Rick Santelli with CNBC issued a rallying cry on the floor of the Chicago Board of Trade:
"Are you listening, President Obama? ... What we are doing in this country will make Thomas Jefferson and Benjamin Franklin roll over in their graves. ... It's time for another tea party!"Listen and be inspired ... and remember this is going on right here in Augusta County as residents protest their outrageously high real estate assessments at a time of financial depression and job losses.
It's time for an Augusta Tea Party to protest higher taxes.
Here is an excerpt of the transcript of Rick Santelli's spirited words this morning:
Rick Santelli, on trading floor: "... Mr. Ross has nailed it. You know, the government is promoting bad behavior, because we certainly don't want to put stimulus forth, and give people a whopping eight or ten dollars in their check, and think that they ought to save it.More can be found at Anne Leary's Backyard Conservative.
"And in terms of modifications, I'll tell you what, I have an idea. You know the new administration's big on computers and technology. How about this, (Mr.) 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 who might have a chance to actually prosper down the road, and reward people that could carry the water, instead of drinking the water."
Trader sitting near by: "What a novel idea! What? Who thought of that!"
[traders in the pit start clapping and cheering]
Joe Kernen, in studio: "Rick, 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!"
[turns around to address pit traders]
"How many of you people want to pay for your neighbors' mortgage that has an extra bathroom and can't pay their bills? Raise their hand."
[traders boo; Santelli turns around to face CNBC camera]
"President Obama, are you listening?"
Trader (sitting nearby, goes over to Santelli's mike): "How about we all stop paying our mortgage? It's a moral hazard."
Santelli: "... Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now they're driving '54 Chevys, maybe the last great car to come out of Detroit.
We're thinking of having a Chicago Tea Party in July. All you capitalists that want to show up to Lake Michigan, I'm going to start organizing."
Listen, all I know is that there's only about 5% of the floor population here right now, and I talk loud enough they can all hear me. So if you want to ask them anything, let me know. These guys are pretty straightforward, and my guess is, a pretty good statistical cross section of America, the silent majority."
Quick: "Not so silent majority today."
Ross: "Rick I congratulate you on your new incarnation as a revolutionary leader."
Santelli: "Somebody needs one. I'll tell you what, if you read our Founding Fathers, people like Benjamin Franklin and Jefferson, what we're doing in this country now is making them roll over in their graves."
Other blogs have more on this ...
- Free Republic
- Below the Beltway: Santelli leads a revolt at the CBOT
- Terdium Quids: And the looters trembled
- Sun Versus Wind: This is America!
- Yankee Philip: It is a moral hazard
- Virginia Virtucon: The revolution will be You Tubed ...