it always has been. We’ve entrusted it to people in Washington, and increasingly they have picked our pockets and pulled power from us. We’re just going to have to take it back.

“The real shame of all this is, I feel Republicans had said that we were going to carry that banner of freedom — and they completely betrayed that. And it’s going to be hard to get it back.”

But with all except three Republicans in Congress voting against the stimulus bill, perhaps getting that banner back has started. There are a few rising conservative stars on the national scene, including Reps. Jeff Flake of Arizona, Jeb Hensarling of Texas and Mike Pence of Indiana.

Still, DeMint says star power isn’t what we need. “I think what we need to look for first is to find the principles that will bring us together. I’m not looking for a face right now.”

genso on February 22, 2009 at 10:43 PM

What happens to the proceeds of these refinanced/bail-out mortgages when home values go up ~ as they will eventually ~ and the previously distressed home owners who availed themselves of the government largesse expect to sell at a profit?

From what I’ve read this is a direct handout to the homeowner. I can’t find anything that would require the HO to repay the gov’t the amount of the write down that’s recognized during the refi. This was asked by a CNBC anchor Friday to a Rep and she couldn’t (or wouldn’t) answer. So, it looks like this is just a “gift” from O and his crew.
This whole plan won’t work for a number of reasons: first, the beaurocratic nightmare that will follow the gov’t underwriting these loans will be monstrous (i.e. verifying income, appraisals, work history, etc.). I used to be a loan officer in another life and these things take a week or two when the gears are greased, imagine what it will be like under this program, with the Feds at the helm. By the time the HO’s get their refi, the market will have recovered already.
Second, the restrictions are simply too tight. Case in point, home mortgage can’t exceed 105% of the new (depressed) value of the home. IOW’s, a house with a $100k mortgage can’t have a new (adjusted) value under $95,238. There were a lot of 100% deals out there (and a lot of no doc deals) that’ll be excluded under this term alone. Debt to income restrictions, requirements to enter credit counseling, modified terms phased out in 5 years, yadda, yadda.

Third, who/what will determine the home’s new “value”? Appraisers? Market comps? Local RE agents? Oy – it’s fuzzy math and when that value determines eligibility, it’ll be mess. Overall, this is just another plan that won’t do crap to help the market correct like it would have if they’d left it alone. Just more window dressing from O.

volnation on February 22, 2009 at 10:43 PM

If someone finds the bill, please provide a link. Can’t find it.

PrincipledPilgrim on February 22, 2009 at 10:39 PM

You can find the idealogy behind the mortgage bill here.

Crusty on February 22, 2009 at 10:43 PM

Guys, it wasn’t the “Krauts” that bombed Pearl, silly people, it was that big bomb that the Japanese dropped.

Obambi said so…it must be true.

Not Over.

1GooDDaDDy on February 22, 2009 at 10:46 PM

Will Santelli be the 2009 version of a Rick-Roll? ‘Cause he’s awesome, and I’m glad he’s standing up to this administration which has already demonstrated its arrogance and abusiveness. Good call on Larry’s part too about Gibbs’ treatment of the press; perhaps we’ll see the media start to wake up, first with Tapper and now with Santelli.

Keep up the good work Rick!

Fallen Sparrow on February 22, 2009 at 10:47 PM

If, now under Barry’s Governmental hand, a contract’s terms can be altered by a judge(that would include a mortgage, folks….), without consent of all parties to the contract, then the conduct of everyday business in the U.S. will be severely undermined. Result? Chaos in the business community. Who would want to lend a dime to anyone, without the certainty that at least the lender had a right to enforce the contract, as PREVIOUSLY agreed upon, with mutuality of consent? Danger ahead.

jsaturn on February 22, 2009 at 10:36 PM

If ever there was a “slippery slope” argument to be made against a policy, this is that moment.

I wonder if Obambi’s team has factored the higher costs that will inevitably be charged to borrowers in the future as a result of their disruption of the sanctity of contract in the overall costs of the bill? Whatever money homeowners “save” now by not losing value in their homes now because their neighbors’ homes don’t get foreclosed, those same homeowners will spend in higher interest costs on future mortgages, future car loans, etc.

Of course O’s team hasn’t factored this in because leftists never see two inches in front of them to the long-term consequences of their policies, despite assuring us stupid conservatives that they are the long-term thinkers.

venividivici on February 22, 2009 at 10:48 PM

Good grief AP, I’ve tried to give you’re moderate, higher-ground attitude the benefit of the doubt but Holy Crap! AP, are you sure HA is the site for you? You seem to just not grasp reality sometimes.

melachiro on February 22, 2009 at 10:26 PM

Oh yeah, oh yeah
Oh yeah-yeah oh, ooh

Don’t wanna sound like I’m a golddigger
But I like to get enough to eat, alright
If I didn’t cause fights, I might not have a place to sleep at night
So I gotta keep agitatin’ you, alright

Reality may make me friends
But it sho-nuff don’t pay the bills around here, oh yeah
Reality is fine but you need traffic too
Reality may make me friends
But it sho-nuff don’t pay the bills around here, oh yeah
- AP

MB4 on February 22, 2009 at 10:48 PM

<blockquoteWhat makes us Americans unique is how we react to things. But we are changing and being taken over…not by people but by a Media that is controlling the message and our perceptions, understanding and morals… I think that we have a small window of time here to stop the socialist takeover of our country …so those of you who are scared , have kids or grandkids please get out of your comfort zones and do something! George Soros is once again talking down the economy and painting a picture of gloom and doom…he is the one in charge! FIGHT HIM…

CCRWM on February 22, 2009 at 10:25 PM

I think the last peaceful, democratic way to stop what’s happening now passed in November 2008. It passed because the adult half of the country was so tired… tired of being told how racist and greedy they were, tired of taking lumps over Bush (who got One Big Thing right, but otherwise made his party and its voters take a lot of lumps for very little reward) and tired of fighting a media tidal wave that told them, in essence, that there was no rational, honorable way to vote against the One. The childish half of the country got what it wanted: a cartoon character who promised them everything, free of charge.

The point was not made strongly enough that November 2008 would be a “one man, one vote, one time” situation – that there would never be a way to vote to reverse course from what Obama and the Democrats had planned. How do you arrange a calm, orderly vote that could undo the trillion dollars of pork that’s already been stuffed into the American system, with trillions more to come? The recipients of that pork far outnumber the people that will be expected to pay for it. We all know what will happen next – a collapsing dollar, and capital (human and otherwise) fleeing the country to escape the titanic tax hikes that will be coming down the pipe in a couple of years, to reduce the horrific deficits when Uncle Sam runs out of people willing to loan him money by purchasing bonds. Couple this with an increasing turn to protectionism and tariffs, starting with the auto industry, which is about to scarf down another twenty billion in bailout money, and will next demand protectionist tariffs to cut off the supply of foreign cars, so the U.S. automakers can raise their prices and satisfy the demands of their unionized labor force. When this takes us from recession into outright depression, the ruling party will do what the ruling party in a fascist state always does: scapegoat what remains of the private sector. And that is what we are becoming, not “socialist” as we often say in these parts, but fascist – direct state control of industry.

I have a hard time imagining the Republicans pulling off some kind of miraculous political rebirth and fielding a Reagan-caliber leader that could reverse this tide, and even if they manage to do so, I think we have simply gone too far. The Democrats know they have two years of absolute power to tilt the playing field to their eternal advantage, and they will continue to take advantage of it. What sort of post-Obama government could even conceivably shut down the spending floodgates that have been opened in these past weeks, and in the latter Bush years leading up to this? How do you derail a couple trillion dollars of earmarked pork spending and turn it into tax relief for an increasingly shrinking, increasingly desperate productive sector? And how much top private-sector business talent will stick around to wait for those post-Obama renaissance years, when they can pop their golden parachutes and para-glide to some offshore tax haven?

Most of the electorate is still tired, and trying to give the new President the benefit of the doubt, even as this polite attitude becomes increasingly absurd in the face of his manifest incompetence. Wait until that tired electorate begins to realize there is literally nothing they can do to slam on the brakes before Obamanomics takes us off the cliff. Wait until the media tells them they have no legitimate political recourse available to them – like the pro-life movement after Roe vs. Wade, except on a far larger scale, middle America will be told it has been ruled ineligible to participate in the political discussion. That’s when things will get really interesting, and Democrats may learn what “Change” really means.

Doctor Zero on February 22, 2009 at 10:49 PM

I hope if Santelli does sit down across from Gibbs on the Today show,that Santelli’s first question to Gibbs is “Who did you vote for”,since this is somehow a prerequisite to credibility with liberals on an issue now.

Baxter Greene on February 22, 2009 at 10:50 PM

Of course O’s team hasn’t factored this in because leftists never see two inches in front of them to the long-term consequences of their policies, despite assuring us stupid conservatives that they are the long-term thinkers.

venividivici on February 22, 2009 at 10:48 PM

It’s already been shown that Obama’s team left out two components to PITI (Principal Interest Taxes Insurance) in their calculations. This was explained over and over again on Fox Business News on Friday as their calculations only assume the “PI” of the equation and the actual cost with PITI would be significantly higher than $75 Billion … ironic since you’d figure Liberals would be most interested in the TAXES portion of this exercise.

Nevermind the flawed calculations of 9 million foreclosed homes (current actuals are around 4 million) and the moral hazard/unintended consequences potential for fraud in this Swiss cheese plan …

IrishSamurai on February 22, 2009 at 10:56 PM

Looks as though the Obama administartaion is considering turning a $45 billion investment in Citicorp preferred stock into 40% ownership in a $10 billion company. These guys are good.

MB4 on February 22, 2009 at 10:56 PM

Enough already? Hardly.

We need a heck of alot more of this sort of rabble rousing right about now.

jjrakman on February 22, 2009 at 10:57 PM

Any bets on if it gets into the 6000’s this coming week??

I was telling friends on 5 Nov. that 6500 by May was realistic, but now I think that I was being optimistic.

thomasaur on February 22, 2009 at 9:50 PM

Due to this Citibank story, I expect the markets reverse last week’s freefall. If Citibank bounces, it might be a good time for a short because there’s no way it will hold. The way I see it, DOW 6500 by May is probable as unemployment rises and the commericial real estate defaults begin to pile-up.

flyfisher on February 22, 2009 at 11:00 PM

<blockquoteIf, now under Barry’s Governmental hand, a contract’s terms can be altered by a judge(that would include a mortgage, folks….), without consent of all parties to the contract, then the conduct of everyday business in the U.S. will be severely undermined. Result? Chaos in the business community. Who would want to lend a dime to anyone, without the certainty that at least the lender had a right to enforce the contract, as PREVIOUSLY agreed upon, with mutuality of consent? Danger ahead.

jsaturn on February 22, 2009 at 10:36 PM

Well said! Since the earliest days of the most primitive mercantile systems, the essential ingredient to prosperity is stability. The most important thing early civilizations did for their merchant class was provide stable currency and secure trade routes. Everything we have achieved in the 20th and 21st centuries was possible because people a long time ago realized you could reliably make a little metal coin equal in value to a goat, or a day’s labor, and two parties could trust each other to honor the terms of a contract.

The scariest thing about Obamanomics is the suicidal determination to un-learn thousands of years of wisdom on this topic, and make huge portions of the economy subject to the whims of politics. Investors and venture capitalists thrive on their ability to predict the course of economic events, but this becomes virtually impossible in the unstable world of a fascist economy, where the government picks winners and losers based on their skin color, or how much money they donated to the “in” crowd, or how much Politician A personally likes Businessman B. Not only do billion-dollar bailouts subsidize inefficient business models, such as the auto industry… they punish the investors in other companies and industries, by telling them their predictive ability is worthless. They bet against GM’s ridiculous “retirement home with a tiny auto subsidiary” economic model, but it won anyway, because billions of dollars were confiscated from private citizens and given to companies that should have gone bankrupt.

It would be foolish to invest big money in a venture in a country like Venezuela, where the socialist rulers could nationalize it in a heartbeat (and would be increasingly likely to do so as the business venture prospered.) Soon the venture capitalists that drive business and technology innovation will begin to conclude it is equally foolish to invest in Barack Obama’s USA, where punishing taxes and gigantic subsidies mean the productivity and efficiency of a business venture have very little to do with its financial success.

Doctor Zero on February 22, 2009 at 11:00 PM

Doctor zero,,,succintly said

retiredeagle on February 22, 2009 at 11:01 PM

Rick Santelli is absolutely right on the mark, but Kudlow sounds like he is trying to steal a bit of Santelli’s spotlight with all his phony crud about past Presidents who “attacked” the press.

Nixon looked stupid and small when he did it.

But Dan Rather absolutely deserved being poked fun of by the senior Bush for that “dead air” episode, when he stalked off the air like a small child.

Kudlow ends up sounding like a complete crybaby wuss.

Santelli, on the other hand, has caught the public mood and is driving home a very accurate point. He should only hope that these morons in the Administration keeps coming back at him — they’ll be the perfect foil for him to keep hammering away at.

He’s right!

Stimulus is one thing . . . but we should NOT be getting into the business of financially coddling people who made totally irresponsible decisions.

Trochilus on February 22, 2009 at 11:04 PM

The Obama administration thinking they can strong-arm a member of the press should send chills up everyone’s spine.

This isn’t a rookie mistake; it is their MO, just like attacking First Lady Nancy Reagan & Rush. Who will be next?

This mortgage bailout has another flaw: The bailout money for financial institutions was at least a loan with taxpayers getting repaid when the banks are viable. What do taxpayers get in return for bailing out deadbeats who don’t pay their bills? NOTHING. NADA.

I am a member of the 92% Club. Ready, willing, and able to take to the street!

TN Mom on February 22, 2009 at 11:05 PM

When you run out of your own money just spend somebody else’s. :-)

I’m getting the feeling that the MSM has already climaxed and now they’re stuck with their lover Obama. B-HO.

Mojave Mark on February 22, 2009 at 11:06 PM

I am a member of the 92% Club. Ready, willing, and able to take to the street!

TN Mom on February 22, 2009 at 11:05 PM

Speaking of which, Sen. Jim DeMint is calling for street demonstrations.

genso on February 22, 2009 at 11:07 PM

Dude, it’s enough already.

You refer to that supercilious jackass Robert Gibbs, I presume.

Buy Danish on February 22, 2009 at 11:07 PM

I found this plan on the white house web site a few days ago, but I can’t find it now.

However, I did find this:

http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/ExecutiveSummary.pdf

Alana on February 22, 2009 at 11:10 PM

This isn’t a rookie mistake; it is their MO, just like attacking First Lady Nancy Reagan & Rush. Who will be next?

TN Mom on February 22, 2009 at 11:05 PM

Nancy Reagan ✔
Rush Limbaugh ✔
Rick Santelli ✔
TN Mom ✔

DasObamaReich on February 22, 2009 at 11:10 PM

Any chance there are enough eastern Wisconsonites on the boards to get a good street protest going in one of our lake shore cities???

melachiro on February 22, 2009 at 11:10 PM

(That is not the White House web site.)

Alana on February 22, 2009 at 11:10 PM

Enough already? Just starting, I hope.

I only wish we went after the huge numbers of mortgage scammers and prosecuted their asses off. Probably some of them are going to benefit from this.

There were hundreds of these scams in my community where homes were appraised way above their actual market value and the buyer took cash out and bought a shit load of toys–RVs, boats, wide screens, golf carts, Hummers and one guy, $20,000 worth of tattoos–no shit.

In every, scam-mortgage transaction there were a bunch of felons: seller, buyer, mortgage broker, appraiser, seller’s agent and buyer’s agent. Maybe even the escrow company.

I’m so tired of the administration trying to portray every person who’s upside down on their loan as a victim. Most are just irresponsible and dumb ass consumers. We should be going after for money rather than giving them more.

PC14 on February 22, 2009 at 11:10 PM

You forgot Hannity, DasObamaReich.

Alana on February 22, 2009 at 11:11 PM

Speaking of which, Sen. Jim DeMint is calling for street demonstrations.
genso on February 22, 2009 at 11:07 PM

I read Sen. Demint’s interview. I am looking for my Sen. Corker & Alexander (TN) to join the fun. If not, I’m game for taking road trips.

TN Mom on February 22, 2009 at 11:12 PM

This would be the part that Liesman was wrong about, when he said Santelli was wrong:

“As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.”

Alana on February 22, 2009 at 11:12 PM

The scariest thing about Obamanomics is the suicidal determination to un-learn thousands of years of wisdom on this topic, and make huge portions of the economy subject to the whims of politics.

Doctor Zero on February 22, 2009 at 11:00 PM

Which is why I think that every act is an intentional blow meant to destroy.

baldilocks on February 22, 2009 at 11:12 PM

Speaking of which, Sen. Jim DeMint is calling for street demonstrations.

genso on February 22, 2009 at 11:07 PM

Jim DeMint ✔
genso ✔
The rest of you – you know who you are ✔

DasObamaReich on February 22, 2009 at 11:13 PM

DasObamaReich on February 22, 2009 at 11:10 PM

I would count it an honor to take one for Team America :)

TN Mom on February 22, 2009 at 11:14 PM

You forgot Hannity, DasObamaReich.

Alana on February 22, 2009 at 11:11 PM

Sean Hannity ✔
Alana ✔

DasObamaReich on February 22, 2009 at 11:16 PM

Doctor Zero on February 22, 2009 at 10:49 PM

Good points. You’ve described what happened in Venezuela…One thing most people will fight for and never grow tired is for their children. They are the reason I am willing to fight even to the point where I might sound rabid or nuts.

I won’t associate with anyone who agrees with this sickening scenario… that is how mad I am…

CCRWM on February 22, 2009 at 11:16 PM

AND HEY. I stay current on my loan. When is the government going to give me $1000 a year for 5 years, just for paying my bill?

I want MY $5,000!!!

Alana on February 22, 2009 at 11:16 PM

“As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.”
Alana on February 22, 2009 at 11:12 PM

I’ve been current for 20 years. What do I get?

TN Mom on February 22, 2009 at 11:17 PM

lol, DasObamaReich!

Alana on February 22, 2009 at 11:17 PM

Meanwhile, in Guadeloupe

Buy Danish on February 22, 2009 at 11:17 PM

And another site, which has on it the above, plus more:

http://financialstability.gov/

Alana on February 22, 2009 at 11:18 PM

I am a member of the 92% Club. Ready, willing, and able to take to the street!

TN Mom on February 22, 2009 at 11:05 PM

Speaking of which, Sen. Jim DeMint is calling for street demonstrations.

genso on February 22, 2009 at 11:07 PM

I’m another Tennessean who is a ninety-two percenter. And for the sake of my children, I’m with TN Mom and Sen. DeMint, it’s time to take to the streets, storm the Bastille, or whatever it takes. It’s time for the adults to take back our country from the petulant children who’ve had their way for far too long. There is no Santa Claus and money doesn’t grow on trees. What they propose would make no sense if we had the money, but we’re beyond broke. This isn’t Bill Clinton in 1992, as bad as that was. What we are seeing unfold is exponentially worse.

flyfisher on February 22, 2009 at 11:20 PM

For anyone thinking that the government action in Citigroup is going to cause the DOW to ramp in the morning … TurboTax and Obama are playing a delicate gambit on Nationalization … explained concisely and correctly here:

http://market-ticker.org/archives/820-Citibank-Government-Stake-To-Increase.html

IrishSamurai on February 22, 2009 at 11:21 PM

<blockquoteI’ve been current for 20 years. What do I get?

TN Mom on February 22, 2009 at 11:17 PM

Not much, but your kids will get something: the bill for all those thousand dollar payouts. I’m sure they’ll be happy to take care of it. I’m even more certain they won’t be asked whether they’re “happy” when they’re told they need to take care of it.

Doctor Zero on February 22, 2009 at 11:25 PM

For anyone thinking that the government action in Citigroup is going to cause the DOW to ramp in the morning … TurboTax and Obama are playing a delicate gambit on Nationalization … explained concisely and correctly here:

http://market-ticker.org/archives/820-Citibank-Government-Stake-To-Increase.html

IrishSamurai on February 22, 2009 at 11:21 PM

Market futures went from -100 to +70 after the news about Citi came out. That said, the market wants to rally but it will not be a long rally. Obama’s tax increase will have an effect on the market once the details are announced this week. Also, Geithner is to announce more about the toxic assets. It could be a good week in the market or a devastating one.

genso on February 22, 2009 at 11:25 PM

It’s already been shown that Obama’s team left out two components to PITI (Principal Interest Taxes Insurance) in their calculations. This was explained over and over again on Fox Business News on Friday as their calculations only assume the “PI” of the equation and the actual cost with PITI would be significantly higher than $75 Billion … ironic since you’d figure Liberals would be most interested in the TAXES portion of this exercise.

Nevermind the flawed calculations of 9 million foreclosed homes (current actuals are around 4 million) and the moral hazard/unintended consequences potential for fraud in this Swiss cheese plan …

IrishSamurai on February 22, 2009 at 10:56 PM

Yeah, but they’re all “scary smart”. Just ask ‘em.

venividivici on February 22, 2009 at 11:27 PM

Dude, it’s enough already.

Not enough for me, in fact, we’re just getting started. We’ll be at the Los Angeles Tea Party on July 4th. Join us! Rick Santelli will be the host.

bestwins on February 22, 2009 at 11:29 PM

[Alana on February 22, 2009 at 11:10 PM]

Are you talking about the 8 page (pdf) Treasury Fact sheet? That’s here.

Dusty on February 22, 2009 at 11:32 PM

Go Rick Go!

I’ll scare up some war paint and meet you at the harbor!

“Enough already” my flabby white arse! I want to put my money back in my 401K without it vanishing or going to pay for Octomom’s next plastic surgery. If people want my kind of money they can do my kind of work!

Sekhmet on February 22, 2009 at 11:34 PM

Doctor Zero on February 22, 2009 at 11:25 PM

Obama is set to announce (this week) that he is going to raise taxes.

TN Mom on February 22, 2009 at 11:37 PM

Right, someone had asked about it, and your link was what I linked to.

The interesting thing is it was on the whitehouse.gov web site – I had found it myself a few days ago.

Gibbs had SAID it was on it, too.

But now I can’t find it on there!

You can, though, now find a nauseating piece on there about how Gibbs “clears up misconceptions” about the mortgage plan, in response to the press conference.

Alana on February 22, 2009 at 11:38 PM

For anyone thinking that the government action in Citigroup is going to cause the DOW to ramp in the morning … TurboTax and Obama are playing a delicate gambit on Nationalization … explained concisely and correctly here:

http://market-ticker.org/archives/820-Citibank-Government-Stake-To-Increase.html

IrishSamurai on February 22, 2009 at 11:21 PM

I called a market ramp tomorrow because I’ve been watching the Asian markets tonight. Earlier the Nikkei was down 2.5% or so, but much of that dip has been erased since the Citi article hit. That said, I got out of equities two years ago when the phrase irrational exuberance kept haunting me. I won’t go back in unless and until I see two things occur: I have to believe I am seeing a real market bottom (and I think we’re a long way from that) AND the government has to get out of the way. Right now the market is rigged. It’s moving based on government action, not market fundamentals. How can anyone invest with confidence?

FYI…I’m a Ticker regular and was reading it as you posted. Denninger is right, as usual.

flyfisher on February 22, 2009 at 11:40 PM

Roslin said it best

Sekhmet on February 22, 2009 at 11:40 PM

Doctor Zero on February 22, 2009 at 11:25 PM

Obama is set to announce (this week) that he is going to raise taxes.

TN Mom on February 22, 2009 at 11:37 PM

Dude, if you understand economics, he announced this when he signed the porkulous pay-off.

Fighton03 on February 22, 2009 at 11:44 PM

It’s a bit like watching the brat at McDonalds pitch a fit, kick brother and scream till he’s red in the face. So of course, Mommy buys him an ice cream cone.

Spoiled kids often grow up to be spoiled adults who expect to be rewarded for ANY behavior. Except this time, WE’RE buying the ice cream cone.

Ugghhh…

outwestdownsouth on February 22, 2009 at 11:46 PM

Dude, it’s enough already.

Ugh, no it’s not. We’re watching the destruction of the country, and you want this guy to pipe down? If for nothing else, this video is great because it shows members of the media turning on the Obama administration because of how it is treating them.

RightWinged on February 22, 2009 at 11:47 PM

[Alana on February 22, 2009 at 11:38 PM]

I’ll have to look at your link more carefully. I didn’t think it was the same because yours is a 4 page executive summary pdf and my link is an 8 page fact sheet.

I got mine from the “Fact Sheet” link at the WH page which is here.

I downloaded it to cover for the inevitable Obama switcharoo and/or memory hole flushing.

Dusty on February 22, 2009 at 11:48 PM

Sheesh! I need to remember to scroll down when I’ve been away for a while. I butt my nose into the gay marriage thread above, trying to make sense out of the logic of some gay-marriage advocate named JetBoy. Sigh.

Here’s a post that deals with an issue that really matters. OT: The movie Patton is concluding in my time zone on AMC.

BuckeyeSam on February 22, 2009 at 11:49 PM

flyfisher on February 22, 2009 at 11:40 PM

Yeah, Denninger has been prescient on a lot of things. I too dumped all LTBH equity holdings in 2007. My friends thought I was crazy when I cashed out my 401k …

Currently up over 40% (over the 30% withdrawal penalty) in 2008/2009 trading ETFs and PUTs with my own brokerage account from the TickerForums.

IrishSamurai on February 22, 2009 at 11:54 PM

The biggest thing that irks me about Gibbs’ behavior is the condescension. The voice of the Obama administration appears to be quite comfortable talking to Mr. Santelli, and by extension all Americans who disagree with his plans, as if we are children or simpletons.

Such behavior is not only insufferably arrogant, but dangerous as well. It’s only a short step from thinking of your opponents as children, to trying to spank them. That’s the point at which this might get bloody.

mwl on February 22, 2009 at 11:58 PM

Should qualify my last statement

“with my own brokerage account, using information/advice from the TickerForums”

You can’t actually trade through their forum.

IrishSamurai on February 23, 2009 at 12:03 AM

No, it is NOT “enough already”!

Santelli speaks for all of us 92%ers. His remarks cannot longer be ignored by the mainstream, for they have gone viral and have caught the attention of those beyond conservative sites.

Thanks for your terrific summaries and insights, DoctorZero.

I suggest that Gibbs download these comments, print them, and then start looking for another job.

onlineanalyst on February 23, 2009 at 12:05 AM

Not only am I a 92% on my own home but also on a home that we own so that my mother in law can live in in safety, dignity and relative comfort. Remember when we took care of our own?

CCRWM on February 23, 2009 at 12:08 AM

Dude, it’s enough already.

This……..

……… is only the beginning.

Seven Percent Solution on February 23, 2009 at 12:12 AM

Dude, it’s enough already.

Enough? Dude, it’s barely begun. If you’ve already reached your limit, you’re in the wrong business.

Ronnie on February 23, 2009 at 12:14 AM

Dude, it’s enough already.

With friends like Allah…..

you know the rest.

Ampersand on February 23, 2009 at 12:17 AM

Yeah, Denninger has been prescient on a lot of things. I too dumped all LTBH equity holdings in 2007. My friends thought I was crazy when I cashed out my 401k …

Currently up over 40% (over the 30% withdrawal penalty) in 2008/2009 trading ETFs and PUTs with my own brokerage account from the TickerForums.

IrishSamurai on February 22, 2009 at 11:54 PM

Sounds very familiar. I’ve had similar results. The only stocks I still hold are restricted shares that won’t vest until next fall. I begged close family and a few friends to protect themselves the same time I did it. I’ve sent them dozens of Karl’s Tickers and I regularly send them links to Mish’s site. But most thought I was a nut. They still won’t the severity of the economic crisis.

The last report I received my father-in-law was down more than $2 million. And that was in early October when his idiot broker was telling him to stand pat. He stopped telling his wife how bad it’s gotten because he didn’t want me to find out. Over the past few months his hands have begun to shake and his doctor has attributed it to stress. I am certain he’s scared he’ll have to try to go back to work at age 73, after fifteen years of a carefree retirement.

My brother was down $500k before he decided he’d had enough amd my uncle has lost 45% of his net worth, but I have no idea what that equals in dollars. Thankfully, my parents trusted my instincts and followed my lead. My mother believed me and my dad didn’t want to listen to her worrying, so he dumped all of their equities.

flyfisher on February 23, 2009 at 12:18 AM

I agree with the majority of comments on here. This is not enough….this needs to be played every day on every station until America becomes aware of what is going on here.

ashofpompeii on February 23, 2009 at 12:18 AM

Santelli speaks for all of us 92%ers

Is Allah an eight percenter?

flyfisher on February 23, 2009 at 12:19 AM

Rick Santelli is the best reason to watch CNBC. He always calls it like it is. He’s called out Kramer for his ludicrus bull calls for the market 8 months ago. He’s called out anyone with moronic opinions.

For those that don’t know him, his “rant” was not a one-off. He’s delivered his opinion from the floor in a passioned way since the beginning of his reporting. And the silver haired guy next to him is “The Wolfman.” He’s always by his side when he reports from the floor.

Santelli is the f’in man.

Vincenzo on February 23, 2009 at 12:20 AM

OH, he also blasted the first bailout, and that it didn’t help regular people.

http://www.youtube.com/watch?v=3fNN_nOFs2Y

He’s not some silver spooned fool.

Vincenzo on February 23, 2009 at 12:21 AM

Alana on February 22, 2009 at 11:18 PM
Dusty on February 22, 2009 at 11:48 PM

Thanks for finding the links, they sure didn’t make it easy to find. I can’t imagine why.

msmveritas on February 23, 2009 at 12:30 AM

Rick Santelli is the best reason to watch CNBC. He always calls it like it is. He’s called out Kramer for his ludicrus bull calls for the market 8 months ago. He’s called out anyone with moronic opinions.

For those that don’t know him, his “rant” was not a one-off. He’s delivered his opinion from the floor in a passioned way since the beginning of his reporting. And the silver haired guy next to him is “The Wolfman.” He’s always by his side when he reports from the floor.

Santelli is the f’in man.

Vincenzo on February 23, 2009 at 12:20 AM

Exactly. Most of those trashing him probably never heard of him until last week. Santelli is one of the only reasons to watch CNBS. I like Kudlow and agree with him on many things, but he sees way too many mustard seeds. I used to cringe every time he would talk about Bush’s economy being “the greatest story never told.” He still doesn’t understand that our “prosperity” in recent years was a house of cards built on excessive debt. It was a bubble and nothing more. In recent years I’ve been concerned over his influence on leading conservative voices.

flyfisher on February 23, 2009 at 12:32 AM

Remember how liberals kept yelling about how we were bought and sold by China,we needed to quit importing all our goods from China, buy American,and China has a terrible human rights record and is enabling the genocide in Darfur.

I guess all of that has gone the way of Rendition,enhanced interrogation,use of state secrets,NSA wiretapping,campaign finance reform,lobbyist in the administration ….etc…etc..etc.

Clinton wraps Asia trip by asking China to buy US debt

Feb 22 03:50 AM US/Eastern
http://www.breitbart.com/article.php?id=CNG.42a44b0f5d9cf5c9762e80574e79a3d5.831&show_article=1

In Beijing, she called on authorities in Beijing to continue buying US Treasuries, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.

“By continuing to support American Treasury instruments the Chinese are recognising our interconnection. We are truly going to rise or fall together,” Clinton said at the US embassy here.

Clinton added: “The US needs the investment in Treasury bonds to shore up its economy to continue to buy Chinese products.”

And then Hillary starts to whine about Obama’s “pay to play” rip off of the American people:

“Because our economies are so intertwined the Chinese know that in order to start exporting again to its biggest market, the United States had to take some very drastic measures with this stimulus package,” Clinton said.

I didn’t see it mentioned anywhere in the article about this provision in the spendoulous:

Congress Approves Protectionist Measure That Could Spark Trade War

Major partners, including the European Union and Canada, say the legislation favoring U.S. steel, iron and manufactured goods for government projects could undermine pledges by the leaders of major economies not to resort to perfectionism during the world economic downturn.

AP
http://www.foxnews.com/politics/elections/2009/02/13/congress-approves-protectionist-measure-spark-trade-war/

The bill also allows the Obama administration and state governments to waive requirements to favor U.S. companies if they deem it in the U.S. public interest and if they publish a justification.

The dispute has put Obama in a difficult position. While campaigning last year, he raised questions whether U.S. trade agreements contained sufficient protection for labor and environmental standards. He has warned recently, however, about antagonizing trading partners and has made clear that passage of the overall stimulus bill is needed urgently to mend the U.S. economy.

Typical move by the Obama administration.
Make a bunch of noise by putting out some grandiose Plan with a great tag line for talking points (Buy American clause) but once everything is said and done,it is nothing but words.
Something for the “Salesman and Chief” to run around the country and repeat over and over for the Cameras.

In reality,it’s “Buy American” unless it is not in our best interest.
Pretty much what we have already been doing genius.

I think the “change” Americans were wanting to see,is policies coming from your administrations that make American products more competitive and affordable in the domestic and foreign markets.

As usual,thanks for nothing democrats.

Baxter Greene on February 23, 2009 at 12:45 AM

Dude, it’s enough already.

Beta Blogger

NO, it’s not enough.

INC on February 22, 2009 at 10:32 PM

Bing. Santelli’s cracking me up, and he needs to shove something big up Gibbs’ ass.

But Larry Kudlow – wow! Is he truly in agreement with Santelli, and truly outraged about the ObamaGibbs attacks on Santelli, or is he scrambling to recover from the thousands of conservative comments laughing about him sucking off Obama at their little cocktail party?

Jaibones on February 23, 2009 at 12:55 AM

OK, I think the press-secretary is lying about the mortgage plan, but seriously, where’s the “bullying”?

radiofreevillage on February 23, 2009 at 12:56 AM

It is most definitely is not enough already.

baldilocks on February 22, 2009 at 8:58 PM

Enough? Enough? Was it enough when the Germans bombed Pearl Harbor?!, etc., etc.

Jaibones on February 23, 2009 at 12:57 AM

I got mine from the “Fact Sheet” link at the WH page which is here.

I downloaded it to cover for the inevitable Obama switcharoo and/or memory hole flushing.

OK, that is where I got it before. Don’t know why I couldn’t find it tonight. But the other link I posted has more on it (the Treasury one); you might want to check that out, too.

Alana on February 23, 2009 at 12:59 AM

Team Obama’s Plan: say anything and then say something else ~and then duck.

Time to pluck this duck.

profitsbeard on February 23, 2009 at 1:09 AM

Speaking of which, Sen. Jim DeMint is calling for street demonstrations.
genso on February 22, 2009 at 11:07 PM

Problem with these types of demonstrations is that those of us who would participate, are to busy WORKING, taking care of our families, and paying our mortgages. Although, my proudest moment as a father was after a McCain rally in Mentor, Ohio, my three kids were holding up signs as the buses pulled out of the parking lot. After the McCain bus went by, the media bus followed. My daughter continued to hold up her “God Bless Sarah Palin” sign, my two boys put their signs down and gave the bus a double thumbs-down and started booing. I saw that moron from Mother Jones (Corn) looking out the window at us. I don’t think I have ever smiled bigger in my life as I stood behind my kids and gave him the finger. Ahh, those gun-clinging, American-loving, small town cooky families. On the second thought, I’d love to pull the kids out of school for a day and do a little marching as a family, where do I sign up?

kriscoleman on February 23, 2009 at 1:12 AM

It’s not enough already. I absolutely LOVE that somebody in the MSM is getting under Obama’s skin. I hope he keeps it up!

poorrichardsnews on February 23, 2009 at 1:21 AM

The riff on Santelli from the White House just underscores their thin skin and tin ear. Last week was the Santelli dust up and all the other crap seeping up through the White House drains. Now the Prez has opened up another can of worms over his ridiculous statement that he can slash the deficit in half.

Now Obama and Gibbs are going to have to spend another week trying to explain what the Hell the dear leader meant and in which parallel universe this is possible given their proclivities.

This is added proof that the administration is totally winging it. They are out of their depth and need to swim back to the shallow end of the pool.

We can only hope that the allure of fame is the cure for sycophancy and that others in the media will wander off the reservation and start taking shots.

moxie_neanderthal on February 23, 2009 at 1:28 AM

Speaking of which, Sen. Jim DeMint is calling for street demonstrations.

Street demonstrations are a terrible idea. It would be counter productinve. A rabble is held hostage by the capacity of its leaders to seem rational and reasonable in a situation that inherantly looks irrational and unreasonable.

moxie_neanderthal on February 23, 2009 at 1:32 AM

Dude, it’s enough already.

That comment was popular here. lol.

I say we need more. The attack on him by the PS was awful. He has every right to come back and address it.

scotth on February 23, 2009 at 1:33 AM

I guess this is what Obama meant about reconnecting with our allies and rebuilding relationships.

Dolt!

moxie_neanderthal on February 23, 2009 at 1:38 AM

Enough? RS hasn’t even started, AP. If anything, I think it’s you. So, ‘Dude, it’s enough already.’

http://fawstin.blogspot.com/

Bosch Fawstin on February 23, 2009 at 1:48 AM

I say we need more. The attack on him by the PS was awful. He has every right to come back and address it.

scotth on February 23, 2009 at 1:33 AM

Exactly tellling him to press “PRINT” and run off a copy of the plan?

That is as good as calling him an idiot.

I bet if it was AllahPundit he would have reacted.

I would like someone to tell him how to printout something and read (as in read it dummy) and see if he just says nothing.

Conan on February 23, 2009 at 2:22 AM

Umbummer has “Buckley’s chance” of slashing that deficit. He has absolutely no idea about economics or much else for that matter. He is full of hot air.

maggieo on February 23, 2009 at 2:33 AM

Dude, it’s enough already.

“Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”

Shy Guy on February 23, 2009 at 2:36 AM

Any bets on if it gets into the 6000’s this coming week??

Starting with a hundred point drop in a few hours. It’s going to be a back week…the budget trial balloon, this mortgage bill, and Citi getting nationalized…bad news…

Johnson on February 23, 2009 at 2:59 AM

Definitely NOT enough already!

This crap that is happening in America has just begun and it’s going to get worse if the useful idiot libs have their way, we need to have spines here.

Get with it, Allahpundit, lose the inner liberal inside you before it’s too late.

BobUSMC on February 23, 2009 at 3:01 AM

AP, you are wrong. It’s not enough. Chalk it up to Beta male, enamored with moderate Democrats, whatever. Your judgment is clouded. There is a large majority of frustrated and everyday citizens that realize that bailouts don’t work. If Santelli is the lightening rod for the sentiment, more power to him.

JeffB. on February 23, 2009 at 3:01 AM

Exactly tellling him to press “PRINT” and run off a copy of the plan?

imagine Tony Snow getting away with that…

Johnson on February 23, 2009 at 3:02 AM

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