Margarine-tongued spin-boy for the Obama administration Robert Gibbs responds to Rick Santelli's outburst of honesty on CNBC:
Let me see if I have this right...
First, Mr. Santelli lives in a stealth house in a stealth neighborhood, and until his address and property assessment appear on Mr. Gibbs' radar, Mr. Santelli should apparently stay quiet on this issue. Being an American citizen who pays the taxes that will cover all the borrowed money and interest to fund this foreclosure plan isn't qualification enough to have an opinion. It's just $75 billion after all, which is basically a rounding error in the stimulus bill.
Second, Mr. Gibbs spends a little time each day reading, studying, and talking to smart people about these economic issues, unlike a veteran reporter for a news network that covers finance, business, and the economy. Well, I'm certainly glad we cleared that up!
Third, foreclosures are bad, and the best way to deal with the foreclosure crisis and all those Americans who are losing their homes is, as Mr. Gibbs describes it, by funnelling $75 billion of money we don't have to homeowners who are current on their mortgages and not actually in danger of foreclosure themselves. Because this way, they can refinance those mortgages that they're already able to pay on time each month and get a better deal. Because foreclosures are bad.
Seriously, I don't know which is more maddening -- that Santelli is right, and we're about to spend $75 billion of money we don't have to help irresponsible homeowners who bought more house than they could afford or took out second mortgages to fund a lifestyle they couldn't afford, or that Gibbs is right, and we're actually about to spend $75 billion of money we don't have to help homeowners who can already afford their current mortgage and are not at risk of foreclosure get a better deal.
Maybe Robert Gibbs can buy me a cup of coffee instead, because either way, the purchase of my own future first house is going to be pushed that much farther out of reach.
Still. The Worst. White House. Press Secretary. Ever.