Saturday, February 21, 2009

Boycott Stupid Journalists

My husband is a huge fan of MSNBC. He watches it practically all day long. However, he is no longer allowed to watch it in my presence because I am sick to death of that stupid clip of Rick Santelli having a temper tantrum. The truly sad part is that by doing that, he revealed not only a profound level of irresponsibility as a journalist but also a complete ignorance of the foreclosure situation in the United States. He assumes that everybody who is having trouble meeting their mortgage obligations was necessarily greedy. He doesn't understand that mortgage brokers and the companies that employed them preyed on these people - telling them they were stupid not to use the equity in their house to improve their investment - selling them mortgages that they couldn't afford and/or didn't need and why? For the fees. (And if you're wondering how I know this, I used to work at one of these agencies and I actually asked an underwriter about it because I - a mere clerk - couldn't understand how they could be approving those mortgages - they even looked bad to me).

The mortgage companies and bankers got rich from making the mortgages and then dumped them on investors. And now, when we need to stabilize the housing market (and hopefully, by extension help stabilize the general economy) by helping people stay in their homes and stopping more foreclosures from taking house prices down even more, Rick Santelli's out to sabotage it.

Rick Santelli and the rest of those bozos at MSNBC who pretend to be "market analysts" have completely lost all credibility to me. Most of them sound like complete idiots most of the time. I guess I should be happy to have it confirmed.

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