And so a loudmouth demagogue masquerading as a reporter ascends to his fifteen minutes. Never mind that CNBC’s Rick Santelli conducted his rabble rousing opposition to President Obama’s housing rescue plan on the floor of an exchange where traders previously had inflated the financial bubble and celebrated obscene bonuses for their reckless colleagues. What we should mind is that behind the faux populist invective of Santelli and his ideological cohorts, there is . . . nothing. They simply offer no alternative plan to stem a gathering tide of home foreclosures.

Santelli complained that Obama’s plan to modify loans on endangered mortgages won’t help the 90 percent of homeowners who aren’t in trouble. (Does he also promote giving unemployment compensation to the employed?) Despite his own job strutting the market floor, Santelli apparently doesn’t understand that if 10 percent of housing prices collapse, everyone who owns a home will suffer from another sharp drop in value.

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