CNBC's Rick Santelli Compares Mortgage Bailout to Cuba

Rick Santelli is doing exactly what our founding fathers did when this country began. Talk about intolerance. My grandfather got his house by digging ditches and fixing ohter peoples utilities in the middle of winter. Smetimes working days at a time without sleep. He bought a dump that nobady wanted and cut the grass with a scythe, painted and fixed, and had a home. He did this with a third grade education and a rudimentary knowledge of the language. Point- adversity does not make you a victim, it makes you resourceful. But if big brother government solves everyone\’s problems it makes you a cripple. And how do I know that? I worked in a poor school district where my students (sweet beautiful littel girls) didn\’t know that you had to go to work to get a check. They just got checks sent to their homes. Keep up with the Obama plan and there will be no American Dream. It will be an American nightmare impossible to escape.

The guy is frustrated cause his loosing his shirt and is lashing out. Limbaugh is lashing out too and this attracts all kinds of frustrated broke people. Santelli has not the intelligence to offer a solution to the problem started by Wall Street. I think he should be fired i know i will not listen to CNBC anymore because of him and his stupid rants.

Rick was correct and was just expressing the disappointment of generations that have worked hard and paid for both their success and their failures, unlike the new Obama country that begins their journey with both hands stretched out.

Ms. McNamara’s remarks about Marin are accurate. I also live in Marin (26 years, small business owner). My neighborhood consists of hundreds of modest SFH\’s, most 1100 sq.ft. nothing fancy. The median (and average) in my neighborhood is 30% to 40% below the median (and average) for the county overall. thanks to Ms.M. for posting the link to the Robert Reich talk at Commonwealth. I took the time out to listen and it was quite interesting, especially the discussion about wage stagnation. to \”Dave\” - excellent suggestion.

Mary - please google \”median\” and \”average\” and learn the difference - only an average calculation is distorted by outliers on one end of the spectrum. Marin county homes \”very modest\” please spare us…..anyone with any knowledge of the area knows that is ridiculous

Gee, a shock that an O-bot doesn\’t want debate.

It\’s called rent! hmm…the housing crisis in your neighborhood hit the hispanics the most- how many of your neighbors are illegal immigrants to boost? if you can\’t read the loan document you are signing, you shouldn\’t be signing it, and if you can read it and realize you can\’t make the payments- it\’s ok to rent…take responsibility for your own actions people! get the government out of economics! if they get out and let things alone it\’ll correct itself

Mary is just a blind Obamaton.

Typical for her and her neighbors that want to take our money and distribute to those that just want to sit home and watch Keith Olbermann and his run away legs want all day.

Obama and Mary play the class warfare card.

As long as they have theirs….the hell with us.

Well…Santelli has this right.

Mary and the other kool aid drinkers will just have to get use to it.

\” as for other comments and marin stereotypes, my \\’hood of very modest, small homes (not more than 1200 sq ft) is middle/working class - populated with school teachers, FBI agents, firemen and women etc., cops etc. lots of small biz owners who don\\’t make a lot of money

Come off it Mary, tell us the median price of houses in your hood say last year, or at the top of the boom, that will give us a real idea of how downtrodden you are.

Is that the same Marin County that spawned (and later defended)Jihad Johnny Walker Lindh?

That says it all.

Mary, your desire to squash any and all dissent (\”patriotic\” from 1-20-01 to 1-20-09, but now \”damaging\”) is not surprising from a Hope and Changer such as yourself.

And were these \”hard working\” hispanics here legally, or were they draining the California Welfare System?

\”…in my neighborhood of very modest Marin County homes, the mortgage crisis has hit the Hispanic households the hardest. They work hard. They weren’t buying luxury homes.\”

LOL, this writer is an idiot. Marin County is one of the most expensive counties in the US! I work damn hard too, and I left California because of all the Hispanic illegals that were pouring in, taking advantage of government handouts, raising the crime rate and selfishly blasting my neighborhood with barrio music.

Wow Marcus, you call Santelli a moron? Take a look in the mirror.

“When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin

Mary: How much are you paid to defend Obama against all dissent? Rick Santelli is right on the point! Americans aren\’t stupid. Obama wants to reward bad behavior AT TAXPAYER EXPENSE! When welfare reform began in \’96 the illegitimate birth rate has decreased steadily.

Same applies here. Don\’t have more kids than you can afford and don\’t buy more house than you can afford. And don\’t spend MY tax dollars on these bottom feeders!

Rick Santelli is sharing the frustration of the millions who have worked hard, managed their money properly and gotten bit by a government that is trying to prop up what cannot succeed. Spending trillions to subsidize corporations and individuals who are not making good decisions in their finances only increases the pain of this market correction. We are spending the future wealth of America to support those who after the smoke clears will get right back into the financial crisis they are in today. Pain is a tough teacher but if we try to avoid it by spending the wealth of America what have we really done? We have postponed the inevitable and kept in business, companies that will fail in the next market slump. There is nothing that will ever replace sound financial principals. I agree with Rick Santelli, the capitalists who built this country on hard work, innovation, wise financial management etc. would be shocked at what we have become. In one 6 month period we have traded our wealth in exchange for a short delay of the inevitable.

Let the market do its work, we will get healthy again but not by installing socialism!

And we expect governmet to fix education, health care, social security, etc. ? I guess fixing education will mean \”lowering these standards too\”. We can\’t expect too much from our students and unionized teachers so just lower the standards. Just how will these approach help the students who work hard and have strong potential ? Our governemnt will just rward the laggards with college tuition assistance so that they can learn that \”governemtn\” will take care of you if you can\’t/will not take care of yourself. Why else would they give money baack to people that didn\’t pay anytaxes to begin with ?

HOW ABOUT REWARDIGN THE PEOPLE ROWING THE BOAT AND NOT JUST THE ONES GOING ALONG FOR THE RIDE ?

Liberal rant followed by more irrational liberal rants and man do you guys go off the deep end. Rick\’s point was pretty easy to understand and shouldn\’t offend anyone beyond those blinded by their political ideology. Let\’s just hope that our policy makers are not like most of the people on this board or we really will be the next Cuba.

In response to that guy on cnbc wall street moron. Once it was sure ok that main street bailed out wall street no complaints there right!? Now that this president wants to do anything to stabilize markets values the rich don\’t like that too much. And the whole reason we are in this mess is because of the banks foreclosing houses and crushing our homes values and panicked home owners trying to salvage the only savings they have ever known. You know nothing about the pain main street is feeling because you are all better off then main street. CNBC and half the media are clearly republicans give all the money back that was used to bail out wall street and the banks and give 250,000 dollars to each stressed homeowner and watch the economy explode. Meanwhile a couple morons are getting billions of dollars and the economy is falling into hell. Santelli is an idiot and should shut his mouth. Cut santelli\’s salary and give it to the homeowners. Taking from one group and given to another meanwhile the people that he says are getting the hand outs were robbed by horrible mortgages in the first place. I\’ve paid 250000 on my house in four years and still owe the same amount how much is enough? The greedy banks and greedy stock market players are the real cause of this mess and the poor homeowners that have to pay there entire salary out on a house so these jerks get rich are the real victims. They should turn the mics off on these thieves that\’t right thieves. You steal peoples money and then blame them for not having any money to pay after they lose there jobs because you short sold homes crushed property values. Accumulating wealth is a crime when you haven\’t worked for it you jerk. People bought homes because it was clearly and investment and then you started on with your bubble crap and ruined everything the media banks and stock market all thieves. Why should a homeowner buy a house and pay you 1,500,000 dollars to borrow 250,000 robbery. The economy can be fixed by taking everything away from every rich jerk and handing it over to the middle class who don\’t stuff every dime in there pocket and think of ways to steal money from there neighbor with a god dam pen. Rick Santelli shut your face!!!! You weren\’t complaining when we paid for your stocks to be stabilized right? Oh but that\’s ok that\’s your money that we are protecting. And sure you\’d love our foreclosed home gives you more homes to buy at a discount and rob more money from the middle class later by selling it for a profit. You should all be held for crimes grand larceny. You don\’t even know how bad it is try having a loan that some mortgage broker tricked you into with the promise of a payment and then your payment going up 800 dollars because he flat out lies to you then try selling your house for 4 years Rick Santelli 4 years of people walking through your house try working your butt off keeping up with the 800 dollar difference and not being able to get out of the problem. Try watching the government help everyone with your money my money banks, investment firms no way should some investment firm be helped before a taxpayer no way. Help your firm with my money while I drowned being robbed by the same firm that\’s failing. You steal my money fail because of it then steal more of it. You fools have been crying for your help and got it now its time to help main street. The fact of matter is you caused the problem with your greed. You couldn\’t make 6.5 you had to have an extra point right. And instead of going through all the loans every single one and rewriting the loans to the new values and adjusting the rates which would have fixed this problem 4 years ago you had to play the tough ball game trying to punish the homeowner that took to much on how about the bank that wanted to much profits with our money in the first place our money not yours. You are profiting with our money. And there\’s no way that any of these firms are going to pay back this money to the tax payers you going to give us 7.5 APR on our money ya right. Keep you mouth shut Rick frankly I am sick of hearing rich people complain about bailing out the middle class when we have been bailing you out since the dawn of time. You better bail us out or life as you know it is over no more profits no more cars sold no more money ever. Your stock markets going to Zero ZIp Zilch you dont bail us out watch. Stop talking you irritate the crap out of me and I am sick of this whole thing. You ain\’t bailing anyone out. We\’ve already paid more money on these houses in interest than these houses are worth and frankly we should be going to court in a mega class action suit against the banks. And sue for grand larceny you steal so much money with all your legal bs mortgage paperwork so confusing you have to be a harvard grad to understand the crap like that\’s not done on purpose and crap why not give a real estate agent 30k to sell a houses that I had to work my butt off for years to pay they get half of the profit for 30 minutes of work and hey sure take 95% of my payment as interest and 1% towards principal you must think we are dumb we are done being robbed by you people and you don\’t fix it you going to join us in the poor house. Happy day Rick! Hope you lose every dime you have in that market and you already got your bail out so that\’s it for you jerk.

Where in Marin can anyone find a modest home? It is one of the most expensive places in the US to live. The 9 years I lived there I could not afford one. I don\’t know how the Hispanics can afford a home in Marin. Oh, they can\’t - must have taken out one of those sub-prime mortgages.

\”…damaging to national discourse.\” Your starting to sound like the Neo-cons. \”Your not patriotic if you speak out against the Iraq war and that makes you a traitor.\”

Right, by all means The homeowners that bought houses they couldn\’t afford should be given the chance to do the same thing again-makes total sense. And Mary, I\’ll just bet you\’re a fan of Che.

Seriously? Once again a so-called liberal calls for the squashing of dissenting opinion.

I would suppose any anti-Obama speech is \”damaging to the American discourse\”?

Go look up discourse. Blog on that.

Thank you one and all for relaying my talking points — you are all good Americans! And don\’t forget: SOCIALIST!

What a Marxist comment Julie, Santelli speaks dissension against Obama the great and you say he should be replaced. Go polish your Lenin statue.

Unfortunately there are not enough Rick Santelli\’s on public radio and television.  Perhaps Obama should be listening more the Rick\’s of the world instead of his socialist friends and supporters.

Democrat and Republican legislation over the past twenty years caused the current economic crisis.

Mr. Reich\’s advise is responsible for a great deal of this legislation and policy change. The recent actions of both parties in response to the crisis will make Americans significantly poorer and America sigificantly weaker.

Glossing over the real dangers of this stimulus bill is damaging to national discourse. This was shoved down our throats by a bunch of partisan hacks in DC who never read the bill before they voted on it. Every non partisan report indicates this will cause grave damage to our nation yet some of you want to pretend the massive inflation, unemployment and collapse of the business sector will usher in sunshine and roses.

Mr. Santelli should be replaced. Anyone who is so envolved in the stock market and then complains about paying for someone else\’s problems should just get a new mirror. Consider his insurance, car, home owners\’s, health etc. 22vv9

Marin County?!?! You are out of touch with reality. You only undermine yourself more by mentioning that socialist Robert Reich.

Th every phrase: \”modest Marin County homes\” shows us just how out of touch with reality McNamara is. The \”stimulus\” bill and yesterday\’s mortgage proposal will drive us down the road to Havana.

Sorry Mary,

A POLITICAL gap not an economic gap moved Cuban into the disaster it is today. Check your facts. Batista not hunger and poverty moved Castro to the revolution. In all truth I agree with Rick Satelli.

Best regards,

AS

Learn some American hstory. Prosperity didn't come to this country by way of socialist programs. Didn't JFK say "don't ask what your country can do for you, but what you can do for your country". Goes to show how we easily forget our roots. By the way Santelli was againts the bank bailouts and the automakers because of the "dilution" of maket prices...

Rick is correct. IF something must be done, it should be done to help the housing market as a whole and available to everyone. Why not double the home interest deduction for the next 3-5 years on primary residences? Everyone that has a mortgage can participate and it would promote new home ownership also. If you had $10,000 in mortgage interest and are in the 25% tax bracket that would be an additional $2,500 or $200 per month to help with your mortgage and put more money in the economy. The costs for this should be easy for the government to figure out. If doubling the deduction is too costly, then 1.5 times the deduction would still do more for the housing market than the current plan being offered by the administration. If this doesn’t stabilize the housing market, take it a step further and include rental property also. Whatever the administration does, it should be available to everyone, not just select individuals.

last word on the subject. the homes in my 'hood are modest - very small, unpretentious. SFH in my 'hood are far below the median (AND the average) for Marin. from Marin IJ article "the median is pushed up by sales on the high end." www.marinij.com/marin/ci_5914757
"It's very community-specific..."

SO I guess that "dissent" is no longer patriotic?

Typical pig at a trough, they don't like to share either..wall street doesn't mind taking your money but like a hog at feeding time they think of nothing but themselfs...and to all of the sheep following rick they will soon be eaten by the wolfs in sheeps clothing

the median price of home in Marin is distorted by a few v. high priced communities in the County. median home price in my 'hood is precisely in line w/ the median for the Bay Area.

Marin County? To quote you, "Oh, dear." You completely missed the point of Santelli's rant. If Obama is going to do something for homeowners, don't pick and choose, help everyone. Sure, help those people who are victims of bad breaks/circumstances, but also give something to those who didn't buy over their heads and have made their mortgage payments. A tax incentive, a mortgage interest holiday, a one-time low interest refi opportunity...whatever, but do something. Don't penalize the responsible homeowners by saying 'you did what you were supposed to do, so you get nothing.' That's fair? To quote Judge Smails in Caddyshack, "You'll get nothing, and like it!"

Mary, I can't pay my rent because I just bought a big screen TV. It was only 37" TV, not the 46", that's way too big for my room. So, please I need some help, can you write a check for my apartment?

Hey AS - I think perhaps you misread my comment. I was referring to "SOME of the conditions that LED to the revolution" i.e. poverty and income disparities under the Batista regime. Some research here: edis.ifas.ufl.edu/pdffiles/FE/FE48000.pdf "The city of Havana is living an epoch of extraordinary prosperity, while in the countryside, people, especially the agricultural workers, are living in sluggish, miserable, and desperate conditions too difficult to believe” (Gastón et al., 1957, p. 6).
www.pbs.org/wgbh/amex/castro/peopleevents/e_precastro.html on pre-castro Cuba
"There were, however, profound inequalities in Cuban society -- between city and countryside and between whites and blacks. In the countryside, some Cubans lived in abysmal poverty. Sugar production was seasonal, and the macheteros -- sugarcane cutters who only worked four months out of the year -- were an army of unemployed, perpetually in debt and living on the margins of survival. Many poor peasants were seriously malnourished and hungry. Neither health care nor education reached those rural Cubans at the bottom of society. Illiteracy was widespread, and those lucky enough to attend school seldom made it past the first or second grades. Clusters of graveyards dotted the main highway along the foothills of the Sierra Maestra, marking the spots where people died waiting for transportation to the nearest hospitals and clinics in Santiago de Cuba."
as for other comments and marin stereotypes, my 'hood of very modest, small homes (not more than 1200 sq ft) is middle/working class - populated with school teachers, FBI agents, firemen and women etc., cops etc. lots of small biz owners who don't make a lot of money.
did anyone see the 60 Minutes segment on World Savings lending practices?