This past Thursday, on CNBC, Rick Santelli accused the Obama administration of "promoting bad behavior" with its $75 billion lifeline to millions of Americans who are on the brink of foreclosure. And, White House Robert Gibb's comeback was that he'd buy Santelli a cup of coffee if he goes to the White House to read the details of the Obama plan. Indeed, this is the same White House that quickly pushed through the stimulus 1000+ page stimulus package that no Congressman, Senator read! (Anybody taking bets as to whether Obama read it ).
The white house claims that the goal of Obama's plan is to help millions of homeowners from being evicted and stabilize the flailing housing market. Santelli says responsible homeowners will end up subsidizing other people's bad behavior. He made his point on the floor of the Chicago Board of Trade, when he turned to traders and said: "How many of you people want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills?" The traders booed that notion, as would any logical person.
I'm with Santelli (is that a surprise?). You want to help those people that are in danger of foreclosure? Don't subsidize their mortgage, create jobs and put them to work (may be even 50, or 60 hrs a week at the beginning) so they can pay for that mortgage. How am I going to teach my kid responsibility? How am I going to teach him that when he grows up he should ONLY buy what he can afford? He'll just turn around and tell me... "Don't worry dad, if I can't afford it, the government will pay for it..."
This bailout is just another form of entitlement, and a slap to those of us who have worked hard to meet our obligations. Santelli is right!
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