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Get ready to party ...

Like it's 1773, that is:

The markets are not reacting very well to Barack Obama's latest spending plan, which is to spend about seventy five billion dollars to rescue people who can't pay their mortgages. CNBC host Rick Santelli believes he knows why. Rick Santelli, who also an experienced investment strategist and trader, put it simply that the government would be promoting bad behavior by subsidizing mortgages given to people who ought not to have had them to start with.

"Because we certainly don't want to put stimulus forth and give people a whopping $8 or $10 in their check, and think that they ought to save it, and in terms of modifications... I'll tell you what, I have an idea.

"You know, the new administration's big on computers and technology-- How about this, President and new administration? Why don't you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers' mortgages; or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road, and reward people that could carry the water instead of drink the water?"

Rick Santelli went on to compare what is happening to America under Barack Obama to Castro's Cuba and to suggest a kind of "Boston Tea Party" anti spending revolt. Rick Santelli's impassionate speech on CNBC brought cheers on the floor of the Chicago Board of Trade, from where he was reporting.

You can watch the video here.

Grassroots tax protests are springing up all over -- Mesa, AZ, Hoboken, NJ, Denver, CO, and Seattle, WA. And in Pennsylvania, Sen. Arlen Specter was jeered by angry constituents at a press conference.

Right about now, the Obama White House has got to be eating a lot of Rolaids. They've severely "misunderestimated" the American people, so to speak. Maybe you thought you had us at "hope and change," Mr. President, but when your policies threaten the financial security of our nation, cheap promises aren't enough. Instead, you have awakened the ghost of Howard Beale:

In that 1976 film, the network's executives were thrilled by newsman Beale's populist appeal, because it brought them enormous publicity and a bigger market share. But today, the Obama Administration doesn't want that kind of publicity. When President Obama visited Mesa, AZ yesterday and attempted to pitch his stimulus and mortgage bailout plans at a local high school, he not only attracted the group of protesters mentioned above, but he also received negative reviews from some of the high school students. Their reactions were reported in a widely-linked article published by the East Valley Tribune. But Instapundit Glenn Reynolds has an update:

So I linked to a story on high school students skeptical about Obama's stimulus speech. Now the story has the same headline, but the quotes are missing, replaced by a bunch of feelgood talk about how excited everyone was to have Obama in town. But you can find the original story here. And here's the Google Cache. Some difference, huh? I emailed the reporter, Hayley Ringle, to ask what happened. (Bumped).

UPDATE: The Google Cache now shows the new story. No response to my email yet. I saved screenshots, though, and of course there's the Drudge capture.

That's is a lot more Orwellian than the Oklahoma City police officer who wrongfully stopped a man with an anti-Obama sign in his car. The East Valley Tribune incident is the Records Department of the Ministry of Truth at work -- today -- here in the United States of America.

Here's the bottom line: the American people aren't greedy, they are simply over-taxed and over-burdened with government debt. I believe that most people would support a program that helps people who are in foreclosure because of unforeseen circumstances -- layoffs, disability, death, or blatant fraud and misrepresentation by a crooked mortgage agent. But the rest of us who honestly obtained a mortgage that we could afford and who have worked to make those payments in full and on time are more than a little peeved at the thought of the government bailing out everyone in foreclosure with our tax dollars, especially those who deliberately tried to game the system and knowingly bought a house they could not afford, or lied about their finances in order to buy a home. And renters should be especially incensed.

Progressives love to describe everyone opposed to wealth redistribution as "greedy," but the truth is that socialism itself is founded primarily on greed: the idea that one man can get something for free by using the power of the government to take it away from someone else. Socialism becomes totalitarianism when the haves have been sucked dry, and yet the have-nots are still restless. At that point, the state must resort to false propaganda and violence in order to keep the restless masses under control. We have seen the pattern over and over again, and we don't want it here in America, period.

Our current government leadership seems to have no problem taxing, regulating, and burdening one half of the population, all in the name of "fairness" for the other half. And the recent resurgence of interest in the so-called "Fairness Doctrine" seems to indicate that our leaders also have no problem suppressing free speech in order to see that their agenda is implemented.

No wonder people are protesting.

_________________________________

ADDED: Instapundit and Anchoress both linked. Thanks!

ALSO: The original East Valley Tribune story has been restored. They're blaming technical difficulties. (And a heck of a lot of negative publicity, I'm sure)

AND: Dan Gainor is riffing on the same theme over at The Fox Forum.


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Comments (32)

You look at what's going on... (Below threshold)
JLawson:

You look at what's going on - and I can understand why people would be going to their windows and shouting out.

As I've said before, the folks in Congress aren't exactly specialists in the fields they're trying to fix. And it's really showing.

Give me Liberty and Give up... (Below threshold)
epador:

Give me Liberty and Give up your Stimulus Package!

"Socialism becomes totalita... (Below threshold)
davidt:

"Socialism becomes totalitarianism when the haves have been sucked dry, and yet the have-nots are still restless. At that point, the state must resort to false propaganda and violence in order to keep the restless masses under control. We have seen the pattern over and over again, and we don't want it here in America, period."... Too late.

In 4 years, it will be 2013... (Below threshold)
_Mike_:

In 4 years, it will be 2013. That will mean that it was precisely 100 years since the 16th Amendment was passed. Without that Amendment, the monstrosity that is the 'government stimulus package' could not have been created.

The 16th Amendment was equivalent to handing politicians your checkbook. They write the checks and you're required to pay them (or loose your freedom).

IMO, the only way to limit the power of government is to limit its ability to fund itself.

This guy just referred to e... (Below threshold)
hyperbolist:

This guy just referred to everyone who can't pay their mortgages as "losers".

Please, take this message to the masses. There are still some sane people who don't despise the bankers responsible for the recession, and they need to be informed as to the true nature of these sumbitches.

By all means, lets have a p... (Below threshold)
Rance:

By all means, lets have a poll on the internet to set public policy, because we all know how accurately they reflect the views of the public.

Hyper - No, he did... (Below threshold)
JLawson:

Hyper -

No, he didn't.

"Rick Santelli, who also an experienced investment strategist and trader, put it simply that the government would be promoting bad behavior by subsidizing mortgages given to people who ought not to have had them to start with."

When we looked at buying our house 5 years back, there were a LOT of loan types available. If we'd gotten an interest-only loan, we could have gotten probably $200k more house - but that would have been stupid - it'd be essentially renting and we wouldn't have been building equity. We could have gotten various adjustable mortgages and more house - but chose not to, staying within a price level we felt was manageable on a standard 30-year loan.

New? Hell no. McMansion? Hah. The place needed new windows and a water heater (since installed) and new air conditioning will be needed sometime in the next couple of years.

BUT - by staying with a conventional loan, our mortgage didn't reset when interest rates went up. It hasn't varied - but it DID just go down when we refinanced for a lower rate.

Again, we're going with a 30-year loan. The house actually appraised for MORE than the purchase price we paid 5 years back. Yeah, it's down from the peak of a couple years ago, but so what? We weren't looking to flip it, we weren't buying it as a status symbol - it's where we live.

The losers are the idiots who were talked into $200k mortgages with $20k incomes, who refinanced to take out equity repeatedly until there wasn't anything left and what they owed was way more than the assessed value, and THEN kept spending like there was no tomorrow. I don't have a problem with assistance for homeowners who have REAL problems - but there were a lot of folks who bought who should have stayed renters.

Maybe Glen Beck or Sean Han... (Below threshold)
Greg Toombs:

Maybe Glen Beck or Sean Hannity would like to step up and emulate the late Howard Beale?

I can't imagine anyone from the MSM networks stepping into the role...

And all of this ties back t... (Below threshold)
SDN:

And all of this ties back to the CRA very simply: the CRA said you couldn't have real standards for loans to Official Victim Groups. If you can't have the same standards for everyone, eventually, you have no standards for anyone.

And they want even more mon... (Below threshold)
gjg:

And they want even more money from you by taxing the number of miles you drive. And by a "carbon" tax on your exhaust to fight non-existant global warming. (look up Urban Heat effect on you tube)

http://www.youtube.com/watch?v=LcsvaCPYgcI

Get you coming, going, and in between.

A few protests - especially... (Below threshold)

A few protests - especially ones sold as solidly conservative affairs instead of ones designed for anyone who opposes massive debt and payoffs - aren't going to cause the BHO admin to stock up on Rolaids. They do have an effect, but the people at those protests probably voted for someone who voted against the stimulus.

And, it's sad to see Insty promoting Specter being jeered after having continually refused to promote something that would be much more effective: asking Specter and his friends difficult questions about what they support on video. Their response can be uploaded to Youtube, and a "good" response will get hundreds of thousands or millions of views.

There's a question you can ask any stimulus supporter at my name's link. Contact major bloggers and suggest they promote that instead of jeering.

"We have seen the pattern o... (Below threshold)
CaptainVictory:

"We have seen the pattern over and over again, and we don't want it here in America, period."

A potential difference here is that the USA was founded on a tax revolt, and it split up once over political issues. We're certainly not afraid to engage in vociferous dissent or outright revolt. Who knows, if our populace reaches a critical mass again, history could certainly repeat.

In other news, gun sales are reportedly thriving ...

I'm disturbed by the Fairne... (Below threshold)
Paul Hooson:

I'm disturbed by the Fairness Doctrine as well, government should not dictate how a radio or TV station programs their time. They need to find programs with enough of an audience to pay the bills to keep the lights on. That's not a legitimate area for government regulation or involvement.

Also many on Wall Street believe in money to bail out their stocks or companies, but they don't like regulations attached to those loans or bailouts. But if they want any money, then they better spend it responsively.

Rance, you're right about t... (Below threshold)

Rance, you're right about the fundamental unsoundness of Santelli's idea; it reminds me of H. Ross Perot's equally silly (and completely unconstitutional) "electronic town hall" idea.

No President should base his policies primarily on opinion polls. We gave Bill Clinton a lot of grief for trying to do that a decade ago. But considering the ever-growing dissatisfaction with President Obama's spend-spend-spend plans -- and his alienation of the entire GOP faction in the House of Representatives -- it would be wise for the administration to hold some true town hall meetings; not the dummied up pep rallies that we've seen during the last few weeks, but some genuine gatherings of average citizens who are concerned about what their government is doing.

Right now, Obama (despite a plethora of promises stating he would do otherwise) seems to be dictating rather than dialoguing. That needs to change.

Michael, what the hell are ... (Below threshold)
hyperbolist:

Michael, what the hell are you talking about? Obama made overtures to the GOP and they acted like spurned damsels when he refused to take their failed ideas to heart. Did Bush ever extend such a courtesy to the Democrats? No. Those who voted against the war had their patriotism questioned.

Bunch of babies, politically marginalized, deserving to be ignored. Obama was too courteous and open-minded. Their tantrum was predictable.

hyper - "Michael, what ... (Below threshold)
Marc:

hyper - "Michael, what the hell are you talking about? Obama made overtures to the GOP and they acted like spurned damsels when he refused to take their failed ideas to heart."

Then perhaps you can explain why your so-called "failed ideas," i.e. tax cuts, were less than what Obama suggested be included but went missing in the final and signed into law version.

hyper - "Did Bush ever exte... (Below threshold)
arlo:

hyper - "Did Bush ever extend such a courtesy to the Democrats? No."

Bush should have never let Teddy Kennedy write his education bill. Have you already forgotten the photo showing Bush and Teddy in a jovial handshake right after Bush signed the bill?

hyper - "Those who voted against the war had their patriotism questioned."

I think the Dems who spouted off about Saddam's WMDs in the 90s, then voted for PGII, and subsequently said Bush lied about WMDs in order to hoodwink them into voting for IF need to have more than their patriotism questioned.

A government big enough to ... (Below threshold)
Paul in NJ:

A government big enough to give us everything we want is a government big enough to take everything we have.
-- Sen. Mitch McConnell (R-Kentucky)

hyper sez: "Obama made o... (Below threshold)
Paul in NJ:

hyper sez: "Obama made overtures to the GOP..."

In what universe was that? In this one, he listened carefully and then dismissed them with "I won."

"Obama made overtures to... (Below threshold)
Donna V.:

"Obama made overtures to the GOP..."

Hey, didn't he invite some of them to watch the Superbowl with him? That's a shining example of bipartisan statesmanship, especially if any of them were Cardinals fans.

Of course, libs are awed when The One occasionally smiles at a Republican. Most of them can't imagine being so superhumanly gracious.

A note on "And renters shou... (Below threshold)
Rance:

A note on "And renters should be especially incensed."

There are incensed renters, but no always for the reasons you would think. There are any number of cases where renters, who were up to date in there payments, had the sheriff come and move their belongings on the street because the house the property they were renting went into foreclosure.

The question here may not be "Do you want to reward people who screwed up?" but "Do you want the housing/mortgage sector to go down the tubes just to make sure all the fools are punished?"

I'm up to date on my house payments, but if 2 or 3 houses on my block go into foreclosure, it is not going to help the value of my house.

News from South Florida - g... (Below threshold)
Fiona:

News from South Florida - ground zero for the housing crisis. Some of my neighbors who are in foreclosure borrowed money to buy second homes and rental "investments" and signed documents that these were their "residences". Now they are trying to figure out how to get you the taxpayer to save their investments - apparently it is illegal to ever lose money on investments and somebody has to make it good.

Look, some of you people so... (Below threshold)
katinpuyallup:

Look, some of you people sound like little children who are so worried that their brother's cookie is bigger than their cookie that they aren't even aware their house is burning down. Stop worring about who might get a little bigger cookie and help put out the fire.
Oh, actually reading mortage bill would clear up this silliness.

Rance:"I'm up t... (Below threshold)
JLawson:

Rance:

"I'm up to date on my house payments, but if 2 or 3 houses on my block go into foreclosure, it is not going to help the value of my house."

Not short-term, most likely. But are you looking to sell it in the next couple of years, or are you where you want to be for a while? If you're comfortable with your loan, just hold on for five or ten years. Keep up your maintenance, do upgrades as you can afford it WITHOUT going nuts with home equity loans or what have you.

That's going to be the trick, I think. If you're in your primary residence, just stay there for a while. Don't panic if your Zillow.com value drops below what you paid and default on your mortgage - that's the stupid way to do things.

If your credit is good enough, see if you can find a re-fi on a 30 year loan that's below what you're paying now, and then funnel more money onto your principle as you've got it available. That should cut time off the back end of the loan, and build your equity to boot.

If it's an investment property - well, good luck. I ain't got no clues or advice on that, check with Paul Hooson over on the Blue.

"A government big enough to... (Below threshold)
WhereisJohnGalt?:

"A government big enough to give us everything we want is a government big enough to take everything we have.
-- Sen. Mitch McConnell (R-Kentucky)

Actually, old Mitch borrowed that line from a somewhat famous American....his name was Thomas Jefferson.


A bunch of us are organizin... (Below threshold)

A bunch of us are organizing protests and Tea Parties. Check out this link for further information:

http://amfreenet.com/2009/02/chicago-tea-party/

To Kat in Puyallup,<p... (Below threshold)
Hale Adams Author Profile Page:

To Kat in Puyallup,

It's not that my brother's cookie is bigger than mine. It's just that some of these people should never have been issued mortgages in the first place. But Uncle Sam, via the Community Re-investment Act (a Democratic initiative, might I add), strong-armed the banks into giving these un-creditworthy people those mortgages. And now Uncle Sam is going to bail these people out, at the expense of the rest of us? And I'm supposed to be a good little boy and not complain?

I don't think so, sister.

As a bumper-sticker I recently saw put it:

"Palin 2012: Change you'll be begging for"

Now, in the meantime, how do we thwart our would-be masters in Versailles-on-the-Potomac?

JLawson,I don't _p... (Below threshold)
Rance:

JLawson,

I don't _plan_ to sell my house in the near future, but then my wife didn't plan on getting downsized from her last two jobs, and I didn't plan on my last two employers going belly-up, so "best layed plans" and all that.

One thing to keep in mind, the number one cause of personal bankruptcy in this country is serious illness with the resultant medical bills. That can happen to anyone, no matter how well you plan.

True, Rance, very true re h... (Below threshold)
JLawson:

True, Rance, very true re health. I was, generally speaking, making the assumption your situation was relatively stable and you could meet your payments. (Which you said you were.)

Putting your house up for sale involuntarily is another matter.

>Look, some of you peopl... (Below threshold)
JLawson:

>Look, some of you people sound like little children who are so worried that their brother's cookie is bigger than their cookie that they aren't even aware their house is burning down.

When the house is burning because your brother torched it, he doesn't deserve a cookie in the first place!

The citizens of ARIZONA hav... (Below threshold)
Flu-Bird:

The citizens of ARIZONA have better things to spend their money then those stupid OBAMA trinkets after all this is the same state that passed a state law banning jobs or education for illegal aliens despite objections from the mexican ambasdor

I dint thing everybody face... (Below threshold)

I dint thing everybody faces this problem and I feel the only way to limit the power of government is to limit its ability to fund itself.For many this is really unimaginable for being so superhumanly gracious!





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