CNBC's Santelli Explains His Anti-Obamanomics Call for Revolt
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."