Rick Santelli flips out over foreclosure relief (video)

CNBC’s Rick Santelli isn’t a happy man.

In a cross to the trading floor of the Chicago Mercantile Exchange, Santelli, backed by a cheersquad of traders rallied against President Obama’s plan to not immediately foreclose on homeowners behind on their mortgages because it rewards bad behavior.

“You know,” Santelli said “Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now they’re driving ’54 Chevys.”

Strangely I don’t disagree with a thing he said, but only on the grounds that the banks shouldn’t have been rewarded for behavior far worse than any average homeowner to begin with. If the money is going to be spent, it’s only fair that it gets shared around.

Here’s Rick Santelli flipping out on CNBC: