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Gibbs Takes on Santelli

Updated 4:54 p.m.
By Michael D. Shear
Anger among homeowners about President Obama's foreclosure bailout plan boiled up to the White House today as press secretary Robert Gibbs unleashed a barrage of criticism at a former trader whose rants against the plan this week have made him a cable and Internet phenomenon.

Rick Santelli, a CNBC reporter who exploded in a tirade this week from the Chicago Board of Trade, has accused the president of crafting a housing bailout that is unfair to the millions of people who bought a house responsibly and have been making their mortgage payments.

"Government is promoting bad behavior," Santelli said on his network (see video, above). "Do we really want to subsidize the losers' mortgages?"

He continued: "This is America! How many of you people want to pay for your neighbor's mortgage? . . . President Obama, are you listening?"

Later, in a video that has become a YouTube sensation, Santelli called for Obama to put his plan to an Internet referendum and called for a new Tea Party to protest the housing plan.

"President Obama! Are you listening?" Santelli demanded.

Apparently someone in the White House was. In response, Gibbs attacked Santelli by name repeatedly, accusing him of not having read the president's housing plan and mocking the former derivatives trader as not being an effective spokesman for the little guy.

"I'm not entirely sure where Mr. Santelli lives or in what house he lives," Gibbs told reporters, his voice dripping with derision. "Mr. Santelli has argued -- I think quite wrongly -- that this plan won't help everyone. This plan will help, by the money that's invested in Freddie and Fannie, will drive down mortgage rates for millions of Americans."

Later, Gibbs added: "Now, every day when I come out here, I spend a little time reading, studying on the issues, asking people who are smarter than I am questions about those issues. I would encourage him to read the president's plan and understand that it will help millions of people, many of whom he knows. I'd be more than happy to have him come here and read it. I'd be happy to buy him a cup of coffee, decaf."

The exchange underscores the potential for a new wave of class warfare as the president unveils economic plans that reward some people, often at the expense of others and without regard to who is most responsible for the economic downturn.

The stimulus plan that Obama pushed through Congress largely avoided that kind of fight. But the housing plan -- which targets up to 9 million homeowners for help -- has quickly become a focal point for homeowners who are paying their mortgages but still struggle economically.

Gibbs' response also indicates that the White House is particularly sensitive to the attack that they are unconcerned with the people who have been acting responsibly as the economy crashed. The president has repeatedly said he is looking for a new era of responsibility, a phrase that he used in his inaugural speech.

In his response, Gibbs insisted that the plan will not help people who acted irresponsibly.

"It won't help somebody trying to flip a house. It won't bail out an investor looking to make a quick buck," Gibbs said. "It won't help speculators that were betting on a risky market. And it is not going to help a lender who knowingly made a bad loan."

And he used unusually direct language in criticizing an individual from the briefing podium.

"I think we left a few months ago the -- the adage that, if it was good for a derivatives trader, that it was good for Main Street. I think the verdict is in on that," Gibbs said.

He ended by holding up the president's housing plan -- an indication that he had planned his response in advance, expecting a question about Santelli.

"Let me do this, too," Gibbs said. "This is a copy of the president's home affordability plan. It's available on the White House Web site, and I would encourage him, download it, hit print, and begin to read it."

Santelli, appearing on CNBC today quickly after Gibbs' comments, appeared to be enjoying the attention.

"This is exactly what we want. They are making things clear," Santelli -- who was hardly a household name 48 hours ago -- said. "If you listen to the clip yesterday, we never referred to any specifics. It was the notion of not going down the road subsidizing other people's
mortgages. I think its terrific that this has been opened up to national debate."

He added: "I think its wonderful that he invited me to the White House. I'm not really big on decaf though. I think I prefer tea."

Posted at 3:58 PM ET on Feb 20, 2009  | Category:  Barack Obama
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myfreedomfirst1:

Do you get a paycheck? If so, max out your W-4 allowances at 9 and turn it in to your employer first thing Monday morning.

Posted by: JakeD | February 21, 2009 2:55 PM

Many people still don't get it. There is a rebellion growing as more and more people despise what the politicians and government are doing.
Millions of Americans have seen their life savings and retirement funds go up in smoke and will be hitting the pavement for a job.

All Obama and Congress is doing is printing more money! Soon, we will have inflation like Zimbabwe which will easily eat away the tax cut the government just passed.

Posted by: myfreedomfirst1 | February 21, 2009 1:19 PM

Are we ever going to get past blaming the other party? They're both corrupt. Who cares what party a politician is in. This squabbling is a waste of time and just makes us defensive and causes more division. Stop defending corruption and pointing fingers. Yes let's call out politicians and make them feel the heat and create change but that's not going to happen by electing the right party into power. Both parties are screwing us over and it appears abundantly clear that we need drastic changes in our government. If you can't see this you are blind. We need to clean house. And don't even think we can't. We have WAY more power than them.

Posted by: savedslave | February 21, 2009 7:53 AM

When someone takes a heaping stinking dump on the middle of the dinning room table during dinner, like Bush and Conservatives did with their failed polices that got us into this mess; sane people don’t yell at the person who tries to clean it up. They save their scorn for those who took the heaping stinking dump on the middle of the dinning room table during dinner. The Right should that one, and they might not get their butts handed to then, again, come next election.

Posted by: Kuni_Leml | February 21, 2009 12:39 AM

___

Exactly what failed policies are you referring to?

Posted by: debmries | February 21, 2009 1:12 AM

Holly F* geez!

Obama is "calling mayors out".

Santelli is exercising his 1st amendment and getting a whack job by Gibbs.

It's like I'm in Hip-Hop high school getting the "shake down" and tough love. It's like kids in debate class with a speech level of grade 9. Where's urbandictionary.com when you need it?

Looking at all the evidence, the *bill* and historical youtube clips: Santelli is currently the focus of a *smear job* by the WH. No question, his questioning and opinion raises a lot of eye brows in the administration.

Removing all the BS from BOTH SIDES, all he cares about are "investors", and that's ANY type of investor--it's the basic ideology of the market system, investors give money to corporations based on risk and return. And if gov't and corporations squander it, exploit the poor and those who have no 'access', but get bailed out in the end, common sense says it's unfair (his argument).

One has to ask: are we throwing ALL ideology out the window, or should be pragmatic and choose the ideologies that work? Rick's asking questions, but getting no/vague answers.... SO what is one to do? Except make up some conclusions--you need to because... life doesn't stop! The guy works on "the floor" everyday.

From facts, then look at the truth: He's for INVESTORS. EVERYONE ELSE from Obama to Economists are for THE CORPORATIONS.

"Tax payers" will lose in BOTH cases, cause the majority of us we're investors (401K, pensions, bonds, etc..) and work in corporations. And the gov't deals with BOTH. Don't worry the wealthy will always make out, cause it's all about FAIRNESS and they have more resources (to talk with Obama) than poorer folks (hence the problem!) to manipulate the fairness (bad).

And... Santelli opposes Republican bailouts too:
http://www.youtube.com/watch?v=I-1g0

As a professional, educated citizen, I'm siding with Santelli, we all should be asking questions as this is the most money ever used in US history. And I urge everyone to follow Gibbs suggestion and read the BILL--was on the site (link moved?) and make your own conclusions--can someone repost the link?

In the end, the media and WH press corp has failed us... again. Too much spin and confusion. WP, if your wondering why newspapers are failing, there's your answer.

Posted by: recharged95 | February 21, 2009 12:49 AM

Where was all the ranting and raving about “Socialism” and “rewarding bad behavior” from the Right when McCain proposed his mega-moral-hazard $300,000,000,000.00 (that’s $300 Billion) mortgage buy down plan for mortgages that are worth more than the homes?

I guess when a Conservative puts forward a plan that has no real protections in place to screen the scammers from those in need, it’s a “Let’s Bail Out Main Street NOT Wall Street” initiative.

But if a Liberal proposes a plan that is well thought out tries hard to weed out the investors and speculators who don’t deserve help; it’s “Socialism” and “Rewarding bad behavior”.


When someone takes a heaping stinking dump on the middle of the dinning room table during dinner, like Bush and Conservatives did with their failed polices that got us into this mess; sane people don’t yell at the person who tries to clean it up. They save their scorn for those who took the heaping stinking dump on the middle of the dinning room table during dinner. The Right should that one, and they might not get their butts handed to then, again, come next election.

Posted by: Kuni_Leml | February 21, 2009 12:39 AM

Santelli rocks! Gibbs is not ready for prime time.

I'm getting my tea ready for the party. See you in Chicago, the filthiest political sewer in the nation, Obama is a product of and tool of that sewer. Looks like the latest casualty of the dirty Chicago political machine, "Sen" Burris is about to jump under the ever more crowded bus............................

Hillary 2012!!!!

Posted by: TAH1 | February 20, 2009 9:21 PM

That Hillbilly Huckster Gibbs was clearly threatened by Santelli's saying 'the emperor has no clothes". The personal attack on a member of the press was vicious. Keep speaking the truth Santelli! Can't wait to see what the Ozark bumpkin has to say on Monday!

Posted by: DaMan2 | February 20, 2009 9:00 PM

You all realize this is small potatoes to the real issues which our Congress and Presidents seem to be ingoring:

The total amount of future liabilities to Medicare and Social Security is 52.7 trillion. Compare that with the total household net worth in the United States of 58.6 trillion. When you get done adding in your state and local municipality obligations, as well as the federal debt and other federal obligations, there is nothing left.


Suggested reading: Forbes - September 29, 2008 - Is the U.S. Going Broke? By Laurence J. Kotlikoff Laurence J. Kotlikoff is a professor of economics, Boston University

Posted by: debmries | February 20, 2009 8:36 PM

The upper middle class get many thousands of taxes saved with AMT relief. Those with jobs get a puny $400-800. Social Security recepients, with an average monhly pension of $1,000, are entitled to $250. Many people not working or retired, but not eligible for Social Security, are deemed unworthy of any tax benefits.

Posted by: Aprogressiveindependent | February 20, 2009 7:40 PM

If you were upper middle class making $300,000 and paid $100,000 in federal taxes last year, maybe you'd understand how nice those that are supporting the lower class get a little break. Obama's gonna raise everyone's taxes in 2010 so every little helps.

Posted by: debmries | February 20, 2009 8:33 PM

Wonderful, we have another "journalist" telling us what's happening in the world.

What's his take on the CDO's and CDS's?

Where's Maria Bartiromo? I haven't heard her take on all this.


Posted by: helloisanyoneoutthere | February 20, 2009 8:18 PM

I like Santelli.
But life isn't fair, and this isn't about fairness, it's about saving our collective ass. Whether the mortgage plan will help to do that is of course open to debate.But I don't think fairness is at this critical point as much of a consideration. I'm also sympathethic to the comments regarding where was all the concern as billions and trillions were wasted on national delusions in Iraq.
People need to suppress their CRH production and simmer down. There was no one thing that brought us to this mess, just a tangled web of things all too human.
The large wealth that has been lost was largely illusory, so that this collapse offers us a more firm basis going forward.


Posted by: steveandjanereed1 | February 20, 2009 8:12 PM

dashriprock:

To be fair, you are mixing up the recent $787 billion "stimulus" package (which no one who voted for it read) and the $275 billion housing plan at issue here (which even I have read the outline -- available at www.whitehouse.gov -- although the full details won't be released until March 3rd ; )

Posted by: JakeD | February 20, 2009 7:57 PM

What a bunch of lowlife losers.

Posted by: LarryG62 | February 20, 2009 7:24 PM

I couldn't agree with you more. What a bunch of lowlife losers the Republicans are!

Posted by: danson1 | February 20, 2009 7:43 PM

President Obama may be sincere in seeking to promote an era of responsibility or this may merely be another administration slogan which is undermined by actual policies. The housing mortgage bailout plan of the administration clearly undermines the notion of individual responsibility, of accepting the consequences of ones actions.

Certain financial institutions clearly were highly irresponsible in granting loans, often with exotic mortgage interest rates, to people who should not have receive these loans. These banks were greedy and financially reckless.

Yet individuals also have responsibility for deciding what they can prudently afford. The vast majority of people in this country showed financial prudence in recent years. They bought homes they knew they could afford or they delayed purchasing homes until prices came down and/or they could realistically afford mortgage payments with conventional fixed rate mortgages.

Persons who lost their jobs or spouses and are thereby having difficulty paying their mortgages for reasons beyond their control should receive help in arranging new loans at fixed rates, with longer terms as necessary, but stille expected as 90+% of us were, to pay the full principal of loans.

The hard working, vast majority of people, who acted responsibly in their finances, are being asked to subsidize those who were not responsible. This is unfair.

The upper middle class get many thousands of taxes saved with AMT relief. Those with jobs get a puny $400-800. Social Security recepients, with an average monhly pension of $1,000, are entitled to $250. Many people not working or retired, but not eligible for Social Security, are deemed unworthy of any tax benefits.

Posted by: Aprogressiveindependent | February 20, 2009 7:40 PM

Gibbs states that Santelli should have read the President's housing plan.

Now That's Rich,
No one who voted for it, read it.

Get real Gibbs, you nitwit.

Posted by: dashriprock | February 20, 2009 7:29 PM

Santelli is absolutely right and Gibbs, as usual, is out in left field. Baghdad Bob Gibbs is about as qualified for his job as Obama is, which means he's in way over his head.
Obama's plan, written by the corrupt democrats in Congress, is a payola for those who supported Obama's election. It rewards losers, which is probably what the liberals intended. They just cannot stand anyone who isn't dependent on them. What a bunch of lowlife losers.

Posted by: LarryG62 | February 20, 2009 7:24 PM

This is so sad. Republicans are more of an idiot than I thought. They want us to believe that they are looking out for the American People. Who gives a damn about the revolt on Wallstreet. All of a sudden the bottom is falling out. Why? because they don't have George Bush around to let them continue their Ponzi scheme on Working Americans. WAS IT DICK CHENEY WHO SAID WHILE IN OFFICE "WHO CARES ABOUT AN DEFICITS" Where was the outrage then?

Posted by: danson1 | February 20, 2009 7:23 PM

1baddog2U:

If you get a paycheck, print out a W-4 form and max out your allowances to 9 -- turn it in to your employer TODAY or first thing Monday morning -- that will send a HUGE message to Obama and the Dems.

http://www.irs.gov/pub/irs-pdf/fw4.pdf

Posted by: JakeD | February 20, 2009 7:23 PM

Anyone that works in manufacturing will be out of a job because in a global economy - USA is the highest cost place to make goods.
We have the highest corporate taxes 35-39%, then the employment taxes (another 10%) then state taxes (avg. 6.9%), highest regulation, most laws to follow, highest healthcare costs in the world, etc.

The only thing that's kept businesses here is the most stable gov't, economy and people.

I just had a European client tell me today they are moving USA operations to Ireland where the gov't treats businesses well and the tax rate is 12.5%.

Posted by: debmries | February 20, 2009 7:18 PM

Having Gibbs respond is exactly what this moron wanted, attention. Just like that moron limpwrist. I say from now on have others defend the plan and ignore these neanderthals.

Posted by: sandnsmith | February 20, 2009 7:02 PM

The holier than thou Santelli and other Republicans are insanely ranting about paying for what they judge to be someone else's recklessness. They fume over so called "non-taxpaying persons" getting tax rebates. They want to judge each and everyone on anything - folks there isn't enough time left in this universe to judge everyone from your high perch.
Mad are you? Ever noticed that they almost always target the lowly in income or those of a "different" nationality or race? I could go on about CEO's and traders who risked it all including all of our futures for the sake of their limitless greed too. But alas, an economic catastrophe such as this does the work for us. It threatens to reduce us by the millions into paupers no better than each other. By what standard do we then judge each other? Let's grow up and realize that we can find ways to work, on balance, for a way forward or fight each other until our country is reduced to dust.

Posted by: tigman_2 | February 20, 2009 6:55 PM

Bailing out people who irresponsibly bought more house than they can possibly afford isn't the issue. The issue is that the money is not to help the homeowners but, rather, to, once again, bailout the banks who made the irresponsible lending decisions.

I do not want to pay ANY MORE MONEY to these banks. The borrowers aren't the problem. The lenders are the problem.

I have had enough!

Posted by: 1baddog2u | February 20, 2009 6:53 PM

Rick is completely ignorant of the REAL cause of the problem - the H1-B visa program. Rick doesn't realize he can be replaced by a visa holder who will work for 50-60% of what he makes.

500,000+ H1-B visa holders are in this country right now and congress will authorize more again next year.

Maybe Rick will be out of a job soon and singing a different story. He will then INSIST the government help him refinance his mortgage so he can stay in his home.

If you don't realize what a threat H1-B visa workers can be to our financial systems, you should Google "fannie mae" +software +bomb. The entire Fannie Mae system was almost destroyed by a single H1-B worker - and NO ONE seems to be concerned about what the saboteur is up to RIGHT NOW. His LinkedIn page indicates he is working for the Bank of America.

See d50.org for more information about how insecure our software really is. I often wonder if this entire meltdown has been caused by malicious software.

Posted by: Sadler | February 20, 2009 6:52 PM

typo on that post: Should be: "trying to halt a bank taking away"

Posted by: IdahoBob | February 20, 2009 6:48 PM

Freakin' hypocrites!

Posted by: lindsayhowerton | February 20, 2009 6:30 PM


You bet hypocrites- look at where Obama got his campaign money from.

University of California $1,123,898
Goldman Sachs $955,223
Microsoft Corp $791,342
Google Inc $782,964
Harvard University $779,460
JPMorgan Chase & Co $642,958
Citigroup Inc $633,418
Sidley Austin LLP $565,788
Stanford University $558,184
Time Warner $542,651
National Amusements Inc $536,235
Wilmerhale Llp $522,792
Skadden, Arps et al $505,074
UBS AG $505,017
Columbia University $502,866
IBM Corp $489,842
Morgan Stanley $483,523
US Government $477,506
University of Chicago $456,209
Latham & Watkins $454,599


Wow - looks like he was backed by the big bankers we just bailed out.
Hypocrite all right.

Posted by: debmries | February 20, 2009 6:47 PM

Mr. Sanrelli's is remanisant of a small child hysterically throwing a hissey fit because another child got a slightly larger piece of cake or to play with one ofthe spoild brat's 50 toys.

Life isn't exactly fair, their are people better looking than ua, smarter than us, luckier than us, even unfairly may get a bigger piece of cake than us. Tough. It's kinda of like Mr. Santelli's Wall Street banker, trader, and stock broker friends that got baled out, it dosen't seem quite fair.

Mr. Obama and the administration are trying to head off the biggest economic catastrophy to hit this nation since the Great Depression, significantly contributed to by Mr. Santelli's Wall Street flim flam friends. Not every miniscule fragment of these giant undertakings are going to be exactly fair. The administration is trying to prevent a momentious national disaster Mr. Santelli, deal with it. Someone is going to infrequently get a little larger slice of cake than they deserve, but it's in the national interest. Grown ups understand that. As for you, take a time out.

Posted by: JRussell42 | February 20, 2009 6:43 PM

It amazes me that a few years ago, no one had any problem dumping what has become over a trillion dollars into Iraq. Not to mention the cost of life to both our own citizens and innocents in Iraq.

But when it comes to putting money to work in our own country, people scream and rant that we're wasting taxpayers money.

Give me a break.

Posted by: striles1 | February 20, 2009 6:33 PM

---
Again another misfact.

Most of the money was spent in USA on military supplies, vehicles, etc.
See the one industry that is still American made is our military supplies. So the $1 trillion was spend mostly right here.

And that was over 7 years. Obama spent that much his first 3 weeks. Wow we are ona roll.

Posted by: debmries | February 20, 2009 6:42 PM

It amazes me that a few years ago, no one had any problem dumping what has become over a trillion dollars into Iraq. Not to mention the cost of life to both our own citizens and innocents in Iraq.

But when it comes to putting money to work in our own country, people scream and rant that we're wasting taxpayers money.

Give me a break.

Posted by: striles1 | February 20, 2009 6:33 PM

Let's face it, the only "socialism," and "nationalization" that Wall Street's high rolling gamblers like is that which coddles bankers.

If the original $700 billion plus bailout for the financial industry had instead been given directly to the American people, perhaps we would have killed two birds with one stone--debt would have been paid off and remaining cash would have gone into spending on consumer goods, mortgages, reinvestment, etc. But noooooooooo, can't trust the people with money, only corporations and ponzi scheme bankers.

That's the message from Mr. Overexposed, aka Santelli. He's having a temper tantrum because what's good for his goose is intolerable for someone else's gander.

Freakin' hypocrites!

Posted by: lindsayhowerton | February 20, 2009 6:30 PM

A Wall Street Wonk is outraged at social engineering. That takes some stones, coming from land of shelters, hedge funds and every imaginable tax distortion known to man to favor this or that connected monetary prestidigitator. You want outrage, here's two things to be outraged about. 1) It's time to have real separation of church and state, and have churches pay taxes for all the benefits they freeload from the government, like fire, polic and disaster protection, the umbrella of our military security, streets, utilities environmental protections etc etc... Time we quit subsidizing the churches, especially the scores of millions of Americans who do not attend any church (let alone churches that insist on getting right down and dirty in the political trenches even though supposedly church and state are separate). 2) Then how about we quit subsidizing overpopulation with tax breaks for families who are too irresponsible to hold their procreation down to 0 to 2 children. Why should a small family (or childless couple, or single person) have to enduure a base tax rate that is overly large in order to absorb the freeloading of large families? Overpopulation is a major problem, we should be discouragin large families, not subsidizing them. And while we're at it, let's take a good look at all the cushy tax breaks, dodges, and outright corruption of the rank and file of Wall Street Wonks that got us all into this mess. Let's do all that before criticizing the government for trying have a bank take away the homes (and equity and earned interest paid by foreclosure victims) of people who have lost jobs because of the criminality and mismanagement of Wall Street wonks who think they are the sacred temple of social engineering.

Posted by: IdahoBob | February 20, 2009 6:28 PM

Pot calling the kettle black (can I say that w/o being racist?)
So called Americans, all upset when one group of Masters start calling the others names.
You damn fools, and not a one who remembers the Constitution.

Posted by: wannabersc | February 20, 2009 6:25 PM

Obama, where's my new bathroom and kitchen?

Posted by: MC_Pee_Pants | February 20, 2009 6:23 PM

hayden1:

I was catching up on some golf (and, needless to say, I don't blabber or take hallucinogenics : )

Posted by: JakeD | February 20, 2009 6:19 PM

First, Obama is not legally President if he is not a "natural born" citizen. Second, "anyone who disagreed ABOUT THE IRAQ WAR is unpatriotic". Perhaps you missed Obama declaring the war over and closing GITMO?

Posted by: JakeD | February 20, 2009 5:22 PM
-----------------
Hey Jake
Where have you been man!
I have missed your hallucinogen-induced comments. Keep them coming. The more nonsensical blabbering in the name of the right-wing the better.

Posted by: hayden1 | February 20, 2009 6:16 PM

dmk1941:

You get a grip. Rick Santelli was AGAINST the Wall Street bailout too.

debmries:

Which is why the W-4 Tax Revolt is for people who get paychecks only (sorry, nothing I can suggest for you "independent" contractors : )

Posted by: JakeD | February 20, 2009 6:15 PM

By 2006, before the bubble burst, Hispanics, many of them illegal, had taken out 40% of all subprime loans. Now these chickens are coming home to roost. The mortgage giants, internal memos show, warned that although the loans were popular with Hispanic borrowers, they had much higher delinquency rates of 8% to 13%.

Between 1998, and 2006, there were 15.2 million subprime loans originated.


Number of Foresclosures expected over the next 4 years: 8.1 million

Number of underwater home mortgages: 11 Million (1, out of 5, of existing mortgages)

In Foreclosure ----Percentage - Entering - Delinquent - Subprime - Layoffs
2007 1st Qtr.----------1.28%-------0.58%-----4.84%-----13.77%
2007 2nd Qtr.----------1.40%-------0.65%-----5.12%-----14.82%
2007 3rd Qtr.----------1.69%-------0.78%-----5.59%-----16.31%
2007 4th Qtr.----------2.04%-------0.83%-----5.82%-----17.31%
2008 1st Qtr.----------2.43%-------0.99%-----6.35%-----18.79%----247,000
2008 2nd Qtr.--------- 2.75%-------1.08%-----6.41%-----18.67%----214,000
2008 3rd Qtr.----------2.97%-------1.07%-----6.99%-----20.03%----597,000
2008 4th Qtr.----------x.xx%--------x.xx%-----x.xx%------xx.xx%--1,377,000
2009 1st Qtr.----------x.xx%--------x.xx%-----x.xx%------xx.xx%----598,000 + Feb. + Mar.

FORECLOSURE FILINGS BY MONTH
Jan., 2008 233,001
Feb., 2008 223,651
Mar., 2008 233,089
Apr., 2008 243,353
May, 2008 261,255
Jun., 2008 252,363
July, 2008 272,171
Aug,.2008 303,879
Sept,2008 265,968
Oct., 2008 279,561
Nov., 2008 259,085
Dec., 2008 303,410
2008 Foreclosure Filings (up 81% from 2007)
Jan., 2009 274,399

JOB LOSSES - UNEMPLOYMENT RATE - OUT OF WORK:
Jan., 2008 - 76,000 4.9%
Feb., 2008 - 83,000 4.8%
Mar., 2008 - 88,000 5.1%
Apr., 2008 - 67.000 5.0%
May, 2008 - 47,000 5.5%
June, 2008 - 100,000 - 5.5%
July, 2008 - 67,000 - 5.7%
Aug., 2008 - 127,000 - 6.1%
Sept., 2008 - 403,000 - 6.1%
Oct., 2008 - 320,000 - 6.5%
Nov., 2008 - 533,000 - 6.8%
Dec., 2008 - 524,000 - 7.2% - 11.1 million
Jan., 2009 - 598,000 - 7.6% - 11.6 million

Posted by: buzzm11 | February 20, 2009 6:13 PM

REPSSUCK,

Do you know how to read and look up facts?

The mortgage crisis has been going on for years. It was initiated by the DEMS feel good programs. Both DEMS and REPS jumped on the bandwagon. Corruption is what caused it - and mostly on the DEM side.

Look this up. In 2003, Bush tried to get Congress to look into the subprime problems. DEMS wouldn't agree to legislation.

Barney Frank, Chris Dood became in charge of the programs overseeing the subprime and guarantted everything was OK.

Obama's good friend Franklin Raines made $90 million off of Fannie Mae.

Whose at fault? Congress and our gov't. Bush was to busy with Iraq and homeland security he dropped the ball.

Posted by: debmries | February 20, 2009 6:12 PM

Hey Rick, where were you and all your Republican friends from Wall Street the last 8 years, when GWB was president? I didn't hear any rant or outrage while W was taking us all down the tubes. Now all of a sudden you're born again. Get a grip.

Posted by: dmk1941 | February 20, 2009 6:08 PM

JakeD,

There is a penalty if your taxes due were a high enough percent. That's why 1099 people have to pay quarterly.

Posted by: debmries | February 20, 2009 6:07 PM

REPSSUCK:

You really think that there are no Democrats or Independents who bought / refianced houses they couldn't afford?

Posted by: JakeD | February 20, 2009 6:06 PM

shhhhh:

Perhaps you missed the voluntary FORECLOSURE MORITORIUM already announced by most of the nation's largest mortgage holders

debmries:

Good point about Geithner. Also, there's no penalty or interest if you simply pay the taxes right before January 1, 2010.

Posted by: JakeD | February 20, 2009 6:01 PM

republicans are responsible for the problems we are having now. Greed is republicans last name. worthless is how they have acted for the last 30 years. people commenting here don't understand economy or recession. I wish they would shut up and get out of the way so Obama can get this country back to what it can be. little people with no pot to pee in with no new ideas that complain they want tax cuts for the rich. Republicans are rich greedy bozos or poor uneducated Bozos that fall for the nonsense of the rich bozos. Last word is SARA PALIN, enough said?

Posted by: REPSSUCK | February 20, 2009 6:01 PM

debmries,

Yes, you missed something.

The "Unqualifieds" you describe would not be eligible for this program. Read the plan.

Most of the people helped by this plan are people who could have refinanced without government assistance, if the credit market was functioning normally. Or sell it. People who could afford their mortgage until they lost their job.

Posted by: mikeinmidland | February 20, 2009 5:51 PM

Did you read the plan?

"The plan will also provide help for homeowners who may be struggling, but not delinquent, making it easier for them to refinance their loans to lower rates. Loans that are owned or backed by Fannie Mae and Freddie Mac — about half of all mortgages — will be eligible for refinancing even for homeowners who have less than 20 percent equity in their homes" NYTimes

So I put 40% down on my home - and am out $50,000 since the value of my home dropped because unqualified people purchased homes with programs forced by the gov't. The people that should be bailed out are ME and MY FRIENDS.

$75 Billion only gives $8,330 to the 9 million homeowners. I doubt they will still be able to afford their homes in a year and we will be back down this road except now out $75 billion.

Again did I miss something?

Posted by: debmries | February 20, 2009 5:59 PM

mikeinmidland:

Read it again. Mr. and Mrs. Unqualified DO get federal assistance if it is their primary residence, they received their mortgage through Fannie Mae or Freddie Mac, and the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property.

Posted by: JakeD | February 20, 2009 5:58 PM

Since the banks won't be parting with their money, I still say the best and most equitable policy is to have a moratorium on mortgage and rental payments for 2-3 months or every other month for a 1/2 year without interest accruing for the non-payment months for everyone. If the banks won't lend, don't send them any money.

Posted by: shhhhh | February 20, 2009 5:54 PM

Jake D,

Yes and I saw the withholding Tea-Party. There will be penalties if done now but maybe if everyone waited until Sep 2009, there would be not penalties. Do just the last quarter of 2009.

My question is, why do WE have to pay? The head of the IRS Geithner has set a precedent that you don't pay all your taxes.

Posted by: debmries | February 20, 2009 5:52 PM

debmries,

Yes, you missed something.

The "Unqualifieds" you describe would not be eligible for this program. Read the plan.

Most of the people helped by this plan are people who could have refinanced without government assistance, if the credit market was functioning normally. Or sell it. People who could afford their mortgage until they lost their job.

Posted by: mikeinmidland | February 20, 2009 5:51 PM

debmires:

Do you or your husband get paychecks with federal withholding?

Posted by: JakeD | February 20, 2009 5:46 PM

mikeinmidland:

Whenever you have asked that before, I have stated there are plausible reasons why McCain, Hillary, and the rest of the field didn't bring it up short of being incompetent -- they didn't bring up Rev. Wright because of the "race" issue -- for instance, McCain has his own "matural born" citizenship issue. I am an intelligent man, but I have no clue what the real reason was behind closed doors.

Please do not claim that I have no interest in the truth -- I am the only one here at WaPo consistently asking for the release of Obama's LONG FORM birth certificate so that we can all know the truth -- I have never once asked anyone to join the American Independents Party. Why not be honest yourself?

Posted by: JakeD | February 20, 2009 5:45 PM

Here's my take:

Mr. & Mrs. Unqualified bought a home they couldn’t afford with zero down payment. This was a loan they were given because our gov’t and groups like ACORN pressured banks into these subprime loans. Now they can’t make their payment.

Mr. & Mrs. Goodoers lived in rented place until they saved up their 20% down payment. Some of them put even more down – like us we put 40% down.

Because the Unqualifieds can no longer make their payments and have defaulted on their loans, everyone’s home value has dropped. Many of the Goodoers have lost the value of their down payment and are out of that money.

So here comes Mr. Feelgood Obama who’s going to help the Unqualifieds stay in a home they can’t afford – a home they have no hard earned money invested in and artificially keep the home value’s up using taxes paid by the Goodoers. Eventually the Unqualifieds will not be able to pay again, and home values will decline once more. The Goodoer’s will still be out their down payment value. So our gov’t has once again screwed around with the free market and created a mess.
The money really should go to those who put a down payment and lost that value – not the ones who caused it.

Did I miss something?

Posted by: debmries | February 20, 2009 5:40 PM

And JakeD,

Yes, IF Barack Obama was not a natural-born citizen, then he would be ineligible to be President. But he is a natural-born citizen, and he IS our President.

I've asked you before to explain, how McCain, Hillary, and the rest of the field could be so incompetent as to miss the evidence you allude to but can't produce.

But you have no interest in the truth. Only in raising questions and doubts and unrest, and seeing if you can con people into joining the American Independents Party. Why not be upfront about it?

Posted by: mikeinmidland | February 20, 2009 5:39 PM

I'M MAD AS HELL, AND I'M NOT GOING TO TAKE IT ANYMORE!

Posted by: MC_Pee_Pants | February 20, 2009 5:39 PM

Rick Santelli is a loud-mouthed idiot who doesn't know what he's talking about. It sounds good to scream about the Gov'mint giving away tax dollars to losers just like it sounded good to scream about 'welfare queens' in Cadillacs. It's the corporate cable commentators who live in a bubble. He''s just hoping that if he makes enough noise he get a job offer from Fauz news.

Posted by: thebobbob | February 20, 2009 5:38 PM

sprayadhesive:

If you get a paycheck, and want to join the "Chicago Tea Party": print out a W-4 form and max out your allowances to 9 -- turn it in to your employer TODAY or first thing Monday morning -- that will send a HUGE message to Obama and the Dems.

http://www.irs.gov/pub/irs-pdf/fw4.pdf

Posted by: JakeD | February 20, 2009 5:38 PM

Posted by: AmericanSpirit | February 20, 2009 5:37 PM

That would be the best case scenario. Short of that, everyone who takes the maximum allowances on their W-4 should put that money in a savings account and (obviously) pay the appropriate taxes right before January 1, 2010 to avoid any penalties / interest. In the meantime, we will bring Obama and the Dems down a couple of pegs.

Posted by: JakeD | February 20, 2009 5:36 PM

I LOVE THIS GUY RICK SANTELLI!!!!!!!
Where has he been hiding????
Finally someone to speak up and be MAN enough to say it. Good for you Mr. Santelli.

Posted by: sprayadhesive | February 20, 2009 5:34 PM

No, Jake. That's not assuming that Obama is in charge next April.

The US Congress just passed a big tax reduction as part of the stimulus package, but the IRS still take taxes based on the number of exemptions you claim.

Are you suggesting that the IRS won't be functioning in a year?

Posted by: mikeinmidland | February 20, 2009 5:32 PM

Screw Gibbs. He looks like one of those guys you see in the paper after they have been entrapped by the police thinking they were setting up a date with a 13-year-old.

Posted by: MC_Pee_Pants | February 20, 2009 5:27 PM

mikeinmidland:

That's assuming that Obama is still in charge in April, 2010.

Posted by: JakeD | February 20, 2009 5:24 PM

tinkabell1:

First, Obama is not legally President if he is not a "natural born" citizen. Second, "anyone who disagreed ABOUT THE IRAQ WAR is unpatriotic". Perhaps you missed Obama declaring the war over and closing GITMO?

Posted by: JakeD | February 20, 2009 5:22 PM

Santelli exposed himself to be a) Appallingly ill-informed. He obviously never read the plan (One page. On the president's website.) but worse, he seemed to be channeling right-wing hate and ignorance as he ranted away.

b) The man is really obnoxious and perhaps dangerous. I would never want him anywhere near me (as a neighbor, for instance) and cannot understand why he is employed to deliver news on the television.

I must say, as all these disaffected Republicans seem to lose any ability to reason or even see what is in front of them, and instead launch into hateful and divisive rants, they should stop and think.

They are perhaps the last people in the country who should be starting a class war. We have been under the thumbs of people like the angry and ignorant Mr. Santelli for eight years. No more. No more.

Posted by: Casey1 | February 20, 2009 5:21 PM


For those of you advocating a W-4 Teaparty:

Yes, you could reduce the government's income for a bit, but you are advocating that people sign their name verifying that they are entitled to something they aren't entitled to.

Next April they will owe a lot in taxes, and maybe a lot more in fines.

Posted by: mikeinmidland | February 20, 2009 5:19 PM

My 401k was down 30% last year. I don't want it to go down another 30% just so that guys like Santelli get to see "losers" punished. By the way, isn't it guys like Santelli that caused this mess in the first place? Right wing kooks spend the last eight years driving us to the brink of depression, then whine when someone actually tries to clean up their mess.

Posted by: spidey103 | February 20, 2009 5:16 PM

Gibbs couldn' hold Santelli's jockstrap. Right on Santelli, VIVA la REVOLUCION!

Posted by: nesta6480 | February 20, 2009 5:03 PM
----------
El Stupido.
You must have been wanking on Rush Lameballs radio show.
Gibbs put Rantelli's face in the mud!

Posted by: hayden1 | February 20, 2009 5:15 PM

jcdw,

Well, duh. If you want the details you don't read the executive summary.

But I'll make it simple for you: what would you like to know?

Posted by: mikeinmidland | February 20, 2009 5:13 PM

CNBC is nothing but propaganda. They are just a bunch of very ignorant right wing people ranting about their personal views.

All last year, they said it was a goldilocks economy and to buy, to buy, to buy and of course to hold onto all the stocks you had.
How is that advice any help to the investor? Luckily I noticed they were spouting lies and sold everything in Nov 2007. I am buying now because I believe Obama is a good and intelligent man and not a crook like Bush.

I hope I am right. Also Obama is decent and fair, something one could never say about CNBC.

I do know that the supposed journalists on CNBC just make up their own facts. I am down to watching about 30 minutes a day when I used to watch from 4:30 Am to 5:00 PM. They are just stupid people with no facts. They want Obama to fail and they are trying to make that happen. Americans need to fight against these people.

Posted by: pDD520 | February 20, 2009 5:13 PM

nesta6480..
Santelli nothing to put in a jock strap.

Santelli is an idiot!

Posted by: tinkabell1 | February 20, 2009 5:11 PM

LoonyLeft...What happened to the Republicans edict: "anyone who disagrees with the PRESIDENT is UNPATRIOTIC!"?

I say is "What's good for the goose is good for the gander"! Honk Honk!
We Won!
So......SUCK IT UP!

Posted by: tinkabell1 | February 20, 2009 5:08 PM

Robert Gibbs is an embarrassment.

I've read the Executive Summary. Just like the Geithner plan is empty of details and full of rhetoric.

The example used by the Whitehouse is not anywhere near the reality of most foreclosed homes. Read it yourself. Check the example $240,000 home.

The Housing Plan is not liberal, it is just stupid.

Posted by: jdcw | February 20, 2009 5:07 PM


I love Santelli's response that he would be glad to read it--he admits that he hasn't read it yet! He should have spent the 5 minutes reading it instead of ranting about it.

I hope they actually do invite him to Washington and sit down with him. It doesn't matter if they can convince him of the truth--just getting him to calm down and speak from the facts would be a big improvement.

Posted by: mikeinmidland | February 20, 2009 5:04 PM

Gibbs couldn' hold Santelli's jockstrap. Right on Santelli, VIVA la REVOLUCION!

Posted by: nesta6480 | February 20, 2009 5:03 PM

Print out a W-4 form and max out your allowances to 9 -- turn it in to your employer TODAY -- that will send a HUGE message to Obama and the Dems.

http://www.irs.gov/pub/irs-pdf/fw4.pdf

Posted by: JakeD | February 20, 2009 4:52 PM

i can't watch CNBC anymore. I have watched for decades but it is now nothing but right wing propaganda. It has no news value whatsoever. almost all of the supposed journalists are right wing propagandists who just rant and rave about their personal views. it is disgusting. Just like Santelli, it is obvious they don't understand anything Obama has said or what his plans say. They just make up lies.

Lies Lies And More Lies-just like the GOP. Their specialty. I became physically ill when I watched Santelli and the other crooks in the trading pits. They'd cheat their own mother out of her last nickle. These are the people ho preach greed is good and laugh at the misfortunes of other Americans and people around the world. Look what they have done to our financial system.!!! i believe the traders are trying to force the Obama administration to hand over more billions to these banks. That is why they are taking the market down. They are evil incarnate!


Believe me, I've watched everyday for over 20 years, even before when it was FNN and was actually newsworthy.

I watch Bloomberg on the computer now. They have great financial geniuses as guests and they have lots of international news which is very important.

http://www.bloomberg.com/

Posted by: pDD520 | February 20, 2009 4:50 PM

LooneyLeft:

You should have seen fellow NBC colleagues, Brian Willams and Matt Lauer interrogate Santelli on the TODAY Show this morning.

Posted by: JakeD | February 20, 2009 4:47 PM

Rick Santelli: Thank you! Thank you! Thank you!

Achtung! The NEW POLITICAL ORDER IS HERE!

Anyone who criticizes TheOne, our beloved Messiah, will be condemned. They will be ostracized from society, they will be labeled a threat to national security, they will be called "unpatriotic" and "un-American", they will have to actually pay taxes (unlike loony-left liberal tax-cheats like rangle, geithner, caroline "you know" kennedy, olbermann, daschle, killifer, solis and most of the others) and they will be vilified until they succumb to the ONLY ACCEPTABLE POLITICAL VIEW - that of the loony-left liberals.

All hail TheOne! Resistance is futile.

Posted by: LoonyLeft | February 20, 2009 4:43 PM

I have read it, and I still want a "Chicago Tea Party": every citizen who gets a paycheck should immediately max out their W-4 with 9 allowances!

Posted by: JakeD | February 20, 2009 4:28 PM

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