It's been called "the rant heard around the world," after The Drudge Report linked to the video with a screaming red headline. However Rick Santelli may have given CNBC viewers a preview of what effects Obamanomics will have on the populace.
On CNBC's "Squawk Box" Feb. 19, the Chicago Mercantile Exchange floor reporter, along with several traders, expressed his outrage about President Barack Obama's plan to "spread the wealth" for people that didn't deserve it. He said a stimulus should go to people who live responsibly rather than some sort of housing bailout to people that lived irresponsibly.
"I tell you what, I have an idea," Santelli shouted. "The new administration is big on computers and technology - how about this, President and new administration? Why don't you put up a Web site 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 change to actually prosper down the road and reward people that could carry the water instead of drink the water."
Santelli later clarified his position on CNBC's "The Call," by giving some suggestions for a stimulus.
"But, I guess my argument is, along with a lot of my associates on the floor, is we know what loan modifications are," Santelli said. "Why don't we do with modifications for who we want to give the freebies to - you know whether it's young people who are mired in student loans or buying cars as the Journal pointed out and giving it to more appropriate people."
According to the CNBC reporter, if a stimulus was given to people who lived responsibly, the economy would run more efficiently and that's would helped the troubled economy start moving again.
"I know this might not sound very humanitarian, but at the end of the day I'm an Ayn Rander," Santelli continued. "It's all about efficiency. If you want the economy to work, maybe we should give these perks to people who will carry some water down the road."
Since Santelli's "Squawk Box" call for a revolt was put up on the Drudge Report, it has drawn the ire of left-wing blogs like Gawker which called it "the least sympathetic populist rage ever."
Editor at Large
Comments Policy
That's a non-starter
February 19, 2009 - 14:49 ET by motherbeltWhy don't you put up a Web site 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 change to
actually prosper down the road and reward people that could carry the
water instead of drink the water."
Well, that's a non-starter, Rick. We can't have that! People are evil and selfish; they would never vote to help out their fellow man.
That's why we have to have government to make them do it!
It's like Bill Clinton saying (paraphrasing) Well we could give the surplus back to you and hope you spend it right....but we can't be sure you will.....
We are morons, and the government has to make sure we spend our money "right"!
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
Right
February 19, 2009 - 15:04 ET by BlondeHere's someone (!) telling the truth about this stimulus package.
John Kerry on tax cuts and stimulus.
They don't call him F'ing for nothing.
Blonde
February 19, 2009 - 15:09 ET by thebutlerdiditLOL. He's telling the truth today, but will he be ordered to recant, tomorrow? Dissent is no longer patriotic, ya know?
All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden? P.J. O' Rourke
Can you believe this idiot?
February 19, 2009 - 15:14 ET by BlondeIt takes some mighty big ones to have a statement like that read into the freakin' Congressional Record.
I think this little clip is the perfect soundbite for 2010...."Rep. Such and So or Sen. Whatnot" supported the stimulus rip-off, and here's what his Democratic leadership had to say about it"....roll tape.
Even democrats are smart enough to understand John Kerry (um, how's that Stuk In Irak thingy working out for you, F'ing?).
It’s time to grow up.
February 20, 2009 - 00:10 ET by KC MulvilleIt’s time to grow up. Liberals sneer at a “trickle down” economy, but there isn’t any other kind. Money doesn’t trickle up. Power does, culture does, but not wealth.
Liberals hate the idea, but the keystone to a free economy is investment. And like it or not, investment requires a critical mass of capital that only the wealthy possess. Liberals just don’t get the idea that the only way to bring prosperity to all classes, especially the lower class, is to start by giving the money to the people who already have a lot of it. That disturbs the liberal thirst for egalitarian perfection.
Liberals do have a point. The wealth isn’t getting past the wealthy. Wages for middle and lower income workers have been stagnant for years. Liberals argue that this proves why we can’t give them money in the first place, but that’s not the answer. If your car’s engine isn’t working, you don’t devote attention to the radio, on the theory that the engine doesn’t deserve it. If the car is going to move at all, you have to fix the engine. So the question is why isn’t the wealth getting to the worker? Where’s the trickle getting blocked?
The salaries of corporate executives are only part of it; the salaries are infuriating, but the scary thing is that those inflated salaries are only a fraction of the problem.
Modern businesses have a lot of costs they never had before. If you’re reading this, you have a computer or some other electronic device – that infrastructure didn’t come cheap.
Another huge drag is the "cost of worry": all kinds of insurance costs have skyrocketed, like property, casualty, executive liability, etc.
The cost of competition has also grown – you need to show growth every quarter. That competition costs money.
Along with these, other factors come into play. How much is your employer paying for your medical coverage, and how much has that exploded over the years?
Of course, whose profit has exploded along with most of these “innovations?” Lawyers. But I digress …
Having said all that, what’s Osama’s idea of a stimulus and long term plan for recovery? His plan is to give money to people who couldn’t afford their first mortgage. Like a predictably narrow minded liberal, his plan is “trickle up.” It's a plan that doesn't put money into the hands of people who can use it. Instead, it gives it to the people who either can't invest, or to the government.
As for Kerry's idiocy, let me ask this: how often do government programs show a profit? So, under what perverse view of logic does anyone think that the government knows where to put a profitable investment? Government is supposed to be the referee, not a player.
And I would add, KC..................
February 20, 2009 - 04:33 ET by old crothe "cost" of doing business in America, in other words, excessive regulation.
Pro deo et patria
Government...doing the
February 20, 2009 - 08:08 ET by ex buff e-dubGovernment...doing the spending Americans won't do...
Web surveys
February 19, 2009 - 16:07 ET by BeanManSurveys, and in this case a referendum, on the web are notoriously inaccurate. Anyone or any group can just continually hit the site and vote their way as often as they wish. I can't imagine that Obama's people e.g. ACORN, Unions, etc, wouldn't flood the site with positive feedback. They could also set it up so that you can click the "Disapprove" button a thousand times and it wouldn't register at all then they can just put in the numbers they want.
This could also happen on the other side as well. Lovers of liberty can flood the site and register "disapprove" to their heart's content.
The answer unfortunately will come in two years. I'm betting the Obama administration is hoping that something else will have come up in the meantime and everyone will have forgotten this, the same for the democrat lock on the house and senate.
Since government is coercion, politics is largely the exercise of deception regarding the intended use of coercion - George Orwell
Right
February 19, 2009 - 18:24 ET by slickwillie2001You are right on that point BeanMan; I suspect if the choices were 'approve', 'disapprove' and 'Ron Paul' that Paul would win overwhelmingly. Those that push for internet voting on anything of any significance are naive. A public opinion poll done by a reliable pollster would be far more accurate. (All the big polling companies are liberal, some more than others, but there are a couple that haven't totally sold their souls for The One.)
Wrong, that is why we live in a.......
February 20, 2009 - 04:40 ET by old crorepublic. Change cannot and should not come about on people's latest fancy or mob rule. Clinton governed by opinion poll, and look where that got us. Change should be debated, tossed about and looked at from all sides before ultimately doing what is best for the country. Too bad that is not how it worked on so called "stimulus" bill.
The left better realize the revolt of productive people is...
February 19, 2009 - 14:47 ET by R D Helm...beginning to boil up, and when it finally pops, it ain't gonna be pretty.
-Dave
Our clueless political leaders are about to drive us all over a cliff. The time to HITM is now-before we go over.
Boiled Over Here
February 19, 2009 - 15:08 ET by bradbenj5952Nope, it ain't gonna be pretty at all. The seething is everywhere and I think perhaps those who live their lives in a responsible fashion in this country are about to say enough is enough. I know I have had enough. What happened last night in California says it all. They finally got one turn-coat "Republican" to vote on their so-called budget that calls for more than $14B more in tax revenue so that the government here can continue to waste our money. Meanwhile, people are losing their jobs. So when the revenue goes down because there are fewer tax payers they will be raising taxes again and NEVER ONCE CONSIDER CUTTING THEIR SPENDING. Sorry about the yelling but this ain't gonna be much of an America anymore unless we do something. Hey Rick Santelli, you ready to lead a revote? Because I and millions of others are ready too.
brad, I heard about what
February 19, 2009 - 15:11 ET by bigtimerbrad,
I heard about what happened in Ca., my home state this morning.
I'm with you and others...seething indeed!
Santelli for Prez~!
As IOWAHAWK said the other day,
February 19, 2009 - 15:13 ET by thebutlerdiditAtlas shrugged, bent over and goatse'd.
Not exactly what Rand had in mind.
BTW, Obama is on w/Stephen Harper right now, discussing Carbon Capturing and Green House Gases. Dandy.
All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden? P.J. O' Rourke
tbdi...Yeah,
February 19, 2009 - 15:23 ET by bigtimertbdi...
Yeah, uh....ah....China and uh...ah...India are...ah..uh...critical!
He is unbelievable.
God help us all!
By the way...the Dow has gone down as he blathers on with his BS that will do nothing but choke us to death energy independent wise here in the USA.
bubble pop bubble ...
February 19, 2009 - 14:47 ET by 10ksnookerIt's perking right along, the revolution is coming down the track.
Santelli Nailed It
February 19, 2009 - 14:53 ET by CBrauI thought it was beautiful TV, not to mention the spot on truth.
Economics is the study of rational choices with respect to the law of scarcity. Resources need to move from those who cannot manage them to those that can. It can be difficult, brutal, and harsh, but allowing the marketplace to sort out the winners and losers is how the most people are the best off in the long run. By stepping in the "save" certain people (and indeed certain behaviors) from foreclosure, B.O. is simply delaying things getting better while rewarding/creating moral hazard.
Stand UP!
February 19, 2009 - 14:55 ET by sawing battaWay to go, Rick! Standing Ovation.
Now, after the liberals at NBC Headquarters fire him, i say
Santelli for Senate in Illinois (after Burris goes down for perjury)
Where do i send my check?
Stand UP!
February 19, 2009 - 14:58 ET by sawing battaWay to go, Rick! Standing Ovation.
Now, after the liberals at NBC Headquarters fire him, i say
Santelli for Senate in Illinois (after Burris goes down for perjury)
Where do i send my check?
[so good it was worth hitting Send twice]
AAAAAAAAMEEEEEEEN
February 19, 2009 - 14:57 ET by JTPAAAAAAAAMEEEEEEEN
"I need more cowbell!" SNL
→ Santelli like it is
February 19, 2009 - 15:01 ET by Cool ArrowSomebody had to say it. And it's being said in portfolios all over America.
Speaking truth to stupidity may fall into the "pearls among swine" category, but given the nature of the Porkulus bill . . .
I feel like
February 19, 2009 - 15:14 ET by justmetyping in bold all the time!!!
I knew that this administration, coupled with a democrat congress, was a disaster waiting to happen. It makes me feel like slapping people who tell me that Obama is for "change" and how good that is... I frankly am too disgusted to have the rational conversation that should accompany that. I hope more and more people with exposure start bluntly challenging this socialist take over.
→ Me too, justme
February 19, 2009 - 15:44 ET by Cool ArrowHe's presiding over a dropping DOW that couldn't give a flipping fish bout his pretty pictures in Canada.
He opens his mouth and the numbers drop. Some would see this as a sign to shut up, but not the One.
Right On!!
February 19, 2009 - 15:04 ET by mizflame98That clip needs to be played on a continuous loop in the halls of Congress and in the Oval Office.
"Not to be a republican at twenty is proof of want of heart; to be one at thirty is proof of want of head." - Francois Guisot
Not quite Revere...
February 19, 2009 - 15:06 ET by AgentAmericanBut more like Patrick Henry:
Is life so dear, or peace so sweet, as to be purchased at the price of
chains and slavery? Forbid it, Almighty God! I know not what course
others may take; but as for me, give me liberty or give me death!
2010: A GOP Hill
This Says It All....
February 19, 2009 - 15:06 ET by bobthemanFrom the late Dr. Adrian Rogers:
You cannot legislate the poor into freedom by legislating the wealthy
out of freedom. What one person receives without working for, another
person must work for without receiving. The government cannot give to
anybody anything that the government does not first take from somebody
else. When half of the people get the idea that they do not have to
work because the other half is going to take care of them, and when the
other half gets the idea that it does no good to work because somebody
else is going to get what they work for, that my dear friend, is about
the end of any nation. You cannot multiply wealth by dividing it.
http://politicsofdes...
Agreed...........
February 20, 2009 - 04:45 ET by old croThe path we are heading down in a nutshell.
Like I said in other posts
February 19, 2009 - 15:08 ET by bigtimerLike I said in other posts already...he speaks for millions of us out here...like I also said, he is one of my new heros...plus I wonder if he is going to have a job after the lights go out...msnbc/NBC big-wigs are not going to like this...
Neither is Olbermann, Matthews or Maddow. Three cheers for Santelli!
Maybe we are going to have more and more people rise up and speak out...
Lord, I hope so!
He'll have a job
February 19, 2009 - 15:17 ET by bradbenj5952Put him on after Rush and Sean and he'll draw an audience like you've never seen. Keep it up Samuel A..., er, Rick Santelli
The revolt begins
February 19, 2009 - 15:25 ET by inquiringmindI Love It!! You go Rick!
Why?
February 19, 2009 - 15:22 ET by someloudthunderHow about we don't give money to anyone? No one has the RIGHT to live in a house, no one has the RIGHT to own property. You earn these things through hard work! I'm going to be a teacher. Am I going to get the big house with 5+ rooms? NO! Do I deserve it? NO! Do I work hard for it? YES! YES!
Sometimes I wonder if the these people who think Socialism or faux-socialism is the way to go, did they pay attention in history class? Really? Do they think the government is a positive force that can solve problems? I'm sure they're the same people who believe "evil" and "greedy" banks caused this financial impolision and refuse to accept the fact it was the governments rape of the housing market that caused it
I'm 32 and my wife and I
February 19, 2009 - 15:36 ET by eugeneromeroI'm 32 and my wife and I just refinanced our home for more than a point lower. And we refinanced for 15 years instead of 30. We paid off two cars and are close to paying off my last student loan and credit card. We don't make a lot of money but I work two jobs in order to do this. I'm not trying to brag, I just think if others worked harder and didn't spend what they don't have, they'd be doing fine. So why do they get help and a person like me working 2 jobs doesn't? I've been tired of all this for a long time now. Enough with the hand-outs.
You are playing by outmoded rules.
February 19, 2009 - 19:15 ET by tpmintxDidn't you know that the rules have been changed? You are a sucker. Go get some new cars, and trade up to a bigger house. Quit one of your jobs and relax for a few hours in the evening. since you're going to be spending more time at home, go buy a big-screen TV! If you later have trouble paying your bills, then you can sign up somewhere for a bailout.
Change yourself from a Tax Payer to a Tax PAYEE. Get in line for the government money.
On the Brink
February 19, 2009 - 15:37 ET by bradbenj5952Our Founding Fathers understood well that if the masses obtained the right to vote themselves "money-for-nothing" they would do so. A Republic puts layers of isolation between the masses and the government that must make wise decisions. As soon as you give the masses the power to directly elect the government (called democracy), then socialism inevitably follows. This is what we're witnessing today. The oath-breakers are now in charge and America as defined by our Great Constitution no longer exists. Look around the Country and you'll see
many examples of folks who were presumed on the right abandoning "their values" and going along to get along. Look at all the socialist programs to which Republicans think they must give lip-service to stay in office. They dare not say a word about the failure of Social Security, Medicare, etc., etc., etc.. What does this tell us?
Obama is determined to have his revolution and Congress is all too willing to oblige; nay, they are eager to particpate. Rick is just one of many who have had their fill...me as well.
"Believe on the Lord Jesus Christ, and thou shalt be saved, and thy house." Acts 16:31
HERE! HERE!
February 19, 2009 - 16:02 ET by Tom in NCLet the Revolution begin here and now; the muzzleloaders against the freeloaders, society's best against socialism's worst, the producers against the takers.
In the span of a month obama has financially ruined this country, his adminstration has bankrupted our economy to the tune trillions of dollars, generations of our children, grandchildren and great grandchildren will be paying for A pork filled, earmark overflowing, economy busting, anything but stimulus suppository.
Now I know what the colonists that discovered this country felt like under a repressive regime, question is how long will it take before the people have taken enough.
This administration has got to go, we cannot afford a president that has neither the knowledge, the experience or any basic understanding of economics to continue to run this country into the ground.
THE "O" HAS GOT TO GO!!!!!
Yes! Bravo, bravo, bravo my friend!
February 20, 2009 - 00:12 ET by dborschjr68“The American people will never knowingly adopt socialism. But, under
the name of “liberalism,” they will adopt every fragment of the
socialist program, until one day America will be a socialist nation,
without knowing how it happened.”. . . Norman Thomas, U.S. Socialist
Party presidential candidate 1940, 1944 and 1948
Tom in NC is right. We need to do something. Period. Seriously. Aside from storming DC with pitchforks and torches, does anyone have any ideas? I have some, but I'm always open to more.
Really, no joke, let's organize, mobilize, publicize, and get things right in our country. Anyone can contact me via NB if you are so inclined. Ne eligimit carborundum esse!
"Liberate tutume ex inferis, liberal puppets." Me.
Well well well
February 19, 2009 - 16:04 ET by HanoverfistSOMEBODY didn't drink their Kool-Aid today now did they?
Hmmmmmm?
"The TRUTH..."
February 19, 2009 - 16:16 ET by Prester John"...is treason in the empire of lies".
www.campaignforliberty.com
Transcript ....
February 19, 2009 - 16:25 ET by Tom Blumeris at this NB post.
Note how the studio people invoke "mob rule" and claim that the traders are "putty" in Santelli's hands.
Go Rick
February 19, 2009 - 16:42 ET by BluegillI saw he is swamped with Tea Bags since this morning and his Blackberry is locked up. I looked for his email but didn't see it on the site. I have been waiting for the mortgage debacle to come up, my blood is boiling. Moral Hazard will rule the day.
Good for Santelli!
February 19, 2009 - 17:23 ET by yobobbyb"The least sympathetic populist rage ever" my *ss! Santelli speaks the truth.
This Democratic administration is peopled by liars, thieves, cheats, and weasels. And the low-life scum who will be the recipients of My hard fought for earnings that are being stolen from MY family are no better than blood-sucking parasitical leaches that one would squash between one's fingertips. The rape of America must stop! Now!
...
February 19, 2009 - 17:32 ET by KJ_sezForget sending teabags to Santelli. Mail one to the IRS, and one to your state's tax collection office, in lieu of a tax return this year. And put your money into Lipton stock. ;)
Our possible future unless we do something NOW.
February 20, 2009 - 00:05 ET by dborschjr68“The American people will never knowingly adopt socialism. But, under
the name of “liberalism,” they will adopt every fragment of the
socialist program, until one day America will be a socialist nation,
without knowing how it happened.”. . . Norman Thomas, U.S. Socialist
Party presidential candidate 1940, 1944 and 1948
I won't lie: When I read this I started looking up CT laws on owning a handgun. I'm just saying...
"Liberate tutume ex inferis, liberal puppets." Me.
Don't waste your time with
February 20, 2009 - 00:26 ET by NL207Don't waste your time with a handgun. It alerts the government to your presence and its not really that useful if the government thugs come a knockin'.
Get yourself an AR-15, AK-47 or SKS. No special permits are required for the semi-auto versions and they can be purchased privately without government scrutiny. If those don't suit you, the next best choice is the M1A Garrand. Failing them, then the older bolt action Lee-Enfield .303, M1903 Springfield, M1917 Springfield or K-98 Mauser are good choices. The more common the ammo, the better the choice. I prefer the AR-15 because it is the current weapon when in automatic form of our active duty and guard military and most younger vets have been trained on it.
Get to know who the 'militia' in your area are. They might even tell you a little bit about kevlar flak jackets and night vision equipment. These too can be purchased without a government permit.
Yes. Rant heard round the world.
February 20, 2009 - 06:24 ET by JWFIt would be nice if the sentiment took off.
The rage meter is pegged.
Sincerely,
a Veteran of a 1000 psychic wars.
This idea must take off.
February 20, 2009 - 09:03 ET by freedomfirstThis idea must take off. We could only hope that the rage meter is pegged. Beloved Leader has been delegating economic policy to First Deputy Pelosi and we've seen that every time he speaks the markets tank further. These efforts (Banking Bailout, Auto Bailout, "Stimulus", Mortgage Bailout) are the single greatest transfer of wealth from the private sector to our rulers in the history of the universe. And, we've let it happen without any meaningful resistance in a shockingly short period of time. There is not one thing in any of these bills that helps productive members of our society. Why would we EVER want to have a society that looks like Canada, Europe, Scandanavia, South America, Cuba, Russia and the like? I don't get it. What are our countrymen thinking?