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CNBC’s Rick Santelli Rips Key Democrat For Ignoring Fannie/Freddie Reform
GOP Leader ^ | 5-11-10 | John Boehner

Posted on 05/11/2010 3:34:42 PM PDT by STARWISE

Democrats still don’t get it, and they refuse to reform Fannie Mae and Freddie Mac, the government mortgage companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it.

Standing up for American taxpayers, CNBC’s on-air editor, Rick Santelli teed off on Rep. Paul Kanjorski’s (D-PA) claim that Democrats’ couldn’t reform Fannie & Freddie in their financial regulation bill because it was “too complicated,” asking:

“It’s too complicated? You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?”

VIDEO

The exchange couldn’t have come at a worse time for Rep. Kanjorski and Congressional Democrats, because Fannie and Freddie simply won’t go away.

As the Financial Times reported today:

“Fannie Mae said on Monday it would need an additional $8.4bn in aid, as the US government-controlled mortgage finance company continued to suffer heavy losses on its bad loans…Fannie Mae’s appeal for help comes on the heels of a similar plea last week by smaller rival Freddie Mac, which asked for an additional $10.6bn cash infusion.

The latest requests for aid bring the total amount of taxpayer dollars drawn down by these companies to $148bn since the 2008 government-led bail-out.

“Anthony Sanders, a senior scholar at the Mercatus Center at George Mason University, called Fannie and Freddie ‘our own Greek tragedy.’ Mr. Sanders estimated that total taxpayer liability was about $8,000bn for the combined companies, including public debt and loan guarantees.”

But the unlimited bailout that the Administration has bestowed on Fannie and Freddie doesn’t seem to bother Democrats, though the latest giveaway may come at an “inconvenient time,” as the New York Times noted today:

“Fannie Mae’s request on Monday for another $8.4 billion in federal aid comes at a politically inconvenient time for the Obama administration, which is pressing to pass sweeping financial legislation without resolving the company’s future…. Democrats want to defer an overhaul of federal housing policy until next year, after the midterm elections.

But Republicans have seized on the continuing losses to argue that a plan for the two companies should be a priority of the current legislation.”

Republicans have been pressing for an end to bailouts that would get the government out of the mortgage business once and for all. But Democrats are not only unwilling to reform Fannie and Freddie, they are doubling down on the failed government mortgage companies – burning through hundreds of billions of taxpayer dollars in the process.

As the Washington Post noted in a report today: “Under the terms of the government's 2008 emergency takeover of Fannie and Freddie, the Treasury must pump money into either firm whenever its worth, as measured by assets minus liabilities, goes into the red. Late last year, the Obama administration pledged unlimited backing.”

For years, Republicans raised red flags about Fannie and Freddie’s financial condition and proposed responsible reforms only to be thwarted by Democrats who have deep political ties to the worst offenders.

These same powerful Democrats are now pushing for a financial reform bill that doesn’t even address the need to fix these government mortgage companies. As the Wall Street Journal wrote last week, “reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.”

House Republicans’ plan would phase out taxpayer subsidies of Fannie Mae and Freddie Mac over a number of years and end the current model of privatized profits and taxpayer losses. Find out more by clicking HERE.


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Politics/Elections
KEYWORDS: 111th; cnbc; crooksandliars; fanniemae; fatherofteaparties; freddiemac; santelli; santilli
Go, Rick!

Remove these damn crooks, liars and dangerously incompetent fools !

~ ~ ~

Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone… Dems Ignored Warnings

1 posted on 05/11/2010 3:34:42 PM PDT by STARWISE
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To: STARWISE

.
“Reform” these days means government takeover.

Not much more of those two that the government wants to take....


2 posted on 05/11/2010 3:36:34 PM PDT by Touch Not the Cat (Where is the light? Wonder if it's weeping somewhere...)
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To: onyx; SE Mom; Bahbah; hoosiermama; Liz; maggief; rodguy911; Fiddlstix; penelopesire; backhoe; ...

~~PING!


3 posted on 05/11/2010 3:39:20 PM PDT by STARWISE (The overlords are in place .. we are a nation under siege .. pray, go Galt & hunker down)
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To: All

Republican Regulatory Reform Plan

http://republicans.financialservices.house.gov/index.php?option=com_content&task=view&id=601&Itemid=54


4 posted on 05/11/2010 3:40:10 PM PDT by STARWISE (The overlords are in place .. we are a nation under siege .. pray, go Galt & hunker down)
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To: STARWISE

“Dems Ignored Warnings”

Those bstrds didn’t ignore anything...they knew just what they were doing.


5 posted on 05/11/2010 3:42:19 PM PDT by jessduntno (Kagan...Filly-bust-her. Bork her. Bork her hard. She needs it.)
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To: STARWISE
Ripe for photoshopping:


6 posted on 05/11/2010 3:42:23 PM PDT by maggief
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To: STARWISE

You must begin with the premise that the Democrat Party is a criminal enterpria Then you must note unequivocally that Fannie Mae and Freddie mac are part and parcel of the Democrat party and in fact are mechanisms with which the criminal activities are carried out.


7 posted on 05/11/2010 3:42:26 PM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: STARWISE

Mark Levin hammering at this right now. He read from this article also:

Fannie Mae: Now How Much Would You Pay?
Tim Cavanaugh | May 10, 2010

http://reason.com/blog/2010/05/10/fannie-mae-now-how-much-would


8 posted on 05/11/2010 3:43:06 PM PDT by thouworm
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To: STARWISE
they didn't ignore it...they made it worse...loans to people with no jobs that get their payments made til they get one is not way to do business.. would be cheaper to give them a free home...it would have been cheaper from the beginning...more happened..like all out embezzlement
9 posted on 05/11/2010 3:43:15 PM PDT by dalebert
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To: STARWISE

Isn’t Rick Santelli the FATHER of the TEA PARTY??? GO RICK!


10 posted on 05/11/2010 3:45:18 PM PDT by Ann Archy (Abortion,,,,,,the Human Sacrifice to the god of Convenience.)
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To: STARWISE

The whole Idea of a “secondary” mortgage market backed by taxpayer dollars if flawed to begin with.

There is only one fix for this and that’s get rid of them altogether. If a “lender” wants to originate a loan they must have the funds and take the risks. If the loan go’s bad it’s their loss not the taxpayers. Yes it will be much harder to get a home loan but at least you won’t have taxpayers paying other peoples mortgages and bad debt.


11 posted on 05/11/2010 3:46:44 PM PDT by precisionshootist
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To: STARWISE

Go Rick! I’m a huge fan of the Tea Party man.


12 posted on 05/11/2010 3:50:46 PM PDT by Mobties
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To: STARWISE
Rep. Paul Kanjorski’s (D-PA) claim that Democrats’ couldn’t reform Fannie & Freddie in their financial regulation bill because it was “too complicated,”

Like that ever stopped them on, for example, health care.

13 posted on 05/11/2010 3:51:04 PM PDT by denydenydeny (The welfare state turns us all into zoo animals, mouths open, waiting for the next feeding.)
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To: STARWISE

Democrats didn’t ignore it - they lied about it, beginning with Barney Frank.

The lies and scams continue.


14 posted on 05/11/2010 3:51:37 PM PDT by onyx (Sarah/Michele 2012)
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To: Ann Archy

Yes !


15 posted on 05/11/2010 3:55:41 PM PDT by STARWISE (The overlords are in place .. we are a nation under siege .. pray, go Galt & hunker down)
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To: STARWISE

He needs more credit for the Tea Party movement!!


16 posted on 05/11/2010 3:56:17 PM PDT by Ann Archy (Abortion,,,,,,the Human Sacrifice to the god of Convenience.)
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To: Ann Archy

THE RANT HEARD ROUND THE WORLD

CNBC’s Rick Santelli called for a “Chicago Tea Party” Thursday, leading the charge for calls to revolt against the Obama Administration’s mortgage bailout plan.

Video here:
http://www.cnbc.com/id/29283701/Rick_Santelli_s_Shout_Heard_Round_the_World


17 posted on 05/11/2010 4:02:45 PM PDT by thouworm
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To: STARWISE

This has nothing to do with “Too complicated to fix.”

They don’t want to fix the system designed to buy them votes!
It IS thievery, NOT incompetence, because they’re meeting their objective to screw the taxpayer to fund their vote buying.


18 posted on 05/11/2010 4:07:18 PM PDT by G Larry (DNC is comprised of REGRESSIVES!)
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To: STARWISE

Steve Liesman didn’t say anything which is the smartest thing he has done in weeks.


19 posted on 05/11/2010 4:09:51 PM PDT by cowtowney
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To: STARWISE

Too complicated? Then abolish them. Is that simple enough for you?


20 posted on 05/11/2010 4:10:49 PM PDT by Brilliant
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To: STARWISE

reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda


21 posted on 05/11/2010 4:15:16 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: STARWISE

Bump to view later.


22 posted on 05/11/2010 4:16:29 PM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: Ann Archy

**FATHER of the TEA PARTY??? GO RICK!**

Have to give him the Credit for the Tea Party..

The Idiot PAULISTINIANS are trying to give Credit to their Kook MESSIAH!!


23 posted on 05/11/2010 4:25:57 PM PDT by gwilhelm56 (The one thing we learn from history is .. People REFUSE to Learn from History!!)
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To: STARWISE

Oh, yes...RICK Santelli... the Dems did not ignore Fanny/Freddie ... they Caused Protected and FUELED it.


24 posted on 05/11/2010 4:28:43 PM PDT by gwilhelm56 (The one thing we learn from history is .. People REFUSE to Learn from History!!)
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To: STARWISE

I saw that exchange....and later on the Kudlow Report Larry brought it up again....

Go Rick...damn I do like him.


25 posted on 05/11/2010 6:05:48 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: STARWISE
Can anyone explain to me why W continues his Sphinx act. Not a word. Not a peep.
26 posted on 05/11/2010 7:19:05 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: April Lexington

He said when he left he felt very strongly
that it was wrong for a former President
to criticize another. He meant it.

I think he’s very happy to be out of the
political scene.


27 posted on 05/11/2010 7:24:35 PM PDT by STARWISE (The overlords are in place .. we are a nation under siege .. pray, go Galt & hunker down)
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To: STARWISE
Yes. But he's not known for his anger control skills. Must be hell for him to suffer through this nightmare.
28 posted on 05/11/2010 7:32:54 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: April Lexington

Oh, I disagree.


29 posted on 05/11/2010 7:41:49 PM PDT by STARWISE (The overlords are in place .. we are a nation under siege .. pray, go Galt & hunker down)
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To: Ernest_at_the_Beach

i saw the whole thing, there was even more Santelli before this, and the discussion befor they got to Rick was VERY illuminating. Cantfind more than the .52 seconds on youtube or CNBC


30 posted on 05/11/2010 7:42:31 PM PDT by bigjoesaddle (HEADLINE: Spoiled Brat Man-Child Poops in Potty....Wins Nobel Prize!)
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To: STARWISE

Whoa! George! Is that you!


31 posted on 05/11/2010 7:50:18 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: STARWISE

Gotta love Santelli’s guts, but I wonder how pleased his bosses at CNBC are with him.


32 posted on 05/11/2010 8:09:21 PM PDT by Uncle Ivan (Alea iacta est)
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