Welcome to Loserville – Mr Rick Santelli

So, the cat’s out of the bag. You wanna know what Wall Street traders really think of the millions of people who got jammed in the sub-prime mortgage scam?

Take a look at this CNBC clip.

Santelli’s Tea Party
CNBC’s Rick Santelli and the traders on the floor of the CME Group express outrage over the notion they may have to pay their neighbor’s mortgage, particularly if they bought far more house than they could actually afford, with Jason Roney, Sharmac Capital.

Yep, this asshole is a reporter for the CNBC business channel and the comments from Trader Jerk and his buddies are sublimely arrogant and well, fcukedup.
The bizarre outburst created a bit of a stir and the Columbia Journalism Review‘s Rick Chittum posted a decent antidote in a recent column, The Audit.

In an earlier post on The Audit, Chittum describes Santelli’s outburst as “Santelli playing Mel Brooks playing Louis XVI“.

This is an example of what’s wrong with a certain kind of financial journalism, the kind where people of like backgrounds spend all day staring at tickers and interviewing each other.

The segment couldn’t more clearly illustrate the disconnect between the financial-services sector, certain financial journalists, and, you know, “reality.”[…]

But let’s understand what’s going on here. This homeowner bailout isn’t really even aimed at easing people’s suffering. It’s aimed at the banks, whose downward spiral will not stop until the housing market stabilizes.

The question is do we step in and try to engineer the softest landing we can—or do we let it feed on itself until we all go down?

But what I’m really interested in isn’t the pros or cons about the homeowner bailout. Reasonable people can and do disagree about that. What’s really fascinating is the peek it offers into how CNBC—or at least part of it—thinks.

At this point, the financial network is channeling the culture it covers. The barrier between reporter and subject has nearly dissolved.

First, for a journalist to go off with “Tea Party” rhetoric while maligning millions of down-on-their-luck folks out there is just wrong.

It’s wrong in so many ways.

If you take a look at Santelli’s profile you’ll see that he’s a Chicago boy through and through. He shares the lifestyle of the arrogant and out-of-touch traders. He’s one of them, so no wonder he thinks like a Wall Street Vulture.

Unfortunately, other journos have rallied to Santelli’s defence. Mary Kate Cary at US News and World Report offered this insight:

What made his rant so riveting was that he was saying what everyone else seemed to be thinking but not saying: “What about the rest of us—the ones who work hard and play by the rules?” It’s the elephant in the room that everyone’s avoiding—the feeling that those who drove their personal finances, their companies or our entire economy into the ground are now getting rewarded for their reckless behavior—and they’re getting rewarded with everyone else’s hard-earned cash.

Let’s take a look at this. What Cary is saying here is that the victims of the sub-prime crisis – many of them caught up in criminal fraud  through no fault of their own – “drove…our entire economy into the ground”.

Wait a minute. Wasn’t it the guys in the mortgage companies and merchant b(w)anks that took on that task? The rhetoric from Santelli and Cary is just blame shifting. They can’t see the truth because of their ideological “free market” spectacles.

In other interviews Santelli has defended himself, firstly saying that the rant was more philsophical than political. OK, so what philosophy? Rampant individualism. Then this gem:

“I’ve been very consistent on this,” he said. “I understand what derivatives and toxic assets are. I was in that business. These things are complicated, and I don’t know that the taxpayers should own them.” [Chicago Tribune]

A fine admission to make. It’s like the arsonist in the fire brigade. It’s also “trust me, I’m a journalist”, not “trust me, I used to be a junk bond dealer”. Now Santelli’s set to get a book contract and perhaps a new contract at CNBC as a result of his new found notoriety. The asshole is milking it for all it’s worth. He’s told several other rightwing dribblejaws that the White House is threatening his kids.

Welcome to Loserville Mr Santelli.

One Response to Welcome to Loserville – Mr Rick Santelli

  1. […] Background here Welcome to Loserville Mr Santelli. […]

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