For those of you who might be wondering what Wall Street thinks of President Obama’s plan to have all of us chip in and pay for every loser’s mortgage in the country, let’s hear what Rick Santelli and the guys on the floor have to say about it.
One thing you might pay attention to was his comment about Cuba. They were living in mansions and then the communists took over and now the drive 54 Chevys (the last great car to come out of Detroit). America is treading dangerously close to European socialism and we all need to take a step back and look at what we’re doing. I pay my own mortgage and I think that is enough thank you very much.
A fine rant indeed. Santelli for Senate!
~Man Overboard
Because Bush, the Republican president didn’t bail out all of the businesses that should have been left to fail…
How is bailing out businesses not socialism?
It’s a complete violation of capitalist principles. The Republican president did it for business. And the Democrat president is doing it for individuals.
Aren’t both administrations acting like socialists rather than letting the losers get what they deserve?
Your right with one exception – Fannie and Freddie.
If those companies had gone under then even the people who paid their bills would have lost their houses.
As far as Chevy, Chrysler, AIG, and all the people who can’t pay their mortgages – sorry.
If you want, go door to door asking people for money to help you pay your bill. But I pay my mortgage and I don’t think I should have to pay anyone elses. This just in – life is hard.
If you really believe life is hard, and you take capitalism and the conservative ideal to its logical consequence, then we shouldn’t have bailed out Fannie and Freddie.
But you are right, that would have messed up America in a way we wouldn’t want to imagine.
This whole situation reminds me of Karl Marx’s prediction that capitalism would inevitably fail due to greed and that established capitalist societies would have to resort to socialism to save themselves.
It seems like we’re living through that 200 year old prophecy right now.
Marx was wrong. Socialism failed. We’re in a tight spot right now, but one thing is always a certainty – the government will only make it worse.
Why not allow the forclosures and allow responsible buyers the opourtunity to buy bargain houses? In that case the person who didn’t pay his bill loses and the bank that loaned him money loses. But the responsible buyer wins and the market slowly recovers.
You already admitted Karl Marx was right when you admitted that Bush acted as a socialist when his administration led the government in the bail out of the banking industry, the automotive industry, and Fannie and Freddie.
You have to admit, it’s interesting that some dude from the 18th Century predicted what is going down in the 21st Century.
On the foreclosure plan, have you actually read the full details of Obama’s plan?
When have I ever admitted that Karl Marx was right?
Don’t you remember the Soviet Union collapsing? This is a recesion, not the utter and total collapse of a system of government. I think you are jumping the gun if you want to say this recession proves Marx was right because history already proved him wrong – big time.
Personally, I don’t think we need to revert to a system of socialism that has proven to be a failure just because of this recession.
Bush was wrong to bailout the car makers and AIG but not Fannie and Freddie. By the way, the government was wrong when it forced Fannie and Freddie to make the bad loans in the first place. But history will forget that little tid bit because it was Democrats that caused it.
If you are scared that Obama is implementing permanent Socialism, I get your fear, but honestly, he’s just continuing the bail-out techniques of his predecessor Bush.
Bush and Obama’s bail outs are both socialist. And I think this proves Marx right when he said that Capitalist societies would need to use socialist techniques to get themselves back on their Capitalist feet. It’s a temporary fix.
I personally don’t advocate permanent socialism for America, but I think America will continue to experience periods of socialist government intervention to save itself in the future…that is until we can stablize into some balance of power between individual, business, and government.
But as long as one of those three grows beyond its limits, the balance will always go array, and our society will have to use socialism to get back to capitalism.
Itis what itis.
While I particularly liked this rant, it seems that everybody politicians (obama) and economists (santelli) are relying on scare tactics to get the majority behind them. What everybody needs to do is friggin chill out, stop panicking, stop passing $1 trillion dollar packages, and let companies sink or swim. The market should correct itself, but it’s not going to happen overnight or even in a few months. It might take a year, but the more the government meddles in it, the more it will get messed up along with the national deficit and our taxes (No taxation without representation). I still don’t think that this recession is as bad as the recession in the 70′s and our economy came out of that eventually. Instant gratification never pays off.