I don't think the mortgage plan will work because it doesn't address the real problem for the mortgage holder – loss of equity and excessive personal debt. That would require a cramdown on the mortgage principle and the political will to do this, beyond the $1,000/year provision under limited circumstances that is in the current bill, doesn't exist. Politically, it must seem necessary to do something, even if that something is inadequate.

Santelli's rant is going to be a favorite for financial interests and their allies in the media because it distracts the public from the real issues. Not all mortgage holders are house flippers and speculators – many are caught in a trap for which they are not responsible. The fault lies elsewhere – with the Blankfein's and Fuld'sof the world who unleashed their lobbyists and financial engineers and created CDOs, CLOs, CDSs, and other weapons of financial mass destruction.

We need to allocate more efficiently in this country to insure long-term prosperity. Building subdivisions of McMansions was good for homebuilders, mortgage originators, and banks while the party lasted, but when the smoke clears there is nothing of real permanent value there. A 1,750 sq. ft. domicile keeps the rain off my head and is cheaper to heat than a 3,500 sq. ft. McMansion. We need to get rich slowly by investing in industries that deliver lasting real wealth instead of getting rich fast (and poor faster) by speculating in exotic financial instruments.