I'm Bringing the Cookies to Santelli's Tea Party

Rick Santelli, an analyst for CNBS on the floor of the Chicago Mercantile Exchange gave an outraged rant on Thursday opposing President Obama’s $75 billion mortgage homeowner bailout plan proposal. Santelli strongly believes that Obama’s administration is spreading moral hazard and that his proposal is a leap towards nationalizing the mortgage market. He says: “Government is promoting bad behavior. . . . Do we really want to subsidize the losers’ mortgages? This is America! How many of you people want to pay for your neighbor’s mortgage? President Obama, are you listening? How about we all stop paying our mortgages! It’s a moral hazard.” Santelli is so fed up with the new administrations that he called for a new Tea Party.

I think Santelli is absolutely right! It’s about time that someone speaks out against Obama nationalizing our country! The plan proposed is for the relief of people who overextended their mortgages- not for the people who responsibly purchased houses in which they KNEW they could afford. But where is everyone else’s relief?!? EVERYONE is in a financial crisis right now- EVERYONE is hurting! Everyone needs financial aid right now- not just the people who irresponsibility overextended themselves. It’s absurd that the government is giving aid to the people who made ignorant, irresponsible, greedy decisions yet don’t give any consideration to responsible homeowners and borrowers.

And where is Obama going to get the money to pay for yet another bail-out plan? Taxes are going will be raised for the middle class who like everyone else, is already in financial ruins. The middle class is going to have to pay for everyone else’s greed. Santelli say, “How many people want to pay for their neighbor’s mortgage who has an extra bathroom and can’t pay their bills?” And he’s right! People who work hard, saved and sacrificed their budget to meet their financial obligations should not have to pay for people who overextended themselves and now are foreclosed homeowners! The people who played by the rules shouldn’t have to pay for someone else’s irresponsible mess. Obama is going to tax the middle class out of existence and then when the middle class disappears, who’s going to bail us out? When he squeezes out the middle class, there’s not going to be anyone left to pay for America’s stimulus and aid.

Obama has no clue what to do next and everything he proposes blocks economic recovery: Not one job is going to be created through his stimulus package- not one. The new administration comes up with unrealistic plans that are only going to hurt our economy more. Obama plans to cut our federal deficit but at the same time, increase government spending to aid banks, stimulate the economy and have universal health care- how does that work out?!?!

The belief on Wall-St is that the government is absolutely clueless and when Wall-St. collapses, Obama’s not going to be able to do anything. How could we depend on our president to lead us out of a recession if he has no economic knowledge and experience? He’s going to economically kill the middle class with his dangerous socialist tendencies and not only block economic recovery but drive our country straight into a depression. You could count me in for Santelli’s Tea Party... In fact I'll be bringing the cookies!