The Santelli Screed Hits Wrong Target on Mortgage Bailout

Dean Baker, Truthout: "Commodity trader Rick Santelli made himself into a national hero of sorts with his televised diatribe about being forced to pay the mortgages of 'losers' who could not afford, or would not pay, the full cost of their mortgage. Santelli apparently hit a chord among those who want to blame deadbeat homeowners for the country's economic woes. At the risk of spoiling a promising artistic and commercial venture, people should know that Mr. Santelli is firing at the wrong target. The big gainers from the latest plan to help homeowners are not 'loser' homeowners, but rather banks and investors, who will earn far more on their loser loans than would otherwise have been possible."

//www.truthout.org/030209A



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