Rick Santelli is a joy to watch. Every once in a while, the CNBC on-air editor just can’t take the crap anymore. Tuesday was one of those days.
This time he went off on Rep. Paul Kanjorski’s (D-PA), who claimed Democrats’ just couldn’t include reform of Fannie Mae and Freddie Mac in their financial regulation bill because it was “too complicated.”
“It’s too complicated?” Santelli roared. “You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?”
The Financial Times reports the dire reality of the situation:
Fannie Mae said on Monday it would need an additional $8.4bn in aid, as the US government-controlled mortgage finance company continued to suffer heavy losses on its bad loans…Fannie Mae’s appeal for help comes on the heels of a similar plea last week by smaller rival Freddie Mac, which asked for an additional $10.6bn cash infusion. The latest requests for aid bring the total amount of taxpayer dollars drawn down by these companies to $148bn since the 2008 government-led bail-out. “Anthony Sanders, a senior scholar at the Mercatus Center at George Mason University, called Fannie and Freddie ‘our own Greek tragedy.’ Mr. Sanders estimated that total taxpayer liability was about $8,000bn for the combined companies, including public debt and loan guarantees.”
You know what else is really complicated? Doing your taxes. But the government probably won’t accept that as an excuse for not doing them.
Source: Financial Times
View Comments (8)
While it's clear that Rick Santelli is awesome, this video and your comments ignore a very important fact - Becky Quick is frickin' beautiful!
i disagree with one statement from this article. is complicated is an excuse the govt will accept regarding taxes if ypu are tim geither or charles rangel
WordEmUp, I agree with where you're going with your comments but you got a very important number wrong. You said "tax everyone in this country that makes more than 250k per year" when in reality they'll be taxing EVERYONE with stealth taxes like "Cap and Tax", more taxes on gasoline and all that BS with ObamaCare. The list goes on and on...
Conceding a bit to you, though, I'm sure they'll slap an extra (more obvious so that the less rich can plainly see it) tax on those making over 250k. Or was it 200k. I don't know, the number keeps bouncing around as to what Obama (Mr I made 5.5 mil in 2009) thinks is too rich...
Okay, I'm getting steamed...
They'll get to straightening everything out right after they give amnesty to illegals, bail out California, nationalize your 401k, and tax everyone in this country that makes more than 250k per year at 110%. (they don't earn their money anyway, they stole everything they have) THEN we'll be on the right track.
What's really complicated is the job of turning this country back right-side-up when we get some adults back in DC. It is going to be complicated if any of these bright eyed politicians who are telling us they will not be the same old good old boys, actually turn out the lobbys, turn out the defense contractors, and turn out the giant contributors, while they try to rebuild our crumbled nation. It is going to be scortched earth that the new guard is going to be trying to replant. It needs to start with closed borders and tax reform. From there, it needs to be a complete rejection of the UN communist agenda. Thereafter, we need to have states actually take responsibility for their own actions and budgets. Only then will things get better-and so far, I see few candidates who actually seem like they will stick to their guns.
Of course, I would like to see everyone in office in the congress gone immediately, and anyone but them is good-but we need to be damn sure that we are sending the right people there, as a replay of the last 21 years won't be a good thing!
After a conservative is elected president in 2012, may he/she please hire Rick Santelli as press secretary!
This is why congress is generally so lame. They're all clueless about most everything except how to stuff their pockets with money from special interest.
If i told my boss i couldn't do my job because it was too complicated i'd be fired. Plain and simple. Pennsylvania, kick this lame-ass idiot out of congress.