Thread: CNBC's Rick Santelli leads the trader mortgage revolt.

It's about time. I will join and hopefully all of the States will have there own Tea Party. Thank you Rick Santelli. And shame on Eric Holder for stating on national news that I am a Coward!! It's been a long time coming for a leader to stand up for the PEOPLE of The USA!!!!!!

Would you want to join Rick Santelli's "Chicago Tea Party?" * 38911 responses

Yes
87%

No
11%

Not Sure
2.1%

youbetchya welcome to Alipac

Would you want to join Rick Santelli's "Chicago Tea Party?" * 102466 responses

Yes
92%

No
6.3%

Not Sure
1.7%
Not a Scientific Survey. Results may not total 100% due to rounding.

Would you want to join Rick Santelli's "Chicago Tea Party?" * 106669 responses

Yes
92%

No
6.2%

Not Sure
1.7%
Not a Scientific Survey. Results may not total 100% due to rounding.

Would you want to join Rick Santelli's "Chicago Tea Party?" * 129354 responses

Yes
93%

No
5.7%

Not Sure
1.7%
Not a Scientific Survey. Results may not total 100% due to rounding.

Would you want to join Rick Santelli's "Chicago Tea Party?" * 220886 responses

Yes
94%

No
4.8%

Not Sure
1.5%
Not a Scientific Survey. Results may not total 100% due to rounding.

Would you want to join Rick Santelli's "Chicago Tea Party?" * 234217 responses

Yes
94%

No
4.7%

Not Sure
1.5%
Not a Scientific Survey. Results may not total 100% due to rounding.

How many traders are having trouble paying their bills.., so why would they want to "help irresponsible homeowners"? These are the same folks that knew what deregulation and other shady practices would bring, yet I didn't hear them screaming at the top of their lungs about it then. If you look at home sales, you'll notice that affluent areas aren't hurting as bad -somehow people who sue insurance companies, and folks who are paid by insurance companies, like lawyers and doctors, aren't affected as much as "working" class folks.

It has been confirmed and documented over and over that way back in Jimmy Carters day, he believed that it was a "right" for everyone to own a home. He put laws into effect that were then backed thru Clinton, to push Fannie Mae and Freddie Mac to give loans to the "poor and disenfranchised". This lead to pressure on the banks to give loans to people that would not normally qualify. There is on record transcripts of Barney Frank and Chris Dodd telling banks that they would be investigated for "discrimination" and "racism" if they held back loans. In CA the Bank of America began giving loans to illegal aliens who only had Matricular cards (which even the 3rd world corrupt gov of Mexico does not honor). That is why you keep hearing over and over again that this began with the Dem's pressuring banks to over ride their normal qualifications for loans. No one in the MSM has covered this because well, the truth for the Dems hurts.
As a previous Dem who is now an Independent, I have to look back and say, yes, the Carter administration and the Clinton administration had a big hand in this happening, as well as Chris Dodd. Like I said when people say the Dem's started this with pressuring the banks to give bad loans, you hear a few, "Oh, no they didn't" and then no real pressure to give up the goods because they know that once the facts come out it looks real bad.
That is perhaps also why Chris Dodd is not looking so good for his re-election. There are also 3 top Clinton administration members who took millions from Fannie Mae and Freddie Mac -
The two institutions have long been run not by bankers but by retired political figures, predominantly Democrats. From 1991 to 1998, Fannie Mae was headed by James Johnson, a longtime aide to former Democratic vice president Walter Mondale. Johnson’s successor, Franklin Raines, had served as budget director to Bill Clinton. Jamie Gorelick, vice chair of Fannie Mae from 1998 to 2003, served as deputy attorney general in the Clinton administration.

These figures have paid themselves impressive private-sector salaries. Johnson earned US$21-million in just his last year at Fannie Mae. Raines earned US$90-million for five years’ work at Fannie Mae. Gorelick got US$26-million.

Yet the companies never had to meet the discipline of the private marketplace. They paid no taxes, and they had access to a line of credit at the Treasury department. More ominously for today’s crisis: They were not required to provide anything like the level of information about their internal operations expected of a privately owned company.

This non-transparency allowed Fannie Mae to engage in serious accounting fraud, overstating its earnings by more than US$6-billion over the Raines years — overstatements that incidentally justified the company’s lavish compensation packages. (Both Johnson and Raines incidentally also received below-market mortgages from the large mortgage company — and major Fannie Mae beneficiary — Countrywide Mortgage.)

I wish that Jimmy Carter would have just started Habitat for Humanity in his Presidency and would have stopped this mandate of home ownership.