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Some Straight-talk on the Stimulus

Posted at Jackson, NJ Real Estate Blog by Matthew Genovese

Feb. 20, 2009

CNBC reporter Rick Santelli, from the floor of the CBOE yesterday spoke out against the stimulus. It was very, very refreshing to see someone finally defend the free-maket economy and blast the latest trend toward collectivism. He also had some straight-talk about the mortgage bailout and about personal responsibility.

One interesting point that I have read and he states here is artificially lowering the mortgage rate to 4.5% isn't going to keep many people from defaulting on their loans. According to Santelli in this piece if you lowered the rate to 0%, 40% of the at-risk loans would STILL default because people simply took out loans far greater than they could ever afford. That is, unfortunately, the stark reality.

Here is a link to the video its must-see TV!

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