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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (186470)	2/25/2009 12:36:49 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Obama's test: a nation of Santellis politico.com When CNBC’s Rick Santelli argued last week that President Barack Obama’s mortgage bailout plan would force hardworking Americans to pay for their neighbors’ mistakes, White House press secretary Robert Gibbs dismissed him as a know-nothing derivatives trader out of touch with Main Street. But if the White House simply dismisses Santelli’s point, it may do so at its peril: A Rasmussen poll released Monday found that 55 percent of those surveyed thought federal mortgage subsidies to those most at risk of losing their homes would be “rewarding bad behavior.” Santelli’s “Network”-style diatribe has already spawned a Facebook group and plans for “tea parties” protesting the bailout in major cities including Chicago and Washington. Former House Majority Leader Dick Armey’s group FreedomWorks has spun off a site called angryrenter.com to organize those who don’t own their homes to oppose the mortgage plan. And it’s not just Republicans who are complaining. Although Obama still floats on air among Democrats generally, he’ll need to use Tuesday night’s unofficial State of the Union address to build support for his housing plan even among members of his own party. According to the Rasmussen poll, even 49 percent of Democrats oppose mortgage subsidies like the ones Obama has proposed.