Earlier today, I posted a lengthy article about why I thought the recent American homeowner rescue package was a waste of money. Thicken My Wallet, which is an excellent blog – posted a very funny Simpson’s reference as well as a link to a recent Rick Santelli rant on CNBC. I just watched it (about 5 minutes) and it is quite entertaining so if you have some time on your hands then check it out.
Here is the link – http://www.youtube.com/watch?v=bEZB4taSEoA
3 replies on “Great Video Rant Against Homeowner Stimulus Package”
I really like the “moral hazard” comment about each of us paying our own mortgage. -2% mortgages makes an excellent point also – if people can’t afford it they can’t afford it….pretty simple.
N911 – yup that is the bottom line. I try not to be judgemental about people who are in financial trouble – the reality is that most of us are only a job loss and some bad luck away from that ourselves.
Regardless, throwing good money after bad just doesn’t make sense.
Thanks for sharing that clip. I particularly liked his criticism of the multiplier effect. He’s (at least partially) right: If every dollar the government spent really did stimulate the economy by more than one dollar, ending a recession would be mindlessly easy.
But it’s not. So there must be a flaw in the logic somewhere….