Friday, February 20, 2009

Stimulus and Rescue Backlash?

From Mark Whittington at Associated Content:
The markets are not reacting very well to Barack Obama's latest spending plan, which is to spend about seventy five billion dollars to rescue people who can't pay their mortgages. CNBC host Rick Santelli believes he knows why.

Rick Santelli, who also an experienced investment strategist and trader, put it simply that the government would be promoting bad behavior by subsidizing mortgages given to people who ought not to have had them to start with.

Rick Santelli went on to compare what is happening to America under Barack Obama to Castro's Cuba and to suggest a kind of "Boston Tea Party" anti spending revolt. Rick Santelli's impassionate speech on CNBC brought cheers on the floor of the Chicago Board of Trade, from where he was reporting.
More importantly, Rick Santelli's attack on the Obama mortgage bailout scheme seems to reflect a growing disquiet over President Obama's spending schemes, which started with the stimulus package, and will now not only include a bailout for mortgages but also a new bailout for the car companies and perhaps even a second stimulus. That disquiet has been manifest in recent days by protest rallies in Seattle, Denver, and most recently in Mesa, Arizona.

I think a lot of us are getting fed up. Yes, one can use the economy as an excuse to do almost anything. And the Obama administration has. But they are not acting like anything they're doing is actually going to help. It's as if they want to wreck the economy.

Perhaps they do, so they can use it as an excuse to push even more rubbish disguised as stimulus.

A poll on Instapundit asks if I would join in any protests should one be called in my area. I said no, that I'm not the protesting type, but I'm starting to reconsider.

Update: More from Kathryn Jean Lopez at NRO's The Corner:
I think people are hungry for someone who is fed up with the way things are and who seem to believe in something enough to know there in an alternative worth fighting for. Some of the voices may be far from perfect, but Americans are looking for signs of the life of an alternative. And so if a representative pops up — someone who appears to have roots and energy, folks will cheer them on in the hopes there’s a candidate here. Maybe not a presidential candidate, but a leader of some sort. Someone who can offer a vision of something other than a culture of bailout.

Today, Rick Santelli was that sign of life.

People are fed up with the administration.

Bear in mind that this administration is barely a month old.

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