CNBC's Santelli Rants About Housing Bailout

[Purveyor]

CNBC's Rick Santelli made a splash this morning. It is being called "Santelli's Rant" or "Santelli's Chicago Tea Party".

--CLIP
Back to Santelli. He was at his perch on the floor of the Chicago Board of Trade and with a nod to those around him he blasted Obama's plan. Here is a transcript of what he said:

Rick Santelli CNBC transcript (video):

"Mr. Ross has nailed it. The government is promoting bad behavior. We certainly don’t want to put stimulus pork 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 tell you what. I have an idea. The new administration is big on computers and technology. How about this, Mr. 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 they like to at least buy buy cars, buy a house that is in foreclosure … give it to people who might have a chance to actually prosper down the road and reward people that can carry the water instead of drink the water?

This is America! (he turns to the traders nearby)

How many people want to pay for your neighbor’s mortgages that has an extra bathroom and can’t pay their bills? Raise their hand!

President Obama, are you listening?

MORE...

ABC: http://blogs.abcnews.com/theworldnewser/2009/02/cnbcs-santelli.html

[sufrommich]

1. I just watched it. He was putrid. nt

[FrenchieCat]

2. He was wrong before now, and he is still wrong.

Just because he has a microphone for his Republican capitalistic beliefs, doesn't make him anymore knowledgeable than the other hacks.

[Donnachaidh]

3. yeah, we should listen to someone who was part of the IMPLOSION

F*ck Santelli.

Yeah, Stock traders are sooooo frigging innocent, aren't they? :sarcasm:

[DinahMoeHum]

4. If I were Santelli, I'd start looking over my shoulder. . .

and sleeping with one eye open from now on.

:evilfrown:

[HiFructosePronSyrup]

5. I could have sworn we already had a vote.

:shrug:

[burythehatchet]

6. These motherfuckers reserve their contempt only for the weakest among us

they would never speak out against spending trillions to pay off gambling debts of their overlords, but talk about helping a middle class stiff and their rage is uncontrollable.

[TahitiNut]

7. He seems to have a few acolytes on DU, too.

Imbeciles. :puke:

[Myrina]

8. It's being repeated on Hardball ... and I want to vomit.

What an obnoxious fucker that man is.

[taught_me_patience]

9. It's important to understand how someone in finance

views the topic of risk and moral hazard before simply dismissing this rant. Santelli has an intimate understanding of the financial market, and that's where his opinions originate from. As a finance guy myself, I agree with a lot of what Santelli said in his rant.

[JackRiddler]

10. Oh really? So does this mean you opposed the TARP?

Given the moral hazard and all?

[taught_me_patience]

11. I'm totally against TARP.

I'd be ok with it if the US gov't received fair market equity value in return. They clearly didn't, as Buffet got a better deal from Goldman than the gov't did.

[question everything]

12. Never heard of him, except the clips playing

on regular network news.

Who are the people in the background cheering him? Is he in the stock market?

[TexasObserver]

13. Indeed. It wasn't a plebiscite. He was standing among soulless traders.

Hey America - and by "America" I mean white people with six figure incomes and mortgages they can safely pay: Who wants to help all these people who have lost jobs because guys like me see nothing wrong with killing American jobs?!

[Triana]

14. Okaaay. So this rabid fruitcake, along with Limbaugh and Annthrax and Joe the Plumber...

...and the voices and faces of the Republican Party now.

Huh.

:rofl: