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I missed his rant yesterday, but saw it today.
Again -- it's this "I got mine" attitude that got us squarely into this mess, among other factors.
Mr. Santelli, it may not be MY house on the foreclosure block today, but it could well be tomorrow. At some point, it could be those of the CBT people who cheered you on yesterday. I don't dispute that a lot of people bit off more than they could chew when they got into these subprime mortgages, but really, I don't have the time nor the interest anymore to be angry at them, especially when many were told by the banking industry that it was okay to overreach and overextend. This crisis has become too wide and deep to stand back and let my neighbors sink. We're ALL in this together anymore, and if we can see our way clear to bail out the banks and the auto industry, then dammit, there shouldn't be an issue with helping keep the middle class alive as well.
"Shared sacrifice" is what got this nation through the Great Depression. It's what's needed now.
As the middle class goes, so goes the nation. Always true, but now moreso than ever. They keep trumpeting the "92%" (or whatever the number is) who are meeting their monthly obligations. But I have to wonder by how many skins of teeth, by how many hard decisions -- is it the cancer medicine or mortgage this month? How many of that 92% are looking at a job loss in the next six months? How many of this 92% WON'T be able to make their payments within the next year? THEY, Mr. Santelli, are the people YOU should be most concerned about, and THEY are exactly why we need some kind of mortgage safety net in place. And really, I don't care who that net catches -- the person who just had to get that McMansion, or the auto worker who's just trying to keep a roof over his head.
I'm done with CNBC. I can't stomach it anymore. It's an alternate universe. Its reality is not my reality (not that it ever was) but it seems like it is just fine with letting society as a whole crash and burn as long as the investor class is safe and sound. That especially seems to have become the attitude there since Jan. 20. Fuck them.
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