Hooray to a revolt on the floor of the Chicago Board of Trade! The magnificent Rick Santelli of CNBC rails against having to bailout mortgage delinquents; reminds “President New Administration” that 90 percent of homeowners in the country pay their mortgages; invokes images of Thomas Jefferson and Benjamin Franklin rolling in their graves at what the country has become; mentions “moral hazard,” gets the entire floor booing; hollers, “This is America”; restores my faith in this country. Watch Rick rock the floor:
“’The government is promoting bad behavior… do we really want to subsidize the losers’ mortgages… This is America! How many of you people want to pay for your neighbor’s mortgage? President Obama, are you listening? How about we all stop paying our mortgage! It’s a moral hazard” [Via Drudge]
Update II (Feb. 20): The machine goes after The Man, Rick Santelli. Robert Gibbs, Obama’s press primp himself lashed out:
“I’ve watched Mr. Santelli on cable the past 24 hours or so. I’m not entirely sure where Mr. Santelli lives or in what house he lives but the American people are struggling every day to meet their mortgages, stay in their jobs, pay their bills, send their kids to school,” Gibbs said. “I think we left a few months ago the adage that if it was good for a derivatives trader that it was good for Main Street. I think the verdict is in on that,” the press secretary said, poking directly at the cable journalist, who reports from the trading floor at the Chicago Board of Trade.
The media machine was even worse. Rick’s colleagues were aghast at his hopeless audacity. Today, anchorwoman Tessa Brewer, a large faced, childish, lip smacking simpleton, attempted to make fun of a trader sitting by Santelli. The venom with which the establishment is going after Trader Joe is the very same bile they reserved for Plumber Joe. The anonymous trader was asked condescendingly by Brewer whether he was having his 15 minutes of fame. The guy remained stoic and serious, and asked the silly sow whether he could get a bailout if the “bets” he places do not yield profit. Rick was quick on the draw: He told his trader buddy that “they are being rude to you,” and went on to stick up for yet another ordinary Trader Joe making a living.
If anyone can locate the YouTube for the last exchange, do send it along. I’ve been unable to find Santelli’s appearance on Hardball yesterday. Mike Barnacle, sitting in for “trickle down the leg” Chris Matthews, told Santelli: “you speak for many, Buddy.”
Here’s Santelli on Today. Some predictable backing down in the face of peer pressure, but he comes up with good, libertarian lines/principles: the government is “legislating your choice away.” “Do not break contract law.” “The market is us, people.” “Give us a tax holiday.” “We are spending money we do not have.”
Santelli also countered on Hardball yesterday the foolish and flimsy argument that bailing out the minority delinquent mortgage holders is justified because, if not done, “the value of your home will decline with his.” Santelli made the point we’ve often discussed in this household: your home is where YOU LIVE. Quit viewing it as an investment; stop borrowing against it. it’s your abode!