Here's another reason not to pay too much attention to what the Talking Heads on the financial networks. It's pretty clear that this guy has no idea what actually got us into this mess, and is just trying to create news, which sadly, he has done. Mr. Santelli seems to think that the spending that will get us out of this recession will just magically appear if the government does not spend any money. Supporting the homeowners, and thereby propping up housing prices, could not possibly be a good idea according to this knucklehead. That might lead to something resembling a calculation of fair value for "toxic assets" which might then allow banks to either offload them or value them appropriately. That might lead to the horrors of more lending. That might lead to an end of the recession even!
But let's not get ahead of ourselves. We've got some kowtowing to the masses to do, and some hysteria to whip up.
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