The Chicago Tea Party

[srblanco7]

I'm assuming many have seen the CNBC video with Rick Santelli (link below). Was interested in people's thoughts.

Rick Santelli's Shout Heard 'Round the World - General * US * News * Story - CNBC.com

Though I am struggling with the concept of bailing out those who were less than responsible with their home purchases, I was wondering if the traders in the video had the same visceral reaction to the bank bailout.

[creditcardfree]

Good question? Actually, I read today that this money is actually part of the other half of the $700 billion bank bailout. So, it's not NEW bailout money.

[maat55]

I think like back when the founders and colonies revolted, our government has become way out of control. Government should be doing only what it has to to keep the market honest and provide defense.

Everything the government does today has redistribution attached to it. Its interference in the mortgage market created this mess and now it will make it worse with further involvement. IMO.

We need an organized Tea Party in every state.

[tripods68]

Why should 92% of homeowner who keeps up their mortgage payment pay for those who took sub primes mortgage who would not normally qualify for "standard conforming loans". We are incentivizing those who can't afford their mortgage payments keep their homes when they should be renters instead. The sooner our government recognized this problem, the faster we gonna recover.

[Goldy1]

Oh well the experts keep saying helping those who are "upside down on thier mortgage" will HELP THE GENERAL OVERALL ECONOMY.



I feel for families who were victims of predatory lending, but if you are buying a house, this is a good time to make sure you understand some terms, ok?
Oh and that is one thing, but using your house like an ATM with lines of credit is another.
I have a huge home equity line of credit I opened in case of emergency that I never used. Yet you don't see me taking it to buy granite countertops and go to the Bahamas or to finance my mall trips.

I am not against people refinancing, but even if the payment goes from 1200 to 800, what good is that if you have no job, or you are going to be irresponsible again? The types who got into it in the first place might not change.

ps
I did not read the link.