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Thursday, February 19, 2009

Great Recession Roundup — February 19, 2009

Items of Interest:

Chicago "Tea Party" to protest Obama's $75 Billion Mortgage Plan

'The government is promoting bad behavior... do we really want to subsidize the losers' mortgages... This is America! How many of you people want to pay for your neighbor's mortgage? President Obama are you listening? How about we all stop paying our mortgage! It's a moral hazard'...
-- Rick Santelli, CNBC

CNBC/Rich Santelli's Chicago Tea Party
CNBC:
Santelli's Chicago Tea Party -- The trading floor buzz on whether the government's plan to save the economy will actually help the markets, with Jason Roney, Sharmac Capital; Wilbur Ross Jr., WL Ross & Co. and CNBC's Rick Santelli.


discussion:
Daily Finance:
CNBC's Santelli incites traders in Chicago, calls for a 'tea party' -- CNBC's Rick Santelli incited the traders on the Chicago trading floor this morning, calling for a referendum to see if we want to "subsidize losers' ...

Jawa Report:
Trader Buzz On Hopey One Kenobi's Stimulus Plan -- Must see video of the trading floor buzz on whether the government's plan to save the economy will actually help the markets. Lot of bleeping...heh I know ...

Gawker:
Drudge Report Showcases the Least Sympathetic Populist Rage Ever --Rick Santelli and a bunch of traders are furious! They are outraged at Barack Obama's crazy mortgage ...

StreetInsider.com:
Rick Santelli - The Rant Heard 'Round the World! -- The rant heard 'round the world'. The Drudge Report is highlighting CNBC's Rick Santelli's rant on CNBC this morning ripping Obama's mortgage plan: 'The ...

mediabistro.com:
Did Rick Santelli Just Compare What Happened in Cuba to What's ... -- Drudge is running an alert that includes a clip of CNBC's Rick Santelli, who covers the Chicago Merc, going
off on how the stimulus bill and mortgage ...

WND.com:
Reacts to Obama's economic plans with 'Howard Beale rant' on live TV --With tongue only partially in cheek, a CNBC analyst on the floor of the Chicago Mercantile Exchange this morning responded to President ...

Joe Weisenthal / Business Insider:
Rick Santelli Incites A Riot In Chicago -- CNBC's RIck Santelli is always pugnacious, but he outdid himself today, almost inciting a riot among the traders in Chicago when talking about Obama's housing plan. Suffice to say, the capitalists on the floor do not want to pay for anyone else's mortgage. Neither do we. That being said, his insistence that these guys represent the "real America" won't ultimately play that well among most people.

Calculated Risk: Rick Santelli: "Chicago Tea Party in July"
Todd Sullivan / ValuePlays: Rick Santelli's Rant "An Anthem for Responsible People" $$
FundMyMutalFund: Rick Santelli Speaks for the Silent Majority

related:
Alan Reynolds / Wall Street Journal: Assessing Obama's Housing Solution
Editorial / New York Times: Barack Obama's Mortgage Plan Is a Good Start
Willem Buiter: Home Loans in the US: Biggest Racket Since Al Capone?
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Byron York / www.dcexaminer.com:
The RAT hiding deep inside the stimulus bill — The far-reaching — and potentially dangerous — provision that no one knows about. — You've heard a lot about the astonishing spending in the $787 billion economic stimulus bill, signed into law this week by President Barack Obama...
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Business Insider:
Obama Stimulus Saves Microsoft Billionaire Hundreds Of Millions -- Billionaire Paul Allen is a Microsoft cofounder, the owner of the NFL's Seattle Seahawks and the owner of the NBA's Portland Trailblazers.

And, thanks to the stimulus bill President Obama signed this week, he's also about to be as much as a billion dollars richer. Here's how...

For what it's worth, one of Paul's representatives told the WSJ the billionaire didn't lobby for the windfall. It just fell into his lap, lucky dog...
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Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

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