Looks like Rick Santelli’s boss might be a loser who needs a bailout

05 Mar 2009 03:54 pm
Posted by: Donna

CNBC blowhard Rick Santelli’s quasi-impromptu conniption fit on the floor of the Chicago Board of Trade, where he called people facing foreclosure “losers”, transformed him into a populist folk hero.  Well, at least in the MSM, and in the minds of really dumb people at sparsely attended “tea bag parties”.    I’m still incredulous about it.   I don’t know about y’all but when I think “people who have the moral authority to lecture me on moral hazard and personal responsibility” about the last people to come to mind would be a multi-millionaire derivatives trader and his millionaire commodity trader buddies.   And the lecture was delivered to us from the cable financial news network that was at the forefront of pumping up the housing bubble, no less. 

GE is CNBC’s parent company and it’s financial arm is rumored to be close to needing federal cashola:

We think you can safely put GE in the too big to fail category, and if you thought that saving Citigroup (C) was going to be tough, GE will be a nightmare. But the talk of how much government support the AAA-rated company might need has already begun;

No wonder Santelli bailed on Jon Stewart last night.

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