Thursday, February 19, 2009

Santelli Gets Angry. Do You Care?

CNNC's Rick Santelli gets nasty during his stand-up at the Chicago Board of Trade. His target: the $275 billion Homeowner Affordability and Stability Plan that Obama announced yesterday. His basic gist: Screw the struggling homeowners who can't pay their mortgages to prevent more foreclosures! Screw the government for turning our country into a socialist state! We're angry because we shouldn't be forced to give a dime to other peoples' irresponsibility!

I'm all for fiscal responsibility. I'm all for capitalism. But watching CNBC these days is quite an experience. The financial world seems happy to point fingers at everyone but themselves, and blaming the guy who defaulted on his NINA loan falls on deaf ears, especially coming from an industry that invented the Collateralized Debt Obligation.

Fine, Wall Street. Blame it on the defaulters. Blame it on the government. Blame it on the Federal Reserve. We can empathize with your suffering.

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