San Diego Housing Bubble News and Analysis

Maybe if you use Santelli's definition of "most Americans" as those who work on Wall St. Give me a break. Talk about out of touch.

The majority of Americans support the stimulus package and disagree with the Republicans:

Look at the tagline of this site: EVERYONE ELSE BRING DATA.

This Santelli guy is NOT a hero, you moron. Upwards of $3 TRILLION is going to be spent on bailing out the FINANCIAL INDUSTRY. And you're upset about MORAL HAZARD? No irony there. NONE WHATSOEVER.

You want to get upset about something? Direct your ire at the trading floors, financial institutions and investment banks, managing directors and executives, financial promoters, washington lobbyists and deregulating politicians who are principally responsible creating this DISASTER. They are culpable to a degree that FAR EXCEEDS the average foreclosure case.

Do I approve of bailing out non-payers? No. But most of us see some pragmatic value in attempting to mitigate foreclosure activity, attempt to stem the bleeding. Santelli the "Trading Floor Dick" is part of the crowd that created this mess. Don't be a fool. What a ridiculous post.

i am a conservative Republican but i voted for Obama cause McCain sucked.

i posted this video because it was funny.
not because i am against democrats. this is just the way i and many others feel.afx114 you have YOUR feelings for Obama an democrats (i can see your point of view ,but I'm not agreeing with you EITHER.
NO WAY IN F***ING HELL.

"afx114"
Look at the tagline of this site: EVERYONE ELSE BRING DATA.

OH?

afx114
Member for
1 year 20 weeks

tucker...
Member for
2 years 51 weeks

I BRING MY SENIORITY.
BITCH!

u also forgot. it first says IN GOD WE TRUST. everyone else bring data>

SORRY!
WAS THAT NOT (FAIRRR.) (FAIRRR, = fag in code) TO U. afx114

TO gandalf
THIS IS NOT A POLITICAL POST>>>>>

just funny videos

JEEZE!
at least he has some nuts.

HUMMOR ANY ONE?

A LOT OF ANGER ON THIS SITE.

" NOWADAYS"

Santelli is the only halfways intelligent economist over there at CNBC. This socialist media outlet has supported every bailout/stimulus/spending package/tarp funds/gov. takeover/ridiculous rate cut that has occurred in the last few years. Thanks for standing up Rick. So much for free market economics. Steve Liesman is the Chris Matthews of the bunch and has supported everything mentioned above. Ohh well CNBC(owned by failing GE) is officially in bed with Comrade Obama anyways, so it is no shock that they continue to generally cheer lead for socialism.

According to our own pathetic senator, 93% of her constituents opposed the bailout bill, but hey, we are all just "confused"..
http://www.youtube.com/watch?v=sZFwRAfkV1g

hipmatt

I feel you man.

but it just a funny video?

I'm not going to compare dick sizes with you Tucker, but if you're going to make a claim like "this is the way most Americans feel," you should back it up with some data the way I did to refute your point. Is that such an outrageous request?

Besides, this Santelli shit has already been posted 3 times in the past 3 days. A lot of good your seniority has done in respect to that.

Data is a really cool thing, but it has to be relevant data.

Both of your polls, the data you provide, have nothing to do with the Mortgage Rescue package. They cover another issue entirely. And even if it did address the misnamed Mortgage rescue package how valid would the data be? How many people have read it and understand it enough to have a meaningful opinion? I've read it and think it is a really bad policy that will make the situation worse, and no, I am not a Republican.

We need to remember that a poll is simply a popularity contest with results that can be skewed by framing the question and choosing the right sample group. Poll results have absolutely no bearing on whether or not the plan will work or if it will cause more problems than it solves.

Besides, it really doesn't matter how many people agree with the plan of action if it's a flawed plan. I am sure that if Obama offered a free car to everyone who hasn't been able to afford one in order to support the car companies his approval ratings would skew very high. Doesn't make it right or wise.

The data I'd like to see is data showing that a government stimulus would work, not whether or not people think it will work.

Finally, Santelli is not a hero, but he does tell it like it is.

The Turtle

afx114

cant u just watch a video.

and laugh!!!

this is ha ha (funny.)

not hee hee (funny)

TO RICH.

WHAT, THE HELL HAPPENED TO THIS SITE?

there is a lot of anger on this site.
NOW.

CAN'T ANYONE, JUST LAUGH ANY MORE!

ITS JUST A VIDEO???

OH
afx114. that" ha hee" stuff was from the simpsons. on fox

Turtle, I don't disagree with you in regards to polls. Those were bad examples that I posted. All I'm looking for from Tucker is some evidence that "most Americans feel this way." His claim was not whether or not the bailout would work, it was that "most Americans feel this way." So in that respect, a poll sampling what Americans think about the bailout is exactly what I'm looking for. This is Tucker's thread, so shouldn't the obligation be on him to provide supporting evidence?

I'd also like some intellectual honesty from Santelli. Where was his outrage at the bank bailouts? I seem to recall him being stunned/angered that Lehman was left to die. Where was his rant on the auto bailouts? Does he really believe that pit traders on Wall Street are representative of everyday Americans? That's not honesty. That's disconnect.

Heres a poll for you...

http://www.newsmax.com/insidecover/rasmu...
For the first time, a majority of Americans say the Democratic stimulus plan is likely to do the U.S. economy more harm than good. That’s the surprising finding of a new Rasmussen Reports survey of 1,000 likely voters.

The Rasmussen poll asked “How likely is it that the final economic recovery plan passed by Congress will make things worse instead of better?”

Half of those surveyed -- 50 percent – said it is “somewhat likely” or “very likely” that the stimulus deal will make the economy worse. That compares to only 39 percent who thought the mega-spending bill probably would not make things worse. Twelve percent of those surveyed weren’t sure.

A separate Rasmussen poll also showed support for the plan dropped a third straight week.

Three weeks ago, according to Rasmussen, 45 percent of voters thought the stimulus package was a good idea. Last week, the stimulus package approval rating fell to 42 percent.

On Wednesday, the firm released a new poll, showing support for the trillion-plus package has now dipped to just 37 percent. That same poll found that 42 percent are against the bill, and 20 percent are undecided. The Web site reports: “A stimulus plan that includes only tax cuts is now more popular than the economic recovery plan being considered in Congres

Thank you hipmatt, that's the kind of stuff I'm talking about.

i will tell u

at work
2003.
3 people out of 25 said they bought a house cause they HAD too. 2005-2006 they defaulted. this is not including people like from 2006 who said they be priced out for ever and bought a new condo not selling there previous house , and now they are under water in the condo

is this a person who this really a person who needs saving?

what are they going to do? i have no clue....

but rents are going down in sd. i know that for sure

do you really think , i should bail your ass out?

The real looser here is the renter. He is completely forgotten by both the media and Washington. Poor renter, especially if you have been responsible, saving because housing was insane and you wanted to live within your means. All the while your peers were lying/cheating, and financing 103% of their overpriced homes, making 100k per year in appreciation alone. You sat by observing the madness and when things went bad, you weren't surprised.. until...

The entire country, government, and wall street did everything in their power to save that lying irresponsible prick next door who bought his house with 0 dollars down. All of a sudden that sorry ass prick became a victim. A victim who would be exploited over and over again by numerous politicians and so called economic experts. This victim is now facing foreclosure and the world just can't sit by and let that happen. The government MUST STEP IN! The victim now receives constant sympathy from media and politicians, CNBC, etc... but poor renter what did responsibility get you... not even a mention. You are the forgotten man. You could have been living in an excessively large home all this time, and now you could have refinanced at a lower rate, and a smaller loan so you can stay in it, God forbid the alternative.

wtf??

You post video of a man spitting venom and then have the nerve to say that there is a lot of anger on this site.

Yeah....and you posted it!!!

hay-SOOS!

afx- There's been an immense amount of support for Santelli's rant that has caused the White House to actually have to respond to it. 94% in favor.

http://www.cnbc.com/id/29301208/

Almost a quarter million votes within 48 hours and it's pretty overwhelmingly in support of the anger on the CME floor. I'm not a Wall Street worker and I am heavily against the StimUSEless Bill just as much as I am against the state taxing more to cover it's own inadequacy in balancing a checkbook.

Helping Hard-Pressed Homeowners Stay in their Homes: This initiative is intended to reach millions of responsible homeowners who are struggling to afford their mortgage payments because of the current recession, yet cannot sell their homes because prices have fallen so significantly. Millions of hard-working families have seen their mortgage payments rise to 40 or even 50 percent of their monthly income – particularly those who received subprime and exotic loans with exploding terms and hidden fees. The Homeowner Stability Initiative helps those who commit to make reasonable monthly mortgage payments to stay in their homes – providing families with security and neighborhoods with stability.

A Shared Effort to Reduce Monthly Payments: For a sample household with payments adding up to 43 percent of his monthly income, the lender would first be responsible for bringing down interest rates so that the borrower’s monthly mortgage payment is no more than 38 percent of his or her income. Next, the initiative would match further reductions in interest payments dollar-for-dollar with the lender to bring that ratio down to 31 percent. If that borrower had a $220,000 mortgage, that could mean a reduction in monthly payments by over $400. That lower interest rate must be kept in place for five years, after which it
could gradually be stepped up to the conforming loan rate in place at the time of the modification. Lenders will also be able to bring down monthly payments by reducing the principal owed on the mortgage, with Treasury sharing in the costs.
“Pay for Success” Incentives to Servicers: Servicers will receive an up-front fee of $1,000 for each eligible modification meeting guidelines established under this initiative. They will also receive “pay for success” fees – awarded monthly as long as the borrower stays current on the loan – of up to $1,000 each year for three years.

OMG. Totally. Doing the turkey gobble sticking his neck out, too.

Maybe they have a class where they train these people mannerisms.

Sadly, I've seen Obama do the Bill Clinton hand gestures.

For some reason my only the text I copied from Obama's plan showed up. Here are my thoughts that were to go with it.

As the it states right in the plan it is to help "particularly those who received subprime and exotic loans with exploding terms and hidden fees". From what I read basically the Government, aka the TAX PAYERS are going to fund lowering intrest rates and principle of those who never should have got a loan in the first place. Further, we the TAX PAYERS are going to PAY those lenders who issued mortgages they had no business issuing incentives to refinance the bad loans. Umm.. did I get that right? Someone help me understand how this is NOT rewarding bad behavior and punishing the responsible. On top of that the rates are held for 5yrs and then adjusted! So this plan "fixes" the problem created by subprime and exotic loans with an "exotic" loan??? Am I wrong in thinking that all this plan is going to do is cost us a shitload of money and delay what is inevitable, foreclosure, for 5 yrs? In turn will this not delay the correction in the housing market and delay any recovery?

Someone please explain to me how Santelli is wrong regarding this plan?

A thought on polls supporting this plan, if you were to poll only those who would pay for it, meaning those who actually PAY TAXES, what would the results be?

Tell 'em Karl.

http://www.youtube.com/watch?v=fmKHUUkhk...

Tucker, man. I don't know what to tell you. I'm sorry if I come out across purposes. I dropped the pretense of being polite about a year ago. This financial mess is just infuriating, and it has already directly affected my business, and in turn my family. Almost all of us are going to be affected negatively in various ways. So I'm angry. Santelli is angry. Lots of us are angry. There are an amazing number of people who are angry about Obama. It's all counter-productive, I admit.

And I do appreciate the comments about humor. I really should try to laugh about all this a bit more...

* * *

rnen, yeah, I actually don't think the plan has much to do with the typical 'hard-pressed homeowner', underneath. Sure that's the focus from outside-in. But it seems to me to be more about stemming the tide of increasing foreclosures, and slowing the downward spiral of home prices, both of which are intrinsically linked as you know -- and the precipitous drop in the value of underlying assets is just 'killing' our financial system.

These guys on trading floors though -- what a piece of work. And there's a whole caste of people like this who got rich quick in financial markets rules be damned, caution be damned, risk be damned, and they've put their respective BANKS in deep, deep, deep water. And I'll remind everybody, BANKS are not just normal companies, THEY GET TO HOLD OUR MONEY. If they go out of business, the take OUR MONEY with them.

The only peaceful, non-mass-chaos way out of this mess, from what I can tell, is (1) stabilization, then (2) debasement of the currency to devalue untenable debt and bring the economy back into balance. The dollar will suffer, and America will suffer relative to the rest of the world.

One more thing, which is that while the MESS may have started with subprime mortgages, it didn't END there. It has been leveraged tenfold into all kinds of bullshit exotic financial engineering products, CDS, hedge, derivitives, etc., etc. that are simply completely untenable in a down economy with depreciating assets. The house that leverage built is imploding. The financial/banking industry is principally to blame for the degree of leverage in all this.

It's quite possible Citi and BofA go into some form of receivership (nationalization) in the upcoming weeks because they are very close to insolvent. If we didn't have a bailout, and these giant banks go under, they would take an enormous number of average, upstanding, everyday business and poeple with them because these BANKS GOT TO HOLD ALL OF OUR MONEY and they LOST IT. They would go under and take us with them. That is the BIG ISSUE, and that is why there is a bailout.

Where exactly is the OUTRAGE about MORAL HAZARD in the financial industry? What exactly should Santelli say at that point? "Why can't Citi and BofA can't just pay their bills, like the rest of us upstanding homeowners?" Screw this Santelli guy. I have zero tolerance for some jackass trading floor reporter becoming an Internet sensation blasting homeowners when the FINANCIAL INDUSTRY is the ABSOLUTE EPICENTER of this mess.

Wish I could think of a joke here. Someone help me out...

Gandalf,
It was all staged.. what Santelli did. That's the joke. The guys on the floor were all prepped. It was obvious. The media as tool against Americans again. My guess is that it is intended to create good neighbor guy/bad neighbor guy diversion in the public. Baffle 'em with bullshit. Redirect any potential focus to the fleecing for the sake of the Financial Industry and pit us against one another once again. It's Machavellian.That way whe the little guy gets shafted again we won't notice because we were too focused on our upside down neighbor who in the end really doesn't get much of value either.These people are trying to clown us. I started looking at it this way about 15 years ago. All of them, both parties are trying to clown us. See it, don't be a victim and don't hate the dolts who don't see it, even if they are going to get a little loan mod or some other such handout of very little value.

The following is not directed at anyone in particular just food for thought.
Quit crying and figure out how to improve your life within the realities of the surrounding circus.There are not enough people who really want to do something about it to make a difference otherwise.

Nice, Rus. There's something very 'Zen' in all of that...

Enjoy your day.

So we have a poll from the website of the network watched by Wall Street investors, the very network which broadcasted the rant in question. Can you say 'echo chamber?'. I stand by my claim that Wall Street and The CNBC crowd are NOT Average Americans. This is the crux of Santelli's argument, and exactly the issue I have with his rant. I don't in general disagree with his argument, but the hypocrisy, gall, and venom displayed by this guy and Wall Street is pathetic.

It is pretty funny.

Funny in a way that an employee of a corporation that received 100s of billions of federal aid through the Fed and Treasury, surrounded by employees of corporations which received trillions of federal aid is complaining about some poor schmuck in Temecula who might be able to stay in his house now.

When Santelli's buddies at CME were using Fed's money to drive oil to $147 and screw America, he didn't complain about subsidies then.

CNBC is a clown show. If you want financial news, watch Bloomberg TV.

Russ gets it.