Below The Beltway

I believe in the free speech that liberals used to believe in, the economic freedom that conservatives used to believe in, and the personal freedom that America used to believe in.

Rick Santelli Leads A Revolt At The CBOT

by @ 12:30 pm on February 19, 2009. Filed under Barack Obama, Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

If you missed CNBC this morning, here’s Rick Santelli going off about Obama’s mortgage bailout plan and the strongly positive reception it got from the traders on the floor:

118 Responses to “Rick Santelli Leads A Revolt At The CBOT”

  1. Rebel Yell! says:

    Rick Santelli is a true patriot and citizen!

    Stand up America!

    Stand for freedom and liberty!

    Stand for capatilisim!

    Stand for freedom of speech!

    Stand for your children’s future!

  2. Fed UP says:

    What doesn’t he rant against the bankers who are taking bonuses even as their companies are failing. what doesn’t he rant against the SEC which looked the other way as Madoff was destroying people’s lives. why doesn’t he rant against the horrible management that allowed this to happen so they could continue to reward themselves outrageously. let the bums walk so they are replaced by competent individuals. So the ‘little man’ is the cause!! How about we arrest all the crooks on Wall Street.

  3. Benjamin says:

    When I think about ” Ricks Rave” I think of a vampire with no fresh blood to suck. Rick the Vampire and his side kick the Wolfman sat on tv and complained about Obama giving transfusions to all the dead corpses that “Rick and friends” created. The market grew a bunch of junk; harvested it and then repackaged it so that every bit of blood left could be consumed. Rick is only looking for fresh blood suck. It is obvious he would pull the plug on anyone who needed life support.

  4. Mark says:

    Thanks Rick. No more National-Socialism from the “new” washington.

  5. Andrew says:

    It’s interesting to see all these comments proclaiming Rick Santelli as a hero, and demonizing the homeowners that have gotten stuck with skyrocketing mortgages due Adjustable Rate Mortgates, or who’s homes are now “underwater”, because the quickly spiraling home values have decreased their property value by as much as 50% in some places. I’m pretty sure 95% of you that are complaining about this rescue plan do not even know exactly how these homeowners will be helped out by the plan, yet you feel that Santelli is absolutely right. For the record, I do not own a home, so I do not benefit from this rescue plan. However, I do realize that by letting the foreclosure problem continue, it will not only affect those of you with homes, since your own property’s value will also get dragged down, but it will also continue to drag down our whole economy. Without stabilizing the housing market, we will all lose in this, whether it be losing value on homes, losing our jobs, or losing our hard earned retirement money. We are all inter-connected in this, so quit with all the partisan B.S., and let’s work on cleaning this mess up!

  6. John says:

    Doug Mataconis – I’d hate to break this to you, but the government was the one that spent money on World War II. It was the reason the country got out of the Great Depression, because the war created the jobs and spending needed to get out of the Depression. So basically, World War II was one gigantic stimulus plan funded by the government.

  7. “The Government spent money on World War II”

    Uh, no shit sherlock.

    That’s not the point. The point is that FDR’s New Deal isn’t want ended the Great Depression.

  8. Maryann Graff says:

    Thank you Mr. Santelli, it was so refreshing to hear what I feel said in this kind of forum. My husband and I drive two 11 year old cars, live in a very modest home and always pay our bills. We are not college educated and do not have a high income, yet we always pay our bills. We would enjoy new cars and a nicer house, BUT can’t afford them, so we don’t buy them. We pay our bills and meet our responsibilites; no one is going to help us get the things we would enjoy having. Now I have the pleasure of knowing that all those decisions to be responsible for ourselves means I will now have the ‘privlidge’ of paying for everyone who just bought what they wanted. Please be sure to thank Obama for me when you have tea.

  9. Pythium says:

    @ Benjamin You really think that Rick and his buddies caused this mess? I really doubt they are holding the millions of dollars that were traded. You really think they would be working of the floor if they held 4 million barrels of oil? They are just the fly attendents in a plane… Think about it.

    @ Andrew You really think that this isn’t going to keep housing prices artifical high, so that when you go to purchase a house you won’t be able to afford it? The truth be known! I wanted to buy in 2005, but thought that the real value of houses were way too high for my income. If the market doesn’t go down to a normal level, they they will remain too high and investment tools for the wealth not homes. Most Americans who bought way before 2003, Americans who aren’t leveraged to the gills with home equity debt, and Americans who aren’t looking to move or flip aren’t that affected by forclosures. They purchased smartly! It is the skyrocketing property taxes that are the real problem, and lower house prices help them. Think about it before you begin typing.

  10. [...] President Obama’s Press Secretary made the odd choice of commenting on Rick Santelli’s now-famous rant: Gibbs attacked Santelli by name repeatedly, accusing him of not having read the president’s [...]

  11. sue says:

    rick, shut up, you are just reacting to your own personal losses. you are such a ham. nice suit you wore on the day of you rant. come on, everyone wants a home even if they can’t afford one. lets lay blame where it should be laid, greedy bankers. i am sure you have lost a bundle as i have but, lets get this program going and see if it works. if it tanks you can go to work for the other side i don’t care. if you lose you can alway audition for a play on broadway, you are that good at emoting!!!!!!!!!! you are suppose to be a reporter (no bias) remember!!!!!!!! if you can’t remember that go to work for fox!!!

  12. Sue,

    He’s right.

    There’s no reason the rest of us should be forced to bail out financially irresponsible homeowners and lenders.

  13. [...] spontaneously propelled by Rick Santelli’s suggestion of a Chicago Tea Party, the idea of taxpayer protests against Obama Administration spending policies seems to be taking [...]

  14. thereelstory says:

    dont you people know that these bailouts ALL of them are bandaids on a huge black hole. Ultimately the dollar will collapse and these bailouts ARE intended to at face value to appear as if they will help. Dont you people instinctively know that this is nothing more than a ruse? It is inevitable we will be experiencing hyper inflationn just right around the cornes. This is a sickening symptom of all of this fiat liquidity being pomped into the system. In the last appox four months the money supply has tripled what it was for like the last ninety years. While everyone runs around with a stunned look on their face these parasite crony bankers are buying up all tangible assets for pennys on the dollar, and we americans will be left holding the debt and piles of worthless paper called the dollar. So next time you need to use the restroom use a dollar, because if you wipe your ass with toilet paper you could have used cash instead and spent less.

  15. thereelstory says:

    jesus people there is no such beast as partisian. this is a phony concept to keep all of yu quibbling over bs all of your lives. these politicians are all bought and paid for. if you keep worshiping the tv nightly praising corporate media for such in depth honest coverage of the so called news you people will chase your tail into oblivion. it is meant to be this way. please keep an opened mind and really look at the bigger picture. alternative media is exploding and other media is available to scrutinize. many americans are sick of hearing the same crap all the time about insignificant gossip and media distractions being used to pull the wool over our eyes. please consider research on infowars dot c o m. although i dont agree with everything alex says he offers compelling information. i seriously suggest taking the time to browse some of this information. GOD BLESS AMERICA

  16. whyNOTobama says:

    Does ANYONE remember the ‘Luxury Tax’ that was imposed on the wealthy in the 70’s/80’s and how it backfired, and actually made things SOOOOO much worse? Many small businesses (ex. yacht builders) went out of business because the wealthy decided they weren’t going to subject themselves to paying even higher taxes for things they really didn’t need. Hmmm, it seems to me that the stock market tanking (EVER since nObama was nominated/elected/opens his idiotic mouth/exists/etc.) is a bit indicative of where our economy/country/philosophies that have served us well until nObama/Nancy Prancy Pelosi/Hardly Reid/Bonnie Frank/Xris Dodd/etc… and it’s only going to get WORSE until they pull their heads out of each others butts!!

    This group of Democratic idiots, elected by uninformed/uneducated/self-interested/loser idiots are going to be in for a rude awakening when nObama et al continues to lower the definition of wealthy, so that eventually anyone who has a job, regardless of income, will be considered wealthy. I wonder how someone making an annual salary of $40K is going to feel when they have to give up 50% of their salary to support the ever growing freeloading society? They will realize what’s the point in working so hard to bring home $20K. That’s the mentality nObama et als is going to generate throughout this country and it’s going to be a cancer and eat us alive! Bon Appetite to all of you bottom feeding, low-life, scum of the earth, nObama suppporters. Remember the saying, “If it seems too good to be true, it probably is!”

  17. Donnie R. says:

    So many people talk like they have all the answers. I’m beginning to think no one knows what the hell their talking about. Everyone is twirling in circles with no where to go! I’m tired of hearing about the economy. If you were just tuning in, you’d think the world were coming to an end. What we need is for someone to commit to a solution and follow through in the interest of the people no for political gain. Enough is enough!

  18. [...] guy who set the fire that started the Tea Party Movement was in rare form again this [...]

[Below The Beltway is proudly powered by WordPress.]