Lost from this complaint is the plain fact of predatory lending, that lenders got cash rebates to put people in crappy, high-interest mortgages, that they hid terms of the agreement and denied disclosure, and that all of those hardworking folks are seeing their property values plummet as a result of millions of foreclosed homes glutting the market. To the tune of $6 trillion dollars in home value.The traders on the floor roar in agreement with Santelli's rant, but this isn't enough for the CNBC anchor and she asks him to whip up the crowd again (manufacture news much?) and Santelli goes on to call the
These guys are pretty straightforward, and my guess is, a pretty good statistical cross-section of America, the silent majority.Yeah. Right.
Watch the atrocities: