White House spokesman Robert Gibbs went after Rick Santelli of CNBC during today’s White House Press Briefing. He was responding to Santelli’s on-air rant yesterday from the floor of the Chicago Board of Trade. Santelli was mocking Obama’s mortgage plan as helping “losers. He was cheered on by the traders around him.
Below is the rant that drew the White House’s attention:
The White House could not have asked for a better target. The spectacle of a Wall Street blowhard going after Obama’s plan while millions of Americans are losing their homes demonstrates exactly the kind of thinking that has gotten us into this mess. While Wall Street has been taking billions in bailout money from the government for bad behavior, ordinary Americans – and that includes the millions of Americans who bought their homes and paid their mortgages on time – have watched what is likely to be their biggest investment turn into a money pit and a financial stranglehold as property values have plummetted up to 40% in parts of this countryWatching Wall Street traders boo the Obama plan on live TV should remind Americans whose side these people are on – and it ain’t Main Street. After taking 350 billion dollars of taxpayer money for their bad behavior, these people are booing an underfunded 75 billion dollar mortgage rescue plan as “moral hazard”. Their behavior is hazardous to our morality.
So, Robert Gibbs and the Obama Administration have Rick Santelli, Wall Street blowhard, to thank for exposing Wall Street’s hypocrisy. It was great television.