Posted by | February 20, 2009 16:38 | Filed under: Top Stories

Are we the kind of society that says, “To Hell with my neighbor”?  The kind that cares not about those who suffer as long as *we’re* doing okay?  Many angry taxpayers resent that the Obama mortgage plan gives even slight relief on a mortgage’s principal if the mortgage balance is worth more than the home in some cases.  Left out by objectors is that this applies only to loans backed by Fannie and Freddie, and borrowers have to be current on their loans.

But Rick Santelli, who covers the Chicago Board of Trade for CNBC, began ranting during a live report about how unfair it is that taxpayers have to bail out these horrible “losers” who made bad decisions and don’t pay their bills.  I didn’t hear the many critics of Obama’s plan object this much when Bush and his would-be successor John McCain, who many of them voted for, had no trouble using taxpayer dollars to bail out banks and financial institutions.  But try bailing out the average Joe and there’s a huge outcry.

Santelli mischaracterized the Obama plan by saying the president expects people to get an extra $10 and save the money. No, the idea is to spend it and get it circulating back into the economy.  He then makes the  “losers”, comment, as though that word applies to all who fall on hard times.

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Copyright 2009 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.