Chicago Board of Trade and CNBC Revolt On Stimulus

Joshua Dorkin, BiggerPockets, Inc.
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Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
23859 Influence
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Icon_minipost Feb 18 '09, 10:04 PM

Very good to watch.

I agree. Let's all stop paying our bills. They're clearly a moral hazard.

Edited: 06/26/2010 at 07:19AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75547 Influence
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Icon_minipost Feb 18 '09, 10:30 PM

Yea! No more bills. Beer's on me tonight!

Edited: 06/26/2010 at 07:19AM

Jon Holdman, Flying Phoenix LLC

Harrison Painter

· Indianapolis, Indiana

762 posts
1316 Influence
9 Awards

Icon_minipost Feb 18 '09, 10:54 PM

Great rant! I love Rick's passion.....and he is on the mark!

*Put those beers on your credit card.....don't worry, you will not need to pay it anyway!!!

Edited: 06/26/2010 at 07:19AM by Harrison Painter

Dave Kennedy

Real Estate Investor · Georgetown, MA

250 posts
117 Influence
1 Award

Icon_minipost Feb 18 '09, 11:11 PM

Haha...I saw the little snip they keep playing on CNBC but didn't see the entire thing. That was great.

I don't think we have what it takes to start a revolution or a serious uprising in this country. Not enough people would really take action. Not enough people understand the implications of whats going on.

Edited: 06/26/2010 at 07:19AM

Dave P.

Real Estate Consultant

826 posts
316 Influence
4 Awards

Icon_minipost Feb 18 '09, 11:29 PM

No one deserves any pats on the back yet....check out the Gallup polls for approval ratings concerning the economic stimulus plan:

http://www.gallup.com/poll/114202/Obama-Upper-Hand-Stimulus-Fight.aspx

I concur with Dave K., we aren't anywhere close to having enough people care enough about what is going on.

Edited: 06/26/2010 at 07:19AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75547 Influence
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Icon_minipost Feb 18 '09, 11:42 PM

This is "Atlas Shrugged" in real life!

Edited: 06/26/2010 at 07:19AM

Jon Holdman, Flying Phoenix LLC

Lee Common

Real Estate Consultant · San Antonio, Texas

558 posts
579 Influence
4 Awards

Icon_minipost Feb 20 '09, 12:34 AM

Josh,

Excellent clip!

It clearly shows the widening gap between "Entitlists" and capitalists!

Best,

Edited: 06/26/2010 at 07:20AM

Account Closed

805 posts
380 Influence
2 Awards

Icon_minipost Feb 20 '09, 12:50 AM

Originally posted by Jon Holdman

This is "Atlas Shrugged" in real life!

Yes, it is. So, just who is John Galt?

Edited: 06/26/2010 at 07:20AM by Account Closed

Lee Common

Real Estate Consultant · San Antonio, Texas

558 posts
579 Influence
4 Awards

Icon_minipost Feb 20 '09, 01:51 AM

Yes, it is. So, just who is John Galt?

I'd say we are!

Edited: 06/26/2010 at 07:20AM by Lee Common

Mike Mn

· Twin Cities, Minnesota

88 posts
162 Influence

Icon_minipost Feb 20 '09, 02:34 AM

Oh no Lee, you just gave away the story for those who might have wanted to read the 1000+ page epic of Atlas Shrugged. The first 300 pages are the hardest to get through. From there you are glued to the pages.

Edited: 06/26/2010 at 07:20AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost Feb 20 '09, 05:24 AM

Santelli is a pompious ass

Have you heard him whine about the 500K income cap for Bailed out Bank Ceo'S? but they say screw the little guy,

I say do what they want ( HOLD EVERYONE ACCOUNTABLE) and then pull all the TARP funds, audit every bank, every 10K filing. Once the banks balance sheets have the right values for the "assets", send Sheila Bair out to take the bad ones down. At the end of that month the DOW would be about 3K.

That Alpha Male, king of the world, Wall street mentality is what got us here. Had those guys not blown M2 and M3 up with their bogus securitys none of this would have happened

Hold everyone accoutable......

lets see what the world is like then

Edited: 06/26/2010 at 07:20AM by Jeff Tumbarello

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

10630 posts
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Icon_minipost Feb 22 '09, 09:53 AM

Santelli may be pompous, but does that make him wrong?

Is the little guy not to blame here too?

Was Wall Street the only one in the wrong?

What about Congress pushing home ownership to ALL Americans?

What about lenders giving loans to people who couldn't afford the homes?

What about real estate agents doing the same?

What about interest groups like the NAR telling us that "now is a great time to buy"?

Just some things to think about.

Meanwhile, here's a follow up that I thought that the people interested in this thread would want to see:
http://www.youtube.com/watch?v=PlcJOukNsAM

Edited: 06/26/2010 at 07:21AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost Feb 22 '09, 05:45 PM

He is not wrong. He is a hypocrite. I say bail no one out let them ALL fail.

This entire meltdown is the aftermath of fractional banking on steroids. The banking industry and wall street created "VAPOR PAPER" that had no intrinsic value. This money inflated the prices of everything it touched.It was like a rising tide. M3 and M2 need to be back at the manageable levels.

My problem with this is, He was stumping for his buddies wallstreet to get bailout money. Now when the little guys who ALSO got caught up in this mess. The little guy had more of an ancillary role, they are irresponsible. If we are going to be responsible so be it. Send Sheila Bair out to take down, JP Morgan, CITI, Wells, BOA. Also lets have the SEC audit all reports, for asset values listed versus real asset values. Make them restate all the lies in the balance sheets.

Then we will all be responsible..... So if CITI, BOA, Wells and JP Morgan get a pass, why not the little guy too? Fixing the little guy makes this problem go away faster.

I wonder what those pit traders would think of a 3K DOW. I bet they would be yelling and whining about that.

I say bring it all down. I have a great seat for the show.

Edited: 06/26/2010 at 07:21AM by Jeff Tumbarello

Dave Kennedy

Real Estate Investor · Georgetown, MA

250 posts
117 Influence
1 Award

Icon_minipost Feb 22 '09, 07:16 PM

Jeff I could be wrong but I thought he was against bank bailouts from the begining. I don't think he was ever stumping for the wall st gang.

I watch CNBC regularly and Rick has been a guy, for the most part, that has said let them fail.

He says the same thing here...let those banks, homeowners fail and let the responsible flourish. He says if they are going to cut interest rates it should be for EVERYONE! But he would still rather see the government not get involved.

I may be mistaken though...

Edited: 06/26/2010 at 07:21AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost Feb 22 '09, 07:49 PM

I have found a reference of him in September against bailing the market out.

I also found a reference of him railing against capping the bankers at 500K a year.

The focus of my rant was, either bail it out, or let it all fall.

All these people are doing is taking my childrens future earnings and giving it to their friends!

Edited: 06/26/2010 at 07:21AM

Dave Kennedy

Real Estate Investor · Georgetown, MA

250 posts
117 Influence
1 Award

Icon_minipost Feb 22 '09, 09:04 PM

But how is he a hypocrite if he was against bailout out the market in September and he is now against bailout out the homeowners?

Also he talked about not capping bankers salary....that still falls inline with his thinking. He is saying let the market work. How can you possibly cap a salary in capitalism?

Edited: 06/26/2010 at 07:21AM

Michael Rossi

Real Estate Investor · Ohio

4587 posts
14256 Influence
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Icon_minipost Feb 22 '09, 09:47 PM

LET ALL THE LOSERS FAIL! I think we're almost all in favor of that!

Mike

Edited: 06/26/2010 at 07:21AM