19 February 2009

CNBC Journalist has Kanipshan on Chicago Commodity Floor

This video may bring out a chuckle or too, but I'd like to throw a little back in Mr. Santelli's face.

See, if it was just about responsible people and irresponsible people, he might have a point. But here's the deal, buddy, your näive over simplification of economics is exactly what got us here to begin with. If my neighbor can't pay his mortgage because he was irresponsible, you're right, I don't care. He can sell his house, move into something else and its his problem to get back on his feet. But guess what, when it's half the neighborhood my responsible billpaying household suffers too, and suffers bad. My home, the basic unit of wealth in this great nation, loses value at a hemorrhaging rate. This kills my access to credit and deals a punishing blow to my school district. So guess what, this plan is probably in my rational and your rational self interest unless you want to own worthless real estate and look forward to a future generation of American's who "graduate" high school with absolutely no marketable skills.

By the way, you know what else is a moral hazard? Health insurance, and yet, you look reasonably healthy, Rick (if you don't mind me saying). Why not just smoke some crack and play real life Frogger on the interstate. It's fine, I'm sure CNBC is giving you real nice health insurance, they'd fix you up quick - and hey, it might be fun. Oh you wouldn't? Oh right, that's because Moral Hazards aren't an absolute are they. I bet you think Medicaid, Medicare, Social Security, LiHEAP, food stamps, WIC, unemployment and their "ilk" are moral hazards too. Well sir, you'd be right, but guess what, we don't live in a world of absolutes, instead we're forced to balance interests. I for one am happy to balance my interests with the interests of those less fortunate, realizing that in the last few generations we've reduced senior poverty, reduced childhood hunger, decreased unnecessary illness related deaths and provided countless opportunities for American's to get a chance or two to reach the American dream. Huh, I bet functioning citizens with good jobs and stable financial situations actually benefits the American economy too, wouldn't that be something.

Also littering is so uncool. Like, pink-double-popped collar uncool.

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