Thursday, February 28, 2008

Rick Santelli is Quickly Becoming my Hero

Posted by TraderMark at 10:29 AM TweetThis
I love this guy... one of the few people who actually speaks the truth. Check out this interview from this morning where he rips into a Kool Aid drinking bull.

Also, saw Ron Paul go off on Bernanke again yesterday - love it, 1 voice of truth ... sadly most of the other congressman and women probably have no idea what Dr. Paul is even talking about. Heck some of them don't even know where he worked before he came to the Fed... sad.

Last, as an aside, I notice Buffet will be on premarket CNBC Monday. You know what that means right? We will find a reason to rally as whenever Buffet speaks it means a bailout is around the corner. All you have to do is say "Buffet is sniffing around (insert troubled company name here)" and the whole market can party. Or he will make the bond insurers party. Or if he sneezes a certain way we can party. Or with a magic wave of his pinkie he can make all our problems go away. All I know is whenever he speaks, the market finds an excuse to find some sliver of hope in any phrase and call for a party. Remember about 4 months ago there was a rumor he was buying Bear Stearns.... about $30 higher of course. But if you drink the Kool Aid, you can make a rally out of a rumor. So once again late Friday I will have to cut back short exposure, with expectation that Kool Aid bulls will find any twitch in Buffet's face as a reason to buy.

Posted by TraderMark at 10:29 AM Comments (17) | Edit This Post | Create A New Post

17 comments:

geckojb said...

That's a great commentary by Santilli. With rates on the long end climbing the banks can borrow short and lend long at higher rates. Guess they found who the suckers are that are going to re-capitalize the banks.

February 28, 2008 12:08 PM  
TraderMark said...

This is why I get really upset and some reader asked "Why so much fuss about Fed cuts". It is essentially creating a massive tax on the bottom 80-90% of Americans to bail out the top 1% and their financiers. It truly is horrific but as sheep most Americans have no idea what is going on and instead are led to hate NAFTA or blame it on foreigners. If not for foreigners financing our country we'd be Rome... at the end. I am just glad 1 person on CNBC actually has the guts to say such things. Every other human on that channel says "cut cut cut", because all they care about is their portfolios obviously. ANyhow Main Street really is getting killed and its just starting.

February 28, 2008 1:01 PM  
TraderMark said...

Let me clarify that. In a World of Shortages theory inflation is here whether we like it or not. I am simply seeing it exaggerated either by public policy (incentivize corn ethanol) and monetary policy (cut cut cut, deflate our debt to bail out those at the top). The problem is the finance system is so screwed up I can understand why they are doing it. It's simply the implicit lies about CPI , PPI and the like that I hate. The abject denial of inflation in the face of gold approaching $1000, oil at $100 and commodities of all types at record highs is simply a strike at the intelligence of us all. But they stick by the lines, and the sheep eat it up.

They now say in 6 months inflation will subside as the US economy slows. I only wonder what lie they will espouse in 6 months.

February 28, 2008 1:04 PM  
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February 10, 2009 5:03 PM  
S Benard said...

I am a Rick Santelli perma-bull!

Where do I sign up for the fan club?

February 19, 2009 9:02 AM  
TraderMark said...

I'm with you - if only they'd make an 8 hour block of Santelli, CNBC would be worth watching.

February 19, 2009 9:58 AM  
Anonymous said...

Rick Santelli speaks the truth and it feels so good! Santelli 2010?

February 19, 2009 9:31 PM  
Anonymous said...

Rick is on target with his comments and has started the capitalist counter-revolution! Yes, today Rick sent a shot heard round the World (and at the President) that the hardworking, tax paying Americans are tired of “Bailout Nation” and a liberal Congress and President wasting our Tax Dollars. Stop the “Bailout Nation,” “Stop the spread of Socialism,” “Stop our Government from rewarding people who don’t pay their mortgage,” and “No Congressional Spending, Without Representation!”
Our President and the liberals in Congress are not listening to the people just as King George III was not listening to the colonist, “No Taxation, Without Representation!” “Who is John Galt?” Finally a CNBC financial report has the guts to say the truth to the President and Congress.
The next Boston Tea Party will be at the “Chicago Tea Party” where “We” Americans will start to take back America for Americans!
Where do we sign up to support Rick?

February 19, 2009 11:33 PM  
Anonymous said...

Thank you to my hero Rick Santelli!!! Also here's a quote that from The late great preacher Dr. Adrian Rogers (1931 to 2005. It applies to us NOW.

"You cannot legislate the poor into freedom by legislating the rich out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend is about the end of any nation.

February 20, 2009 10:43 AM  
Anonymous said...

Yes, the economy will be much better if we throw ten million people out on the street, because its all their fault their realestate investment isn't worth anything anymore.
Why didn't this jerk whine and cry when wall street was being bailed out last September.
Santelli...go back to losing your clients money, you moronic huckster...

February 20, 2009 11:19 AM  
Anonymous said...

I think this guy is great, but heads up on what the media will do to him now. How can we support him?

February 20, 2009 2:43 PM  
Anonymous said...

Rick is not a hero. Evidently he has dementia.
The Republicans created this problem. We all know that. Obama inherited the mess left behind by the "Grand Ole Party". Exactly who is Rick mad at???? Someone needs to ask Rick Santelli the ultimate question. A question posed to Forrest Gump. "Are you stupid son"

February 21, 2009 12:37 AM  
Anonymous said...

I have admired Rick Santelli for years; (Mark Haynes as well). Go Rick----
So disturbing that a guy, Robert Gibbs, would be so rude & wantonly disrespectful: ie if you disagree, there must be something wrong with YOU & I will fight back by debasing you in the process. It's thought police, to quote Ben Stein, & get on board or else (similar to the 'stimulus' bill 'debate'). Extra disgust that Gibbs, who ignorantly claims Santelli can't possibly understand, does not even remotely understand financial principles like Santelli does.

February 21, 2009 9:26 AM  
Anonymous said...

My house price is down so is Obamanomics will pay me the difference to make me whole. My 401K is 201K now so is Obamanomics will make me whole.

February 21, 2009 12:21 PM  
TraderMark said...

I did not like what Gibbs said nor in the manner it was said; it was very holier than thou. I thought it was playing with fire considering the potential for backlash.

I also like Mark Haines although I rarely get to see him; he is the other guy who speaks him mind and talks about the absurdity of it all - good call.

to the other Anon - let's not spin it into GOP v Dem. They are both wanton hogs of power and corruption in my book.

February 23, 2009 12:07 AM  
Anonymous said...

The whole irony of using the term "drinking the kool-aid" is that anyone who uses that phrase is almost always a person who gets their distorted information from FOX news and Talk Radio. Just by using that term, you expose yourself as someone who is regurgitating their words.

February 24, 2009 11:00 AM  
TraderMark said...

I've been using the term for a long while; before it was fashionable. And other than Fox Business I don't listen to any extreme right or left wing junk

February 24, 2009 12:20 PM  

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