You may have heard, Rick Santelli, in what Calculated Risk called the "Rant of the Year", decried people losing their homes as "losers". This is CNBC's On Air Editor. It reminds me of something a former reporter for CNBC said at a conference here in Boulder, CO: "“There’s a patriotic issue." she said, referring to how CNBC viewed any skepticism of the sanctity of free markets. "Growth is progress, progress is growth. Entrepreneurship is a religion here... you don’t want to have the fights with your editor... you can be fired for questioning the capitalist system."
This comes on the heels of the Politico decrying the lack of CEOs in Obama's cabinet, and another in the New York Times on how tough it would be on executives if they had to live on $500,000 a year with the cost of nannies what they are.
It's enough to consider the media... well, elitist.
I recently talked to a local real estate agent, Janet Thompson. Keep in mind, she tends to focus on upper-middle class homes in suburban areas: "I don't see people putting their house on the market unless they have to sell it," she says. The reasons are the same reasons people have always sold: a divorce, a transfer, losing your job. "Most people are selling their home because they don't have any choice. It's absolutely outside of their control."
In her experience, the people she sees who are in danger of losing their homes have simply been victims of circumstances beyond their control: the death of a bread winner, an unexpected illness, layoffs. What's more, you know all that bailout money we had to give the banks so they would continue lending money to people who can afford to buy a home and looking to buy? "All this stimulus, we don't see any evidence of these people getting help," she says.
The people who do get into trouble for refinancing their house don't tend to be the poor, either, or first time buyers, but people with million dollar homes.
Looks like, if anyone's playing class warfare, it's the people lobbing bombs down from the top who have already gotten their bailout, but still aren't lending money to responsible middle class folks who would make their payments.
Comments
Mr. Sanrilli reminds me of a spoild rotten child throwing a hissey fit because a playmate got a bigger slice of B'day cake than them.
It's called capatilism, if it was fair we'd all be millionaires. If life was based on contribution and value, school teachers would be making $5-$20 mill a year and brokers, traders, and other Wall Street flim flam artists like Mr. Santill's friends who are major contributers to the economic mess we find ourselves, would receive componsation equal to their value to the nation, minimum wage.
Does Mr. Santilli and his ilk give us the cure for cancer, provide the solution to our oil dependance, break a sweat building something, do they even provide a valuable service like garbage pick up? The answer is no.
All these arrogant slackers and chislers have given us is toxic assets, worthless derivatives, and speculative gambling on a herculian scale and wrecked our economy.
Mr. Santilli's Wall Street friends get baled out, but if the common man or woman gets a little up with mortgage help, Mr. Sanitlli and his fellow money changers hold their breath, flail on the floor, and cry like babies. To be sure, Mr. Santilli and his insolent crowd do deserve something from us in recognision for their contribution to this historic economic collapse, our scorn and a good old fashioned public horse whippin.
J Russell
Illinois
Rick Santelli is one of the greedy Wall Street pimps that created this economic meltdown. Why doesn't he just join Lehman Bros., Merrill Lynch, Goldman-Sachs, another one of the other bordellos that he made money off of while the investors got screwed?
You all don't understand that Rick Santelli is all for fairness. He was against TARP 1 and is against Bailing out ANYBODY! Why should the government bailout those who made stupid decision (banks/lenders)?
Rick Santelli is a professional crybaby.
Santelli's just trying to divide the working-class because he's scared we'll rise up and knock him and his ruling-class ilk off of their privileged pedestals.
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!