Warren Buffett, AIG, Rick Santelli discussed on Odd Lots

Odd Lots
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Automatic TRANSCRIPT

So where was the outrage stemming from was it just that notion of unfairness of some people getting away with something that they shouldn't be getting away with guess and it creates a systemic problem also one thing with traders is they don't care they'll trade to raindrops against each other so the ups and downs of the markets not going to really dry that emotion in the same way but what it really came down to was the fact that if the government comes in and starts propping these guys up our bails them out for doing something wrong for one the investor doesn't get to take advantage of low prices because they're getting propped up you know warren buffett got the warrants on a i g where is that wasn't really offered to the retail investor because they were getting bailed out right so it didn't get to the point where investors could have bought into aig at much lower levels which it would have gone much lower had warren buffett not stepped in and across the board so anytime we're in free markets the market should dictate price and if somebody intervenes than it doesn't allow that to happen you know and another one of arguments is why is the fed dictating interest rates why doesn't the overall market dictate those interest rates if we are free market so it kind of all goes back to the free market should discover price and the market should be allowed to go to that price all right let's talk about that specific day february nineteenth two thousand nine i have to magin it you remember it pretty well 'cause it's now so historic what was that morning like did you know prior to rick santelli really going off that something was going to happen or did it just sort of like the moment was the moment he started stirring it up because it you know it basically happened right at the opening of the day so i just remember him off aired up running up to the pit.

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