Rick Santelli of the junk bond empire Drexel, BUrnham and Lambert

[malaise]

http://pufferfish.typepad.com/
<snip>
I guess what I have to say about the now-notorious tirade emitted by CNBC dipshit Rick Santelli is that it was utterly predictable, along with the reaction from mouth-breathing hysterics from right wingers who have found a TV personality to lead them. But while Santelli froths about his "silent majority" and the "losers" who can't pay their mortgage, it's readily apparent that the folks he's speaking for are an ever increasing vocal minority. Since the bubble burst, right-wing pundits have been trying to spin the yarn that the government forced helpless banks to lend to poor people, most of which were minorities. This, of course, is nonsense. What the tantrum misses is the crucial fact that predatory lenders made a fortune getting people not in the habit of paying their bills on time to sign up for high-interest mortgages. Then Wall St. came up with the brilliant idea of taking those shaky mortgages and used them to finance investments. Then the dominos began to fall and even the people who should have been able to make housing payments suddenly were getting fired and/ or finding that their real estate was no longer worth as much as their mortgage. Uh oh. This is much more complicated than running around hysterically to complain about personal responsibility.

Also, take a look at Santelli's bio. He worked for Drexel, Burnham Lambert, the junk bond empire, then he ran derivatives, before working in futures and hedge funds. The dude got filthy rich gaming the system and is now pissed that the government is going to come in with a heavy hand. Which makes me skeptical that his interests are with the traders down on the floor and not the executives lording above.

Why did St Rudy of 9/11 take out Drexel, Burnham and Lambert? Do GECNBC and Freepers know their saint worked with this junk bond empire.

Here Freepers:
http://en.wikipedia.org/wiki/Drexel_Burnham_Lambert

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[spanone]

1. gemsnbc seemed real proud of their fool. they touted & interviewed him as a hero

[malaise]

2. Gregory the hack replayed it on

MTP. NO surprise though - M$Greedia has a history of hiring criminals, and suspect characters.
No one is too evil to facilitate ratings.
Yet they love discussing values - funny isn't it.

[Supersedeas]

9. big corp media establishment doing what big corp media does

[madrchsod]

3. google is your friend when it comes to see what side these guys are on

the ones who complain the loudest are the ones who have to most to loose when the hammer comes down

[roseBudd]

4. This is what I wrote with that information, feel free to crib from it for LTTEs...

Rick Santelli served as managing director at the Derivative Products Group of Geldermann, Inc., and was Vice President in charge of Interest Rate Futures and Options at the Chicago Board of Trade for Drexel, Burnham, Lambert.

Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was driven into bankruptcy in February 1990 by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken.

Lets see junk bond trader & director of "Derivative Products" the exotic financial instruments unleashed by the repeal of Shad Johnson in the form of the CFMA. The derivatives that Warren Buffet presciently labeled
"weapons of financial destruction" in 2003.

So Rick, you rant about irresponsible losers in front of traders who participated in the "surge in global demand for U.S. subprime securities by banks, hedge, and pension funds." Which resulted in "pressures on lenders to supply more “paper” collapsing subprime underwriting standards from 2005 forward. Uncritical acceptance of credit ratings by purchasers of these toxic assets has led to huge losses."

And yet we are to believe that Rick Santelli and the traders he represents have some type of moral authority.

Really

Without a hint of irony.

[malaise]

5. Great post

Needs its own thread. :hi:

[roseBudd]

6. I have been writing comments on an MSM site everday since July...

I urge all DUers to go forth and write on websites where you have a chance to have your post viewed by lots of moderates and independents.

Make no mistake, I do not seek to change the minds of the freeptards, I simply use them as a foil.

BTW the MSM web site I write on is in SW Ohio in the one urban county that John McCain had to hold or he would lose Ohio. And he lost that county and Ohio.

PM me to join my team!

[Supersedeas]

8. and yet this resume puts him in a position to spout on all major networks

[gratuitous]

7. Santelli is soooo bold

I'd like to see his prefabricated rant tried out in, oh, say south central Los Angeles instead of in a room full of his fellow overrich robber barons. I'm guessing he'd never quite make it to the "Are you listening" portion of his script.

[Ganja Ninja]

10. The very last people in the world I'm worried about making happy right now is

people like this asshole.

[jpak]

11. The RW noise machine is now proclaiming Santelli is a "populist"

be afraid