Rick Santelli on Rush Limbaugh's Show

[murray t turtle]

Quote from RiceRocket:

The communist manifesto:
"But not only has the bourgeoisie forged the weapons that bring death to itself; it has also called into existence the men who are to wield those weapons -- the modern working class -- the proletarians. "

1. Abolition of property in land and application of all rents of land to public purposes.

2. A heavy progressive or graduated income tax.

3. Abolition of all rights of inheritance.

4. Confiscation of the property of all emigrants and rebels.

5. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.

6. Centralization of the means of communication and transport in the hands of the state.

7. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan.

8. Equal obligation of all to work. Establishment of industrial armies, especially for agriculture.

9. Combination of agriculture with manufacturing industries; gradual abolition of all the distinction between town and country by a more equable distribution of the populace over the country.

10. Free education for all children in public schools. Abolition of children's factory labor in its present form. Combination of education with industrial production, etc.

======================
Good exspose, Rice Rocket.

11. Promote peversion as normal & natural.

12. Infiltrate the media;
[ever wonder why CNN,CBS.....bashes capitalists, but worships Castro??].Now we know.

13.Put the party line in the textbooks.[Ever wonder why some textbooks teach time of thanksgiving /God as ''thanking indians''

14.ACLU ,aka ,known as American Commie Lawyers Union

15.Try to pollute religion/redemption ,like call it cult/opium.......

16.Strange but true, some of the Chinese coms dont believe in trashing capitalism, or much of that list. Some do, but some print Bibles[in Chinese]

17 CCTV[china central ] news does seem more fair & balanced than CBS, CNN.Noted rice in china was[planned], going up 16.9 %, 2009

 

[Landis82]

Quote from Omega:

I will attempt to find the Rose show.

The posts I've read of yours I tend to agree with. Are you a Mark Zandi fan? He does lean left.

I don't know that much about Zandi's background, except for the fact that he is a registered Democrat that was an economic advisor to John McCain. Republicans see him as a Democrat. Democrats see him as a Republican.

Zandi's criticism about the Stimulus (spending) Package is that it is far too small. It is only about 5.5% of our GDP, whereas China's stimulus package is 16% of their GDP.

Thus, he sees 2.5 million jobs created from this stimulus package, and not the 3.5 million that Obama economic advisor Kristina Roemer sees.

Zandi also was urging Congress to not only pad the bill with more tax relief for home buyers, but also a "payroll tax holiday for the third quarter of 2009."



Here's a little background on him:

http://www.washingtonpost.com/wp-dy...009020202971.html?sid=ST2009020202988&&s_pos=

Much of his data are derived from daily up-to-the-minute credit delinquency and default reports and foreclosure notices that flow into his firm. He doesn't like what he sees.

"It's unbelievable, is what it is," he said. I could not foresee this. I knew it was going to be difficult.
But this is scary."

 

[wareco]

Quote from Landis82:



...Thus, he sees 2.5 million jobs created from this stimulus package, and not the 3.5 million that Obama economic advisor Kristina Roemer sees....

Oh, I think Obama has moved away from the 3.5 MM jobs created. Its now "created or saved". How the hell do you measure a "saved" job?

 

[Illum]

Aside from whether you like the guy or not. His argument will get a lot of play. People are not going to like this. People lied, cheated, and are getting away with it at others expense. It's nasty.

Anger and frustration

 

[Angrycat]

Quote from wareco:

Oh, I think Obama has moved away from the 3.5 MM jobs created. Its now "created or saved". How the hell do you measure a "saved" job?

Very astute.

The economist, Greg Mankiw, points out on his blog today that there is no metric by which to measure saved jobs. He calls the "create and save" language "political genius" because no matter how many jobs are lost, Obama can always say it would have been worse without the stimulus.

I guess this is a good time to point out that the Keynesian multiplier in which the stimulus is rooted is also B.S. If the multiplier is, as claimed, greater than 1, then the government should spend a trillion dollars per hour because we'll get 1.5 trillion back. We'll never have to worry about the economy again!

 

[Corelio]

Quote from Illum:

Aside from whether you like the guy or not. His argument will get a lot of play. People are not going to like this. People lied, cheated, and are getting away with it at others expense. It's nasty.

Anger and frustration

Ok, if Santelli is insane, wrong or a bad trader like some have claimed...let's throw the question out there? Who in here is happy paying the mortgage of others that flat out lied on their mortgage applications, bought more house beyond their means, or that refinanced with one of those ARM mortgages to put a pool on their backyard?

The bottom line here is that we are undoubtedly creating the biggest moral hazard of a generation. There is no such thing as a free lunch folks. We cannot print our way out to prosperity... at one point in time we will be forced to swallow the nasty pill.

 

[Angrycat]

Quote from Corelio:


The bottom line here is that we are undoubtedly creating the biggest moral hazard of a generation. There is no such thing as a free lunch folks. We cannot print our way out to prosperity... at one point in time we will be forced to swallow the nasty pill.

Oh...well...clearly you've never heard of the Keynesian multiplier and you don't recognize that that in NORMAL times the market works okay but in abnormal times the laws of economics stop working. Sort of like the laws of gravity only work sporadically.

[/sarcasm]

 

[Landis82]

Quote from wareco:

Oh, I think Obama has moved away from the 3.5 MM jobs created. Its now "created or saved". How the hell do you measure a "saved" job?

Unemployment is still going to push up towards 10% in 2010. All the Administration can do is SLOW THE RATE OF CHANGE. They know full well that this is all that they can do at this point.

Meanwhile, $787 Billion is only 5.5% of 2008 GDP.
It's a drop in the bucket. Kind of like trying to take down a C-130 Cargo Plane with a .22

Moreover, it's "back-end" loaded.
Only $200 billion for 2009.

That's why the market couldn't care less.

 

[Corelio]

Quote from Landis82:


Unemployment is still going to push up towards 10% in 2010.

I think this is an optimistic scenario...when this is all over and done we should be north of 10%.

 

[Angrycat]

Quote from Landis82:

Unemployment is still going to push up towards 10% in 2010. All the Administration can do is SLOW THE RATE OF CHANGE. They know full well that this is all that they can do at this point.

Can they, Landis? Is that really in their power? That's a rhetorical question. It isn't in their power and it has never been in government's power.

Quote from Landis82:


Meanwhile, $787 Billion is only 5.5% of 2008 GDP.
It's a drop in the bucket. Kind of like trying to take down a C-130 Cargo Plane with a .22

505% here and 5.5% there and pretty soon you're talking real numbers. The problem is that if you commit future production to today's spending, nobody will want to produce because it'll increasingly be confiscated for taxes (either income, wealth or inflation). So, GDP will fall and suddenly, something that was 5.5% of GDP becomes 11% of GDP. See, the denominator can change too.

Quote from Landis82:


Moreover, it's "back-end" loaded.
Only $200 billion for 2009.

That's why the market couldn't care less.

The market is not the economy (Ben Bernanke finally cottoned on to that). The market cares mostly about one thing right now: how much wealth will congress transfer from taxpayers to shareholders?