CNBC’s Rick Santelli seems to have struck a nerve with his impassioned rant against Pres. Obama’s home mortgage bailout plan.
To be honest I’m not at all surprised, there seems to be disconnect between those inside the beltway and those outside. I tend to think most Americans instinctively don’t like the idea of the government using their money to subsidize someone else’s bad behavior.
Update (4:00 p.m.): Rick Santelli isn’t alone here’s a few key numbers from a new Rasmussen Poll:
… 55% of American adults say the federal government would be rewarding bad behavior by providing mortgage subsidies to financially troubled homeowners. Among investors, 65% hold that view. … 77% of Republicans and 60% of those not affiliated with either major political party believe the mortgage help subsidizes bad behavior. Most Democrats (51%) disagree. … 76% of Americans are not willing to pay higher taxes to help people who cannot afford to make their mortgage payments. … 14% say higher taxes for this purpose are okay with them. … 10% are undecided. … Most Americans–53%–also oppose a plan for the federal government to pay off a portion of the mortgages only for people who can’t afford their current payments. … 32% think it’s a good idea. Support for that plan is even lower among homeowners. … Just 33% of all adults support having the federal government to pay up to $100,000 of the mortgage balance owned by every single homeowner in America. … 51% reject such a plan. Even though they would directly benefit, a majority of homeowners (52%) don’t like that plan.
I wouldn’t call it overwhelming opposition but it would seem that American’s aren’t crazy about Pres. Obama’s plan.