On the Chicago trading floor this morning, CNBC's Rick Santelli lashed out at President Obama's economic revival programs, in particular the just-announced plan to spend $75 billion to bail out people who bought houses and took mortgages they can no longer afford. Other traders applauded him, as he called for a "Tea Party" to protest having to pony up taxes to pay other people's mortgages.
I support the mortgage bailout, because it seems necessary to help revive the economy. But Santelli's protest reflects a widespread feeling, and President Obama and Congress should be careful not to rub people the wrong way with flowery rhetoric about helping people achieve the "American Dream" of owning their own homes. It's a rescue of people from a fix they got themselves into. We may have to do it -- just as we have to bail out Wall Street -- but we don't have to like it.
What's your opinion? Post a comment.
Thursday, February 19, 2009
Rick Santelli's rant: The mortgage bailout backlash begins
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There are a lot of people who are very angry at this whole thing. 92% of mortgages are paid on time. 1/3 of population rents and pays taxes (they don't get to write off mortgage interest!). Why do they have to subsidize the 8% of mortgage holders who don't want to pay because their houses went down in value? You signed a contract! If you can't afford it, that's life. Someone else will buy that foreclosed house when the price gets low enough. And this nonsense that we are headed into a depression is a crock! Unemployement no where near the high levels of late 70's and early 80's. You are not entitled to a bailout. Obama wants more people dependant on his government. It's always someone else's fault that something bad happens. That's how lawyers think. He's a lawyer with victim mentality. Where does it stop? Do we bailout credit card debt? Why should I bother to go to work if the government will pay my mortgage? Why should I bother to pay on time if the government will cramdown my mortgage principal? I want a high paying job where I don't have to work, get 6 months paid vacation, can retire after 20 years and then go around telling everyone else how to run their businss. That sounds like the US Senate where this so called President came from. This is America. It was built by real men with real honor and courage not ninnies who went crying to the government for a handout everytime something went wrong. If the uber rich liberals want to help so much they should start by paying their taxes, that's you Mr. Geithner, Mr. Daschle, Mr. Rangle! I don't want a bailout and certainly don't wany my children and granchildren paying for the mistakes of the worst generation in the history of this great nation.
ReplyDeleteHere, here!!!
ReplyDeleteIsn't this the same president who called on us to be more responsible? I've been responsible. I don't want so much as a pat on the back for it, but I do want some guarantees that my having to pay for everyone else will stop and stop soon.
ReplyDeleteI realize that some people made bad decisions. I have family who speculated on the housing bubble and lost. And yet they found their own way out of the mess without a bailout.
Most of the time the best thing for people who make mistakes is to let them feel the consequences for their mistakes. It keeps them from making the same one again.
I'm not against helping some people. But let's make sure it's really the people who need saving and not just those who are hoping to avoid unpleasant but not insurmountable consquences.
And let's close the coffers for awhile, eh?
All praise to the "High and Mighty" people wgho have not been affected by the bad economy. My wife and I spent wisely, and saved for years, but guess what? Those savings dried up!! I work in car sales, and these same people that are saying that everyone should suck it up, are the same people that have forced my wife and 2 children almost into homelessness. I work more hours than most, and have to contend with these same people who don't want to pay what something is worth, and now they want to insult me and kick me when I am down. Thanks for showing that American's really don't care. Before I hear the rebuttal of how the quality of American cars has gone down the tubes, I work for Honda, who employs more American factory workers than any one of the Big 3. What about the people who lost their jobs because of the American factories starting to shut down over a year ago? Severance only lasts so long, and most real people have bills. We are not headed for a Depression, we are already in one.
ReplyDeleteGod Bless the real people.
God Bless America.
I am totally embarrassed I voted for the guy. What the hell what I thinking. I put "good feelings" over logic and reason. Now I am MAD AS HELL. Time to stand up folks and be heard.
ReplyDeleteAnonymous, you've got it right!
ReplyDeleteWhy aren't you President? We need strong leadership that supports the citizens in the middle-class who have played by the rules, lived within their means and get nothing for it. It is just wrong and infuriating to have idiots bailed out by our "nanny state" government.
Don't Tread On Me! We should display the Gadsden Flag at the Chicago Tea Party. No bailout without represenation! Don't Tread On Me
ReplyDelete"When the people discover they can vote themselves money, it will herald the end of the republic," Ben Franlin - President Obama, are you listening? You think the election meant the people voted themselves money? Well, if you give it one group by taking it from another, you may not like the consequences! DON'T TREAD ON ME!
This has nothing to do with race. It has everything to do with I worked hard for my money and I plan to keep it. I've worked two jobs to make my mortgage at times. Let everyone do the same.
ReplyDeleteYou are the racist!
ReplyDelete