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Righteous Richard’s Revolutionary Rant

27 Feb
Righteous Richard

Righteous Richard

I heart Rick Santelli. For years, Mr. D and I have shared coffee, the newspaper and CNBC Squawk Box, each weekday morning.  I, in particular, LERVE the Chicago Exchange guru, Rick Santelli and his faithful sidekick, The Wolfman.  Santelli is of the Larry Kudlow vein and an unapologetic capitalist.  He’s also had enough.  Reminiscient of my recent “Mad as Hell”  and “Tax Man Cometh” posts, Santelli’s impromptu rant a week or so ago was like a shot heard around the world.  The Interwebs, and eventually the regular media, was abuzz with Santelli’s comments and how they seemed to encapsulate what ALOT of people, including me, feel.  In case you missed it…  I totally agree 100% with Rick Santelli.  And furthermore, I am greatly offended by Mr. Obama’s criticism that “our day of reckoning has arrived”.  Is it just me or is he paraphrasing that our “chickens have come home to roost”?  Let me be clear…most everyone I know has lived within their means and saved for the future.  They didn’t go out and buy a home they KNEW they could not afford or cars they could not make the payments on or buy the latest gadget by “charging it”.  But now, that diligence is being repaid by asking us to pay for the people who lived beyond their means.  How is that fair? Evidently, Mr. Santelli’s rant struck a nerve with the “Administration” (and, I use the term loosely)…as Obama’s Press minon, Robert Gibbs dismissed the concern and anger that represents many of the feelings of REGULAR people out here in the real world.  Does he just NOT get it?   Gibbs’ idiocy Then, as if on cue, left-wing pundit, Chris Matthews invites Santelli on his “show” and promptly minimizes Santelli’s concerns by asking him who he voted for?  What does that matter?  What a shill.   Santelli’s response Is this kind of crap not transparent to people?  Do people really believe guys like Chris Matthews?  Can’t “the media” be the least bit objective?  Jeez, makes my blood boil. Mr. Santelli is a trader and market expert that has been in the business of analyzing markets for 30 years, but it was his sincere, impromptu outrage that gave him instant credibility.  He tapped into exactly what ALOT of people out here are feeling, as was evidenced by the floor traders’ cheers.  As for the mortgage “crisis” and for those who bought more than they could afford…NOTHING is going to help them.  No matter how you re-structure their debt, they WILL NOT be able to afford the homes they are in.  You can blame the Mortgage industry, but if you do, blame Fannie Mae and Freddie Mac and then follow that little trail to two Senior Congressmen….Barney Frank and Chris Dodd — two “architects” of the new, wonderful legislative initiatives we will all be victims of. America has survived and thrived via free markets.  All of the proposed “intervention” throws a cog in the wheel and can actually make the problems worse.  As Mr. Santelli says, “let the markets correct themselves”.  There will be winners and there will be losers, but our economic recovery will be substantially prolonged if the free markets are manipulated by governmental policy.  The best solution is for our President to support the stock market to rescue our savings.  Stop the class warfare and realize that a good Wall Street is a GREAT Main Street. The majority of workers today are involved in some kind of Wall Street investment.  Most people have lost half of their life savings or more.  Until you fix the markets, you will not fix consumer confidence and until you fix consumer confidence, everyone suffers.  Mr. Obama has evidently declared war on the likes of Rick Santelli and others on “The Street”.  Even everyman, Jim Cramer, is now coming out with “Obama-proof” stock picks. Problem is, we have met the enemy and he is us.  America needs a surging stock market to restore the savings of the majority of hard-working Americans who “pay the freight”.  In his rant, Santelli suggested a Chicago Tea Party.  As a symbol.  Not so much to protest taxes, but to stand up and let those in charge know that we are here, we are watching and we want it fixed. That WE ARE NOT HAPPY and that we are going to get up and stand up to protect what we’ve worked our whole lives for.  Notice that you are not hearing anything about the protest Tea Parties even though there are many planned.  Just why is that? I invite you to “get up, stand up” and fight for your right.  Let your voice be heard…   Get Up, Stand Up, Bob Marley & The Wailers

VIVA LA REVOLUTION!!! 

  NOTE:  If you are interested in participating in the Tea Parties across the country, visit this blog for how you can Get Up, Stand Up.  <—-click here.

dont-tread-on-me-gadsden-flag

 
14 Comments

Posted by on February 27, 2009 in Calling Bullsh*t, Obama, rant, the economy

 

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14 responses to “Righteous Richard’s Revolutionary Rant

  1. huckleberryfriend

    February 28, 2009 at 1:27 pm

    I wonder if these are mostly Palin supporters? Seeing all the mothers with strollers made me think of a Palin rally.

    I don’t like the programs the government is creating, but the problem is so complicated I wonder how many people really understand it. What role are creditor nations like China and UAE playing behind the curtain? Are we being blackmailed by them? What happens if they refuse to buy the T-Bills required to support the bailout? If the government can’t sell t-bills, the government will start to print money leading to nearly worthless dollars.

    While I would love to blame government for this crisis, they were only a part of the problem. You had mortgage brokers working on commission convincing people to take on mortgages they couldn’t afford. The banks then sold the mortgages to Wall Street Banks who were looking for investment vehicles to take advantage of all the excess capital floating around (Greenspan’s low interest rates and money from China and India).

    These mortgages were bundled and sold with a AAA rating (probably should have been BBB) to banks, countries, cities, towns, and other investors. AAA meant there was an extremely low possibility of default. They lied! AIG sold insurance on these mortgage bundles based on their AAA rating, so didn’t charge a high enough premium to cover the risk.

    So what happened? Just about every person that wanted to buy a house now had a mortgage. And many people had 2 or even 3 houses. We didn’t need any more houses. But builders were still building. So we have a housing glut. (part of problem)

    Then some of the mortgages started to fail. And the house of cards came tumbling down. Investors wanted out of the mortgage bundles which drove down prices. Since we already had enough houses for everyone that wanted one, there was no one to buy foreclosed houses – prices started dropping. As houses drop in price, it gets harder and harder to refinance – so more foreclosures – and lower house prices.

    Wall street banks and investors in mortgage bundles are losing money and trying to sell off the bundles. AIG has to start paying insurance and doesn’t have enough money to pay the claims. Total panic sets in. Everyone is trying to dump the mortgages. Banks become undercapitalized and don’t have any money to lend. Plus they are afraid the other banks may not be solvent, so they don’t want to take a chance of loaning them money. This is when the Federal Reserve pumped all the money into the banks to try to stop the financial meltdown.

    So what are these mortgage bundles worth? These are the toxic assets we keep hearing about. They are worth more than the panic price of today but less than what they originally sold for. But no one wants to set a price for them.

    This is what TARP1 was supposed to do – take these mortgage bundles off the books of the banks, assign a fair price to them, and then reselll them. They thought this would recapitalize the banks and get the mortgage bundles back into the market at a fair price.

    But something else happened and the government doesn’t want to tell us what it is. I’m being a little paranoid here, but I really think China called us out. They own so much of our debt, I think they have veto power over what we do. When you listen to CNBC or Fox Business News what you keep hearing the traders and analysts demand is clarity and transparency, but for some reason the government is not providing it and not forcing the banks to provide it.

    So since there is no clarity, every time Obama or one of his financial people opens his/her mouth, the market either goes up or down. Traders are reacting to each little piece of information because the government hasn’t laid out the entire plan.

    A small correction – Frank is in the House, not the Senate.

    MM – Thanks for indulging me. Writing this out helped me clarify in my own mind what is going on.

     
  2. music maven

    February 28, 2009 at 3:32 pm

    Huck — you make some interesting points. I totally agree about the markets begging for clarity. When Bernacke gave specifics, the market soared. Obama is so vague and even when he states “facts”, it’s just rhetoric.

    Again, I will say that until you turn the DOW around and people start making some money back on their investments, this economy will stagnate. I want Mr. Obama to be positive, proactive and to stop trying to be “Robin Hood”.

     
  3. yup

    February 28, 2009 at 9:22 pm

    i wonder how much they paid for this conservative viral blog. pretty weak attempt at gathering support. kinda sad actually.

     
  4. music maven

    February 28, 2009 at 9:40 pm

    BWAHAHAHA!! Now, THAT, is hilarious.

    This blog has been in existence for two years and has a total of about 5 posts that are not music related. Is it so hard to believe that someone is just simply unsatisfied with where this country is, currently?

    I SOOOOOOOOOOOOO wish I was getting paid. But alas, I’m just a pissed off, every day American.

    ….Paid….heh.

     
  5. selbram

    March 2, 2009 at 10:44 am

    Yup’s response is typical of all liberals where they just vomit one sentence with no meaning and sit back with a big fat smile feeling like something was accomplished. Yup try soemthing new – a plan. Instead of coming out with problems, come with a soultion.

    It is time to replace the 535 representatives and senators – all at once – with some fresh blood and then maybe, just maybe we can get some real work done. Hey Yup, I am goign to stop paying my mortgage and overextend myself and then come knowcking on your door demanding you help me pay for it.

     
  6. morewines

    March 9, 2009 at 10:17 pm

    I think you forgot to mention the greedy Executive officers that get way too much in bonuses even if they run the company into the ground. Claims that you have to pay like this to get talented people. Well here’s a rude awakening. It’s not talent to run a company into the ground. In addition you might want to add that the those mortgage companies that required their loan officers to sell so many mortgages and they had to sell these mortgages with teaser rates. Their jobs depended selling these crappy mortgages. Those mortagage companies (executive officers) new full well that when these mortgages adjusted that the people they sold them to would not be able to make the payments. As far as I’m concerned they need to go to jail and many Republicans have agreed with my statment.

    401ks. They are funds that are tied to the stock market. You take a risk. Just like Vegas. You better be prepared to lose the money that you are risking.

    I lucked out. In September of 2008 I put all of my 401k into a fund that works like a CD. I had a sneaky feeling that something was going to go bad on the market so I protected my assesets.
    So I get about 5% return while the market has been taking a dive. When it turns around I will dispurse my money into other funds.

    I’d rather give PRESIDENT Obama (not Mr. out of respect for the office) a chance before condeming him. Besides he was
    all this crap!

     
  7. morewines

    March 9, 2009 at 10:19 pm

    correction
    Besides he was handed
    all this crap!

     
  8. music maven

    March 9, 2009 at 10:29 pm

    I said early on that I’d be ok with PRESIDENT Obama if the stock market went up. While he did inherit a crappy hand, he has done nothing but make it worse. Try this on for size….since his inauguration, January 20th, the market has lost 20% of it’s value. Jobless claims jumped significantly in January and February.

    The stock market is usually a leading indicator of things to come. This administration’s lack of consistency is killing sentiment. One day it’s catastrophe and calamity, the next it’s “why aren’t you spending and investing?”. Their lack of addressing the banking crisis is paralyzing everyone. Geitner is doing NOTHING, which the markets despise.

    Lucky you that you got out, but millions didn’t and the loss of wealth in six short months is staggering. If there was confidence in the administration, we’d see the markets stabilize and start to recover. Perhaps if they would stop sparring with Rush Limbaugh, Rick Santelli, Jim Cramer and others in the press and get to work, we could get something — ANYTHING — done to start fixing the problems.

    To quote Bill Clinton, “It’s the economy, stupid.” Time to focus.

     
  9. morewines

    March 9, 2009 at 11:28 pm

    MM,

    He has only been in office for about a month and a half.
    The market is down 20% because it is perpetuated by what
    had already begun before Obama was sworn in.

    The media does not help this situation. Scaring people with
    stories about credit card companies doubling their interest rates. The loss of the middle class etc.

    It was reported today on the news that people are saving more
    and not trying to get credit and not spending money. This is
    a first. Yet much of the economy depends on credit.

    You can’t blame the current events since the first of this year
    on President Obama.

    It really comes down to corprate greed.

    I laugh when people say they don’t want bigger government
    because it takes more tax dollars. Then corporate America
    needs to stop screwing people over (currently the mortgage industry in the past airlines fixing ticket prices for just a couple of examples) and their won’t be bigger government.

    Like I said. Your money is at risk in a 401k. You have
    got to understand that. It’s just like gambling in Vegas.
    So do something to protect the assets that you have.
    This advice came to me from a banker.

     
  10. morewines

    March 9, 2009 at 11:30 pm

    correction
    there won’t be bigger government.

    I’m sorry that you may have lost a lot of money in your 401k.

     
  11. music maven

    March 10, 2009 at 7:53 am

    While I understand that the crux of the problems were not of his making, the fact is that the market does not like him or his policies. If they sensed an end or progress, the market would improve. Instead, we see daily declines.

    Most of the 401k money lost isn’t from those “gambling” with their money. It is money invested, through their workplace, in mutual funds, company stock and other equity. The premise works and there are cycles. I’ve been in the market for 25 years or so and it’s still the best and most diverse investment opportunity. However, outside forces like lack of financial discipline by the government and an un responsive treasury department can greatly hurt it in the short run. BTW, investing in bank CDs may be just as risky if the FDIC isn’t soon re-captialized (again costing us all tax dollars).

    President Obama has said that he doesn’t really care what the market does…that it’s just a poll. What HE needs to understand is that the majority of folks paying taxes and those that he needs more taxes from rely on the market to improve their financial positions. I behooves him to play nice with the market and to stop talking it down, fighting with capitalists, and generally ignoring the fact that a shitload of people are losing a shitload of money.

    By jamming his agenda through while Rome burns, he has lost any respect that I had for him. While global warming, education and health care are important to address, it’s like watering the lawn while the house is burning. He seriously needs to give ole Bill a call. I never thought I’d say this but, I would give my right pinky to have Bill Clinton in the Oval Office again.

    My sincere opinion is that President Obama is just like the popular football player who is elected Student Council President, then doesn’t have a clue as to how to govern. It really does look like amateur hour and unfortunately, we all continue to pay the price — whether you are/were in the market or not. Make no mistake, EVERYONE is affected.

    The man ran on the grandoise rhetoric that he was a Lincoln-esque leader….well, now’s the time to walk the walk. It’s time for him to stop saying that it’s “not his crisis” and simply get working to get it fixed…and I don’t call ill-advised spending of nearly a trillion dollars that answer. Fix the banking system, don’t raise taxes, and calm the markets. That’s it. Simple. If he REALLY wants to fix the problem and not use it to extort his agenda from a petrified populus.

    Much like the left had disdain for Bush and trusted nothing he did, the right is now feeling about Obama. Those who give no quarter should expect no quarter.

     
  12. morewines

    March 10, 2009 at 11:19 am

    The Dow is up over 300 points as of the writing of this comment.

     
  13. music maven

    March 10, 2009 at 1:20 pm

    That’s because CitiBank says it’s going to make a profit. God Bless Free Markets. While Geitner and company contemplate, business takes care of itself….and wasn’t the administration just talking about another “bailout” for Citi just last week?

    I hate to argue about this crap, so let’s not. Back to the music. I have some GREAT stuff coming soon.

    XOXO–

    MM

     
  14. morewines

    March 10, 2009 at 8:29 pm

    Actually it was the comment Ben Bernanke made. In the news he
    was quoted as saying that he expects the recession to end before the end of this year. As soon as he said that the Dow shot up.

    Waiting for more music.

     

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