Dear CNBC's Screaming Monkeys

[Yavin4]

When trillions of dollars are borrowed, but not paid back, markets will crash. The time to cry about it was when the mortgage and banking systems were deregulated, not now. Now, it's too late. There's very little if anything that Obama nor any other policy maker can do in this situation to mitigate the losses.

A Sarah Palin/Bobby Jindal or a Mitt Romney/Rush Limbaugh administration would be facing the exact same problems, tax cuts or no. Citibank, BofA, AIG, and other large financial institutions are essentially bankrupt. These are huge companies that were allowed to become big because screaming monkeys like yourselves wanted them deregulated. Currently, we're experiencing the ugly side of deregulation, massive failure and unintended consequences.

Now, I fully realize that you are using this financial crisis to score political points against a president who will raise your taxes, and that millions of Americans will fall for your b.s. However, the facts remain the same. The markets are falling because large financial institutions are bankrupt, and until the bankruptcy is worked out, the markets will continue to fall.

[FrenchieCat]

1. I hope you are sending this letter to many newspapers and periodicals

as a LTTE and to CNBC and NBC directly!!

[spanone]

2. knr

[Stinky The Clown]

3. Here are just a few of the lying screechmonkey motherfuckers

[sandnsea]

4. When trillions are speculated on the market

at values way beyond the true worth of the derivatives - somebody will catch on sooner or later and there will be a crash.

This has nothing to do with mortgages or lending. If I loan you $10 and then lie to other people and tell them you are going to pay me back $1,000 so give me $500 and I'll give you $500 when I get paid back - it's not your fault that I get caught with my pants down.

[Gregorian]

5. Now if we could just phrase that in Greenspanian, maybe they'd understand.

Thank you! It isn't rocket science. I've always looked at it with this simple hypothesis. Years ago we were comparing American savings to Japanese savings. The difference was startling. That was easily as far back as early 80's. Right then I knew we were headed for big trouble. Then the 90's came, I went into the world of buying and selling real estate (not for money, but that's a different story), and to my surprise I saw people...well, here's an example-

I got the last good deal in Humboldt county in northern California. 20 acres with a house and huge redwood barn. I ran to my bank an hour after the property hit the market, and paid cash. Four years later I sold it to a woman whose husband was the head of radiology at the local hospital. They bulldozed the house and put up a MacMansion. They also owned a "ranch" in Montana they were trying to chop up and sell. Little towns in America have been doing their best to rid themselves of costly and experienced doctors, in exchange for the youngsters fresh from Bombay. So I called my realtor last week. Her husband is without a job, they've been trying to sell their monstrosity home, and can't. And I would bet anything they're in debt up to their ears.

Why does everyone think that a mortgage means that they own it. They don't. The bank does. And they have to pay it back. It's borrowed money. I've always been terrified by borrowed money. America thrives on it. Oops.

[Hissyspit]

6. Santelli on CNBC railed against the price of the stimulus package, but you would have been

hard-pressed to find anyone on CNBC who was against the TARP package, which cost about the same. CNBC is shit.

[Yavin4]

7. I'm going to Kick My Own Thread

just in case people missed it yesterday.