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My Favorite American (Tea Party Redux)

"My Favorite American," Roger Kimball, Pajamas Media, February 21

My favorite American at the moment is Rick Santelli. A week ago, Mr. Santelli was just another financial television journalist. As of February 19, he has been elevated into a national hero for those, like me, who regard the economic policies of the current President of the United States with a mixture of revulsion and horror.

Speaking from the trading floor at the Chicago Mercantile Exchange, Mr. Santelli called for a Chicago tea party next July: a taxpayer's revolt against the obscene redistributionist policies of the Pelosi-Reid-Obama troika.

Commenting on the latest effort to take yet more of your money to subsidize failure, Mr. Santelli bluntly charged that "The government is promoting bad behavior."…

"The new administration," observed Mr. Santelli, "is big on computers and technology. How about this, Mr. 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 they like to at least buy cars, buy a house that is in foreclosure — give it to people who might have a chance to actually prosper down the road and reward people that can carry the water instead of drink the water?...

"How many people want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills? Raise their hand! [A chorus of boos, but no hands raised.]

"President Obama, are you listening?

"You know Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now they're driving '54 Chevys….

"It's time for another tea party….

"What we are doing in this country will make Thomas Jefferson and Benjamin Franklin roll over in their graves."…

I think there may soon be a run on tea. The question is, does the nascent taxpayer's revolt that Mr. Santelli is help to spearhead have legs?

I will add the note that not only are the majority of homeowner's paying for this 'bail-out', but renters are too, and they will likely be renters longer than they planned because the 'bail-out' does not include them.


( 3 comments — Leave a comment )
Feb. 23rd, 2009 03:43 pm (UTC)
We should also keep in mind that not all markets were hit at the same magnitude. The states with the worst foreclosure problems had seen the fastest rise of house price, and biggest gains.
Feb. 23rd, 2009 05:20 pm (UTC)
That is an excellent point. The bubble was uneven throughout the country. Generally speculation in markets like Florida, Las Vegas, and others raised house prices farther and faster than in many other markets. Likewise, areas with a larger proportion of risky loans also have seen higher than average levels of mortgage default. These facts support the argument against a federal "one size fits all" approach to solving the problem.
Feb. 23rd, 2009 06:00 pm (UTC)
> a federal "one size fits all" approach

and yet that is what they are addicted to. crazily.
( 3 comments — Leave a comment )

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