Comments on: The Santelli phenomenon: a cry for justice http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/ Mon, 24 Oct 2011 16:44:58 +0000 hourly 1 By: Janet Oliver http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/comment-page-1/#comment-120 Janet Oliver Sat, 28 Feb 2009 20:32:03 +0000 http://blog.aynrandcenter.org/?p=777#comment-120 Dear Mr. Epstein, Excellent article. I was watching Mr. Santelli while getting ready for work on the day of his so-called rant. Knowing that Santelli has read and understands "Atlas Shrugged," I cheered his actions! I had a feeling that something would come of it, as recent events and various "tea parties" have shown. Perhaps there is hope for the United States yet. http://backyardbebop.blogspot.com/2009/02/dont-drink-water-or-what-if-we-started.html Dear Mr. Epstein,
Excellent article. I was watching Mr. Santelli while getting ready for work on the day of his so-called rant. Knowing that Santelli has read and understands “Atlas Shrugged,” I cheered his actions! I had a feeling that something would come of it, as recent events and various “tea parties” have shown. Perhaps there is hope for the United States yet.

http://backyardbebop.blogspot.com/2009/02/dont-drink-water-or-what-if-we-started.html

]]> By: Josh http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/comment-page-1/#comment-111 Josh Thu, 26 Feb 2009 02:47:38 +0000 http://blog.aynrandcenter.org/?p=777#comment-111 I can agree with most of what you said about the bail out plan, especially, how this plan really creates little advantages for the economy. I would just like to point out though, that this economic crisis was not the complete fault of the banks and "irresponsible people," much of the problems came from deregulation. America refused to regulate buisnesses that acted like banks, performed the same activities as banks, and suffered the same experiences of banks, and the government failed to treat them as banks. When these shadow banks were forced to call in payments in order to return money to their investors, many went out of buisness. A good third, if not more, of american banking credit disapeared in flash (our regular banks are mostly fine, except for those that traded subprime loans). When the gov, gave money to the banks to fix the problem, the gov. didn't realize that our regular banks did not have much to fix, so these banks used the gov money to buy out smaller banks. This really underscores the results we can expect from the bailout plans of washington. If the gov wants to provide an economic stimulus package, they should follow the greenspan model of small direct gov action. They should promote the creation of banks, by lowering the amount of money an individual needs to start a bank, then supplementing the rest of the cash from taxes. The increase of banks will increase credit and help the economy to stabalize. However, we need to let the economy run, even if slowed, because it has gone through several economic bubbles in the last decade and it has to suffer the consequences. In summery, the gov shouldn't be using bailouts, they should provide shots of cash to banks to stimulate credit, but not control credit. Greenspan acted in a similar manner in the last three decades and he demonstrated how this can prevent and cure economic downturns. America needs to say no to bailouts, and start more banks as well. I can agree with most of what you said about the bail out plan, especially, how this plan really creates little advantages for the economy. I would just like to point out though, that this economic crisis was not the complete fault of the banks and “irresponsible people,” much of the problems came from deregulation. America refused to regulate buisnesses that acted like banks, performed the same activities as banks, and suffered the same experiences of banks, and the government failed to treat them as banks. When these shadow banks were forced to call in payments in order to return money to their investors, many went out of buisness. A good third, if not more, of american banking credit disapeared in flash (our regular banks are mostly fine, except for those that traded subprime loans). When the gov, gave money to the banks to fix the problem, the gov. didn’t realize that our regular banks did not have much to fix, so these banks used the gov money to buy out smaller banks. This really underscores the results we can expect from the bailout plans of washington.

If the gov wants to provide an economic stimulus package, they should follow the greenspan model of small direct gov action. They should promote the creation of banks, by lowering the amount of money an individual needs to start a bank, then supplementing the rest of the cash from taxes. The increase of banks will increase credit and help the economy to stabalize. However, we need to let the economy run, even if slowed, because it has gone through several economic bubbles in the last decade and it has to suffer the consequences. In summery, the gov shouldn’t be using bailouts, they should provide shots of cash to banks to stimulate credit, but not control credit. Greenspan acted in a similar manner in the last three decades and he demonstrated how this can prevent and cure economic downturns. America needs to say no to bailouts, and start more banks as well.

]]> By: Peter Nichols http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/comment-page-1/#comment-105 Peter Nichols Tue, 24 Feb 2009 15:55:05 +0000 http://blog.aynrandcenter.org/?p=777#comment-105 I agree with your assessment of the current housing situation. Government tinkering, on behalf of a pressure group combined with irrational Wall Street actions, caused this catastrophe. Now that the boat is sinking fast, how do we get out of this situation without spending a trillion dollars? In the free market these houses may be left unoccupied before the equilibrium is found. Unfortunately, the lobby group with the most pressure is demanding action. How, as Objectivists, do we make right the wrongs that have happened? I agree with your assessment of the current housing situation. Government tinkering, on behalf of a pressure group combined with irrational Wall Street actions, caused this catastrophe. Now that the boat is sinking fast, how do we get out of this situation without spending a trillion dollars? In the free market these houses may be left unoccupied before the equilibrium is found. Unfortunately, the lobby group with the most pressure is demanding action. How, as Objectivists, do we make right the wrongs that have happened?

]]> By: Victor Rudy http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/comment-page-1/#comment-103 Victor Rudy Tue, 24 Feb 2009 05:16:22 +0000 http://blog.aynrandcenter.org/?p=777#comment-103 Please correct me if I am wrong but as far as I know one of the main causes of the mortgage crisis is the Community Reinvestment Act which became law in 1993. This law passed in the name of so-called Affordable Housing was supposed to have made the American Dream available to low income individuals or families. My understanding of the Community Reinvestment Act is that it compelled banks to approve mortgages for low income individuals without having access to the credit reports of these individuals. The banks as well as the recipients of these mortgages knew full well that the mortgages were unaffordable but the banks had no choice but to approve these mortgages while the recipients who did have a choice whether or not to apply for these mortgages nevertheless opted to apply & by doing so were irresponsible & deliberately evaded the long-term cosequences of their decisions. Please correct me if I am wrong but as far as I know one of the main causes of the mortgage crisis is the Community Reinvestment Act which became law in 1993. This law passed in the name of so-called Affordable Housing was supposed to have made the American Dream available to low income individuals or families. My understanding of the Community Reinvestment Act is that it compelled banks to approve mortgages for low income individuals without having access to the credit reports of these individuals. The banks as well as the recipients of these mortgages knew full well that the mortgages were unaffordable but the banks had no choice but to approve these mortgages while the recipients who did have a choice whether or not to apply for these mortgages nevertheless opted to apply & by doing so were irresponsible & deliberately evaded the long-term cosequences of their decisions.

]]> By: gayle http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/comment-page-1/#comment-98 gayle Mon, 23 Feb 2009 20:03:35 +0000 http://blog.aynrandcenter.org/?p=777#comment-98 So what is your solution, until the mortgage and housing market begins to be restored the recession will continue to get worse? I agree that people and companies should take responsiblity but seems a bit late now, I think there has to be help with strings attached. So what is your solution, until the mortgage and housing market begins to be restored the recession will continue to get worse?
I agree that people and companies should take responsiblity but seems
a bit late now, I think there has to be help with strings attached.

]]> By: Tony Orlando http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/comment-page-1/#comment-97 Tony Orlando Mon, 23 Feb 2009 14:44:45 +0000 http://blog.aynrandcenter.org/?p=777#comment-97 You know, I have to tell you, I really enjoy this blog and the insight from everyone who participates. I find it to be refreshing and very informative. I wish there were more blogs like it. Anyway, I felt it was about time I posted, I�ve spent most of my time here just lurking and reading, but today for some reason I just felt compelled to say this. You know, I have to tell you, I really enjoy this blog and the insight from everyone who participates. I find it to be refreshing and very informative. I wish there were more blogs like it. Anyway, I felt it was about time I posted, I�ve spent most of my time here just lurking and reading, but today for some reason I just felt compelled to say this.

]]> By: John Galt http://blog.aynrandcenter.org/the-santelli-phenomenon-a-cry-for-justice/comment-page-1/#comment-96 John Galt Mon, 23 Feb 2009 14:30:52 +0000 http://blog.aynrandcenter.org/?p=777#comment-96 I will tell you as an out of work real estate appraiser that many of us saw this coming a long time ago. A couple of years ago we began to lose business because we weren't number hitters. The values that people/mortgage brokers were expecting were way out of line with reality. I can give you an idea of how this happened... A few years ago when someone bought a house, they saw the appraiser come out and spend 20-30 minutes measuring and walking around the house. When the homeonwer got to closing and saw a charge of $350.00, they thought "Easy Money" so everyone ran out and got an appraisers license. When you get your trainee license, you have to have 2 years supervised, to many this supervision was fill out the form and the supervisor signs it. They were churning out appraisal reports as fast as they could sign them. The trainees learned nothing about appraisals. So fast forward 2 years, these trainees are now State Certified, they go and start their own shop so they dont split fees with anyone. Now you have certified appraisers filling in whatever blank the mortgage broker wants...Result, an oversupply of untrained, uneducated appraisers, the fees for legitimate appraisers went way way down because these new ones were willing to undercut everyone to pick up whatever scraps they could find, the quality of the reports went into the toilet and honest appraisers are now searching for a second career. I am typing this at the library at the University I re-enrolled in after a 15 year absence. Just my two cents....oh well....Shrugg I will tell you as an out of work real estate appraiser that many of us saw this coming a long time ago. A couple of years ago we began to lose business because we weren’t number hitters. The values that people/mortgage brokers were expecting were way out of line with reality. I can give you an idea of how this happened…
A few years ago when someone bought a house, they saw the appraiser come out and spend 20-30 minutes measuring and walking around the house. When the homeonwer got to closing and saw a charge of $350.00, they thought “Easy Money” so everyone ran out and got an appraisers license. When you get your trainee license, you have to have 2 years supervised, to many this supervision was fill out the form and the supervisor signs it. They were churning out appraisal reports as fast as they could sign them. The trainees learned nothing about appraisals. So fast forward 2 years, these trainees are now State Certified, they go and start their own shop so they dont split fees with anyone. Now you have certified appraisers filling in whatever blank the mortgage broker wants…Result, an oversupply of untrained, uneducated appraisers, the fees for legitimate appraisers went way way down because these new ones were willing to undercut everyone to pick up whatever scraps they could find, the quality of the reports went into the toilet and honest appraisers are now searching for a second career. I am typing this at the library at the University I re-enrolled in after a 15 year absence.
Just my two cents….oh well….Shrugg

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