John C Dvorak lays into Rick Santelli’s moronic rant, and ends up having a kind word for the EU at the end.  Who’d have thought it.  Anyway I wonder how this Santelli character and his jeering trader buddies are going to feel when their house price drop through the floor because of all the foreclosures on his street?  Apparently he hasn’t learned the three golden rules of the financial crisis yet:

1. There is plenty of blame to go around (and I say this as a responsible renter)
2. No-one really knows what to do (and the people who think they know what to do are the ones who are the most dangerous)
3. None of the solutions (or the non-solutions, for that matter) are good.  It’s going to suck whatever, might as well stop crying

Here’s an excerpt from JCD’s bit on Marketwatch:

Yuppie floor traders cheered Rick Santelli on the network Thursday as he berated the stimulus package, blaming the whole meltdown on the people who could not afford their mortgages.  This shameless grandstanding is part of the problem. If there were consumer-protection laws in place to prevent these onerous mortgages, none of this would have happened. Did anyone mention that?  People buying homes under pressure from sales folks are not in the same league as professional investors. They shouldn’t be treated like dirt because they did what they thought was a good idea.  While everyone at CNBC sniggered over this tirade, it was hardly anything positive. It shows how low we have sunk, the general disdain for the American middle class.  So when the European Union proposes something as simple as a universal charger for mobile phones. I take notice. Heck, we’d never do anything like this in the U.S.A. It would only benefit the customer.  And we can’t have that, can we?