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Great Rick Santelli Video on Fannie Mae and Freddie Mac

Rick Santelli is arguably one of the most influential people in the country. Last year Santelli ranted against the Obama administration's mortgage modification plan, and called for a Chicago tea party. The news clip went on to become national news. Obama's spokesman Robert Gibbs even responded to Santelli. Santelli unknowingly started one of the largest political movements in the country, the Tea Party. Below is the clip:



Rick Santelli was at it again yesterday discussing financial reform. Santelli complained that financial reform is impossible without reform of Fannie Mae and Freddie Mac. The two companies known as the GSEs hold half the mortgages in America. The GSEs are projected to lose over $370 billion over the next ten years. Basically the Government is on the hook for trillions of off the sheet liabilities.

I do not like to discuss my political views, but I have to comment here I agree with Santelli on this one. He attacked Democrat Paul Kanjorski for not addressing the GSEs in the financial reform bill. Even, if you do not agree with Santelli the video is quite amusing watch below:

About the author:

Jacob Wolinsky
My investment ideas have been inspired by many of value investors including Benjamin Graham, Charles Royce, John Neff, Joel Greenblatt, Peter Lynch, Seth Klarman,Martin Whitman and Bruce Greenwald. .I live with my wife and daughter in Monsey, NY. I can be contacted jacobwolinsky(AT)gmail.com and my blog is www.valuewalk.com

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Rating: 3.8/5 (16 votes)

Comments

brianbook
Brianbook premium member - 3 years ago
Santelli is too ideological, I would rather listen to a critical thinker than his rants.

Cowboy77
Cowboy77 - 3 years ago
Brianbook:

That IS critical thinking! Just may be too much common sense for you to handle. It's an affliction that affects too many Americans today.

What is wrong with the basic premise that only people who can afford homes should own them? You really want to be on the other side of that argument?
cm1750
Cm1750 premium member - 3 years ago


Where was Santelli before the bubble crashed? CNBC hosts were all bullish, except for maybe Diana Olick who covers real estate.

Jon Stewart (Daily Show) had a classic segment showing how CNBC was just as optimistic as others:

http://www.thedailyshow.com/watch/wed-march-4-2009/cnbc-financial-advice

CNBC is for moronic day traders. Bloomberg has much better guests and insights.
yswolinsky
Yswolinsky - 3 years ago
Did Bloomberg hosts predict the crash?
cm1750
Cm1750 premium member - 3 years ago
Bloomberg did have Faber, Roubini, Jim Rogers, Peter Schiff and others as regular guests, and they were interviewed by Bernie Lo etc. in a 30-60 minute format where they could articulate their views.

CNBC hosts (Fast Money panel, Kudlow, Bartoromo etc.) actually made fun of Peter Schiff when he foretold of the housing bust in 2006-7. Youtube has several examples of the disrespect that Schiff received from CNBC hosts.
yswolinsky
Yswolinsky - 3 years ago
I am sure both bloomberg and cnbc had people who were very bullish and very bearish on the market in 06 and 07. Bloomberg has had dozens of "experts" predicting an imminent market correction since March 2009
cm1750
Cm1750 premium member - 3 years ago
I like Bloomberg personally as the format provides more information vs. CNBC's "shout-downs".

Bloomberg also seems to attract much better investors as guests. Most of CNBC's guests are no-name PMs who are try to predict the overall market over the next 1-3 months.

These differences make Bloomberg more useful to investors vs. CNBC's trader mentality.
yswolinsky
Yswolinsky - 3 years ago
I dont find either useful for investing nor any other major financial radio/tv/magazine etc. But I do agree that Bloomberg is more professional.
expectingrain
Expectingrain - 3 years ago
I don't watch CNBC anymore- it brings me absolutely no value as an investor. Their hosts have no idea how to interview- they ask poor questions, talk over the guest and rarely give more than 10 seconds for an answer. They also don't ask follow up questions, so its obvious they are thinking about what to say next rather than listening. Furthermore, what's up with the 8 talking heads on the screen all talking at once? This is what qualifies as "financial news?" As a value investor, I really don't care about their BREAKING NEWS, it doesn't affect what I do. Its just cotton candy for the retail "trader" who churns himself into oblivion.
yswolinsky
Yswolinsky - 3 years ago
expect ditto

But Bloomberg does not make me a better value investor either.
superguru
Superguru - 3 years ago
I do not watch CNBC or for that matter any TV. I actually do not have cable service so I cannot watch even if I want to.

FT , WSJ and Gurufocus give me all the news and information that I need.

To get Financial data for my research I use morningstar, gurufocus, yahoo finance and google finance.

Then I read good investment books.

I found pretty much everything else in TV or print or web either repetitive of what is covered in my sources above or completely useless and waste of time.

LMK if I am missing anything.

expectingrain
Expectingrain - 3 years ago
Have someone shout at you when you are doing research. This will replicate the CNBC "experience" you are missing.

I do not watch CNBC or for that matter any TV. I actually do not have cable service so I cannot watch even if I want to.

FT , WSJ and Gurufocus give me all the news and information that I need.

To get Financial data for my research I use morningstar, gurufocus, yahoo finance and google finance.

Then I read good investment books.

I found pretty much everything else in TV or print or web either repetitive of what is covered in my sources above or completely useless and waste of time.

LMK if I am missing anything.

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