Saturday, February 21, 2009

Rick Santelli: Piece of Human Garbage

Here's an eye opening video. Chris Matthews interviews CNBC's Rick Santelli not long after his now famous hissy fit on the floor of the Chicago Mercantile Exchange:

Now, there are a few interesting facts one takes away from this wonderful interview. First: Santelli concedes that (as White House press secretary Robert Gibbs suspected) he had not even read the Obama housing plan before trashing it at length on CNBC. Second: the guy is (surprise, surprise) a partisan Republican. Third: the guy is an outrageous hipocryte, claiming that his opposition to the housing plan under discussion is predicated by his refusal to leave trillions of dollars of debt for his daughter to pay off. Fourth: the guy clearly sees every problem through the warped lens of Wall Street priorities. His solution to the housing crisis: put a lien on your house equal to the value that needs to be reduced in order for you to be able to make your mortgage payments, then securitize those liens and sell them to investors.

Let's expand upon these observations one by one:

Santelli has not read Obama's plan before trashing it: what more needs be said, here? This guy's no different from the crooked congressional GOP that marched lock-step in following orders from John Boehener to vote against Obama's stimulus bill --orders that were issued even as Obama was on his way to meet with the GOP leadership and discuss and address their objections.

The guy's an outrageous hypocrite: this is where the "human garbage" label can be fairly applied to Santelli. Anyone who voted for a Republican presidential candidate again in the wake of the fetid, putrid, malodorous, diseased, fiscal-bowel-movement of the past eight years has no right to complain about the stimulus plan burdening his daughter with debt. Unfortunately, this seems to be the favorite argument and modus operandi of the pathetic right-wing commentariat that, even now, insults our collective intelligence by staring us in the face and shamelessly uttering such nonsense. These over-stuffed sacks of week-old refuse seriously want us to believe that they've suddenly awoken from an eight year slumber to discover that deficits are bad? Honestly: I'd feel less insulted if they just came out and called my mother a whore, or something. For God's sakes, Santelli: offer me $10.00 to sleep with my sister if you want, but don't act as if I'm even stupider than you are. That's just inexcusable.

Santelli's rescue plan: they say that when you're a hammer all your problems look like a nail. Apparently when you're a securities trader, all your problems look like a toy-box full of Lincoln Logs, because honestly I can't imagine a third grader coming up with a plan as ludicrous as this one. The housing market is waaay over built. Prices were driven to absurdly artificial highs by unscrupulous traders like Santelli and his boys at the Chicago Mercantile and will never get back to where they were (nor should they: that's why they were artificial highs). Nobody is lending. And Santelli's solution is to put a lien on people's houses and securitize the value of the lien and sell these securities to investors? Honestly, this idiot plan of his reminds me of hangover remedies that begin by advising the sufferer to down a few shots of bourbon. Might as well treat hair loss by shaving your head.

No comments: