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Rick Santelli may be the greatest spokesman for American socialism since Eugene V. Debs came down the pike.

He's now minimizing on the AIG bonuses, and once again (like every analysis made by CNBC) misses the larger picture.  He is doing a pretty good job of making the case for the cause opposite his point of view.

Outspoken CNBC Chicago floor reporter questions populist, political outrage over $165 million bonus paid to bailed out executives

Since his now-famous Chicago Tea Party outburst from the floor of the Chicago Mercantile Exchange in February, CNBC’s Rick Santelli had seemingly disappeared from the spotlight.

However, on CNBC’s March 17 "Squawk Box," Santelli, using similar theatrics, noted that the Obama administration as been very concerned about $165 million in bonuses paid out to American International Group (AIG) executives, even though they were recipients of bailout money from the Troubled Asset Relief Program (TARP).

...

"Now think about it this way – maybe I’m missing something, but the outrage seems to be about ‘M’s – millions of dollars, right? Hundred and sixty five dollars, OK?" Santelli said, as he drew a large capital "M" on a sheet of paper. "I would think that it should be looked at as a pretty big positive because when you go from the ‘M,’ maybe you should try to go to the ‘B’s – which is the billions of dollars. And maybe that’s going to even enlighten for the ‘T’ – trillions of dollars."

...

Rick is doing great, even though he is a complete douchenozzle. I think he should continue down this path in order to get previously apolitical folks who aren't real attuned to these sorts of economic discussions to really consider - for the first time - the proper relationship of capital to business in our economy.  Its true worth, its rate of return.

The vig thats due for the investment.

After all, finance isn't an end in and unto itself, it is a means to an end, and once people realize that once more, they can break the stranglehold of the finance geniuses who got us here.

This is where the Santelli rants come in handy.  Every time Rick opens his mouth, he makes a case for regulation and control, driving people away from unfettered corporatism.

Thanks, Rick!

Originally posted to high bitrate on Tue Mar 17, 2009 at 11:50 AM PDT.

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Comment Preferences

  •  gimme some tips...... (18+ / 0-)

    The "choice" offered by capital is illusory. If you cannot afford the choice, you don't have the freedom to choose.

    by high bitrate on Tue Mar 17, 2009 at 11:50:52 AM PDT

  •  I know it's just chump change to Santelli and his (10+ / 0-)

    cohorts, but I'm willing to take the "millions" off their hands and give it out to those that actually need it right now.  

    Another house in the Hamptons is NOT a need...

    'Media' is the plural for 'mediocre'. - Rene Saguisag

    by funluvn1 on Tue Mar 17, 2009 at 11:56:59 AM PDT

  •  So tell me again why we just didn't pay all the (5+ / 0-)

    mortgages off and bypass these douchenozzles.

    Corporations too large to fail, government too small to succeed GOP dreams come true.

    by 88kathy on Tue Mar 17, 2009 at 11:57:54 AM PDT

    •  Anybody got a number on that? (3+ / 0-)
      Recommended by:
      88kathy, JVolvo, Gemina13

      The "choice" offered by capital is illusory. If you cannot afford the choice, you don't have the freedom to choose.

      by high bitrate on Tue Mar 17, 2009 at 11:59:18 AM PDT

      [ Parent ]

    •  This isn't just about mortgages (2+ / 0-)
      Recommended by:
      JVolvo, high bitrate

      This is about theft on a massive scale. The sub-prime mortgages are part of the problem, but the bigger problem is that they were securitized, resold, insured with credit default option and now there's probably $900 trillion worth of this shit ready to hit the fan. The government is getting a bargain if it only spends a hundred billion here and there. See Ricky, spend billion with a "B" to save a few hundred trillions with "T."

      Markets make good servants, but poor masters, and worse religions --Amory Lovins, Rocky Mountain Institute

      by tekno2600 on Tue Mar 17, 2009 at 12:53:36 PM PDT

      [ Parent ]

      •  Bring on the Amero, because the dollar... (0+ / 0-)

        ...just isn't cutting it.

        The "choice" offered by capital is illusory. If you cannot afford the choice, you don't have the freedom to choose.

        by high bitrate on Tue Mar 17, 2009 at 12:54:45 PM PDT

        [ Parent ]

      •  but only if they are bad mortgages (0+ / 0-)

        right,
        and we can't separate the good from the bad
        right,
        so explain to me again why
        everyone doesn't get a
        get out of foreclosure free card

        I know they owe more than the property is worth
        but they need a place to live
        if they pay every month

        I don't get it.

        Corporations too large to fail, government too small to succeed GOP dreams come true.

        by 88kathy on Tue Mar 17, 2009 at 12:59:15 PM PDT

        [ Parent ]

        •  Just because they bundled good and bad (1+ / 0-)
          Recommended by:
          88kathy

          mortgages doesn't mean that everyone can default and it doesn't matter. It just means that the companies that bought the bundles have to take a mix of bad and good. If everyone were to default, it would be very bad...for everyone. But, no one is offering a get out of mortgage free card. What little Ricky didn't understand was that Obama's plan only helped people who were making their payments. Once you miss a payment, you're out.  It was modeled on a successful and money-making program used by FDR. Tricky Rick started raving about something he clearly had not read and didn't understand.

          Markets make good servants, but poor masters, and worse religions --Amory Lovins, Rocky Mountain Institute

          by tekno2600 on Tue Mar 17, 2009 at 01:44:33 PM PDT

          [ Parent ]

          •  everyone is not going to default (0+ / 0-)

            some might default
            so if those "some"
            got a
            get out of foreclosure free card and could go on paying their mortgage and living in their house
            no plywood on the windows
            no moving to the Bushburbs in a tent.

            I can't understand how that could cost more than proping up all these geniuses who invented this paper chase.

            It's going to do me more good to have my neighbor get a get out of foreclosure free card and go on paying his mortgage, mowing his lawn, and no plywood on his windows, than watching the 17 bonus men fly over in a distant contrail.

            Corporations too large to fail, government too small to succeed GOP dreams come true.

            by 88kathy on Tue Mar 17, 2009 at 02:05:19 PM PDT

            [ Parent ]

            •  73 bonus men (0+ / 0-)

              Corporations too large to fail, government too small to succeed GOP dreams come true.

              by 88kathy on Tue Mar 17, 2009 at 02:07:01 PM PDT

              [ Parent ]

            •  Obama's program is keeping people in (1+ / 0-)
              Recommended by:
              88kathy

              their homes if they can make payments (often at reduced rates, set by a judge). It is not a get out of forclosure "free" card, but it does finally use government money to help home owners instead of bailing out the predators.

              Markets make good servants, but poor masters, and worse religions --Amory Lovins, Rocky Mountain Institute

              by tekno2600 on Tue Mar 17, 2009 at 02:16:48 PM PDT

              [ Parent ]

  •  AIG's CDS's really are billions, on the other (0+ / 0-)

    hand.  Will Santelli mind if we pay attention to them?

    The influence of the [executive] has increased, is increasing, and ought to be diminished.

    by lysias on Tue Mar 17, 2009 at 12:01:23 PM PDT

    •  Then he'd shriek that finance is being ignored. (0+ / 0-)

      I'm just hoping that some day soon, he runs into somebody who is losing everything due to a layoff, and spouts some of that fine "laissez faire" Reaganist bootstrap bullshit.

      Methinks that he should have his dental insurance paid up in that eventuality.

      The "choice" offered by capital is illusory. If you cannot afford the choice, you don't have the freedom to choose.

      by high bitrate on Tue Mar 17, 2009 at 12:04:34 PM PDT

      [ Parent ]

  •  Oh please (0+ / 0-)

    Rick Santelli is not a douchenozzle. A douche is a debatable practice that may be harmful. Rick Santelli is better described as a recycled enema byproduct passed from one pig to another, infecting all with deadly viruses.

    An end to the Bush nightmare is only the first step in rebuilding America.

    by DWG on Tue Mar 17, 2009 at 12:05:14 PM PDT

  •  In the big scheme its only (1+ / 0-)
    Recommended by:
    JVolvo

    1/10 of 1% of what AIG has been given.  So for that much he's right.

    But if the UAW had to make concessions to get a loan, NOT A GIFT, then these people should too.

  •  This diary and the comments here are idiotic (0+ / 0-)

    Santelli is wondering why we are worried about the $1.75 in bonuses but ignoring the $175 worth of bailouts relatively speaking.  

    The suggestion is that Santelli opposes both but sees the faux outrage over the bonuses in the face of much larger amounts in the bailouts.

    Santelli is the only guy on CNBC worth listening to and all these nincompoops are jumping on him.

    •  I guess I made a math error (0+ / 0-)

      that should be $1.75 as opposed to $1750

      •  exactly, so Santelli is right (1+ / 0-)
        Recommended by:
        polecat

        that the bonuses are NOT any big deal
        MONETARILY.  What is ACTUALLY outraging people
        is that bonuses are usually paid FOR GOOD PERFORMANCE and if your performance has been SO BAD that you had to go begging hat in hand to the government, then, WELL, OBVIOUSLY, YOU DIDN'T EARN ANY bonus on the basis of your performance in 2008!
        The discovery that AIG has structured its contracts otherwise is LATE.  People should've checked THAT in ADVANCE.  But then, there's a lot of things you don't have time to do due diligence on (like Tom Daschle's limo rides) when you're coping with this many catastrophes simultaneously.

        The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

        by ge0rge on Tue Mar 17, 2009 at 12:24:49 PM PDT

        [ Parent ]

    •  The bonuses are truly separate. (1+ / 0-)
      Recommended by:
      polecat

      The concept of AIG going down pretty much wipes out everything, including the broad pool of assets which should be backing up their mainstream insurance policies.

      Think about crushed annuities, crushed life insurance policies.  Assets which cnnot be replaced by people who don't have jobs, or are otherwise looking at shortened working lives due to age.

      You'd be looking at a global paralysis from which new governments are born, were the conservative "plan" followed.  After all, the only thing conservatives have to offer as a corrective mechanism is widespread systematic failure.

      We're stunned right now, but not down for the count.  The bonuses are inimical to the concept of the work and shared sacrifice that will be necessary to bring us through this in one piece.

      It is way past time that the indolent wealthy get off their dead asses, and time that they get rid of their sense of entitlement to lifestyle excess.

      The "choice" offered by capital is illusory. If you cannot afford the choice, you don't have the freedom to choose.

      by high bitrate on Tue Mar 17, 2009 at 12:20:13 PM PDT

      [ Parent ]

      •  IF AIG goes down, (0+ / 0-)

        we still have the same number of cars, homes and all tangible objects.

        All that changes is that there are different owners.

        •  And a lot of blood on the floor. (0+ / 0-)

          There is a palpable fear (and not without merit) that allowing AIG to fail would irreparably damage the financial system in the US.

          Happy little moron, Lucky little man.
          I wish I was a moron, MY GOD, Perhaps I am!
          -Spike Milligan

          by polecat on Tue Mar 17, 2009 at 12:24:55 PM PDT

          [ Parent ]

          •  This is more than the US (1+ / 0-)
            Recommended by:
            polecat

            The fear surrounding the failure of AIG - is that it is the reinsurer of many financial institutions - and in regions like Asia, Latin America and the Caribbean it is the major Insurance Company. For AIG to fail -it could trigger a further global meltdown.

            However, I think people have reached the tipping point - If we own 80% of the shares let's do what we would normally do if we bought out a company. Let's replace some execs and have a new board be responsible for restructuring the company and selling off the failed divisions.

            Call it nationalization, call is socialism - whatever you want to call it, the Federal Government needs to start behaving as an owner and not an  absentee landlord.

    •  "Santelli is the only guy on CNBC worth... (1+ / 0-)
      Recommended by:
      polecat

      ...listening to"???

      You are out of your depth here, penguin.

      Santelli is a Republican douchebag.
      If the rest of CNBC is even worse, well, DUH.

      The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

      by ge0rge on Tue Mar 17, 2009 at 12:22:29 PM PDT

      [ Parent ]

      •  Based on your very shallow analysis, (0+ / 0-)

        you do  not know what the hell you are talking about.

        •  What is YOUR beef? (0+ / 0-)

          Why is it soooo important for you to stand up for Santelli and CNBC?

          I see your existing diary from Feb 20 defending Santelli's point of view.

          But do you know what deflation is?  And how damaging it can be?  Or the time value of money?  How about fiat currencies?  Derivatives?

          I would strongly advise you to be careful about glibly assuming that the people here have little or no economic chops.

          We do.

          Happy little moron, Lucky little man.
          I wish I was a moron, MY GOD, Perhaps I am!
          -Spike Milligan

          by polecat on Tue Mar 17, 2009 at 12:30:18 PM PDT

          [ Parent ]

    •  The point is entirely one of Adding INSULT to (1+ / 0-)
      Recommended by:
      edsbrooklyn

      INJURY.

      On top of US having to pay to clean up the mess, these (proven) IDIOTS get $175M in bonuses.

      Where's MY bonus?  Hint: I didn't f*ck things up the way the AIG people did.  Am I not at least as deserving?

      Santelli is an idiot.

      Happy little moron, Lucky little man.
      I wish I was a moron, MY GOD, Perhaps I am!
      -Spike Milligan

      by polecat on Tue Mar 17, 2009 at 12:23:48 PM PDT

      [ Parent ]

  •  Well, you know what they say... (0+ / 0-)

    A million here, a million there, and pretty soon you're talking about real money.

    "What if everybody thought like you?" "Then I'd be a damn fool to think otherwise."-- Catch 22

    by Johnny Q on Tue Mar 17, 2009 at 12:16:28 PM PDT

  •  Tom Cruise had a memorable line in the movie (0+ / 0-)

    'Tropic Thunder' (***Spoiler Alert and Tastelessness Alert***) when Ben Stiller's character was kidnapped: the bad guys called Tom Cruise's character, a movie studio chief, and demanded millions of dollars in ransom.  Tom Cruise countered with an offer of a "hobo's dick-cheese."  IMO these derivative traders at AIG who put the American economy on the brink of another Great Depression deserve nothing more.

    Barack Obama in the Oval Office. There's a black man who knows his place.

    by Greasy Grant on Tue Mar 17, 2009 at 12:17:00 PM PDT

  •  A stopped clock is right twice a day (0+ / 0-)

    I have been making this same point here all day.

    The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

    by ge0rge on Tue Mar 17, 2009 at 12:17:11 PM PDT

  •  Wingnut "Logic" says... (1+ / 0-)
    Recommended by:
    high bitrate

    We shouldn't spend $170 billion to bail out AIG and prevent $900 trillion in CDOs from crashing the world economy;

    but, we should happily give them $400 million to pay their incompetent executives.

    We should not cap multi-million dollar executive salaries at $500K for bailed out companies;

    but we should cap UAW workers salaries, who are making $15-30/hour (1/400th of what the average CEO makes).

    Markets make good servants, but poor masters, and worse religions --Amory Lovins, Rocky Mountain Institute

    by tekno2600 on Tue Mar 17, 2009 at 12:36:16 PM PDT

    •  Pointing that out 6 years ago... (1+ / 0-)
      Recommended by:
      tekno2600

      ..would get you slammed as hating America, Sweet Baby Jesus and The Troops.

      Nowadays, not so much.

      The "choice" offered by capital is illusory. If you cannot afford the choice, you don't have the freedom to choose.

      by high bitrate on Tue Mar 17, 2009 at 12:38:49 PM PDT

      [ Parent ]

      •  America, baby jebus, and the troops should (0+ / 0-)

        bow down and thank me.
        There wouldn't even be an America if I didn't teach their bratty little kids, end their stupid wars, and keep their moronic religions out of MY government.
        So, I guess we're in agreement ;)
        Carry on.

        Markets make good servants, but poor masters, and worse religions --Amory Lovins, Rocky Mountain Institute

        by tekno2600 on Tue Mar 17, 2009 at 12:45:01 PM PDT

        [ Parent ]

  •  Here's what Santelli is really saying... (0+ / 0-)

    Yo, this is business as usual over here!  What's everybody so uptight about over here.  Hey look over there...a baby wolf!!!

    What Would Jesus Do? Obviously get Jack Bauer to torture someone!

    by Dahankster on Tue Mar 17, 2009 at 12:49:18 PM PDT

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