Perfect example of the rich and arrogant, Rick Santelli.

So Rick Santelli went on a rant on CNBC about how he doesn't want to pay people's mortgages who bought homes they couldn't afford. How he sees the Obama plan (admittedly doomed to failure IMO) as anything more than supporting bad decision making.

First of all Rick isn't a poor man, he's not Middle Class, and he probably doesn't even know what it's like to lose a home or be on the verge of losing a home, having problems feeding his family or even losing a job. Second his rant was more likely a publicity stunt to give himself some show and tell. But let's take a look at a few things about him "paying" for failing mortgages.

There are three peoples at fault in this housing situation.

The first are the investors who bought property throughout the nation on speculation of the real estate markets. They thought they could buy one, two, three or more homes and lease them, rent them, or just sit on them. They were counting on the prices of the homes going up and up and up to the sky and then making big money (think dot.com companies). The markets in growing areas had a lot of these types of investors who then found their homes dropping in value. And dropping. And dropping. And dropping. So they started to bail and dump their homes, lots of them. Or they couldn't afford them any longer because their other investments (Wall Street, Commodities, the area Rick Santelli works in) started to fail and they got scared. And LOTs of these investors decided to just take a walk on their mortgages putting a greater burden on the banks and then they in turn pressured the good mortgage buyers who were starting to strain under the economy. These investors should not get a dime of help. They took a risk, they blew it, tough.

The second group of people are the ones Rick Santelli is ranting about. There are *SOME* people out there who purposely bought what they knew they couldn't afford. They wanted the grandiose house, they wanted the image, they wanted the house to match their BMW (which they also couldn't afford). The husband and wife worked two jobs and cared more for their parties than their children. They too have no sympathy from me and deserve Ricks' rant, and shouldn't get a dime.

Then there is the vast majority for the rest. The third group that Rick seems to have forgotten about (or due to his position probably doesn't even know exists). That's the regular working class family, the Middle Class people, even some poor people, who went to Ameriquest, Countrywide, and other lenders trying to afford just a house. We're not talking about the $250K or higher (probably MUCH higher in Rick's case) homes, but just basic, decent family homes. They went believing that these lenders, these TRAINED EXPERTS, would work with them to be able to afford a home. They asked about their financials, they put together the sheets, they explained it all in details. These are the people who can't afford the attorneys and accountants that Rick can to review every document and every detail. These are the people who were lead to believe they actually could afford their homes. But in the end when shifts came to the economy, when the banks decided to play games with interest rates, fees, etc. they found they couldn't. They are the ones in trouble. Seniors, newlyweds, working class, retirees, and others.

These people are the ones you're helping to save Rick. Or don't you give a damn about your fellow man? Probably not. I don't know if you agreed with the bank bailout, but I'll bet you did. And it was those banks that caused these people to be where they are. It was those banks that mislead them on their abilities to pay, and it was those banks that KNEW these people couldn't pay but GAVE THEM the money anyway. Had those banks actually lent money ONLY to the amounts people could truly afford, based on NET not GROSS income, then we wouldn't be in this mess.

But greed was what the banks were looking to invest in, and it's what they got. The CEOs and their officers still have their homes. Probably several of them. Hell, the head of Ameriquest was made a US ambassador by President Bush. They aren't suffering, they aren't scared where they will live, where their kids will go to school, or if due to their now ruined credit they will ever own a home again.

How about you Rick? I'll bet you sleep really safe and sound at night don't you? Maybe you should lose your job, your home, your savings and see how it feels. Then let's see you rant like a moron about "paying your neighbors mortgage."