Fallout on the Santelli rant . . GE throws it's weight around:

[annabanana]

(from alternet.com: http://www.alternet.org/rights/129656/?page=entire )

"I hope that the president and the final stimulus plan succeed." So writes CNBC pundit Rick Santelli in a recent public statement, one that's very much at odds with his on-screen persona as an instigator of a right-wing protest movement against Barack Obama's economic recovery plans.

In addition to his public statement on CNBC, Santelli suffered the ignominy of canceling an appearance on Jon Stewart's The Daily Show this week, and further revelations and accusations are flying between Ames and Levine's ExiledOnline Web magazine and the New York Times and Atlantic Monthly blog, among others.

In a statement on the controversy, sent to me in the afternoon on March 3, Ames and Levine write:
"There has been a lot of speculation as to why Playboy removed our original article from its site. Let us put it this way: When you look at the fallout from our article -- FreedomWorks admits its role in the teaparty, Santelli issues a giant lawyer-penned opus about how he loves Obama, and CNBC (whose parent company is the megaconglomerate General Electric) frightens a bunch of Astroturfing Web sites into dropping Santelli's name and into revealing their own PAC sponsors -- then it's clear we hit the bull's-eye and stirred up the wrath of a very scary monster.

"Given all of this, it would not be unreasonable for one to consider the possibility (as many have) that the multigazilliondollar megabeast GE threatened the much smaller independent media company Playboy with a terrifying and expensive lawsuit, which, given the current financial crisis, is not something anyone but another GE-sized megabeast could cope with. 'Nuf said on that."

[terisan]

1. GE owns GE Capitol (bailout) MSNBC, NBC, CNBC & head of GE advises Obama-Alternet

is ignoring the overall picture. Playing dumb.

You have Keith Olberman to make the left feel special (at an annual cost to GE of about 8 million (chickenfeed to GE) and Santelli to make small business think someone cares. The winner is the "government-big corporation complex" which seems to be enslaving the USA to make Wall Street investment bankers and AIG defaulter super rich yet again.

[peacetalksforall]

2. What is meant by GE Capitol (bailout)? Did GE Capitol receive a bailout?

[KharmaTrain]

4. GE Capital Is An Investment Firm

It holds billions in private investments and lots of junk paper. Be assured they got a nice piece of the TARP pie and will be going back for more helpings.

[terisan]

7. Yes we agreed to insure their debt in November-Immelt makes 15 million +

There may be more coming up but they got their first guarantees in November.

<http://dealbook.blogs.nytimes.com/2008/11/12/fdic-to-back-139-billion-in-ge-capital-debt/>


General Electric said Wednesday that the federal government had agreed to insure as much as $139 billion in debt for its lending subsidiary, GE Capital. This is the second time in a month that G.E. has turned to a federal program aimed at helping companies during the global credit crisis.

GE Capital is not a bank, but granting it access to a new program from the Federal Deposit Insurance Corporation may reassure investors and help the lender compete with banks that already have government-protected debt, a G.E. spokesman, Russell Wilkerson, told Bloomberg News.

“Inclusion in this program will allow us to source our debt competitively with other participating financial institutions,” Mr. Wilkerson said.

The F.D.I.C. program covers about $139 billion of G.E.’s debt, or 125 percent of total senior unsecured debt outstanding as of Sept. 30 and maturing by June 30.

G.E. sent investors an e-mail letter about the program on Wednesday and posted the letter on its Web site. “Our participation is a positive development for our investors,” it said.

[peacetalksforall]

3. "Olberman to make the left feel special"? What I don't understand why

GE would give Olberman and Maddox the prime hours. ??? Is it because every other minute of slanted/omitted/twisted coverage and comment coming from their three tv companies is devoted to the right?

[Veritas_et_Aequitas]

8. Well, from a sheer business prospective

they probably get those spots because it's profitable. I doubt GE has a political agenda beyond making the most money possible, and they'll do whatever it takes to achieve that goal.

[peacetalksforall]

19. I can't believe you believe that - that you believe GE doesn't have a

political agenda? Jack Welsh, weapons supplier, partner to Republicans in controlling and usurping our news and advancng the Republicah partisanship. Wow, I don't get your statement at all.

[ozu]

20. They have every political agenda

I don't think they discriminate on any ideological basis, they just want to make as much money as possible, and that's done by catering to as many markets as possible.

[slipslidingaway]

9. Santelli has argued against all these bailouts, so I can understand

why some people do not want his voice heard.


September 2008, Rick Santelli pissed off about the bailout

'...the banks are insolvent'

"...history is loaded with leaders that tell the masses that everything is so horrible, you have to do something NOW..." such as give them the 700 billion

http://www.youtube.com/watch?v=I-1g0OZJIdk


October 2008, after the $700 billion bank bailout was approved.
Rick Santelli - This is all for Harry in the Hamptons

http://www.youtube.com/watch?v=3fNN_nOFs2Y

[GinaMaria]

12. did he call them 'Losers'?

He really turned up the hate when he called for the Chicago Tea Party. It was a stage stunt.

[slipslidingaway]

13. No and do you know what he said should be thrown in the lake?

I've already stated that he should not have categorized everyone as a loser.

There are a few people on CNBC over the years that I turn up the volume for, Santelli is one of them.

This is not just about Obama's plan as you can see if you look at the history, he was criticizing the bailouts under Bush. I have my own theory on what may have taken place with his tea party comment and the websites, but it is just speculation, as is the opinion that this particular rant was staged and that he planned this all along.

Guess the Fed does not like it when he talks about them manipulating the markets and cutting interest rates when the market threatens to break a support level, that was at the end of 2007.

Do you remember that rant?

Again this is more of a diversion from the people who really caused this mess.

[GinaMaria]

17. Riiiigggghttttt. He just happened to use the term 'chicago tea party'

and the video of him saying this just happened to be on a website named Chicagoteaparty.com and that website was registered in August with the hope that someone would utter these words....

Guess GE does not like it when we talk about them manipulating the media.


Did he call Bush a loser? did he call bankers losers?

If you love Santelli, you're welcome to him. I think he's a tool and will continue to investigate and expose him. You don't like it? Too bad. His staged stunt was disgusting, inflamatory and hateful. If this was merely shameless self promotion I hope it has biten him in the ass as he deserves. I suspect it's more than that and will continue to express myself.

[slipslidingaway]

22. God luck with your investigations, I'll continue to speak out

when people misrepresent the facts.

[GinaMaria]

25. Why don't you present the facts?

You're not changing my mind with your posts or your tactics. Maybe try to work on others here. I'm a waste of your time. Rick Santelli is a corporate media hack as is Zack Christenson and Milt Rosenberg. Think you have something of value to say on the topic? Start a thread, make your case.

[slipslidingaway]

26. See the videos in reply # 9 and then listen to what Gibbs,

Olbermann and Cenk had to say.

[GinaMaria]

31. Why?

I can't stomach one little clip of the creep. I'm not going in for more. So if he has always railed against bailouts, what difference would it make? Would that make the website not registered in August? Nope, it was registered in August. It was registered as Chicagoteaparty.com. The same name Ricky calls his protest. And shortly after his rant the video appeared on Chicagoteaparty.com, collecting names and email addresses of those interested in joining him for the protest. Word around the CBoT was he had over 1100 emails from people wanting to join. This was a set up and a poor one at that. GE is protecting its own ass by shutting down and threatening media outlets and in the process protecting Ricky too.

Good luck with your AIG investigation. Be sure to post your findings. Maybe your buddy Ricky Santelli can help you since you share a passion for the same causes and messages. I plan to buy stock in chap stick. Your lips and those of others like you must be painfully chapped.

[KharmaTrain]

5. Thank You For Posting!!

I've been watching this story...and was curious about why Playboy pulled its article. Not only that but TPM as well. Not only is there the power of GE behind this but the Koch family with their own money and connections. Christie Heffner stood down.

Here's hoping someone else picks up the ball here. Too many of the usual suspects at work on this thing and best to expose it now than have to deal with it later.

Cheers...

[GinaMaria]

11. it's up to us to dig and find the connections

Playboy et al can't risk it financially. But anonymous posters and bloggers? What can they do to us?

[slipslidingaway]

14. Maybe the time would be better spent looking into AIG??? n/t

[GinaMaria]

18. That's a great assignment for you

As your time would be better spent investigating AIG than telling me how to spend my time. I focus on what I am interested in. If you have an interest in investigating AIG, then you do the investigation. I'm not here to promote your interests.

[slipslidingaway]

21. IMO the outrage against Santelli is more of a diversion from

those institutions who created the mess and are being bailed out by the tax payers.

But you are correct it is your time to spend, just remember he was against all the bailouts not just the latest plan from Obama.

And the question raised in the teaparty rant piece goes unanswered by the administration.

:shrug:

[GinaMaria]

24. Just remember he called regular people 'losers'

You have yet to show that his 'outrage' about any bailouts had the same tone and derogatory statements that the rant about the anti foreclosure plan did. The administration doesn't answer to Santelli anymore than any of us do.

The administration answers to 'We' the people not 'they' the bloated corporate owned media "journalists" entertainers.

[slipslidingaway]

27. Obama... "People bought homes they knew they could not afford"

which is what Santelli was saying in a less diplomatic way. Personally I would rather not group all the people together, as I've stated numerous times.

You can look through the old videos at CNBC if you are interested, just saying that he has not been in favor of the bailouts and people have misrepresented this fact.

I'm about done with this diversion, there are billions being given away to corporations without the attention this story has gained.

[GinaMaria]

30. How's your investigation of AIG going?

Less diplomatic way? He called regular Americans 'losers'. I'm not interested in Rich Santelli or what he has or has not supported. I give a rat's ass. He staged a media stunt registed in August and played out in February. GE might be able to silence some but not all. Riiiggghhhhttt a diversion. No need to look at what's going on with this rant or when the website was registered, pay no attention to the GE I mean man behind the curtain, nothing to see here, move along....

[MinM]

15. Playboy: The Puppet and the Puppetmasters: The piece Howard Hughes killed...

Great point, GinaMarie.

This is nothing new. Corporate giants or people with influence have been getting stories killed or neutered for years. Thanks to the internet, and other resources we have available today, we can follow-up stories the corporate media can't or won't.

Playboy: The Puppet and the Puppetmasters is an example of an excellent piece of investigative journalism getting tremendous pressure from corporate interests, (The Hughes Empire in this case), to back off. Or as in this example part 2 of the piece was delayed 7 months and much more vague in it's details when it was finally released.
http://journals.democraticunderground.com/MinM/170
http://journals.democraticunderground.com/MinM">
:kick: for Rick :rofl:

[Blue_Tires]

6. lolz

k+r

[GinaMaria]

10. KnR Great find

[slipslidingaway]

16. Geithner - Implications of growth in credit derivatives for financial stability

From 2006

http://www.bis.org/review/r060620b.pdf

"...Credit derivatives have contributed to dramatic changes in the process of credit intermediation, and the benefits of these changes seem compelling. They have made possible substantial improvements in the way credit risk is managed and facilitated a broad distribution of risk outside the banking system. By spreading risk more widely, by making it easier to purchase and sell protection against credit risk and to actively trade credit risk, and by facilitating the participation of a large and very diverse pool of non-bank financial institutions in the business of credit, these changes probably improve the overall efficiency and resiliency of financial markets.

With the advent of credit derivatives, concentrations of credit risk are made easier to mitigate, and diversification made easier to achieve. Credit losses, whether from specific, individual defaults or the more widespread distress that accompanies economic recessions, will be diffused more broadly across institutions with different risk appetite and tolerance, and across geographic borders. Our experience since the introduction of these new instruments - a period that includes a major asset price shock and a global recession - seems to justify the essentially positive judgment we have about the likely benefits of ongoing growth in these markets..."

[slipslidingaway]

28. I wonder if Geithner still feels the same way today about

spreading the risk.

:(

[rvablue]

23. Kicking. This was an excellent find by ALL involved!! n/t

[BlueIdaho]

29. Another Brooks Brother Riot come and gone... Yawn.

I never really understood by we should care what a market speculator thinks anyway...

[MinM]

32. Stewart's Santelli Smackdown

CNBC Gives Financial Advice | The Daily Show | Comedy Central

:rofl: Rick Santelli ........ BAILED OUT !!!!!:rofl:

[GinaMaria]

33. Nice! Sorry I missed it. Thanks for the heads up