Tuesday, February 24th, 2009...7:54 pm

Santelli Slays Politicians

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   …and the fact the the new administration seems hell bent on putting an artificial floor on housing prices and lowering mortgage/interest payments even more does not give me much hope that they’re diagnosing the problems correctly. As Rick Santelli recently said, “I know Mr. Summers is a great economist, but boy, I’d love the answer to that one.”

BTW, I know you’ve got the CNBC boycott and all, but have you seen this? Thoughts?

TICK TALK
   Kym mentioned it a few days ago but I hadn’t seen it until just now (thanks for the link!). The fellas in the options pits have a keen sense of justice. They facilitate the fortunes lost and won on a daily basis where third party intervention on behalf of the loser is unheard -of. The rubber meets the road on the floors of exchanges and they are eye witnesses to mean-reverting behavior - in short, they know that the market will recover from ANYTHING when a free market exists. On the other hand, interference with the forces of the free market is known to ruin it.

   Santelli - or anyone who calls for a vote on this matter (like I did on Sept. 27, 08) is a patriot. It is injurious, and an injustice, and an insult, and I swear it must be an ILLEGAL act for any entity to force the non-liable (aka innocent) to cure the debt of another. Financial problems are between debtor and creditor - and sometimes Federal Bankruptcy Judges. Why these issues are being resolved outside of that jurisdiction is a clear sign of conspiracy. Santelli knows it, the floor traders know it, you know it, and I know it. That is why a popular vote is in order.

   By colluding with the banks, corruption in the Senate and Presidency is plainly manifest. The mistrust created by politcal misconduct and improper policies is straining the seams of the fabric of the constitution and does more damage to this nation than any economic depression. The chance to voice our vote of no confidence may not be registered at the polls, but it is registering in the hearts of freedom loving Americans everywhere. Here’s the scary part; that particular variety of American is not opposed to a modern-day Tea Party (a revolt I mentioned on Sept. 7, 2008) because they know that “the tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” [Thomas Jefferson]

  And then white-washing White House Press Secretary, Robert Gibbs proves his own stupidity and utter out-of-touchness by saying “…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 know a handful of pit traders. Those boys on computers in the CBOT pits are no different that the boys on tractors in the silage pits. As an equivalent; If Santelli were a farmer, Gibbs would have called him an ignorant hick.  Shame on Gibbs. His sentiment betrays him as one filled with the despicable upper-class contempt of the working class that is all too common in our nation’s Capital.
More on this topic (What's this?)
Las Vegas home prices continue to fall (Investing Thoughts, 2/12/09)
Will Housing Lead Us Out Of The Recession? (Dividends Value, 3/24/09)
ARE HOUSING PRICES DOUBLE DIPPING? (THE PRAGMATIC CAPITALIST, 1/27/10)
Read more on U.S. Housing Market at Wikinvest

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