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Feb.20

11:06 AM ET

Friday, 20 Feb 2009

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

"It's strange that I didn't hear the ranting and raving about the bailing out of your friends on Wall Street or the banking industry. I didn't hear very much negative from you about the obscene amount of money being paid to your friends and business associates that had driven the country down to the mess that's it's in now. Oh wait, I did hear some of your commentators saying they had to pay those bonuses to keep these very bright people in there positions or they would go to another firm. I guess since they created this mess, other Wall Street firms must be waiting in line to hire them. The only thing missing from your ridiculous ranting was 'let them eat cake.' Why don't you get out of the bubble you live in and go speak to the people in the unemployment line that can't find another job, and are now in trouble on there mortgage, or the people who still have a job, but there hours have been cut back so they are falling behind. I know, in your mind these are all investors or people who have been flipping houses. At the very least, this administration is trying to help. It is not the answer for everyone, but it is a step in the right direction." - Puchky

"Rick, Organize the Tea Party, I have a bus full from the panhandle of Florida committed already. We will be there." - Len N.

"PROTEST BY SENDING TEA BAGS TO THE WHITE HOUSE AND TO CONGRESS - OBAMA IS TAKING US FROM A RECESSION TO OPPRESSION!" - Ingrid

"Finally, someone on an NBC program spoke the truth about what is going on in the Obama Administration. God bless Rick Santelli and I’ll join the Tea Party in July, no matter what." - Thomas, Tulsa

"God Bless the Midwest. I grew up in North Dakota. Both my parents survived the great depression, and WWII. These historical phenomena defined a generation that knew how to work hard, play hard, play by the rules, and mind your own business. Rick Santelli hit the nail on the head. If he's ever in Placerville, CA, he can call me - I'll buy him a beer at the local brewery. Ayn Rand was close in Atlas Shrugged. The difference is 'Atlas' is not some small group of elite masterminds, but rather the bulk of the American People who mind their business, pay their taxes and their mortgage, feed the kids, save a bit for retirement and give some to church or charity. When will Atlas shrug?" - Dave

"Thank you for standing up for 90% of Americans who have paid their mortgages, and NO we do not want to help irresponsible people who bought houses they could not afford!!! THANK YOU! You are America's new HERO!" - Phyllis W.

"God bless Rick Santelli for being the voice of the majority who are frustrated and outraged over these so-called stimulus plans. And, the straw that broke the camel's back, the foreclosure relief for many a loser deadbeat, was right on. I live in the Chicago-area and although both a coffee and a tea drinker, I'd love to be a part of the Santelli Tea Party in Chicago... If I were quite a bit younger, I'd say Rick rocks!!" - Terry, Westmont, IL

"It's not that we mind people getting a helping hand. It's when it's my hand is doing the helping out of my wallet and by force that gets people upset." - John, Bakersfield, CA

"I think the core of what Rick was saying is correct. We simply can not spend our way out of this mess, something that sounds as crazy and counter intuitive (as this stimulus and mortgage plan) usually is. Ramifications will be historically high deficits and debt, rampant inflation and possibly the collapse of our fiat currency. Capitalism is what has made this country the strongest in world history. In order for it to work Americans must be allowed to succeed and fail. Isn't it our God given right to be able to pursue billions with the possibility of going broke? Mistakes have to be rewarded with failure. Obama and the Democrats want to spread the wealth but how long do you expect the people who create wealth to subsidize the people who do not? Otherwise, aren't we left with socialism? That system promises that it will never rain and the sun will always shine. History that system has been proven impossible and flawed. The Sun doesn't shine everyday but it will rise again. Anyone who says capitalism has failed is delusional, I would argue that capitalism is working perfectly with booms and busts. Einstein once said "Insanity is repeating the same action and expecting a different result." - Take your licks

"Another fable: Tortoise and the Hare. You are talking about rewarding bad behavior. The tortoise plodded and didn’t jump out to a quick start. He saw a goal and reached it slowly, and was rewarded. The Hare was rash was flashy and took his eye off the prize and was punished. We are talking about a bunch of people that wanted too much too fast for the most part. Not all but most. You punish bad behavior – you learn your lesson and you move forward. Good people get hurt sometimes - we can’t save everyone. Right now what is happening is that everyone (that pays taxes) is being punished for the bad behavior of a few. People need to learn to be like the tortoise, to delay gratification and have that discipline that your grandparents had. We are not helping anyone by choosing winners and losers. We are creating resentment. I have lost faith in government and the system and I am not alone. We have a system that was created to help people get ahead on their own, and we have morphed into a monster that constantly chooses winners and losers based on a voting system dominated by class warfare. Thank you Rick Santelli and Mark Haines. Finally, someone with a voice speaks up! Keep up the good work gentlemen." - Scott

"Santelli only sees half of the problem. How is subsidizing dead beat mortgagees any less moral than subsidizing brain dead mortgagors that make bad loans? The bad banks should go out of business. The bad borrowers should get their homes repossessed. The government should stay out of it. Government interference with the market at either extreme has equivalent (negative) moral consequences. Do you blame the banks for taking the 'government' money? Do you blame borrowers for taking the 'government' money? Or do you blame the government for taking your money and giving it to these bad actors?" - Robb

"The rant yesterday from the guy from Chicago was the worst thing I have heard on CNBC. I used to like his reports, he seemed knowledgable,but yesterday he was way off-base. His opinion should be reserved for editorial pages. I know you got a ratings bust from it but he was way off base. Sounded like a crazy man. Maybe you should take him off the air or at least limit his editorializing!! He was crazy." - Willard T.

"It takes a lender to enable the borrower--to dance. Indeed, without the irresponsible loan system, that includes banks, mortgage companies, brokers, speculators and Wall Street, we might not be where we now are. I believe many of you in CNBC are out of touch. Take the case of average first time home buyer who bought a home with 20% down any time after 2002. Assume conventional mortgage or jumbo, but payments within 38% of income. The data say that in many locations housing prices have fallen more than 30%. So that home buyer is 10% or more underwater. Where is the lack of responsibility? They did everything correctly except they did not anticipate the unprecedented drop in home prices. Now take the above example with the loss of job. The most responsible financial decision may be to walk away from this losing proposition. After all, the lender doers not take unfortunate circumstances into account to help the borrower. There is no way out. I think maybe that's why the birth of a housing plan. The fact is many Americans do not have CD notes in the hundreds of thousands or much backing beyond their pay check and a small checking account. That's not irresponsible. It's the way many Americans live." - D.W.

"Thank you, Rick. At last, something intelligent coming from CNBC. Imagine that! I don't 'suffer stupidity' so I turned off the network a long time ago. Only time will tell if the network moves away from his biased approach and blind adherence to the spew coming out of the mouths of the liberals in Washington. I wish I could only say Obama is simply an embarrassment to this nation. Unfortunately, he is out to destroy the complete foundation of our nation." - Marilyn G.

"I am glad Mr. Santelli said what he said. In Sonoma County, CA where I believe we are above 25% under value on average. What I would like to see Mr. Santelli touch on is the back-lash affect. I and 5 of my friends (Police, Fireman, 4 business owners) were all waiting for something from the Fed. We were thinking that they may refinance everyone to new loans who were under water to stop the bleeding or some sort of residual balloon loan to help. This is not the case. Whatever is done at this point will only help people those who have not towed the line. Like I stated above my friends and I had all talked about this. Starting March 1st none of us are going to pay are home mortgage any longer. The move is solid from an investment standpoint. Our homes are over 25% under purchase value and therefore it is not conceivable is this long economic downturn that the price will return quicker than the credit hit of the foreclosure. It is an investment and now we’re walking too." - Adam D.

"Yes." - John W.

"Please, please, please! Mr. Santelli start organizing the Tea Party in Chicago. ACORN just held demonstrations in SEVEN cities encouraging people to stop foreclosures by staying in their homes!!! The Silent Majority is ready to become more vocal!!! Since the 'producers' in this country may not have the time and means to visit Chicago, we need a Tea Party in every major city in America on the same day. I'll be the first to start organizing in Cincinnati. Mr. Santelli, you have the technology to reach out to people in other cities to recruit "organizers". Please, please, please . . . . let tea party begin!!!!" - Judy, Cincinnati

"Finally some sanity surfaces in the debate and it is Rick Santelli! What about the 90% of us who are trying and struggling to pay our mortgages? Brian Williams on Today lost my respect by his silly 'no caffeine in Chicago' remark. Politicians better listen to Rick and pay heed!" - Robert A.

"Way to go Rick!! Finally someone is saying what most Americans are feeling with the entire process of TARP, the Stimulus Plan, and now a homeowner bailout. This will be the largest transfer of wealth in the history of mankind. Democracy and the American dream is dead as far as I am concerned. Welcome to the Socialist States!! The markets must correct themselves in a natural, free nature, not Artificially as the government is attempting to do... Stand up for freedom!!" - Alan, Ohio

"The philosophy of the bank and auto bailouts is if you take bailout money, the government can limit your future actions (bonuses, dividends, where you can have offsite meetings, how you travel, etc.). Will the same principles apply to individuals taking mortgage bailout money (e.g. can't buy a big screen tv, no trips to Vegas, don't buy lotto tickets, no meals out)?" - Mike W.

"Finally someone stands up for the 92% who try to pay their bills and their taxes, only to be rewarded with more welfare state. Thank you Rick, you are my hero. Finally someone says what the politicians are afraid to say: Personal responsibility is NOT dead." - Joanne A.

"The current foreclosure assistance plan just does not make any sense to me what so ever. Here is the math. There is $275 billion to help 9 million households. That is $30,555.55 per household. If we paid (and it is we) all 9 million household's mortgages for a year at an average of $1600 per month (172.8 billion), we would still save 102.2 billion. If we use all of the 275 billion that would be another 5.3+ million households that would get their mortgage covered. Does anyone want to pay 14+ million households mortgage for a year, because that is essentially the equivalent?" - Kirk

"I agree with Rick. Even though I am 64 years old, just like Forrest Ump I will RUN to the Tea Party to show my patriotism and distaste for this socialism. Next they will want to give subsidies to all auto buyers who drive off the lot with a new car which will lose value and then they get to reduce the principal on the loan to no more than 15% of their income." - Dennis A.

"We agree with Rick Santelli. We want to be part of the Tea party. Would someone please pass the sugar! Having watched Matt Laura on NBC this morning berate Rick Santelli by suggesting deceive coffee, I realized that I can do something. I can never tune that show in again. Rick Santelli has been the rare impassioned voice to speak for us, the working and bill paying Americans who are witnessing our way of life being destroyed..." - Bob & Mary W.

"To whom will the looters turn when capitalism goes on strike, when there is no wealth left to take? Who is John Gal?" - Brad, St. Louis

"Yes. Absolutely, I would join Rick's party. I don't know what it is about Rick, Larry Kudlow, Melissa Francis, but I feel so much better after listening to them. I'm glad to see Kudlow back on during the day. The television in my kitchen (which is where I 'live') is permanently tuned to CNBC. Mr. Kudlow has a very calming effect when we are in the worst of times. He gives me hope that maybe not all is lost. Thanks for the great reporting." - Karen D.

"I agree with Rick that the government's new program to bail out bad behavior in mortgages. I'm ready for the picnic. Someone needs take charge to get the government to understand we don't like this new move. I don't like the stimulus the way it was written. Too much pay back to Dem & not enough stimulus. Thank you. I may watch CNBC more. I usually just watch Fox Neil Cavuto. Thanks again, Rick." - Peggy, Florida

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