Rick Santelli's Anti-Obama "Rant Heard Around the World"
Rick Santelli, who also an experienced investment strategist and trader, put it simply that the government would be promoting bad behavior by subsidizing mortgages given to people who ought not to have had them to start with.
"Because we certainly don't want to put stimulus forth and give people a whopping $8 or $10 in their check, and think that they ought to save it, and in terms of modifications... I'll tell you what, I have an idea.
"You know, the new administration's big on computers and technology-- How about this, President and new administration? Why don't you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers' mortgages; or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road, and reward people that could carry the water instead of drink the water?"
Rick Santelli went on to compare what is happening to America under Barack Obama to Castro's Cuba and to suggest a kind of "Boston Tea Party" anti spending revolt. Rick Santelli's impassionate speech on CNBC brought cheers on the floor of the Chicago Board of Trade, from where he was reporting,
Rick Santelli's "rant" has gotten a lot of favorable coverage, on Drudge, and on conservative talk radio like Rush Limbaugh and Sean Hannity. More importantly, Rick Santelli's attack on the Obama mortgage bailout scheme seems to reflect a growing disquiet over President Obama's spending schemes, which started with the stimulus package, and will now not only include a bailout for mortgages but also a new bailout for the car companies and perhaps even a second stimulus. That disquiet has been manifest in recent days by protest rallies in Seattle, Denver, and most recently in Mesa, Arizona.
Of course what would one wear to a modern day tea party? War paint and feathers like the original Sons of Liberty, or perhaps something a little more apropos, like pig costumes? And what exactly would one dump in the harbor? Surely not tea. Rick Santelli, perhaps a little tongue in cheek, suggested dumping some derivative securities. Somehow, though, that doesn't seem to imply the most exciting of visuals. Whatever gets dumped in the harbor, the new tea party better get ready for an Envrionmental Protection Administration law suit. There is a bit of oppression that the British never thought of.
Source: Rick Santelli Tea Party Transcript, Freedom Eden, Feburary 19th, 2009
Published by Mark Whittington
Mark R. Whittington is a writer residing in Houston, Texas. He is the author of The Last Moonwalker, Children of Apollo, Dark Sanction, and Nocturne. He has written numerous articles, some for the Washington... View profile
New American Tea Party BrewingWhen CNBC's Rock Santelli delivered the "rant heard around the world" about Barack Obama's plan to bail out mortgages and demanded a new tea party, he may well have tossed a lit...- National Tax Day Tea Party Set for April 15thApril 15th, Tax Day, will also be the day for the first nationwide National Tax Day Tea Party, set to occur in at least six hundred locations. There have been a number of tea party protests across the country, but Ap...
Barack Obama Outraises John McCain in JuneDemocratic Candidate for President Barack Obama outraised John McCain in June and has, as of the end of May 2008, even outraised the Republican candidate for President in tradit...- McCain Ad Compares Barack Obama to Paris Hilton, Britney SpearsThere's a new McCain ad out that appears to compare Barack Obama to both Paris Hilton and Britney Spears. The Barack Obama Campaign is, naturally, fit to be tied because their candidate is getting zinged again and thi...
- Top Architectural Sites in ChicagoChicago is famed for outstanding architecture and skyscrapers. The Chicago landscape was forever changed by the Great Chicago Fire of 1872. The Windy City rebuilt and became known as the birthplace of the skyscraper.
- Jon Stewart Rants on CNBC, Al Santelli
- Tea Party Movement Spreads to Great Britain
- Obama and the New American Tea Party Protest Movement
- Jon Stewart Skewers CNBC in Rick Santelli's Absence on "The Daily Show"
- Wall Street Bailout is Barack Obama's Best Issue
- Presidential Candidates State Positions on Stock Market Bailout, CEO Greed
- Will Barack Obama Make His First Big Mistake by Supporting an Auto Industry Bailout?
36 Comments
Post a CommentRobert, the Tea Parties are not on the side of the Republicans. The people feel cheated by the democrats (who always claim to be on the side of the people, but commies NEVER are on the side of the people) and the republicans.
Republican politicians have been told that they can't hold any speeches at some tea parties, rather should they listen to what the people have to say. The same people who pay their salaries and get promised all kinds of crap.
Bush messed up with the first bailout. Obama just carries it on and makes it worse.
To Mike - As a recall the initial bailout was Bush's idea. So I guess Bush and most republicans are also "engaged in more redistribution of wealth to the poor."
Santelli is such a hack. If republican politicians feel the same as Santelli, they should refuse the bailout money. That will never happen. They are such castrated hypocrites.
Santelli is an idiot. He has been 100% wrong on all trades, because he believes the market, bond or stock, will infuse capital and liquidity in this economy. Frankly, he is a trader, and sees all problems as a trading problem. Wrong. Lets put it this way, if the house next to you is burning, do you let it burn and take the chance that your house will catch on fire, or do you pay the taxes for the Fire Department to put the fire out, for the greater good of the neighborhood? I will pay the tax, Santelli and his co-horts will let it burn.
Congrats on the article. Santelli is spot on, I don't mind carrying my own water but I don't want the lazy to drink it.
I worked hard to save enough money to put a down payment on a reasonable house that I could afford the payments. While others bought large houses beyong their budgets thinking one day they could afford it, because they "deserved it". I resent the fact my tax money is being used to bailout out these irresponsible people. Is the new rule in the US: "Do what you want and if you run into trouble the US government will bail you out"
CNBC is becoming unwatchable (and I've watched since the old FNN days). All you see is one "free market" diatribe after another. It's like watching someone standing on the tarmac in Lakehurst New Jersey with the Hindenburg in flames behind them, explaining how lighter than air Hydrogen filled dirigibles are fullproof technology and the future of aviation.
Now I watch Bloomberg. They report the financial news and I don't have to listen to seven talking heads at once screaming at me that government is the problem.
rick santelli is a class act. he is someone at cnbc that really knows what he is talking about. he definitely hit the nail on the head. good for you rick. i like what you do to cramer as well.
Hey Fred, I know you know how to use the Internet. I wonder how you would vote? I'm sure you want your taxes increased to pay back China for the next 3 generations!
only negative about sending tea to washington is that they would pull it out of the mail due to its contents....would never arrive. love the idea just need something that would get thru the postal service