Rick Santelli Rant of the Year
This ‘rant’ from Rick Santelli about where he gives his views on the cause of the recession and how we can mitigate its effects has been picked up by many news outlets. Unfortunately I think he is being misunderstood and painted as one of the ‘bad guys’. I’ve seen several people get angry at him because he is supposedly an example of the ‘wallstreet type’ that the US government has bailed out.
First of all he hasn’t received any money from the US government, he actually is an example of an average investor who is seeing how large businesses that have failed badly are being bailed out by the government, thus hurting the average investor.
Second, although he might be a bit harsh in calling certain people losers, the fact of the matter is that those people that took out loans they couldn’t afford and are now defaulting on their loans or seeing their homes being repossessed or going into foreclosure are the people that contributed to the current economic mess. Just because someone wanted to give them a loan, did not mean they had to take it.
If people want to help avoid turn this recession into a depression then Rick Santelli is one of the people they need to start listening to. He has been warning us about this very recession for years and as he is one of the few people that saw it coming surely he should be looked to for advise on how to get out of it rather than those naysayers.