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Homebuyers Tax Credit: Where Is Rick Santelli?
Folks may recall Rick Santelli, the commodities trader who sparked outrage when he went into a diatribe on CNBC about not wanting to pay his neighbor's mortgage. The context was the mortgage modification program proposed by President Obama, which uses government money to provide lenders and servicers with an incentive to modify mortgages. (The money actually goes to banks, not homeowners, but we'll ignore that for now.) This complaint resonated among at least some segment of the population, who were given considerable attention in the media.
Congress subsequently passed a stimulus bill which included an $8,000 first-time homebuyers tax credit. This tax credit is about to be renewed and expanded to apply to some current homeowners who buy a new house.
Given the anger over the mortgage modification program and the attention that this anger received, it would be reasonable for the media to be investigating the anger (or lack thereof) over this tax credit. After all, if Rick Santelli is angry about paying for his neighbor's mortgage, isn't he also angry about paying for his house?
--Dean Baker
COMMENTS (7)
Dean,
I think you are not being fair to Rick Santeli. I have watched Rick often and he has at least been very consistent that he did not want a bailout for banks or homeowners. He was against clash for clunkers or any sort of govt stimulus. Rick has also been against the homebuyer credit.
You can disagree with him on the economics but I think Rick is one guy who has at least been fair and consistent.
Posted by: roger | October 30, 2009 9:23 AM
Roger, I have never heard of Rick ranting against the bailout of GE.
Did he actually rail against the Wall Street bailout? The infamous rant was months after TARP.
I don't watch CNBC so I don't know what he has or has not railed against, but if he has railed against the bailout of his employer or rejected his own salary as a result, that would be worth knowing.
Thanks.
Posted by: Erich Riesenberg | November 1, 2009 7:22 PM
Erich, don't think Roger will come back any time soon with that rebuttal....
Seldom I see such a HR here.
Posted by: Oops | November 2, 2009 3:02 AM
Eric
I have watched Rick throughout the crisis and even earlier, he has always rallied against bailing anybody out who screwed up. He was clearly against the wall street bailout.
I am just telling you my general read of the guy.
Here is a youtube clip before TARP was passed
http://www.youtube.com/watch?v=I-1g0OZJIdk
Regarding him refusing his salary because senior management at GE screwed up is pretty ridiculous. I would never voluntarily give up my salary if my CEO screwed up. Even in bankrupt companies employees get paid.
Posted by: Roger | November 2, 2009 11:55 AM
Here is another video before his rant against homeowners, where he says all the wall street bailouts are doing are helping the rich people.
http://www.youtube.com/watch?v=3fNN_nOFs2Y&feature=related
FYI - I don't agree with Rick that govt shouldn't do anything in these situations and let the market alone handle it. I do think in extreme situations govt should come in but be more punitive to people who were at fault. I am just defending the guy because at least he seems intellectually honest.
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