CNBC On-Air Editor Rick Santelli has some words for the Socialist-in-Chief and his Woodrow Wilson style government. For some truth serum and a good laugh please watch this clip from the trading floor of the Chicago Board of Trade.
Here is a partial transcript of Santelli (Hat Tip: Rush Limbaugh.com)
Santelli: “The government is promoting bad behavior. 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 modification, I’ll tell you what, I have an idea. You know, the new administration’s big on computers and new 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 who might have a chance to actually prosper down the road. And reward people that can carry the water instead of drink the water. (applause on the trading floor)
Host: That’s a novel idea. They’re like putty in your hands. Did you hear -
Santelli: No they’re not, Joe, they’re not like putty in our hands. This is America! 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 their hand. (no hands raised, lots of booing) President Obama, are you listening?
Trader on the floor: How about we all stop paying our mortgages? It’s a moral hazard.
…
Host: How about the notion that you can go down to 2% on the mortgages -Santelli: You could go down to -2% and still -
Host: – and still have 40% not be able to do it. So why are we trying to keep them in the house?
Santelli: I know Mr. Summers is a great economist, but boy I’d love the answer to that one!
Pork bellies, indeed!
Updated:
See Also: Interview with National Review Online and The Morning Bell
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February 19th, 2009 at 6:22 pm
My friend Logistics Monster e-mailed her link. I just love the video…Santelli is correct we are throwing money after bad loans. No doubt in my mind. The bill arranges for lowering interest rates for 5 years to these people….What happens in five years the interest rates reset and then you have another downturn in the housing market! UGH! It is just like a revolving door! By the way I don’t want to have to pay for bad loan decisions at all. I will admit I get VA Compensation and SSDI but I am taxed on my SSDI because of hubby’s income….and I still don’t want to pay for a loan companies NINJA loan!
February 19th, 2009 at 7:02 pm
My post below covers the topic of lower interest now and pay up or lose later. Actually the paying taxpayers will lose while they take care of the folks that didn’t qualify before they qualified. Thanks Obama, Thanks Barney “grap your ankles” Frank.
February 19th, 2009 at 7:26 pm
The Chicago Tea Party…
I’m in.
All this is due to CNBC reporter Rick Santelli (at least he was a CNBC reporter this morning . . .) who, as reported on Rush Limbaugh’s radio show as well as many points on the Internet, morphed from reporter to rabble-rouser, the rabble i…
February 20th, 2009 at 11:52 am
So who’s planning this. I’m all for this. We need to have a tea party in July in chicago!
February 26th, 2009 at 6:34 pm
name the place and time…do it… make it happen!
February 26th, 2009 at 8:51 pm
You asked for the Tea Party so here you go:
American Tea Party
April 30th, 2009 at 6:30 pm
The Tea Party movement has been near and dear to my heart since it began. Where are the politicians who are willing to defend the principles and the foundation of this country? Why are those in power laughing at our Tea Parties? They can laugh all they want – it only makes me more driven to fix what is wrong with government if I can.
The Tea Party movement must bring meaningful and tangible deliverables from all this effort and protest. Saying we don’t like what they are doing and demanding fiscal prudence is important, but ultimately it is short term thinking. We need the power that is building in the Tea Party movement to have lasting meaning.
I for one believe the following are a part of what we are all after:
1. Voting out all House and Senator Members who have had more than two terms, and/or voted for the tax increases and bloated budgets of Obama. No one should be spared in 2010 and 2012.
2. Seek to elect congressmen who believe in low taxes and small government, and are willing to solve the problems we are facing with meaningful legislation once elected.
3. Vote for and approve the Fairfax legislation. This will give States and the People more power by pay taxes only when we consume, abolishes the IRS, and would stimulate the economy at a level never seen before. http://www.fairtax.org
4. Vote into law term limits for all members of the House and Senate. 2 terms maximum for life.
5. Vote into law that Congress must maintain a balanced budget except in time of war. After War is over, then the budget must be back in balance within 5 years.
6. Finally, and most importantly, vote in a new Constitutional Amendment(s) containing items 3, 4 and 5 so it will be very difficult to remove by future congressmen or the President.
These are simple steps that will ensure our national government respects the People who elected them, ends career politicians which breads corruption, and enacts a logical and well thought out tax program.