Informing the Latino Community Online on Issues Impacting Your Life

February 20, 2009

Rick Santelli and the

Rick Santelli (Reporter from CNBC), came out ranting about the housing plan designed by the administration to help people save their homes all over America. Most experts out there, who understand thoroughly the issue, will tell you this whole financial debacle started with the housing market, and it will end there; stabilization of the housing market is a must.

I understand people’s frustration with government’s failure to resolve financial matters in a free market based economy, especially as complex as ours. However, the market is melting down and, alone, won’t cure itself. Even, despite the help of the TARP funds provided by the last administration last fall— which we still don’t know where it all ended up except the fact, that Wall Street execs got paid huge bonuses with it—still has not properly stabilize the financial markets.

Now given Mr. Santelli’s rant about how to save the economy, I can’t help ask myself, where was your citizenship concern when the last administration devoted billions of dollars to bail out Wall Street investment bankers? And finding afterwards, the fact of that much of this money was spent on paying bonuses to executives! Where is your sense of frustration about this, Mr. Santelli? What is your proposed solution: To let the market fix it? You know, that sounds like a very familiar rhetoric from someone else we used to call our president, and a candidate who was running for the presidency a few months ago.

I’m not buying into your supposed citizen’s concern on how to spend tax payer’s money. You are an intelligent person; you of all people should not be required to be educated on the issue! As you should know, the solution is complex and requires a multifaceted approach to the crisis. Stabilization of the housing market is vital to economic recovery. Oh yes, you have the right to be indignant about irresponsible borrowers and should even be more indignant about greedy/fraud investment bankers (Which you fail to mention), but that still is not going to solve the problem. Your proposed solution only demonstrates you have a short memory and obsolete ideas.

Now, families all across America ( I’m sure he’s gotta have somebody in his neighborhood that is under water) may or may not save their homes, but at least this plan is available to them, and aims to prevent further decline in housing values. Moreover, it will prevent millions of people from going homeless. It is more costly to this society if we allow them to go homeless. It is now their turn to get a life saver instead of Wall Street, and we should strive toward this, along with the Wall Street bail out; give this economy some solid footing to recovery from Wall Street to Main Street. It makes one wonder whether you ever think about these millions of families who are at the brink of homelessness because of being duped by irresponsible/greedy brokers? I doubt it.

Screaming from the top of your lungs from a trading floor about government spending to help millions of American homes, does not give you much credibility. It only exacerbates the problem and accurately depicts how inadequate Wall Street thinking alone represents. On the contrary, it underscores how much needed reform it requires. Your rhetoric should be seen as irresponsible, as an insult to Americans, and as hypocritical—to say the least.

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