The Rant Heard 'Round the World

In case you haven't yet seen it, here is CNBC reporter Rick Santelli's rant against Obama's stimulus package,



as well as White House Press Secretary Robert Gibbs's response:



I won't lie, I haven't yet read the bill (though apparently, neither did those who passed it). On the other hand, I did take Gibbs's suggestion to read through the Homeowner Affordability and Stability Plan (the one he holds up at the end of the second video).

Though it may seem profoundly obvious, it is true that people form opinions before they get a complete set of facts. And reading through the plan, you can see some token attempt to address the concerns of Santelli (who I do believe went a little over the top with his exaggerations and rabble-rousing). At the same time, however, I've noticed that even though the term "responsible homeowner" is used repeatedly, it is not defined. This may be in the actual bill itself, or just a broad term subject to the interpretations of the agencies refinancing the mortgages.

As to what I think of all this -- I think that there are too many talking heads on CNBC, and that the government can't give a straight answer for what it's worth. As with Geithner last week (incidentally, part of the intraday rally we saw on Friday was in hopes that we'd here the details of the plan that Geithner so wisely left out the last time he spoke), there's a want for information and clarity here.

"President Obama, are you listening?"