Robo,
I feel compelled to respond as I have always respected you and your opinions and continue to do so. I do not speak for Santelli but I believe that the people like your folks were not the target of his comments. The losers are the snakes that lied on there application and bought a house they could never afford, flippers and liars. The ones that had to keep up with the Jones's and threw caution to the wind. The ones who walked away from houses that were to big and full of electronics and big screen TV's that they could not afford in a good economy.
How about seizing the assets of everyone involved with this whole mess. Everyone at AIG's finance arm, Citi, BofA, Merill, Goldman, Countrywide, etc. Real Estate agents, appraiser's, liar borrower, lenders that did not verify income. All the Executive and Board members of every company that gets a taxpayer loan. Everyone at FRE and FNM get their personal assets taken.
All of this money being created and thrown around, I doubt your folks will see much if a dime and the inflation will eat them alive in a few years. Honest folks will not get anything, IMO. The ill and the unlucky in life are a completely different and minuet category in the sub-prime, derivative, and CDS mess we're in.
As for the misfortunate being losers I strongly disagree with that sentiment, I'm one of those misfortunate. Every family has someone that is struggling and the government won't help them as much as family can. Look at Amtrak and the Postal Service, two of the most mismanage government sponsored entities in the Nation. Freddie, Fannie, two more. That alone should prove that anytime the government decides to save the day, 95% of it will be wasted and somebodies got to pay for it.
I too have family struggles, let me vent a little. I am living on coupons and sale item but I still can take my family to dinner once in a while, while just buying a vehicle and insurance for a indigent family member that live too far away for me to easily help and I last seen him the mid-eighties. That and my struggles paying my last surgery medical bills and now major medical for both of my sons. The hits keep on coming. I thank God I do have this job and benefits. Should I get a bail out? For what? Life. **** happens.
Now, I need a $200 EGR valve for my used 2005 van and the rear tire has a slow leak. Had to put a new blower on the stove and nothing cost less than $100 for any part. Had to buy a 1989 car as a back up to my 1990 Toyota as it has 217,000 miles and is about to die.
I'm living the American dream, those other people were living the American dream at someone else's expense.
The losers I and I believe Rick was talking about were the losers with too big a house a brand new car or two in the garage while crying they need help. Give them a 2% loan and I bet they still default on it. They don't care. History has proved that 40% will still walk away after assistance.
You know that cartoon with the guy and the black cloud over his head? I am beginning to believe that I'm that guy. So what!
So I believe that Rick and I know myself felt the losers are the people that created this mess from the mortgage lenders, to credit card co., to AIG, to the politician, to the FRE and FNM and the people that bought way more than they could ever afford. And the people that let them.
Those people don't deserve a dime, but we all know they are all bold enough to be the first ones in line and crowd your folks to the back of the line.
Your folks aren't loser and neither am I. We just got dealt a crappy hand but are luck to have family.
Hang in there Robo.