Rick Santelli’s knowledge bombs are one of the few reasons I watch CNBC. He’s one of the few who refuses to hype the pro-confidence, “sell the hope” marching meme that CNBC is promoting these days.
If there are any politicians out there reading this blog — and I know there are — you would do your voters a great service by heeding his words when it comes to macroeconomics, and common sense fiscal discipline.
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I have a 22 year old daughter that’s always drempt of owning a home. Let’s waste billions more artificially keeping the price up.
Forget the humanity.
We made mistakes. We spent bailout money non-prudently.
Let prices come down. Let the flush happen.
Let people buy into the lower prices.
That’s the way it’s supposed to work.
The more money they throw at things, the more deflation the elite champagne economists throw out there to convince people your tax dollars really can keep that anvil up in the air, the more we’re gonna be stuck in the mud for years and year and years.
Cashing out homeowners who bought at the top using steroid-ish government stimulus programs won’t solve the long term illness caused by the credit bubble where the economy ran at 120% of normal capacity.
Nor will historic new lows in mortgage interest rates because mortgage rates do not matter when potential buyers fear losing their jobs and filing for unemployment.