CNBC anchor rages against the administration’s economic plan

Posted on February 20, 2009

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I hope by now you have seen the eyebrow-raising video of CNBC anchor Rick Santelli (in the upper right corner) vent about the mortgage bailouts in the stimulus plan while other traders on the floor of the Chicago exchange whooped and applauded his diatribe against the irresponsibility of rewarding those who made ill-advised lending choices. You don’t hear CNBC mentioned that often, as it’s usually a fairly tame financial reporting network, and in the video, it’s almost humorous how it seems the other hosts almost don’t know how to respond when Santelli tells them he wants another Tea Party, this time dumping derivatives into Chicago Bay. I’m tempted to join him.

RedState has it right – no one wants to bail out irresponsibility, but that’s exactly what we’ve done here. Analysts like Mish Shedlock argue that the mortgage modifications are a bad idea all around, that borrowers got over their heads and should have known better. Should responsible mortgage-payers be on the hook for those who bought more house than they could afford? And what about renters, who seem to be left out of the equation?

It’s important to note that even Democrats are noting how non-partisan the stimulus bill was. When it fails, be on the lookout for what the nexy big government solution will be.

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Posted in: News, Politics