Rick Santelli and the "Rant of the Year"

[dgriffin]

Rick Santelli and the "Rant of the Year"



CNBC's Rick Santelli mocks the stupidity of the Stimulus Plan.
Aired yesterday, February, 19, 2009.

[clarencebunsen]

I saw his interview on the Today Show this morning. Matt & Brian basically tag teamed him but I thought he stood his ground well.

I heard and interview of an administration spokesman on NPR yesterday. The interviewer asked 3 pretty good questions.

Should people who misrepresented their incomes of assets and basically lied on their loan applications be bailed out?

Should banks which knowingly accepted fradulent applications be bailed out?

Should people who played by the rules be asked to subsidize bad behavior?

The answeres were respectively: duck, weave & jab.

[lucy]

hahaha... I saw this this morning too!!! I told my husband I bet you that they fire him and you'll see him on fox news after this.

[frankcor]

Obama's press secretary initiated their counterattack against Santelli today. I'll bet they're going to Joe-The-Plumber him. Look for Santelli's tax forms all over the internet soon.

[dgriffin]

I saw that, but Gibbs was in Protect mode, stung by Bill Clinton's comments urging Obama to lighten up. Kitty what's-her-name on the Lou Dobbs show tonight interviewed Amity Shlaes, who said Santelli was right on the marker. Amity was a columnist for the Financial Times and, before that a member of the editorial board of the Wall Street Journal. Plus, I think she's kinda cute, for senior fellow at the Council on Foreign Relations. Brilliant and accomplished woman.

www.amityshlaes.com/bio.php

[dgriffin]

Luckily, I no longer have a mortgage, but all the same I've been wondering about the terms of the Homeowner Affordability and Stability Plan. I've studied the statement released by the Administration and I understand the provisions, but somewhere I read that a basic element of eligibility is that 1) your mortgage must be higher than your home value, and 2) that difference can be NO MORE than 5 percent. Has anyone else read this? Is that a simplified method of implementing Obama's words about the program not helping speculators or house flippers, nor those who truly over-stretched they buying power? I.e., because their mortgage would likely be more than 5% higher than the home's value.

[frankcor]

I too was curious about that 5% window, Dave. Your hypothesis makes a lot of sense -- that it's a way of locking out speculators and the insane overspenders.