Thursday, February 19, 2009

Rick Santelli's "Rant of the Year"

I'm not saying he's right or wrong, but anybody that rants like this deserves to be heard. It looks like someone needs to switch to decaf!

An instant classic...Rick captures the mood of the country...unless of course you or your neighbor is facing foreclosure!

This morning's trading floor buzz on whether the government's plan to save the economy will actually help the markets, with Jason Roney, Sharmac Capital; Wilbur Ross Jr., WL Ross & Co. and CNBC's Rick Santelli.

Santelli's Chicago Tea Party:

The government is promoting bad behavior...

Do we really want to subsidize the losers' mortgages...

This is America!

How many of you 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...

When called a "revolutionary leader," Santellis says, "Somebody needs one! If you read about our founding fathers, people like Benjamin Franklin and Jefferson; what we're doing right now is making them roll over in their graves."

On a personal note...maybe Rick knows a family like I do: A two income family with two kids in a small rural Illinois town; they can't keep up with their mortgage, but they just had to take that Disneyland vacation! And they did take that vacation! This family didn't even have a lavish home or an unaffordable mortage. They were just irresponsible!

So, I was glad to see Rick's rant all over tv, and more than happy to share it with anyone that missed it! Again, I don't necessarily agree with all of his rant. I feel bad for anyone facing foreclosure, and I hope people in this situation can refinance with an affordable payment at a lower interest rate.

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