Rick Santelli is a CLOWN

Quote from walter4:

Now I'm an economics major

That pretty much tell me all that I need to know.

Don't try to pull rank here as I take an "economics major" to mean that you once were an officer in the now disbanded army of what was formerly known as Union of Soviet Socialist Republics.
 
Quote from trendy:

And obviously you weren't smart enough to see it. Apparently you subscribed to the theory that there would be a greater fool to come along and buy your home for more than you paid. Ya know, in the financial markets the idea is to buy low and sell high. Buying high and hoping to sell higher. Well, that doesn't always work out now does it?

I think that you make a terrible mistake in the above analogy - - - linking someone's HOME to a financial market "trade".
 
Quote from Landis82:

I think that you make a terrible mistake in the above analogy - - - linking someone's HOME to a financial market "trade".

I don't. You wouldn't buy a home if you expected the value to decrease any more than you would buy a financial instrument.
 
Quote from walter4:

"Rick Santelli more or less told me everything that I needed to know when he said that he thought that a bunch of traders on the floor of the Chicago Mercantile Exchange were a "good representation of America". My favorite part was how one of them screamed "moral hazard" "moral hazard" when Santelli talked about how the money would go to bailing out people who bought more house than they could afford.

Now I'm an economics major and I know full well what a moral hazard is and why it is a problem. But because I don't have my head completely up my ass like these people, I also know that it's a lame excuse not to act.



With all due respect, you make absolutely no logical argument whatsoever. The only counter argument that you make to debunk Santelli's claims is that their heads are up their asses and you're an economics major who knows what "moral hazard" is. Neither of these points, whether true or false, serve to properly discredit Santelli's points or provide credence to yours. You would think that atop the lofty pedestal of being "an economics major," you might have learned to provide arguments backed by reason rather make silly rhetorical claims devoid of intellectual merits. Being an "economics major" without the ability to engage in reasoned discussion really just makes you nothing more than a jackass.
 
Quote from trendy:

I don't. You wouldn't buy a home if you expected the value to decrease any more than you would buy a financial instrument.
Maybe my wife and I were exception to an unknown rule, but we bought a house knowing it could go down in value. The intangible benefits, though, helped offset the risk and the house only cost $30k. Whether the same possibility of loss makes sense for someone else would be likewise circumstance specific.
 
Quote from QQQShort:

Maybe my wife and I were exception to an unknown rule, but we bought a house knowing it could go down in value. The intangible benefits, though, helped offset the risk and the house only cost $30k. Whether the same possibility of loss makes sense for someone else would be likewise circumstance specific.

Fine. You were buying not only the hard asset, but also the intangibles like good schools, parks, mall, short commute, whatever. All those things still exist. You and whoever else bought for those reasons got the benefit of the bargain. No right for any of those people to bitch that the value of their home went down.
 
I’m not being a jackass here


But I would still like someone to make the case as to why I, or the untold others who’ve followed the same disciplined lifestyle

1.) Should me made to pay any more than we are now.

And / Or

2.)Why you believe we’re not already paying too much.


Please clue me in



Aside –

Last I knew we are one country, one people....

We have the right to disagree with each other vehemently - no doubt... , but I just don’t get all the name calling (in reality I guess I do but, but I reckon I choose to ignore it)

My point is; Look how apart we’ve become because of others greed, arrogance and incompetence.

We are all staring an uncertain future dead in the face, as are our children

It saddens me deeply :mad:
 
Quote from QQQShort:

If we agree that my house price would now be lower without benefit of subsidies, then we must also agree it would have been lower when I bought it.

Sure. I'm thinking more of the moment - and I think it's inevitable, although I have no idea when - those subsidies start getting clawed back. At that point, a large class of people are going to get their pooched screwed.
 
yeah so the government should bail out everyone who bought stocks at DOW 14000 too because they were 'cheated' just like you. maybe you don't realize it but you made a dumb mistake and you should live with it

Quote from jamis359:

Look, dumbass, the market prices of homes over the last several years was distorted by what is perhaps the biggest financial fraud in history. The real estate bubble happened because mortgage lenders, derivative traders (like that bozo Santelli), investment banks pretty much raped and pillaged America's credit system while Bush's regulators were asleep at the switch. And you want me to take the hit for somebody's else's crime? That's right, crime. People in the mortgage and financial industry should be going to jail for what they've done to the nation. Sure, some homeowners got greedy because they wanted 5 bedrooms and a pool. But who created the whole expectation of trading up to $600,000 homes in the first place? The financial-mortgage complex did.

If the real estate market was a relatively transparent and free market and I make a dumb mistake, then I don't expect the government to bail me or anyone else out. The R.E. market, like I said, has been grossly distorted by fraudulent and opaque transactions since at least 2003. No way should the little guy get screwed by larger dishonest forces beyond their control.
 
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