Here is a video of Rick Santelli on CNBC. He gets vocal about Obama’s proposed $275 Billion (to be funded by more debt of course) mortgage bailout plan. Rick gets a ton of support from those on the trading floor in Chicago. He shouts out at one point “President Obama, are you listening?” It seems apparent that the backlash on Obama’s policies is growing.
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Posted under Economy
Written by admin on February 19, 2009
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LOL. Funny he doesn’t mention the Wall Street Bailout. Funny indeed. Wonder if it’d be as much of a screed?
I wouldn’t be surprised if it would have been. Most free market people believe that weak companies need to fail. Most true Conservatives I know don’t think any of the bailouts were a good idea.
Should have rephrased. We DIDN’T see him rant about wall street being bailed out. Not a word. Interesting that “true conservatives” gave us Bush – who, incidentally, began the bailouts. Remember? I know you guys would love to frame it as all Obama’s fault and he’s the one bailing out everyone, but that’s really quite far from the truth.
So if Rick “nailed it”, then what is the solution? I notice he doesn’t really have one. You?
I agree with Santelli 100 percent. Furthermore, there should have been no bailouts for absolutely no one. If banks and car manufacturers can’t compete, let them die and be replaced by companies that do provide what consumers want.
Nobody in their right mind should consider Bush a conservative (and note, I’m speaking fiscally here). Conservatism involves the reduction of Government. Bush expanded Government and increased our debt. Bush got railed by Conservatives for all of his bailouts. Our local Congressional elections this past year had the bailout as a central component of discussion (i.e. how can you call yourself a Conservative if you supported the bailout).
Reducing the tax burden alone does not make one a Conservative. The fact that the Republicans have allowed themselves to move towards a Bush philosophy is my (and most conservatives I speak with) biggest problem with them. I’m actually planning on writing up a post relating to that topic if I ever get time to get around to it. Anyhow, I find it highly disappointing to see that people actually think that Bush is a representative of Conservative views.
As anyone that’s been a regular reader of this blog knows, I recently went through two layoffs in less than 18 months. In fact, I just started my new job last month. I know first-hand that some situations are beyond your control. The issue I have is that this mortgage crisis was not started by people in hard luck situations. Both banks and individuals were irresponsible with lending.
My personal experience when I last moved (in the fall of last year) shocked me into realization of how insane lending practices were. I had been laid off for three months, I had just taken a new job, I still owned my old home and was trying to sell it in a bad market. When I got pre-approval for my loan, I was given approval for a monthly payment approximately 65% of my net monthly income (no, this is not an exaggeration). Note, I have outstanding credit (I am responsible and pay my bills on time), but I am solidly middle-class (no, I’m not a greedy rich bastard despite being Conservative). Living off 35% of my net income would be hard enough, but to pay an existing mortgage on the home I was attempting to sell?!?! Now, if I was a fool, I could have easily said “Oh goodie, I can afford that huge place over there.” Fortunately, I know better than that and got a house within my means. Unfortunately, many individuals haven’t and purchased homes they couldn’t afford on the basis that the bank allowed them to. These people probably have little savings and quickly drown in the debt (even without a layoff).
Who’s at fault? The bank is for offering a loan that they should know is an unreasonable burden on the individual. The individual is for taking a loan that they should have the foresight to see they cannot afford.
Yeah. We need to stop rewarding bad behavior. I wrote about it on my blog
http://www.orient-lodge.com/node/3434