Saturday, February 21, 2009

A populist revolution?

A few weeks ago I commented to a friend that everyone seemingly was in a bad mood. We talked about it and figured it was in large part the result of a added stress from the poor economy. We speculated what would happen next and if people were already in a bad mood, how much worse might it get if this dragged on for years.

So now about two weeks later and already the stress is showing more and more. For instance, you probably saw what is being called the Rick Santelli's Tea Party. Here is the clip from CNBC:

Video -
"CNBC's Rick Santelli and the traders on the floor of the CME Group express outrage over the notion they may have to pay their neighbor's mortgage, particularly if they bought far more house than they could actually afford,"
And here is the same from YouTube.

That was interesting. I did not expect a populist revolution led by people NOT wanting a mortgage bailout.

Then tonight I was listening to the radio and a new song by John Rich came on. It is entitled shutting Detroit down. The basic theme is that Wall Street got itself into this mess, and Wall Street can get itself out of this mess.

What is next? Class warfare?

Incidentally, The White House taking this seriously enough that he has invited Santelli to DC to talk about things. Wow.

1 comment:

Anonymous said...

The point of the song is that Wall Street is getting bailed out while the rest of society is loosing their jobs. "WE" the American people are struggling to survive. Where is our bail out plan???

"DC's paying out the banker
As the farmers auction ground
And while their living up on Wall Street
In that New York City town
Here in the real world they're
Shutting Detroit down
Here in the real world they're
Shutting Detroit down

Well that old mans been working
Hard in that plant most all his life
And now his pension plans
Been cut in half and
He can't afford to die
And it's a crying shame
Cuz he ain’t the one to blame"

~ Just some one who lives in reality!