The CNBC Santelli rant

This rant by CNBC's Rick Santelli is being treated like it's a masterpiece. It's all of the normal wingnuttery that we've heard for years. Nobody likes to fund "bad behavior" and it's questionable whether the new bailout plan for homeowners will work, but even the "well behaved" will benefit from stabilization in the housing market. Maybe CNBC hasn't noticed but the markets continues to be in a free fall. Stability is what is needed both for housing and Wall Street.

Asking traders to cheer may make Santelli feel warm and cozy but outside of his little world, America and the world ranks these people lower than whale shit. Sorry CNBC, but Americans are not shedding any tears for those folks since THEY HAVE ALREADY BEEN BAILED OUT in terms of the free cash pumped into the market by the Fed. Each interest rate cut was there to help these pathetic bastards. Americans may have treated their houses like ATMs the last few years but traders actually made cold, hard cash in recent years selling the ups and downs, profiting along the way. Cash is cash but paper value is just paper value. Americans are now left with debt from that ATM but traders are more likely to still have that cash on hand.

Leave the talk about the founding fathers because they already rolled over in the graves a few dozen times in the previous eight years. This is typical CNBC nothingness. More later from Joe.