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Rick Santelli: The Chicago Tea Party?
By Mike Rowan on February 21, 2009 | More Posts By Mike Rowan | Author's Website
Rick Santelli goes on a tirade about the recent Mortgage Bailout
Europe goes bonkers over CNBC’s Rick Santelli
Rick Santelli’s “I am going to tell you exactly how I feel about the mortgage bailout” video clip against the Obama administration’s housing bailout quickly spread to Europe, dividing popular opinion clean down the middle and stirred up much political debate.
Many praised Santelli’s passion and flair, with so many people feeling that he gave a voice to many of their thoughts and concerns on the mortgage bailout. As Chicago traders exclaimed, “We should all stop paying our mortgages.” Santelli hit a nerve that gave proof to the building public sentiment that a housing bill should not bailout irresponsible borrowers.
Even the Obama administration mentioned Rick Santelli directly about his thoughts on the mortgage bailout NINE times … and even invited Rick to the White House for coffee. Not a bad day of PR for the charismatic CNBC anchor.
Europe Weighs In on Santelli Video
Here are some of the highlights from the email box of CNBC’s European shows from the company website:
Santelli “is being urged to greater and greater extremes, I suppose by management. The US in general panders to its right-wing conservative audience with biased coverage,” Meriel wrote in from Paris, France.
“Santelli is right on … All this government intervention is messing with the perception of value and even with all the intervention house prices will find a value where people will be able to afford them,” Ron wrote in from Thailand.
“After 8 years of Republican failure maybe Rick and company should reflect on this failure and come forward with constructive comment rather than ranting and pandering to their audience,” he added.
David from Cyprus, who describes himself as “a saver who sees his money being given away,” wrote in agreement of Santelli and defends people who “do the right thing.”
Hats off to Santelli, in my opinion, for at least confronting the thoughts on the bailout, instead of becoming another monotonous talking head.
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A form letter that should, but never can go viral (passing it on sparks family feuds)
Dear _______, (name)
You are one of my most cherished ________(friends/relatives), and I love you dearly. I understand that the current economic situation is hard for you, as it is for many others, and myself. If you try, perhaps you can recall how over the years, I have loaned you money on several occasions. You may not recall that the total is in excess of ___________ dollars. I had no qualms about making those LOANS, and I am sure you would have paid me back some of it, if it had been at all possible.
I am sure that the money you have spent on ( pick one or more)
Vacations, Gambling, New Car, New Computer, Electronic Game System, Other
was absolutely essential to the physical, educational, and/or financial wellbeing of your immediate family. I am also sure that any small windfalls must have been offset by minor emergencies. However I am afraid that my own family’s circumstances make it impossible for me to assist you at this time.
My meager investments have deteriorated considerably over the last year and I have had to liquidate virtually everything to pay off my creditors. I hope you do not consider me one of the “evil wealthy” responsible for this mess, although: by paying off my debts, I and others like me, have put a strain on the banking system. You see, loans are assets to a bank, and by paying off ours, we, “the responsible”, have apparently left the banks with a much higher risk of default on those assets that remain.
My job is as much at risk in these times as yours or anyone else and I am worried about finding funds for Cobra Insurance and property taxes should I lose it. It is a good thing that we both enjoy working, for it appears that we have many more years ahead before we can retire from such labors. As an aside, despite losing more money than I made this year, I will only be able to deduct a small amount of my losses from my earned income and dividends. Wild isn’t it? Taxes on negative income!
It is truly a shame that we seem unable to find time to communicate with each other, except in times of financial stress. I regret that I cannot help but I have faith in your ability to weather this most recent storm and I wish you well.
Your _____ (friend/relative) _______ (name)
PS Do you have selective amnesia?
reporters are suppose to report and show no bias…what up rick? losing lots of money and not happy? well so are all of the rest of us.
Publicus Ingenuitas: Don’t go too far. Soon you maybe the one in need of help and someone who asked you for it will reply back with the same letter.