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Sunday, February 22, 2009

Back at Santelli...

I put op a video of the rant by Rick Santelli of CNBC a few days back. I promised a response by the end of that day. But, I do work from time to time.

But, here is my answer to his very shallow demagogy, for lack of a better term, against the Obama housing plan.

Basically, Santelli does not understand "why" the government would want to bail out folks, who can't afford their mortgages. Basic right-winged theory.

However, what he does not realize is is that these people, are losing their homes and taking down their neighbours with them, in regards to their neighbours, losing equity from dilapidated towns and cities after folks are moving out in droves. They [people who can pay for their homes] are losing value on their homes, unnecessarily.

Secondly, MANY of these people, could have afforded the homes, but, have either lost considerable household income, by any means, during this economic slowdown. They can't afford to lose their homes now on top of no prospect of subsidizing their household incomes.

When that happens, as it is happening now, it takes down the entire American financial system--as he has seen it. At least we hope so!

But, more importantly, most of these people are at risk of other social ills, which will manifest itself into degradation of the entire social fabric. Many are either minorities, or, folks who were generational lower middle class American families, who are a stones throw away from anti-social behavior. Helping them, is the humane thing to do.

So, Santelli, as much as I loved the theatrics of the rant, is not thinking about the body economy.
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