Shame on You Rick Santelli: A Little Bubble History

Here is a little history of Santelli and the banks worth reading as we ready for the next housing bubble:

The problem with Rick Santelli is that he had no clue about what happened in the housing crisis. He had no clue because he didn't understand that people were told lies as they took on toxic mortgages. First, they were often told that the mortgage rates were fixed. But more importantly, they were told that the mortgages will be able to be refinanced later. They were not told that house prices could decline, and the real estate agents were in on this as I listened to David Lereah (NAR) continually state that Real Estate willl bounce back because it rarely goes down.
Now I resisted these loans, and so did my daughter, because we were afraid to pay more for a house than it was worth. In other words, many of us understood that what must go up must come down. And we know what we are worth and what we could buy and it was unnatural for us to think we could qualify for mansions when we were not wealthy.
But persuasive real estate agents and mortgage agents were telling lies about the ability for real estate to always go up and about the certainty that you could refinance at a later date. Santelli seems to think that people should all have discerned these scams as obvious lies. I don't agree. I think that Santelli is really shilling for the banks here and is protecting the banks. He lives to protect the banks even though as a video below shows that he sometimes rails against the TBTF banks. In that respect, all of CNBC knows that their bread is buttered on the protection of Wall Street.
Wall Street is corrupt, Santelli. You are a part of it. You should be doing like Dylan Ratigan, who left CNBC because he spoke about getting clawbacks from bankers and about putting them in jail. I think the big bankers and the shadow banking system that they supported were predators. IF SANTELLI REFUSES TO SEE THAT HE IS A BLIND MAN.
Santelli grudgingly, like myself, accepted the bank bailouts. However, he did not adequately explain that the bankers were at fault, along with the central banks, for the housing bubble scam in the first place! He blames the borrowers and that is just wrong.

The problem with Jim Cramer, Rick Santelli and all the rest is that they have a vested interest in protecting the big banks. Santelli does occasionally state that the too-big-to-fail banks should be allowed to fail. But I don't believe that at the "end of the day" he would defend the consumers instead of the banks. That is proven by his position on the liar and adjustable loans, where Santelli defended the banks against the consumers who were clearly scammed.
CNBC, INCLUDING RICK SANTELLI, does not acknowledge that the central banks and the big international banks are at fault for the credit meltdown in a PLANNED EFFORT, that the big banks either bankrolled the shadow banking system or they purchased the shadow banks like Scumtrywide (Countrywide) and World Savings and Loan in order to protect themselves. The New World Order protects itself and we hope for it's failure as I wrote here!
We know that the big banks had investment arms that continually peddled crap bonds made up of liar loans. The Wall Street crowd supports these big banks. The ponzi housing scam originated in Basel, Switzerland at Basel 2. The ponzi scam of off balance sheet banking came from Basel 2. The Fed colluded in this behavior.
I have spoken about manipulation and the links below will give information in more detail. I don't see Rick Santelli attacking the financial system itself, and calling, as Dylan Ratigan did, for incarceration of the potentially guilty parties, including Goldman Sachs people.
So until CNBC decides to attack the big banks and Wall Street for its misdeeds, then we just need to boycott stocks. The market is manipulated. Here is a list of markets that are manipulated:
1. The Stock Market. The plunge protection team has been established by Ronald Reagan to prevent major declines in the market. It is still in place by law. The plunge protection team works until it doesn't and then the ones who know and are on the inside profit by declines. Volume is very low these days on the stock market, and Goldman Sachs and other traders are likely taking advantage of these low volumes to drive stocks up.
2. The bond market is manipulated by the Fed and central banks, who allowed Basel 2 ponzi off balance sheet banking, who buy treasuries to keep interest rates artificially low.
3. The oil market is manipulated as prices went from 32 dollars a barrel to 80 dollars while demand DECREASED.
4. The housing market is manipulated by two events. First, inventory is being withheld by the banks. Second, short sales are being discouraged by the banks, who prefer the tax advantages of foreclosures.I don't see Rick Santelli advocating the walking away from mortgages.
5. The commodity markets besides oil are being manipulated. China and others are hoarding commodities such as copper, even though construction is declining.


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