Yesterday fired-up CNBC reporter Rick Santelli laid into the president. He implored Obama to ask Americans whether they really want to "subsidize the losers' mortgages." The traders on the Chicago trading floor cheered for Santelli and booed at the mention of Obama's plan.
Today the White House officially addressed the rant, and Santelli by name. Press Secretary Gibbs asserted:
I think we left a few months ago the adage that if it was good for a derivatives trader than it was good for Main Street. I think the verdict is in on that. Mr. Santelli has argued, I think quite wrongly, that this plan won’t help everyone. . . . This plan helps people who have been playing by the rules. . . . I would encourage him to read the president’s plan . . . I’d be more than happy to have him come here to read it. I’d be happy to buy him a cup of coffee — decaf.
I guess Gibbs thinks Santelli has had enough caffeine. Gibbs also pointed out that when a home is foreclosed on, the homes surrounding lose about 9 percent in value.
Did Santelli's rant strike a chord with you, or do you agree with Gibbs?