Rick Santelli is arguably one of the most influential people in the country. Last year Santelli ranted against the Obama administration’s mortgage modification plan, and called for a Chicago tea party. The news clip went on to become national news. Obama’s spokesman Robert Gibbs even responded to Santelli. Santelli unknowingly started one of the largest political movements in the country, the Tea Party. Below is the clip:
Rick Santelli was at it again yesterday discussing financial reform. Santelli complained that financial reform is impossible without reform of Fannie Mae and Freddie Mac. The two companies known as the GSEs hold half the mortgages in America. The GSEs are projected to lose over $370 billion over the next ten years. Basically the Government is on the hook for trillions of off the sheet liabilities.
According to a Reuters article yesterday:
It is unclear how much U.S. taxpayers will eventually have to shell out to help mortgage finance giants Fannie Mae and Freddie Mac, the regulator of the two companies said on Tuesday.
“The actual cost I do not know,” Federal Housing Finance Agency Acting Director Edward DeMarco said in response to a question from Sen. Jim Bunning, R.-Ky., at a Senate Finance Committee hearing.
I do not like to discuss my political views, but I have to comment here I agree with Santelli on this one. He attacked Democrat Paul Kanjorski for not addressing the GSEs in the financial reform bill. Even, if you do not agree with Santelli the video is quite amusing watch below: