Stay Fully Caffeinated!

By now most of you have heard about the “Rant Heard ’Round the World” by CNBC contributor Rick Santelli, who launched into a tirade on the floor of the Chicago Mercantile Exchange during a live broadcast of CNBC’s morning Squawk Box. If you want to see it, do an Internet search on “Chicago Tea Party.” Santelli’s rant regarded the as yet not clarified federal plan to alleviate the U.S. mortgage woes by allowing some mortgagees to refinance their “upside down” mortgages, lower their monthly payments, and generally get a better deal using borrowed U.S. Treasury dollars to subsidize the program.

Santelli said he wanted to organize a Chicago Tea Party for the Fourth of July to protest unprecedented government spending to bailout banks, insurance companies, car companies, the Salt Marsh Harvest Mouse and now mortgage holders. He became very animated and started sounding a lot like the hot-headed U.S. founding father, John Adams, who was also rebellious in the face of government taxation without representation. He was opposed to bailing out individuals and saw the move by the government as rewarding bad behavior. Not surprising, Santelli is often animated and very outspoken of his opinions about government policies.

What was surprising was White House Press Secretary Robert Gibbs’ response. He very calmly suggested Santelli shouldn’t publicly disagree with the Obama Administration because it was obvious Santelli hadn’t read the plan. He offered to have Santelli come to the White House so he could buy him a cup of “decaffeinated” Kool-Aid, oh, I mean coffee, so he could calmly and effectively explain to Santelli how it is to the advantage of all taxpayers paying their mortgages and the rest of their bills on time every month, to pick up the slack for the banks and other financial institutions who screwed up and made the biggest most monumental mistakes in the history of financial endeavors and for the many people who may have bought more house than they could afford or made a poor mortgage decision.

I found it amazing that a White House Press Secretary would even consider trying to calm down a Chicago-Italian Mercantile Exchange trader. In my experience this type of individual, by definition, is always “caffeinated.” In fact, he has risen to his position and status in life, because he’s always charged up and ready to go at 110 percent all the time. The most important fact Gibbs missed is that Santelli is from Chicago. Gibbs, of all people, should know the extraordinary capabilities of people who hail from Chicago.

I’ve got to say, I am torn on the whole mortgage issue. Here in Southwestern Florida, where home values were rising 30-40 percent per year when I purchased my home in late 2005, the depression in the housing market rolled over the value of my home like Obama Inaugural attendees over the sod in front of the Lincoln Memorial. I don’t know there’s enough years left in the lifespan of a 50-plus-year-old man who acquired a home using an “exotic” mortgage for the value of the house to “come back.” On the other hand, I can understand Santelli’s point and those of other taxpayers who are simply fed up with paying for government bailouts of corporations, individuals and pet projects.

Last month, U.S. Senator Charles Schumer said he doesn’t believe Americans are concerned about “little, yes, tiny porky” projects which, when added together, total billions of dollars. I believe we needed a Stimulus Package, but I fired off an e-mail to Sen. Schumer stating I am concerned about any government pork project included in any bill, and the stimulus bill seems to me to be the Biggest, Most Super-Sized pork plan anywhere. (I doubt I’ll get invited to the White House for coffee.) I believe there are many of you car dealers and dealership employees, who like me, are concerned about pork-barrel projects. Regardless of who benefits, when the roof is on fire, it’s not a good time to redecorate the kitchen. We’re talking about our country!

There will be plenty of time to consider and debate a government-sponsored health care system, the Salt Marsh Harvest Mouse habitat or other such “pet” projects. But right now, lets focus on getting housing, car and retail sales moving and having a fully functioning banking system. One thing, I want you to do for sure, is get involved. Regardless of whether you agree with the Democrats, Republicans, me, or Alan Keyes, get involved. Get informed. Be active. Don’t drink any one’s Kool-Aid. Stay caffeinated, be alert and act responsibly.