The CNBC Santelli Housing Bailout Rant

In case you have not seen it, Rick Santelli, reporting for CNBC from the floor of the Chicago Board of Trade, gives his two cents regarding the recent housing bailout (CNBC video here). I would not be surprised to see future bailouts, and subsequent rants, get worse going forward. Given that housing often leads us into and out of recessions, there is no doubt that the housing problem needs to start being resolved before people will begin believing that the economy will recover. Unfortunately, there is no easy answer. Just about any of the proposed solutions that has the slightest chance of speeding up the recovery seems to reward bad behavior, while at the same time further penalizing those that acted responsibly. Do we continue bailouts, or simply let the chips of capitalism fall where they may? Santelli, as well as many others, seem to have already chosen sides.