CNBC’s Rick “the Plumber” Santelli asks: Raise your hand if you want to pay some deadbeat’s mortgage

On air yesterday, Rick Santelli — a CNBC reporter — lashed out at Obama’s stimulus and mortgage plans.

Live on the floor of the CBOE, Santelli asked  folks: ” How many of you people want to pay for your neighbor’s mortgage (because they) don’t pay their bills? Raise their hand. (no hands raised, lots of booing) President Obama, are you listening?”

The video was looping on cable yesterday and rcord-setting on YouTube and other video sites. Link is below if you haven’t seen it.

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Ken’s Take:Santelli’s rant was a Joe the Plumber moment. 

Rick the Reporter captured the frustration of the more than 90% of Americans — mostly tax payers — who work hard, live within their means, pay their bills, etc. 

Even Obama admits that sub-prime mortgages are only 12% of all mortgages but more than 50% of all foreclosures.  He wants responsible folks  to kick in to provide sweet deals to irresponsible deadbeats.  

I don’t think that’s going to fly.  My hunch: Santelli has started an avalanche.

This may be Obama’s “New Coke” moment — a misread American tastes …

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This will get you fired up (unless you’re behind on your mortgage on have your hand out).

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2 Responses to “CNBC’s Rick “the Plumber” Santelli asks: Raise your hand if you want to pay some deadbeat’s mortgage”

  1. SMH Says:

    Government must strike a balance between helping the truly needy and condoning and encouraging reckless behavior. We should not reward irresponsible decisions with tax dollars. A prudent solution would be to extend unemployment benefits and offer increased incentives to qualified buyers; not adjusting the terms of subprime mortgages of people who couldn’t afford their purchases in the first place and are likely to default again even with assistance.

    The housing market needs to readjust, and the government needs to stop interfering with natural price corrections.

  2. Addie Says:

    The only assistance these people should get is a discount on a uhaul truck!

    There are a few reason’s why people are in this position:

    1.) They bought a house they could not afford.
    2.) They bought a house, then ran out and bought the new car, all new furniture and a new wardrobe. When the bills started adding up – they couldn’t pay up.
    3.) They bought a house with an adjustable rate mortgage that went up higher then they could afford
    4.) The house lost value and they were underwater so the owners just walked out.
    5.) They lost a job
    6.) Medical reason.

    I am betting that less then 10% of the foreclosures fall in number 5 and less than 1% for number 6.

    Not all the people on unemployment are home owners. In fact – I’d bet less that 30% of the people currently out of work are home owners. Of that most homeowners are responsible enough to have a savings to hold them over for a while. I’m sorry – people have been losing jobs for years. Life is not fair! If you lose your job and end up losing your home, I know it sounds heartless but it’s life. There are plenty of charities out there if you don’t have family or friends that can help you. I was homeless some years ago and a friend gave me a couch to sleep on for a couple of months. My parents had opened their home to a family of four that lost their house back in the early 80’s. That is the American Way!

    That leaves the first 4 reason which – deserve NOTHING! They made bad decisions! If the government gives them anything they are rewarding that bad behavior! Those people need to be thrown out on their butts and maybe they might learn something!

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