Tuesday, August 17, 2010

Santelli rant on housing

Rick Santelli tells it like it is. Again.

The problem he points to is that a further collapse of the housing in dustry is inevitable as long as the Fed continues to meddle.

It is an axiom of economics that the longer you interfere and distort a market the harsher the ultimate inevitable correction becomes.

The interest rate on the mortgage is irrelevant if there is no equity left to lend against..even for well qualified borrowers with a job and an income.

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