Rick Santelli tees off on Obama's plan

[The Count]

Rick Santelli, CNBC's CME floor reporter, went off on Obama's stimulus plan, as traders on the floor cheer him on. Interesting video.

Video

See 'tea party' call by CNBC analystReacts to Obama's economic plans with 'Howard Beale rant' on live TVPosted: February 19, 200911:44 am Eastern

By Jerome R. Corsi© 2009 WorldNetDaily

CNBC's Rick Santelli this morning at the Chicago Mercantile Exchange With tongue only partially in cheek, a CNBC analyst on the floor of the Chicago Mercantile Exchange this morning responded to President Obama's proposed $275 billion deficit-financed homeowner bailout plan and other massive spending measures with a call for a new "tea party."

Rick Santelli, in a nearly three-minute rant that drew approving hoots and comments from nearby traders, said the Obama administration's promotion of bad behavior must be causing the founding fathers to roll over in their graves.

"We're thinking of having a Chicago Tea Party in July," Santelli told CNBC "Squawk Box" co-anchor Joe Kernan. "All you capitalists who want to show up at Lake Michigan, I'm going to start organizing."

CNBC posted on its website video of Santelli's rant, which some viewers already are comparing to the well-known scene from the movie "Network" in which character Howard Beale stands up in the middle of his newscast and declares, "I'm as mad as hell, and I'm not going to take this anymore!"

"I have an idea – you know, the new administration is big on computers and technology," Santelli said sarcastically. "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."

An unidentified trader on the floor near Santelli shouted out, "Hey Rick, that's a novel idea."

Co-anchor Kernan tried to humor Santelli, responding to the support from the traders by interjecting, "They're like putty in your hands."

"No they're not, Joe, they're not like putty in our hands. This is America."

CNBC's Rick Santelli addresses traders this morning at the Chicago Mercantie ExchangeSantelli then turned his back to the camera and dramatically asked the traders on the floor, "How many of you people want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills? Raise (your) hand."

A large moan went up from the floor as none of the traders appeared to raise their hands.

"President Obama, are you listening?" Santelli asked to the camera.

The unidentified trader to Santelli's right then leaned into the analyst and said loud enough to be picked up on microphone, "How 'bout we all stop paying our mortgages. It's a moral hazard."

Kernan then said, "This is like mob rule here. I'm getting scared."

"Don't get scared, Joe," Santelli responded. "Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective, now they're driving '54 Chevys, maybe the last great car to come out of Detroit."

After an exchange with another guest, Santelli returned at the end of the segment, referring to the traders as a "pretty good statistical cross-section of America, the silent majority."

"Not-so-silent majority," said co-anchor Becky Quick.

Quick asked Santelli if the traders were opposed to other economic measures from the Obama administration, including the newly approved $787 billion stimulus plan.

"They're pretty much of the notion that you can't buy your way into prosperity," he replied. "And if the multiplier that all of these Washington economists are selling us is … that we never have to worry about the economy again, the government should spend a trillion dollars an hour, because we'll get 1.5 trillion back.

CNBC panelist Wilbur Ross, chairman and CEO of WL Ross & Co., interjected, "Rick, I congratulate you on your new incarnation as a revolutionary leader."

"Somebody needs one," Santelli responded. "I'll tell you what, if you read our founding fathers, people like Benjamin Franklin and Jefferson, what we're doing in this country now is making them roll over in their graves."

[Cold_Zero]

Too funny! The video is blocked at work, so I will have to watch it at home.

[AZhitman]

"There's a Revolution Calling..."

- Geoff Tate

[marlin29311]

Same here - I'm going to do that too...

[bobotech]

LOL

Good stuff.

[OriginalWheelman]

Santelli 2012

[liquid_cool]

verry good video..suprizing its cnbc? and not fox..wonder how this got out..it must have been live.......teehee.

[The Count]

Yeah, it was live. CNBC does have a number of level-headed reporters/anchors. Dylan Ratigen is good, and Larry Kudlow is too. Rick Santelli and Bob Pasani are good reporters.

[The Count]

Just found this poll

As of when I voted, out of the ~83,000 votes, 92% would join Santelli at a "Chicago Tea Party"

I think America is a little pissed about this.....

[CakeDaddy]

This is the kinda hotheaded attitude that stirs up emotions in the wrong way. He admitted this morning on NBC that he should’ve picked his words better in that outrage yesterday. I applaud him for that. I’m sure someone got him.

[Cold_Zero]

I am sure someone got to him. I would lay down $20 that it was Rahm Emanuel. The call probably went from Rham to the CEO fo GE and on down through the chain of command. (just my guess).

[OriginalWheelman]

This is the kinda hotheaded attitude that stirs up emotions in the wrong way. He admitted this morning on NBC that he should’ve picked his words better in that outrage yesterday. I applaud him for that. I’m sure someone got him.

As opposed to the sweet lies the politicians are using to stir up emotions? His indignation is justified. He was right in what he said. The government is not a charity and we have no business saving these people's mortgages. I can't afford a house, so I didn't buy one. If I was responsible and had bought a house I could afford, I would get nothing. If I were responsible and didn't buy a house, I get nothing. If I had gone out and spent beyond my means like an idiot, then the gov has free money for me? Welcome to the USA. Land of the political parties, and home of the welfare recipients.

[audtatious]

Indignation is not allowed today. If you do not approve of the way the Gov is handling things you are supposed to STFU. Didn't you get the memo?

[themadscientist]

This is the kinda hotheaded attitude that stirs up emotions in the wrong way. He admitted this morning on NBC that he should’ve picked his words better in that outrage yesterday. I applaud him for that. I’m sure someone got him.

I disagree, we have every right to be heated and to scream at the top of our lungs. Good for this guy. His career is over, Obama's consigliary will make sure of that "he sleeps with the fishes".



If they can so easily shut down a reasonably influential guy like this what chance does "joe six pack" have. Vive le revolution. Yeah, I'm so pissed I actually used french!

[AZhitman]

This is the kinda hotheaded attitude that stirs up emotions in the wrong way.

I'm so glad the Founding Fathers weren't sissified pacifists.

[480sx]

What we need is more hot heads. Enough of this apathetic population BS, people need to start getting pissed off. This is OUR country, not Obama's, not Nancy's, not Congressmen(the list could go on..). Its OUR responsibility to do something. The problem isnt going to fix itself. Time to take some personal responsibility. Its in short supply in America. Maybe we can import that from China too..

People can do a hell of a lot more with anger than they can with apathy, i can tell you that right now.

[liquid_cool]

What we need is more hot heads. Enough of this apathetic population BS, people need to start getting pissed off. This is OUR country, not Obama's, not Nancy's, not Congressmen(the list could go on..). Its OUR responsibility to do something. The problem isnt going to fix itself. Time to take some personal responsibility. Its in short supply in America. Maybe we can import that from China too..

People can do a hell of a lot more with anger than they can with apathy, i can tell you that right now.

HIPPIE!...your rite man!..we all need to keep bombarding out congressmen with letters of anger with them for there ripping off of the american people..your rite..

[480sx]

Realist.

Most hippies were useless. I dont even smoke. Its still a funny title but, it gives people the wrong idea about me. I am however angry.

[audtatious]

Just like claiming to be a Conservative gives some the idea that you are a NeoCon or some far right-wing bible thumper

[themadscientist]

I'm a dictionary thumper.

[CakeDaddy]

Its OUR responsibility to do something. The problem isnt going to fix itself. Time to take some personal responsibility. Its in short supply in America.

I agree, but lets learn from Mr. Rick Santelli ignorance and do otherwise. There is a whole lot of wrong going on out there and Rick only added to it.

[audtatious]

Exactly what was he ignorant about, please fill us in.