Should America Join Santelli's "Tea Party" Protesting Mortgage Relief? - The Heat

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Feb.20

11:06 AM ET

Friday, 20 Feb 2009

Should America Join Santelli's "Tea Party" Protesting Mortgage Relief?

Rick Santelli's "rant of the year" has touched a nerve with those who feel the government is promoting "bad behavior" when it tries to help 9 million U.S. families avoid foreclosure.

Our video clip of the CNBC reporter calling for a "Chicago Tea Party in July" from his post on the CME floor, with vocal support from the traders around him, has achieved viral video status. The attention it's getting rivals Jim Cramer's "They Know Nothing" rant against the Federal Reserve back in the summer of 2007.

Today even White House Press Secretary Robert Gibbs responded to Santelli, pointedly asking if he had read the White House plan, and inviting him to Washington to discuss the issue over coffee.

The Heat asks: Should America join Santelli's Tea Party?

Here you can find the facts and opinions you need to make up your own mind . . . and tell us what you think.

CNBC Video: Santelli's Chicago Tea Party (February 19)

CNBC Poll: Would You Join Santelli's "Chicago Tea Party?" (February 19)

CNBC.com: Europe Loves Santelli ... at Least 50% (February 20)

Reuters on CNBC.com: Housing Plan: $275 Billion to Help 9 Million Families (February 18)

CNBC.com: Housing Plan: Five Things Investors Need to Know (February 19)

Diana Olick's Realty Check Blog: Who Will Truly Benefit From The President's Housing Plan? (February 18)

Full text on CNBC.com: Obama Speech on Home Mortgage Crisis (February 18)

The White House: Homeowner Affordability and Stability Plan Executive Summary (February 18)

New York Times: More Housing Details Are Pending, but First Some Answers (February 18)

CBS News: Federal Foreclosure Fix (February 19)

Los Angeles Times: Obama's mortgage plan up against fast-rising defaults (February 18)

USA Today: Four affected by foreclosure discuss Obama mortgage plan (February 19)

KFSN-TV (Fresno, California) Video: Valley Reaction to Obama's Mortgage Relief Plan (February 18)

Michigan Online: Rick Santelli's CNBC rant: What do you think? (February 20)

NBC Today Video: Moral Hazard? with CNBC's Rick Santelli and Steve Liesman (February 20)

New York Daily News: City Torn on mortgage plan: Debate rages if it will save economy or kill it, Steve Liesman's 'Outrage won't fix this mess', Rick Santelli on 'We're rewarding the losers' (February 20)

RushLimbaugh.com: The Pulse of Revolution Has Begun (February 19)

Huffington Post: Rick Santelli's Revolution: CNBC Reporter Freaks Out, Wants To Be Che Guevara (February 19)

Seeking Alpha: Rick Santelli: The Best Five Minutes in CNBC History (February 20)

Columbia Journalism Review: CNBC Editor: The People Are Revolting! (February 19)

Carmen Wong Ulrich's On the Money Blog: How Obama's Housing Plan Will Help Responsible Homeowners, Too (February 18)

Michelle Caruso-Cabrera's Commentary: Housing Plan: A Break For Those Who Least Deserve It (February 18)

Detroit Free Press Editorial: Help goes to home owners, though more needed (February 20)

Larry Kudlow on National Review Online: Subsidize Bad Behavior? (February 19)

TheStreet.com: Today's Outrage: Obama Housing Plan Gets Panned (February 19)

Americans have a strong sense that everything should be "fair." The good should be rewarded, and the bad should be punished.

It is understandable that those who feel they've played by the rules don't like it when their 'irresponsible' neighbors get a helping hand. Aesop's The Ant and the Grasshopper looms large in our collective consciousness.

Understandable, but not advisable. The Heat remembers a different fable from professor Adelstein's Econ 101 class many years ago. In that lesson about public goods our neighbor's house is burning because he foolishly fell asleep while smoking in bed.

While we might feel justified in letting the house burn down as punishment, we have a fire department, funding by the community as a whole, that comes to the rescue.

Without them, the entire neighborhood could be engulfed by an inferno.

Questions? Comments?

Should America join Rick Santelli's tea party?

Email us at:

"Wake up America, those who caused the problem are the same ones we are being told will fix it. Remember, they cause the problem, you react and then they come in as your savior to fix the problem. Read the book 'None Dare Call It Treason' by John A Stormer. It informs you about the plan to bring socialization to America. Get rid of the Federal Reserve! There is a reason the 2nd Amendment is in the Constitution." - Ken

"GO RICK SANTELLI and AMERICA.............!!!!!!!!!!!!!!!!! ACCOUNTABILITY..........duh." - Thomas T.

"OK so it's a 'bailout' but don't these loan borrowers still have to pay back the mortgage? Isn't it really government funded restructuring? I mean it's not as if the government is actually buying these homes and then just giving them to the homeowner. So I pay my bills, taxes, and work hard and play by the rules. My take is that if were not going to provide a way for homeowners to restructure then lets follow the 'free market or die' all the way to the end. NO MONEY FOR ANYBODY! Take back all the TARP money that we can get back, not a thin dime for Wall St. or Bank of.... or auto makers or anyone. But mind you let's also not pay out ANYTHING over the FDIC limits to ANYONE when this whole apple cart tips over. Just a thought." - Daniel S.

"Finally a voice of the silent majority of all places at an NBC network. If NBC itself would not be drooling over Obama and have a little objectivity in it's reporting on the new administration maybe it's ratings would improve and GE stock would possibly go up. The man of Hope and Change is really Doom and Gloom and is talking down our economy and only wants to change our country for the worse. This country became the best on Earth for the hard work of the people. People who work their butts off are being punished now. Where is the outrage? Rick Santelli is speaking for us." - Mike

"There MUST be a better way! THIS is NOT IT. Where is the RECAPTURE in this housing (bail out) bill when the market recovers? What about a REAL tax cut - for EVERY WORKING or LEGITIMATELY unemployed (proof of work history) CITIZEN? What about the $15,000 TAX CREDIT for ANY buyer of a home in 2009, 2010? Just because a mortgage is being paid, doesn't mean the mortgagee isn't struggling or in need of help!" - S.L.B.

"The only item that should be thrown into the Chicago River is Rick Santelli's tea party. All investors and debtors must understand this: either we let the markets disorderly unravel the debt leading to fear and world wide depression or we conduct this unraveling in an expeditious and orderly fashion where both assets and debts are written down to levels that infuse confidence in the world wide consumers and the markets..." - Craig T.

"Rick Santelli - The ONLY VOICE OF REASON OUT THERE! This is like the "shot heard 'round the world"! Welcome to the NEW American Revolution. AMERICANS, DO NOT be turned to Socialism/Communism/Marxism by Obama/Biden/Pelosi/Reid. Tell me when and where the tea party is and I will be there with many, many others. Keep yelling Rick!!" - New Hampshire Patriot

"Rick, Kudos for your courage. Especially working for a network that is 'in the tank' for Obama... I am with you!" - Ehud G.

"I have one question that I have not seen addressed regarding this bill. If I take part in the program, and take the $1,000 every year, what happens when I sell my house? If my property value has increased at the time of sale, do I repay the $5,000, or I do I get to keep that as profit? I believe people would be far less outraged if that oney were to be repaid." - John, Lancaster, PA

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