Rick Santelli’s Rebel Yell: Capitalists Push Back

Rick Santelli is riding on his awesome rant from yesterday which has captured the nation. He has put out the core issue for people on the street. People feel disenfranchised- they ARE disenfranchised- and many aren’t what you’d call “conservative.’ We may disagree on a lot, but we are still overwhelmingly capitalists. Paul Volker said today that that capitalism will survive “in some form” in America. We are saying “hell yes, it will, no thanks to you, Volker.”

Obama’s insufferable press secretary Robert Gibbs is obviously not pleased with Rick, and spanked him at every opportunity today. Gibbs says Rick needs to read Obama’s plan, and that he’ll invite him to the White Palace for a cup of decaf. (Doesn’t Gibbs remind you of the person you hate most at the office?)

This insanity is beyond the boundaries for a whole LOT of people. That’s because, liberal or conservative, most people have brains. The vast majority of us read and see well the lunacy of our government’s crazed, panicked spending. Hopefully Rick won’t have to register as a lobbyist if he heads to Washington to school Gibbs and Obama. Maybe we SHOULD hire Rick! We’re all trying to push back against these disastrous economic “strategies” cooked up by the gypsies in the palace. Rick says he’ll go, and lobbed it back to the administration:

Today Chris “I love my mortgage” Dodd said the nationalization of major banks may be necessary. The White House and the Treasury quickly threw cold water on that idea, however, saying they are “committed to a financial sector that is owned and managed by the private sector; prudently regulated by the government.” Bank of America dismissed nationalization talk, and said that the company sees no reason to need more bucks from Uncle Sam.

To get a picture of how badly the banking sector has been creamed, look at the Philadelphia Bank Index. The 24 banks in the PBI are a pretty good proxy for the financial services sector. They have a combined market value of $269 billion. The market capitalization of Exxon alone is $354 billion. Creamed.

The Treasury leaked that they’ll present more of the details for their bank plan quickly, responding to the growing drumbeat to give us transparency on toxic assets. We do want the details. We want to know how banks are going to re-capitalize, and full disclosure about toxic derivative exposure in each of our major banks. If we don’t fix this problem, no stimulus in the world will help.

But are there ANY actual companies doing well? One sure is, Cabelas. The large hunting, camping and outdoor sports retailer is seeing business boom. Why? Gun and gun-related sales. If you’re blessed with some extra cash, you might make some decent money owning Cabelas stock; America’s obviously spending on the vitals.

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