How Insurance Works

Rick Santelli of CNBC Angry Obama is Helping “Losers”

c_n_b_c_ reporter rex and telly went
crazy the other day the white house has responded as well but first we’ve got a
show you about what makes entirely and did uh… when he was on c_n_b_c_ insist
very animated about this housing rescue plan the bronco bomber
has it might lead to some homeowners in the
country and uh… recent tele call it apparently
believes they made some bad decisions and that they definitely but i should
not be rescued uh… the luxor recess in more colorful language so let’s watch
writer task force right now rex and telling testimony of sharma capital are
standing by at the c_n_n_ group in chicago and recommend listeners
conversation listening to it because i’ve been just who want to do it because mister ross is nailed it you know that the government is
promoting bad behavior because we certainly don’t want to put stimulus
fort canyons people walking their ten dollars in their check and think that they ought to save it
headed towards of modifications i’ll tell you what i have an idea dealt with
in the new administration’s bid on computers and technology how about this
president new administration want to put up a website stab people vote on the
internet as a referendum to see if we really want to subsidize the losers
mortgages or what we’d like to at least wide cars and buying houses in
foreclosure thing given the people that might have a chance to actually prosper
down the road and reward people deccan carry the water instead of drink the
water repeat a novel idea a really notebooks collect money in your hand really rather
not see all the like bloody arias this is america probably you people want to
take your neighbors morgenstern there’s an extra bathroom and can pay their
bills ready for haying not only the president are probably listening natalie
all stuffed in our market is the moral hazard like barbara all the evidence here and
let them go unless you guys soon from soliciting proxies staring at you
know cuban instead mansions and at a
relatively decent economy they move from the individual and collective powder
drive-in fifty-four sappy separated alaska regarding time i did it related
ratted on water too is a little strange to watch at their total paid rick how
about the notion that it will require that you can go down to
two percent on the market is not on the mind is two percent say they reported on
are you still have forty percent not be able to do it so why do you have that
while we’ve been looking at houses summers is a great economist but boy i’d
love the answer to that one art comment to the south of june second alright so here’s what we heard from him why are we supporting bill losers mortgages okay so they’re all those trips akki see
that’s the problem with this mindset he doesn’t know any of those people
install the walls of the extra bathroom in the extra bedroom like they got a house that they couldn’t
afford cuz they were greedy do some of those insist absolutely are all the people who are in trouble
with their mortgages the greedy ones i wanted an extra
bathroom that are the losers and should be fired you know helped out by us come on health course not but we showed you a brave new films clip
here api real people whatever trouble pay them or is it good families earning
an income they couldn’t pay the mortgage is it
that they got into a pile on his readiness up by more goods which are pushed into because people are
the extra fees and commissions those are the real people in america and
then the part that really drove me crazy when he looks across all these traders and the people that are involved in the
financial industry says sorry all america no it’s not dawson ice and i think i think that’s the first
place real america seek and that’s a problem in his world those guys who are doing the wheeling
and dealing to him that is the real america and the people who suffer because of
their decisions deserves and he said that we probably bad
behavior at the back behavior but probably the
some of the to the idea back they the guys whom day pushed all these
mortgages portis complex derivatives in the first place at the ones that toppled
over the system i’m steve young has written about that cab driver should be
applied to the packers rally offcourse c_n_b_c_ colorado bankers we don’t
understand katie their bonuses and bernard on also love cnbc on meet the press all you don’t understand is how talented the new composers well known as the
prime minister of dollars without that voters helmut scissors we
should move where their daddy but it’s it’s the same really that’s in these people that they don’t get
cases they are returning to cuba god forbid we should try to help anybody in the country because if you do try to get ahead of
the people who needed they’ve gotten out your profits are trust and confidence and i think i will be driver and
ninety-two before sets or look the and appears one of the very
important substantive points at the advances if you are down to two
percent so that people can pay their mortgage two percent interest rate here so those forty percent off but that’s a little palmer said he said we’re not going to rescue all
thirteen point two million homeowners that are underwater in a meeting that there were which is
now worth more than their homes because some of those were speculators some of
those don’t deserve that with someone couldn’t make it and we wanted out
though that there are worthwhile because they just dot blot a home for whatever reason that
they cannot afford in fact that forty percent is not going
to get help under this point archetype of the people and pay their mortgage if you make the more reason interest
rates a little bit more reasonable welcome i said i love the plant i don’t know why i think some really
interesting question what i do know is are not often alarms
about the bad behavior of the losers with their mortgages but think that the bank should get all
the way executives of geniuses but didn’t get all the money you understand they are the real america that’s what really bothers me about this
clip let’s get the planet shares let’s see if
it works

Reader Comments

  1. This could not have happened without the home ownership campaigns of the Clinton Admin, convincing everyone they could own a home. McCain also has culpability, along with Greenspan and Bernanke. Not everyone can afford the maintenance and mortgage on a home. Having a back yard is not a right.

  2. Those home prices are artificial. A product of the gov driving up prices and encouraging immoral behavior on the part of lenders. Clinton opened up the window, and the bankers looted the house. The borrower lied about the income. It was everyone EXCEPT the taxpayer's fault. Some justice…

  3. You know what DAvidThePatriot, you are right, the Clinton Admin did start a lot of this homeowner for everyone plan for America, but it didnt get out of hand until people started getting greedy, i live in Atlanta and the easiest way for people to make a quick buck was to become real estate agents. People were taking advantage of little or no regulation and knew how to bend the rules to get a profit. everyone wanted buy a home, all they needed was a someone to tell them how today everyone suffers

  4. What's funnier than all of this? The people who actually are the richest in the world, and benefit from all our debt and sorrow don't even live in the US, and their money is all offshore. SO you idiots who think that the people at the tip top, who f*ck us on a daily basis, are going to be paying in are completely naive. The middle class will pay for this, and so will the poor. Keynes was a moron.

  5. thats the shame in all of this, the middle class and the poor are the ones who cant afford to pay for the mistakes of those that took advantage of the system. we are the ones that suffer the most, and it seems the big whigs are the ones getting a pass. Bailing out Wall St. was a mistake, and i blame everyone including the President whom i have know shame saying i proudly voted for. But rewarding those guys was a mistake from jump and they should have to answer for their part in all of this.

  6. Haha, as opposed to 'marriage is about some pretend tradition or something like that'. LOL, as an Obama supporter, your fantasy about some made-up divide in the minds of Americans based on their political leaning is fucking informative.

  7. You're not wasting your time on me? I'm an idiot? Oh, sir, do be gentle. This is the internet. No, seriously, what you're not wasting your time doing is justifying yourself. Hey, I can understand. Emotionally, its easier to feeeeeeelll what you want to feeeeeeellll, and create strawmen of what others believe. Call them appeasers, socialists, God-haters, anti-American, elitists, whatever.

  8. And you're the exact example of a strawmanner. I haven't even said anything I believe, I've just responded to your claims about Democrats. How the hell could you even assume what I believe? You're strawmanning so hard you're telling what I believe to my face with no evidence from what I've written.

  9. and the reason we ARE giving Obama "all the breaks" as you put it,is simple..he has taken over a country where the economy is heading like the titanic towards an bloody BIG iceberg… Bush spent 8 years in office and fucked you all over and you want more of the same? Obama(bless his cotton socks IS trying to sort this clusterfuck out but give the sod a chance.. he has been in the job less then 5 weeks!(and even Bush took his time fucking you all over)

  10. "Let's give the plan a chance and see if it works." His last line sums up how the next 4 years will go. After each plan does not work, another larger one will just take its place. Why does anyone think that the government should be in the business of setting real estate prices?! Typical "Oh those mean heartless businessmen" argument from the left to justify their meddling.

  11. "the economy is heading like the titanic towards an bloody BIG iceberg"

    Well we already hit the iceberg. The problem is new skipper Obama wants you to believe he can stimulate the ship out of it while in reality everyone should get on the lifeboat and abandon this phony economy. Those of you who got drunk over this "change / we can" koolaid are still stuck on the ship thinking it's gonna work. My advice is getting on the boat and leaving Wall St. arsonists and mortgage fools on Titanic.

  12. I don't hear him complaining that the government is rewarding THEIR bad behaviour.

    You don't hear him complaining b/c you haven't watched CNBC enough not that he didn't, dummy.

  13. Do a google search for Daniel Gross Newsweek subprime minorities.

    Once you read up on the facts I won't have to bother correcting the false information in your comment blaming the Community Reinvestment Act for the housing/economic crisis.

    Thanks! 🙂

  14. when they help their rates most of the people even the other 60% getting helped, dont have enough money to pay off their mortgage even at a reduced interest rate.

  15. That's your opinion of what government should do. There is nothing saying it has to do just that. And your opinion is an extreme one, but I think free market radicals like Milton Friedman would agree with you, but then again they have caused unimaginable destruction throughout the world.

  16. cenk, their comment about the "real america" begs a deeper investigation. They are speaking from the playbook that sponsored Pinochet and the dirty wars of argentina – where collectivism was deemed evil next to "looking out for number 1" – (and all those losers). It may not be the real america, but it is part of the psychotic evil that remains unshamed by its evil atrocities. What kind of a dirty war against the poor are these new chicago boys calling for?

  17. This plan will help those who cheated. They lied about their income and bought more then they could owe. Someone that claimed they make 45k a year when they really made around 35k or just over will save about 2-3k per year on their payments. Those who said they make 45k a year and only make 30k a year will save over 5k a year on their payments. Those who lied the most will get the most help!!

  18. How is that not fair to those who did things the RIGHT WAY. Who didnt lie,who put money down,who did things by the book. How is that fair to them!?

    I dont want to help no one. My boat is floating in calm,warm water and thats the way I like it. In no way do I want to help those who bought to much. Let them sink to the bottom of the ocean!

  19. didnt know u were a big fan of wall street. maybe u like the abuse. unlike u guys we up here are more civilized, free health care, regulations, antiwar. u anarchist can continue living in ur aholes.

  20. Those dudes who are cheering would not even have a job if it were not for the bank bail out. So Where do they get off calling anyone a loser?


  22. Rick Santelli is 100 percent correct – People got themselves into houses that they could not afford – Why make that my problem?

  23. any house at all is house some1 cant afford.. even houses in the "ghetto" were to expensive for anyone to afford… rent was too high expensive…

    some people are poor and couldnt afford living anywhere .. what did you want them to do? live on the streets? is that the "responsible" thing o do?

  24. any house at all is house some1 cant afford.. even houses in the "ghetto" were to expensive for anyone to afford… rentingan apartment was too expensive…

    some people are poor and couldnt afford living anywhere .. what did you want them to do? live on the streets? is that the "responsible" thing o do?

    look around not every poor person is irresponsible

  25. My friend stopped paying the morgage payment for her house. However she has a nice TV, nice cars, nice kitchen and expensive stereo and compuetr games which my son never would have.

    On the other hand, we pay the rent or morgage on time but don't have enough money to spend such luxury things.

    I assume the government would help ones like my friends than us.

  26. Like working man Said You DONT GET IT!!!! Banks FORCED ?? people into mortgages? Try Learning to READ! the Contract !! No one Forces People into buying anything! their might be some merit to "some" of the Bailout But Rick Santelli is speaking for alot of us with the broad and huge! moneys spent here in bailout package in where the people that live within their means get nothing!

  27. Check out Jon Stewart on what a farce Santelli's concern about wasting taxpayer's dollars. Where the hell is Rick's concern about bad behavior when it comes to the greedy and reckless gambling bankers who raked in the dough? Why are we taking such kind care of them? Who does he represent anyway? His sponsors, the thieves who shuffle your money and mine on the floor of his exchange? Is it a coincident that GE, the world's biggest LOSER, is also the owner of his program??

  28. TYT = anal lint.

    Under what scheme of morality is it OK to *STEAL* my money to give to someone who can't pay their mortgage?

    Please, I'd love an answer.

  29. Fuck Santelli, Koch industries and his brilliant engineered media blitz to get average idiots to do his dirty work for him. A clever script no doubt.
    Coming from an asshole who works in one of the most crooked pits on the planet, NYMEX, too.
    Why did he not defend people who were getting fucked when oil hit 147 a barrel???

  30. Wow, you say 'these' people don't get it??? You don't get it. Rick isn't for any bailout, he is completely laissez faire… but hey in order to become some hard-knocking turd you had to yell and make generalizations like a typical wannabe liberal 'bad ass'. Check your facts before you label someone like Rick Santelli… Where the heck did you surmize that he wanted the banking bailout?? I'm completely lost. Please, for the love of god, go take a journalism course at a community college.

  31. We also rewarded bad behavior when we bailed out Fannie and Freddie and AIG, but this guy's right we shouldn't be painting all the people who got foreclosed on as victims. Many of these people wasted money on luxuries they didn't need in the good times, and then got nailed in tougher times or debt caught up with them. Many also lied about their incomes, inventing second jobs, that kind of thing, to get into houses they couldn't afford. We can feel sorry only for good people foreclosed on.

  32. The term 'loser' was meant to denote those who lost; it was not meant as a simple insult.

    Statistical surveys are necessary to determine what fraction of the 'losers' are and are not worthy of handouts. If you have found or done this research you can't add to the discussion.

    'Those finance people with their credit derivatives' are not the sole cause of the financial disaster; they may not even be the primary cause. The housing market bubble may be simply a result of free market behavior.

  33. "he is completely laissez faire"

    Totally understood. And "laissez faire" is a *bad idea*. That's why the US has never subscribed to that principle.

  34. not ALL homeowners. just the people that failed at life.

    AS FAR AS CUBA: SMART PEOPLE LEARN FROM HISTORY – hes not saying america = cuba

    fuck you, you turk fuck. you dont have any real opinions, you read google news and repeat it with a good ole fashioned ABC/NBC/everything should be given to me/SOCIALIST attitude.

    fuck you

  35. Santelli is a dick and a "LOSER" himself, some people are hurting on there mortgages, because they lost there jobs, so who are you to make that judgment!

  36. Many people bought too much house, and had too little in savings. We had a whole industry devoted to people who were bad credit risks called sub prime mortgages… Do you think we would be in the mess we are today if they weren't given a mortgage because they were a bad risk? You already know the answer to that question…

  37. I gotta agree with TYTs on this one. These assholes had their hands out and took all that money from the fed government but then they get all bent out of shape when it comes to helping someone else. I think it really sux that these guys get the bailout money AND they get to reposes the homes. That is why they are so mad, every house we save is a house they don't get to steal.
    This is clearly the pot calling the kettle black.

  38. How can the bankers get the bailouts and the traders get their bonuses (despite bankrupting the company) but get mad when other get the help they so willingly took. It's the double standard that makes me so mad. I am a small government low tax kind of guy too, but you have got to see the irony of this shit. And if we are going to give handouts, I'd rather it went to a struggling homeowner than the banks and traders that ruined America.

  39. Dick Santelli is an angry Asshole, and those guy's BEHIND him are commodotities trader's, NOT economist's, my brother IS ONE of those working back behind Santelli, he has a 4 year degree in Finance!

  40. as a real estate appraiser im glad that Obama did what he did. We're really busy right now and i hope it stays that way. Rates are going back up so i doubt it.

  41. Lol @ right-wing corporate defenders. CRA loans account for only 23% of the disastrous loans. The rest of the failure results from unregulated loans.

  42. I love that all the people behind him on wall street start cheering yet the people on wall street forgot this headline "700 billion dollar wall street bailout bill"

  43. Hey dipshit. This IS the real America. The real America was founded on the free market and having the opportunity for success. Take your socialism and jam it up your ass.

  44. homeowners?

    that means they paid it off

    not the subject here

    my mother took a small affordable house, but she will own it

    my father could afford a home

    these are the facts of life, and at least my father has the backbone to not blame the government for his lack of ownership

    no one is entitled to a friggin home

    get your ass to work on something that benefits america and you might be able to buy a home

  45. that money was used to buy up toxic assets

    those were mortgages that would pay more than the house was worth, in the short term

    this ties up billions that can not be loaned out and reinvested in anything

    the mortgages were foolishly given out to bad credit risks (mostly minorities)

    congress pushed for banks to make loans to bad credit risks (mostly minorities)

    all that money did was make sure that America was not weighed down in the short term by TOXIC ASSETS

  46. I love how these dumb shits…are all for money for big buisnesses that do the same thing but when common people need 10$'s fuck them…

    I'm not sure wether giving the money to the home owners fix things any better then the stimulus package but the sheer backwardsness and hypocritcalness of them.

    Now I'm all for helping poor/destitute, but not sure giving out money is solution when it hasn't worked out in the past too well, lets help these people by fixing the problems not throwing money.

  47. America was founded on European liberalism, which is an everyman for himself philosophy. Why are people so surprised that Americans don't want to have their tax money spent helping people who can't help it even if they are working. America is a place for the wealthy, 90% countries wealth goes to 30$ of the population, I mean what the fuck.

    All people here is America is great, it is the best at everything, American exceptionalism and all that.

  48. This is why the only good thing about TYT is the cute brunette, when she's not speaking. TYT is such a piece of shit meat-head show. Santelli meant losers, as in "loser & winners." & those guys next to him are the floor traders, they've never even seen a CDS. They were all against the bank bailouts, too, as they would've worked for any other bank that bought them out. & they don't have Gov job security & pensions. People need to be allowed to fail, so smarter prepared folks can win. D-bag TYT!

  49. All the more reason to stock up on HPR Ammo and Scottsdale Silver Bullion now before inflation goes wild.

  50. @CrazyItalian992 – funny. he's against the 75 GOVERNMENT billion plan to save only the responsible homeowners but for the wallstreet bonuses funded by the 700 Billion dollar GOVERNMENT bailout. you both are hyprocrites.

  51. If you bought a house you can't afford, you deserve to fail. That does make you a loser in life; there are losers and winners in decision making. Anyone who says they haven't failed or made a mistake, hasn't really made any decisions… case in point– the Obama administration.

  52. The irony is that letting these people get foreclosed will do more to hurt the Santellis out there by absolutely obliterating the equity in their homes… in this case, mortgage mods would be the lesser of two evils clearly. Now, the guy has a right to be displeased because (in all fairness) most well-to-do people in Santelli's wealth range work really hard to get there. No one said progress was a smooth ride, especially when those that are well-off fight so hard against wanting to help others.

  53. "pushed into sub-prime instead of prime" maybe dumbest comment of all time when you sign something you should read it or hire a lawyer to read it for you if all else fails google it.

  54. "The young turk" knows nothing about what he speaks. If he wants to help "the losers" he should do it with his money not tax dollars. Plans to mitigate the crisis just draw it out and make it worse than it would have been.

  55. @tookybuns
    "Bailouts" by definition is the "helping of losers". I do not want a penny of tax payer money to go to these parasites.

  56. Who the hell is this BIG mouth?
    If you can move, you work. Those able bodies get to work.
    The bankers,politicians ALL need to be kicked out of the country.

  57. Mr. Young Turk doesn't know what he is talking about. People got into these mortgages because they wanted to pay a small mortgage and flip the house. I have a fixed mortgage. The losers who walked away weren't paying down any principal on their homes and they didn't put any money down. They had no skin in the game! Irresponsible people needed to learn a lesson, not get bailed out.

  58. Young Turks stick with fighting for gay rights and abortions, thats when I agree with you.

    in terms of the economy, you're all idiots over there.

  59. It doesnt matter. You try and you may fail in america. And there are no guarantees. Get back on the horse or slump in the ditch it doesnt matter. In America our free market makes your prosperity your choice. And no one elses. And the government pushed the bad loans using its own power to launch investigations and disrupt a banks which forced them to give bad loans. Freddie and Fannie(the federal banks) also bought bad loans which encouraged banks to give them.

  60. I pay taxes and do everything right and my president says I need to give more to the people who haven't worked or sacrificed as hard as me so they can have a piece of my prosperity. I earned my prosperity and never expected it to be stolen from someone else and given to me. I sacrificed alot to get to where I am and worked my fingers to the bone. Now the president says that field needs to be equaled. How about this, "Spread My Work Ethic Not My Wealth". wouldn't that be a novel idea.

  61. Now here we are 3 years later, things are worse with the vaunted obama. We in canada learned this lesson 21 years ago, your pain my american friends is just starting.

  62. Turk is coming from a class warfare/Keynesian perspective, so he took the "losers" comment as a personal attack. The brokers/bankers didn't cause this. The social engineers who forced banks to loan to those who previously would not have qualified are the culprits. Their goals were fine but their execution was based on bad economics. Those previous standards were there to protect the lender and the borrower. But Turk can't see it.

  63. The young jerk complains about Santelli generalizing, while he generalizes Santelli who if he new anything about Santelli he would know Rick was against bailing out the bad decisions of the banks as well. If you bought a house with out doing any research you are an idiot. I bought my house at that time & after they tried to get me in to one of those nothing down arm loans & after a few questions I new it was a bad idea

  64. "you were pushed into" REALLY?!?!
    Pushed into paying less ?!

    Cenk didnt PUSH people, idiots thought that housing would never devalue.
    Cenk shoud STFU and go back to college.

  65. And its 2011 September – and Mortage rates are lowest in history.
    Rick is still right, and Cenk is still.. and usually WRONG.

  66. Yo, young turk, those guys are traders, not the Fed who lowered interest rates. That's what caused this mess. You sir, don't get it. If you want to help people who are upside-down on their mortgages, go ahead and write 'em a check! Don't take out a mortgage you can't afford and expect a bailout. Failure is regulation, man, not government intervention.

  67. 40% can't pay their mortgage at negative 02.00 %…. if that's not a bunch ( 40% ) of losers I don't know what is.

    Santelli is 100% correct. The only people getting rewarded are the corrupt ( bankers ) and the losers ( greedy ). The 60% that are carrying all this are just going to leave… I know I am. Good luck to the real losers that stick around trying to support such a f'd up system.

  68. Rick Santelli is against bailing out banks as well, he's advocated Austrian economics before which is incredibly free-market orientated with some advocates also being anarcho-capitalists. He's pissed off at government intervention in general and happens to be talking about bailouts to bankrupt homeowners in this speech.

  69. Cenk, he was talking to bond traders, not stock traders, nor Federal Reserve employees. Go after the Federal Reserve Cenk.

  70. Just proves Cenk knows absolutely NOTHING about anything economics related. Stay in your lane of pseudo-intellectualism politics, Chunk.

  71. Wrong they didn’t push the mortgages they didn’t sell the complicated securities (some could have transferred to The CME) but where he is standing they are bond or futures (trading commodities). Not CDOs

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