By Chris Stirewalt
Political Editor 2/21/09
My Friday column was about how I thought that in time, resentments over spending $75 billion to prop up bad home loans could be a political problem for President Obama and the Democrats.
While I was scribbling away on the piece Thursday evening, America was getting to know CNBC business commentator Rick Santelli, whose four-minute rant about the mortgage bailout plan has shaken things up more than most viral videos.
Santelli put the argument against the plan in the bluntest of terms, asking why responsible people should be made to pay for the irresponsible decisions of others, especially when the intended effect – stopping foreclosures – is likely unattainable. Santelli calls for a Chicago Tea Party in which investors dump devalued mortgage securities into Lake Michigan in protest. His exasperated rant drew cheers and whoops from the traders at the Chicago Mercantile Exchange behind him.
A funny moment, and cathartic for those angry about the plan, but it might have been nothing more. But instead, White House Press Secretary Robert Gibbs lit into Santelli when asked about the YouTube success of the clip. He called Santelli by name multiple times and taunted him for his criticism. What was an online laugh became a matter of official concern to the White House. Now people are developing deeper, stronger opinions for and against Santelli and his message. Why Gibbs elevated someone who makes a memorable and compelling argument against one of the president’s pet initiatives is beyond simple reasoning.
As I said the other day, when you are trying to sell as many new products as this administration, an unforced error that takes you off message is bad news. Gibbs will likely learn in time to not vent about cable business reporters from the White House podium.
