{"id":1578,"date":"2009-02-26T16:25:33","date_gmt":"2009-02-26T21:25:33","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=1578"},"modified":"2009-02-26T18:30:51","modified_gmt":"2009-02-26T23:30:51","slug":"its-not-just-rick-santelli","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/26\/its-not-just-rick-santelli\/","title":{"rendered":"It’s Not Just Rick Santelli"},"content":{"rendered":"

White House Spokesman Robert Gibbs would like us to believe that Rick Santelli is an isolated crank who doesn’t know what he’s talking about… As Joel Stein points out he’s not<\/a>:<\/p>\n

A lot of optimistic people bought houses near the historic height of the market, say November 2005, for absurdly high prices, say $1.12 million, in places like the eastern Hollywood Hills section of Los Angeles. These people are very, very sad. Trust me on this. But the sudden drop in housing prices hasn’t made it any harder for these people to pay their loans. That’s because your home’s value is utterly irrelevant until you want to sell it \u2014 the same as your baseball cards, Hummel figurines or casual encounters.<\/p>\n

The only people affected by plummeting real estate prices are the ones who bought a house that cost more than they could afford, hoping for a spike in value so they could sell at a profit or take out a new loan based on an increased value. Their home wasn’t just a place to live; it was an investment they thought they could liquefy at will. If we’re saving these poor souls from the 26.7% drop in their investment, we should give twice as much aid to everyone who has lost approximately 50% in the stock market since its peak. Especially those in Vanguard’s Tax-Managed Capital Appreciation Fund.<\/p>\n

Meanwhile, mortgages held by the responsible people Obama says he is trying to help only go into foreclosure when the owners lose their jobs. But the best way to help them is through increased unemployment benefits and job creation.<\/p><\/blockquote>\n

The entire purpose of Pres. Obama’s Homeowner Affordability and Stability Plan is to help people who made poor economic decisions to escape from the consequences of their decisions. The simple reality is many of people who get relief under Pres. Obama’s plan will still default even after their mortgages are restructured<\/a>… All he’s doing is kicking the can down the road and prolonging the instability in our banking system.<\/p>\n","protected":false},"excerpt":{"rendered":"

White House Spokesman Robert Gibbs would like us to believe that Rick Santelli is an isolated crank who doesn’t know what he’s talking about… As Joel Stein points out he’s not: A lot of optimistic people bought houses near the historic height of the market, say November 2005, for absurdly high prices, say $1.12 million, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[20,7],"tags":[491,492,485],"class_list":["post-1578","post","type-post","status-publish","format-standard","category-money-and-investing","category-politics","tag-joel-stein","tag-mortgage-bailout","tag-rick-santelli","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-ps","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1568,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/23\/cnbcs-rick-santelli-responds-to-white-house-spokesman-robert-gibbs\/","url_meta":{"origin":1578,"position":0},"title":"CNBC’s Rick Santelli Responds to White House Spokesman Robert Gibbs","author":"Jeff","date":"February 23, 2009","format":false,"excerpt":"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\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1545,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/19\/chicago-tea-party\/","url_meta":{"origin":1578,"position":1},"title":"Chicago Tea Party","author":"Jeff","date":"February 19, 2009","format":false,"excerpt":"Drudge has been hyping this all afternoon... It's hardly a revolt, but with the Dow industrials closing at a six year low of 7465.95 I think it's safe to say the markets aren't crazy about governments economic rescue plans.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"chicagoteaparty","src":"https:\/\/i0.wp.com\/www.jasetaro.com\/blog\/wp-content\/uploads\/2009\/02\/chicagoteaparty.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1608,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/05\/jim-cramer-responds-to-white-house-spokesman-robert-gibbs\/","url_meta":{"origin":1578,"position":2},"title":"Jim Cramer Responds to White House Spokesman Robert Gibbs","author":"Jeff","date":"March 5, 2009","format":false,"excerpt":"First it was Rush Limbaugh and then Rick Santelli now it's Jim Cramer who seems to be at the top the White House's \"enemies list\". While I'm no fan of Jim Cramer and his often over the top rants he's right on the mark with his criticism of Pres. Obama's\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3819,"url":"https:\/\/www.jasetaro.com\/blog\/2011\/03\/04\/jobless-rate-falls-to-8-9-as-192k-jobs-added\/","url_meta":{"origin":1578,"position":3},"title":"Jobless Rate Falls to 8.9% as 192K Jobs Added","author":"Jeff","date":"March 4, 2011","format":false,"excerpt":"Today's jobless report is a good news bad news thing, first the good news... From Bloomberg: U.S. employers added 192,000 workers in February, amid an improving economy and more seasonable weather, and the unemployment rate unexpectedly declined to 8.9 percent, the lowest level since April 2009. So what's the bad\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4669,"url":"https:\/\/www.jasetaro.com\/blog\/2012\/09\/27\/gdp-collapse-shows-u-s-economy-in-danger-of-slipping-back-into-recession\/","url_meta":{"origin":1578,"position":4},"title":"GDP Collapse Shows U.S. Economy in Danger of Slipping Back into Recession","author":"Jeff","date":"September 27, 2012","format":false,"excerpt":"Ouch, the government today released its final estimate of U.S. economic activity in the second quarter, and the news isn't good, GDP was revised downward to 1.3% from the initial estimate of 1.7%: The fragile state of the US's economic recovery was thrown into focus once more Thursday as the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1617,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/06\/is-obama-intentionally-destroying-our-economy\/","url_meta":{"origin":1578,"position":5},"title":"Is Obama Intentionally Destroying Our Economy???","author":"Jeff","date":"March 6, 2009","format":false,"excerpt":"Never assume malice where incompetence will suffice. Over the last few days I've been hearing various theories that essentially say... The Obama administration is deliberately damaging the economy and gutting the stock market on the theory that doing so will make it easier for them to argue \"the free market\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=1578"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1578\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=1578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=1578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=1578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}