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February 20th, 2009

CNBC’s New Rock Star

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There’s no doubt that Rick Santelli hit a nerve with his on-air denunciation of Obama’s recently-announced mortgage plan. As CNBC notes, he’s achieving rock star status:

[A]bout 5,000 have flooded our e-mail box since yesterday morning, when Rick Santelli issued the shot heard round the world. And that’s just in the Squawk e-mail box. Close to 1.4 million people have relived the moment on CNBC.com … hundreds of thousands more have checked out bootleg copies on YouTube and other Web sites.

One viewer sent us a special “Santelli For Senate” button he’d created. But he may have been shooting too low … hundreds of others have written in “Santelli for President” ballots.

Still doubt that Rick touched a deep nerve with his rant against the homeowner bailout package? Check this out: Overnight on Facebook, his fans have come out in hordes. There’s a “Tribute Group” to Rick Santelli (609 members); and a “Join the Chicago Tea Party” group (435 members); and “Rick Santelli for Man of the Year” (173 members).

White House spokeman Robert Gibb responded — after a gratuitous slap at the derivatives traders who lustily supported Santelli — by suggesting that he “download it, hit print and begin to read” the plan.

Some might ask whether Gibb offered that advice to members of Congress before they voted for the stimulus package.

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5 Responses to “CNBC’s New Rock Star”

  1. JnWilderness Says: February 21st, 2009 at 10:53 pm

    Rick, Rick, Rick (Stop ranting for a moment and read this.)

    The reason WHY those of us that didn’t buy more home than we could afford have to subsidize those who did is Primarily for reasons of our own selfish self-preservation. Let me explain. I’ll assume you own (or the bank does) your home. Now, tomorrow morning when you step out to get your morning paper take a look at the home across the street from you and the one next door to it and the one next yours. Now just think that if the owner of the home across the street, we’ll call him Bob, is one of those that bought more home than he could afford and lets say two others in your neighborhood are also like Bob (by the way these people really don’t have to live in your immediate neighborhood, they could be a mile away). Lo and behold, Bob and the other two owners can’t make their mortgage payments so they abandon their homes or are foreclosed. Now you have an empty house across the street and elsewhere, but with this failing economy there are NO buyers.

    So, guess who’s property value begins to drop Ricki? Guess who has to fork over more in taxes to keep the local, town or county, government and schools going?

    YES RICKI, THOSE OF US THAT DID NOT BUY MORE HOME THAN WE COULD AFFORD. THE LOSS OF TAX REVENUE BECOMES OUR PROBLEM AND OUR HOME’S VALUE WILL SPIRAL DOWNWARD BECAUSE NO ONE WANTS TO BUY A HOME IN AN AREA WITH LOTS OF EMPTY HOMES. OH, AND REMEMBER THAT A HOME’S VALUE IS DIRECTLY TIED TO THE SCHOOL DISTRICT’S REPUTATION.

    So Rick, as you can see it behooves us to just accept it and ride it out. By the way, while you’re at it the next time you decide to rant why don’t you pick another place to rant rather than in that “Den of Thieves” you chose. BUT, even better do two thing before you do decide to rant and those are:
    1. engage brain before speaking, AND MORE IMPORTANTLY,
    2. SHUT YOUR ASS AND GIVE YOUR MOUTH A CHANCE.

  2. RateNerd Says: February 22nd, 2009 at 1:27 pm

    I appreiate that Santelli showed some emotion and let loose – he defintely crossed the line between being a journalist and a commentator, but I like what he did

  3. Tim Manni Says: February 23rd, 2009 at 11:41 am

    RateNerd: I see how people really bought into the emotion and was seen as a good thing. Whether he acted completely professional or not, that’s another point, but I think the passion really represents the nations’ frustrations, and I think some Americans really appreciated it!

    Yet, on the other hand, others like JnWilderness completely disagree. Wilderness, you brought up an interesting point: the location of Santelli’s delivery is quite thought provoking…Was it mere circumstance? Did the location add to the impact or take away from what he was getting at? The reactions he got certainly didn’t hurt the point he was trying to make.

  4. Paul Havemann Says: February 23rd, 2009 at 4:17 pm

    JnWilderness makes an impassioned, if emotional, point: that if we don’t help our distressed neighbors, their homes will stand vacant, and our property taxes will fall.

    As much as we might like to help out our neighbors, there’s just one slight problem: Loan modifications usually don’t work. The government’s own statistics show that as many as 55% of them will fail after as little as six months. Does it really make sense to pour good money after bad?

    And that doesn’t take into account that, despite President Obama’s assurances, we’ll be bailing out house-flippers and investors who don’t deserve our largesse.

    We’ve expressed some of our objections in our latest HSH Market Trends newsletter, and we’ll have more to say in this blog later.

  5. Kurt/Diane Says: February 23rd, 2009 at 4:50 pm

    “Weather You Think You Can…Or Weather You Think You Can’t
    You Are Right”….Henry Ford

    Hi Everyone
    Reading these blogs is heart wrenching. I pray all find what you are looking for.
    It’s time for us to take control of our own Future…
    Where we are is a Direct result of our own thinking…

    Wouldn’t it be fair to say that when the U.S. DEPT of Labor came out and said that by the year 2010 = next year…the LARGEST employer would by SELF…
    We ALL should Plan accordingly…
    Your future is in YOUR hands not your employers…
    unless YOU give them YOUR power.
    Take some time read some history on the United States. The U.S. was built by people who believed in self reliance, not on their employer to determine their worth..
    I understand the layoff cycle..laid off 2 times in 3 years from Corp America.

    There are allot of ways to make money,,Good honest money. Find the one that fits you, due your due diligence and go for it.
    Brake the cycle,,take a stand for your self and those you love.

    Despite the economy, our Company sale’s are up 40%

    Our purpose is to express our Desire and Ability to Assist others in realizing There True Potential…

    By Developing a Strong Foundation, Cultivating Leadership in ourselves and others…

    And Creating an Environment where our associates Can have Success…

    Live a Life of Freedom – Abundance and Wealth…

    Have a prosperous day…You desirve it!!

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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