Check out this video. An individual NEWS REPORTER with some passion, an opinion and who’s not afraid to tell the truth on national TV.
http://www.cnbc.com/id/15840232?video=1039849853 (Rick Santelli – Chicago Tea Party)
This isn’t Glenn Beck or Rush Limbaugh…this is Rick Santelli, a ten year veteran reporter at CNBC working the Chicago Board of Trade.
Wake up America. Throwing good money after bad doesn’t “fix” an economy, it weakens it even further.
Although Franklin Roosevelt was very effective, a great communicator and much loved by the American people, it certainly wasn’t any of his economic pogroms (look it up) that got us out of the great depression. It was, unfortunately, World War 2. This knowledge is becoming more and more commonplace today among scholars and government officials. If you grew up with parents and journalists around you who adored FDR (like so many of us did), you may want to update yourself on what history is now saying about the Great Depression. The consensus more and more is coming to light that we would have been better to do nothing than to legislate the social programs of the 1930’s which only prolonged the Depression and did NOT end it or even get it under control for that matter.
And it wasn’t Bill Clinton or any government organization that made the 1990’s so prosperous. It wasn’t even Reagan’s tax cuts although lowering the corporate tax rates always stimulates growth and in the long run more tax revenues than raising tax rates does.
The two simple things that happened 15 to 20 years earlier that made the 1990’s so prosperous at least in terms of the stock market and investment returns was:
- the invention of the microchip in the mid 1970’s and the subsequent rise of technology in it’s wake
- the ERISA act of 1974 that allowed individuals a tax deductions for investing in the stock market using a vehicle known as an IRA
This video underscores how most businessmen and women really feel about redistributing wealth a.k.a. legalized theft under the guise of government aid.
We’d rather fail than bail because we know the fallout that results from bailout: when there’s no upside potential you turn the engine of productivity upside down and we go nowhere when the train’s on it’s back with the wheels spinning in the air.
Listen closely to exactly what Rick says while it’s still possible to turn this ship of state around. And if not, at least you’ll learn about what it will take to build a strong economy in the new country you may live in after the United States of America goes bankrupt. (for those of you who think this is impossible for a major world power to go bankrupt in the modern era please go to http://www.fas.org/news/russia/2000/russia/part08.htm )
http://www.cnbc.com/id/15840232?video=1039849853 (Rick Santelli – Chicago Tea Party)
Will our government listen before it’s too late?
For those of you old enough to remember we went through similar times to these in the 1970’s.
A republican President (Richard Nixon) who was extremely popular early on and then became a liability to the party.
- A gas crisis with Arab nations raising and lowering gas prices leading to inflationary and recessionary fears.
- A regionally strong, relatively unknown “man of the people” running for President of the US as a Democrat and winning (Jimmy Carter)
- Democrats control both houses of Congress and start raising taxes and spending money
- Carter creates the department of Energy and implements a National Energy policy emphasizing conservation, price control and new technologies (wind, solar, etc.)
- Under his watch Russia invades Afghanistan, we have the takeover of the American embassy in Iran Hostage crisis and we voluntarily give up control of the Panama Canal.
- Carter visited Cuba and the socialist dictator Fidel Castro, the first American President to do so since the 1950’s revolution.
- Carter attended the recall elections in Venezuelaand supported Hugo Chavez’s right to continue as “President” (socialist dictator) even when everyone else cried foul and believed - Chavez had rigged the polls. The European Union wouldn’t even attend the election because they felt that there were too many restrictions put on them and they didn’t want to be “seen” supporting Chavez. This didn’t bother Carter.
- Carter always seemed to take the side of the Palestinians in the Israel/Palestinian conflict even supporting known terrorist groups at times. Even as late as a few years ago, Carter published a book entitled Palestine: “Peace, Not Apartheid”, linking the Israeli occupation of Gaza with the White occupation of South Africa.
So Barack Obama, except for being from a mixed marriage (black dad, white mom) and having a weird name that sounds Middle Eastern, is not really that “new” of a political leader to those of us who are his age and older. We’ve seen this all before.
When Carter, who was a really nice guy but a terrible administrator, left office after just four years, we had runaway inflation, home mortgage interest rates between 18% and 21%, gold was at an all time high and the stock market was very glum during his administration with Forbes magazine rating the stock market as 8th lowest out of the 10 for the past 10 presidents.
And what’s even worse than that, and may be the single biggest factor to account for why we are in the financial crisis we are in today, was the 1977 Community Reinvestment Act signed into law by Jimmy Carter. (for more info go to http://newsbusters.org/blogs/noel-sheppard/2008/09/20/ibd-carter-more-blame-financial-crisis-bush-or-mccain )
Remember Carter is the same President that started Habitat for Humanity. If FDR was a ‘chicken in every pot’ kind of guy, Carter is definitely a ‘house for everyone’ type of guy. Not that the concept is bad…we’re all for that…it’s how we go about implementing that vision that is under attack. The Community Reinvestment Act (or C.R.A.P. for short) required banks and savings institutions to make loans to the lower-income areas in the communities they were in. Haven’t we been hearing about Toxic Assets and Mortgage bailouts a lot lately? The root of this idea that we banks must lend money to people that they know can’t afford to pay it back is in the Carter Administration. So like I said nothing new about Obama - just a different name and face.
But back to the original video: Rick Santelli’s Tea Party…if you read or watch nothing else in this email, you must watch this. It just happened a few days ago on national TV…it’s real, it’s live and it’s not all milquetoast and tea…it’s gut level stuff that doesn’t buy into the lie that it’s government’s “job” to help those that are failing…where to spend my money in the realm of charity is MY DECISION not government’s decision…and when you pay off someone’s mortgage or credit cards and don’t allow them to feel the pain or to fail, that’s charity…and charity begins at home not in Washington…churches, missions, non-profits, helping hands, volunteerism, boys clubs, girls clubs, United Way, YMCA’s, soup kitchens, Goodwill, Habitat for Humanity…all these are right ways to help…government mandates to private organizations and government bailouts to private individuals OR corporations (like GM)…is outside of their constitutional powers…it’s an abuse of authority and, we’ve shut governments down for much less in the past (i.e. the Boston Tea Party)
http://www.cnbc.com/id/15840232?video=1039849853 (Rick Santelli – Chicago Tea Party)
Will we listen and speak up and act out before it’s too late? Maybe we should all go to the Chicago Tea party…I wonder if Santelli will really do it? I wonder if our brethren who like and support Obama because of his fair words and pretty face will be able to discern between what’s right and wrong and stand up and really let him know how they feel or if they’ll crater under the weight of public opinion? At least Santelli wasn’t afraid to put his job and reputation on the line on the CNBC…I wonder if he’ll end up unemployed over this free exercise of his First Amendment right to free speech…what do they say about big government?…it’s only free when you’re not criticizing me…something like that.
If you’ve already been sipping the kool-aid of government expansion and bailout (our should I call it the Democratic re-election spending initiative which is what it really is…tax, spend and influence peddle), it MAY NOT be too late to stick your finger down your throat and spit it up…
By the way, Rick works in Obama’s backyard – the Chicago Board of Trade is, of course, in Chicago, Illinois, so not everyone from Illinois is a socialist or labor union sympathizer.
RICK SANTELLI
CNBC On-Air Editor
Rick Santelli joined CNBC Business News as on-air editor in June 1999, reporting live from the floor of the Chicago Board of Trade. His focus is primarily on interest rates, foreign exchange, and the Federal Reserve.
A veteran trader and financial executive, Santelli has provided live reports on the markets in print and on local and national radio and television. He joined CNBC from the Institutional Financial Futures and Options at Sanwa Futures, L.L.C. There, he was a vice president handling institutional trading and hedge accounts for a variety of futures related products.
Prior to that, Santelli worked as vice president of Institutional Futures and Options at Rand Financial Services, Inc., served as managing director at the Derivative Products Group of Geldermann, Inc., and was Vice President in charge of Interest Rate Futures and Options at the Chicago Board of Trade for Drexel, Burnham, Lambert. Santelli began his career in 1979 as a trader and order filler at the Chicago Mercantile Exchange in a variety of markets including gold, lumber, CD's, T-bills, foreign currencies and livestock.
He is a graduate of the University of Illinois Champaign/Urbana with a Bachelor of Science degree. Santelli has been a member of both the Chicago Mercantile Exchange and the Chicago Board of Trade.
