RICK SANTELLI IS MY HERO!
Markets opened higher went lower ..went higher..went lower...etc etc. Its going nowhere fast but there are one or 2 bright spots. MLPS were up a couple and now down 1 on the index. Williams (WPZ) is down 1.43 and Martin Midstream is down 1.75 as the 2 biggest losers. Calumet Specialty Products had good earnings yesterday but closed down with the group. Its up 1.17 as the biggest winner.
Back to Rick Santelli. Bring on the revolution. He is absolutely 100% right on everything including having to take a shower once an hour if he had to work in Washington!
joseph cioffi's Source Page - Associated Content
6 comments:
It's funny that RICK SANTELLI is blaming home buyers for the entire mess we're in when the blame should be shared by many ( Congress, the SEC, Fasb,the FED,Banks,Rating Agencies, and of course Wall Street.
The guys cheering Santelli wouldn't be so happy if we started Lynching those who breached their fidiciary duty ( in peddling the MBS crap to their customers ). In fact many of them would be in hiding.
We should help those ( with underwater mortgages ) who are suffering through no fault of their own ( and finance it through a modest 80% income tax on Wall Street Commission and bonus income ).
That's the kind of Lynching these guys deserve.
Well, that's just dandy. What about me? My house is paid for. It also worth $200,000 less than I paid for it. I want cash, by God, to remedy my suffering, which is certainly coming through no fault of my own. And, I want it from you because you pay more taxes than I do.
Steve
HS...Rick is speaking specifically to the governmenrs response. And he is correct. Why should i as a homeowner who played by the rules pay someone else's mortgage; especially if they have a better house than mine? Was i a sucker for living within my means, paying my bills, paying for my kids college on my dime? I guess the answer to that is yes i was!
Amen Joe. This is America for Pete's sake -- whatever happened to capitalism?
I had an appointment, now I'm back to my screen.
SHK, your house will not increase in value as long as there is increasing supply due to additional foreclosures that could be prevented.
If you don't qualify to refinance your mortgage because of equity issues, I wouldn't object to equity ratios being waived for your refinancing your mortgage at a lower ( even subsidized ) rate as part of the stimulus package.
As to paying taxes, I have enough losses that I don't expect to be paying capital gains taxes for several years to come.
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Joe, my story isn't different from
yours. I too lived within my means, I pay my bills and carry no debt ( except a mortgage 80k on an 800k house ) and I prepaid my son's college expenses ( since I "foolishly" prepaid his college expenses in a UGFM account he doesn't qualify for need based aid ).
Were there people who foolishly took on debt that they had no hope of ever paying back on a home?
Of course.
Should they be helped... no.
This crisis has spread way beyond that.
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We're on this board because of an interest in MLPs.
They are in the toilet not in most cases because of fundamentals, but because of the fear of not obtaining financing when their debt needs to be rolled over.
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The bottom line is this housing and banking crisis ( that may lead to a depression ) was caused by the need for Wall Street and the Banks to sell MBS securities that were garbage (which were rated AAA) in order to pad their bonuses
in 2005 and 2006.
From a fiduciary standpoint ( while GS was shorting MBS's ), there was little concern for what havoc these
could cause to their customer's portfolios or the economy.
Maybe the extra bonuses totaled tens of Billions, the losses to the economy might total tens of Trillions before this is over.
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Santelli makes a compelling point: if stimulus spending jolts the economy into prosperity, why don't we do it every year? Every month? Every day? Has stimulus spending ever been known to work? I know the Japanese tried it for a decade+ and managed to get the national debt to exceed their GDP. Doesn't this fly in the face of Economics 101?
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