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Must see clip

http://www.cnbc.com/id/15840232?video=1039849853

Obama is getting the crap he deserves

DAR
You're not a peasant Galt, you're a "villager." I remember Galt was always one to make sure and include either or a lie or an inaccuracy in his title and/or first sentence. Someday we will get a rightwinger around here who can keep up. It's what I want for X-mas.

Anyway, what a load of ignorant noise. I couldn't make it all the way through it. Seemed his fellow news casters were embarrassed by him too. Just another example of how shallow and stupid American news reporting is.

The ass in the clip claims that even if mortgage rates were reduced to -2%, some/many people still wouldn't be able to afford these homes. Of course that's true. Two points for our little drive-by (Galt) poster:

a) Obama's mortgage assistance plan is designed to specifically weed out people who were riding the bubble and got caught on the wrong side while flipping homes. They should lose.

b) For people who really wanted their home but have gotten caught with a 20-30% depreciation in value and have a balloon due on a really bad loan, the best answer may be to renegotiated and even supplement/subsidize the mortgage. Why? Because the bank doesn't want all of these goddamn homes back in foreclosure either. So instead of a lose/lose situation, better to work for something better.

I listen to CNBC quite a bit on my radio as I follow the market throughout the day. It's filled with dimwitted fast talking bubble heads who love to listen to themselves interrupt the next guy. Unfortunately, as this clip shows (and the fact that someone would think it was worth posting), the fake rage and bluster fools the average "peasant" (i.e. villager) into thinking they are hearing something intelligent just because the bobble head puts a lot of emotion behind it. They mistake volume for actual content. This is how O'Lielly, Kudlow and the rest stay on the screen.

Regarding the state of US news in general, my experience is similar to this fellow:

"I’ve been an ex-pat for quite some time, and about four years ago, when I went back to the States to visit my dying father, I arrived with a snootful of scorn at how ignorant and dogmatic so many Americans I had talked to as tourists in Europe seemed to be. It took flicking through his 999 channels of satellite television to make me I realise – so many Americans are ignorant and dogmatic because they have no real news. There’s nothing on American channels worthy of the label, the only real news I could find was BBC World. American news coverage four years ago was abysmal. It seems it hasn’t gotten any better in the interim. Walter Cronkite must be rolling in his… oh wait, he’s not dead. Can we bring him back, please? Can we please, please bring back news reporters and anchors with even the slightest hint of ethics and decency and any genuine love of journalism?

One of the benefits to living in New Zealand is relative insulation from bombardment by what has got to be one of the worst news media in the history of the United States, with the worst, the very worst offender being Fox Network."

LINK

DAR
Regarding the supposed "revolt against Obama" do note that his approval rating is currently in the mid-60's. And this during some very difficult, Bush induced, times.

Link

D.

Today's testimonial comes from a military family. Carol Ann Smith has a son serving in Iraq and a husband who served in Vietnam:

I have a daughter who is mentally ill and my husband and I are raising her two children. The cost of her treatment and the care of the children made it difficult to pay the bills. My husband taught Algebra and Geometry in the public schools and I am a second shift computer operator.

In desperate circumstances we refinanced our home with HSBC at a 12% rate, thinking that we could refinance in a year. Then, my husband had a stroke and had to take early retirement. We quit paying our mortgage and filed bankruptcy.

HSBC has offered an 8% rate, but they added $18,000 to our $180,000 mortgage, raising the loan amount to $208,000. The house would not appraise for more that $180,000.

We received this offer in a letter. The payment is still too high. I have tried to call HSBC and left at least 20 or 30 messages, but they do not return my calls (we have signed a waiver through our attorney allowing direct contact.) If they would work with us on the payment, we would be able to stay in our home. It is just frustrating that they won't return my calls.

No one placed a gun to our head and made us make this terrible loan, but we are willing to pay back every cent if they would only lower the rate to make the payment something we can afford. Otherwise, HSBC will own a home that needs quite a bit of work, in a neighborhood where several homes are already for sale.

My husband is a Vietnam veteran and my son is currently in Iraq. We are good citizens that have faced life changing events. I pray for everyone going through the anxiety and stress of losing a home. Ultimately, we are all in this together.

Today, while Smith stares down foreclosure, over 10,000 people will lose their homes.

Link

DAR
So what do the "peasants" want to do? Throw them out in the streets? That's what the guy in the CNBC clip wants to do with them. Is that what "Jim" wants to do? Oh, he's gone already.

D.

I would really enjoy having a few conflicting viewpoints debated in an intelligent, worthwhile manner.

DAR
White House press secretary responds to the Santelli rant:

"I'm not entirely sure where Mr. Santelli lives or in what house he lives in. But the American people are struggling every day to meet their mortgage, stay in their jobs, pay their bills to send their kids to school, and to hope that they don't get sick or somebody they care for gets sick that sends them into bankruptcy. I think we left a few months ago the adage that if it was good for a derivatives trader, that it was good for Main Street. I think the verdict is in on that.

"I would be more than happy to have him come here and read it. I'd be happy to buy him a cup of coffee....decaf." Link

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I couldn't get the peasant's clip to play, but this was at the top of the video window:

CNBC's Rick Santelli and the traders on the floor of the CBOE express outrage over the notion they may have to pay their neighbor's mortgage, particularly if they bought far more house than they could actually afford, with Jason Roney, Sharmac Capital.

No outrage that they will pay for multi-million dollar bonuses for failed bankers, about a total of $23 Bn last year under Bush. That's ok? No outrage that luxury jets will be bought with taxpayers money. Trillions in loans from the Fed Reserve Banks to keep up failing, near-insolvent banks. Whose gonna pay that Peasant-man in the event the banks fold? You can have one guess.

But when regular people who have paid all along are taken in by predatory lenders get a few crumbs it calls for outrage. Stupid is as stupid does. Just imagine peasant-man...if Ron Paul had his way the financial system would be crashing right now. Paul says let them fail which would mean a domino effect and wash out a decade of profits. Likely CNBC would no longer be on the air. Not such a bad idea.

Wonder if we could get video of those outrage-queens at CNBC jumping out of 20th floor windows?

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L.Wood wrote:.
No outrage that they will pay for multi-million dollar bonuses for failed bankers, about a total of $23 Bn last year under Bush.

DAR
An interesting four minute blurb on how Burger King (Goldman Sachs) took 6 billion in bailout money and gave it in bonuses to it's financial staff (while the grunts wallow in poverty):

video link

if Ron Paul had his way the financial system would be crashing right now.

DAR
I guess you mean crashing worse than it already is. Funny how we don't hear a peep, NOT A BLESSED PEEP about the center piece of G.W.'s second term:

Privatizing Social Security.
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L.Wood wrote:...if Ron Paul had his way the financial system would be crashing right now. Paul says let them fail which would mean a domino effect and wash out a decade of profits.

DOUG
Ron Paul was interviewed (via satellite) by Bill Maher on his Real Time on HBO show. Friday the 20th was his first show of the new season and Maher was very good. He agreed with Ron Paul about canceling the war on drugs and bringing the troops home, but he, as you might imagine, disagreed about just letting banks and mortgage companies crash and burn. Ron Paul came off looking kind of looney, as usual. Paul has some narrative about how the Great Depression would have been over in a year if only the government had kept its hands out of the whole mess, and he asserts that our present financial crisis would only last 6 months to a year also--as long as no one does anything. Unfortunately, he had zero evidence to support his claims.