Saturday, December 1, 2012

Santelli Throws Another Tea Party Tantrum over Taxes


Business Insider
If you put CNBC's Rick Santelli and the network's senior economics reporter Steve Liesman together on the same segment you know something entertaining is going to happen. Or at least we'll get a Santelli rant.

This morning on "Squawk Box," Santelli, who reports from the CBOT floor, went totally nuts on Liesman waving his papers around saying, "I can't even talk about it anymore" and then walked off the set. The pair were arguing over two op-eds in the Wall Street Journal pertaining to the fiscal cliff and GDP.

"He's gone," host Joe Kernan quipped.

Huffington Post

"It's reprehensible that people go to Charlotte [for the Democratic National Convention] and say 'fairness' and then they run to try to beat the taxman," he hollered at fellow CNBC reporter Steve Liesman. "Shame on them! I can't even talk about it anymore."

And then he was gone.

The rant was apparently in response to a Wall Street Journal op-ed outlining Costco's recent issuing of a special dividend to avoid an expected tax hike due to the fiscal cliff. Liesman countered that a different WSJ op-ed failed to show President George W. Bush's less than stellar record for economic growth.

Surprise, surprise, Santelli didn't like that either.
"Don't give me the switcheroo!" he screamed.

Call Rick Santelli a Wahmbulance
~ Headline on AmericaBlog

Personally, I'm a little uneasy about financial advice from a screaming guy on TV who's about to wet his pants.
~ comment by benb on AmericaBlog

Wow, what a complete d*ckweed. Four bloody percent increase in the marginal rate for the highest income earners -- what they were paying in the already unfair '90s -- and it's the end of the f*cking world for them.
Oh those poor, poor (RICH) plutocratic bastards, I have no sympathy for them.
~ comment by BeccaM on AmericaBlog

Oooh he's an angry elf!
~ comment by Ashton Cruz on Huff Post

A one trick phony.
~ comment by deanimal on Huff Post

Four years ago, Santelli ran off at the mouth on national television, and gave birth to the Tea Party. Is today's rant the kick off to the Secessionist Party?
~ comment by Avalanche3600 on Huff Post

Leave it to LIESman to pull the blame Bush card. I don’t blame Rick for walking off, it’s amazing how he stays sane on CNBC with all those A$$KISSING 0bamaroids!
For business “journalists” they just don’t understand that in a worst case scenario wealthy people will shut their businesses down, retire and cash out their investments THEN WHAT? What will the Emperor and all his commie followers do when there are NO MORE rich people to attack and tax?
~ Saving the Republic Blog

I know nothing about this guy—but anyone who loses it on-air and storms off the set out of frustration is OK by me! BTW—all the people who are sitting there trying to have a serious technical discussion about this issue need to turn around and take a peek at the itty-bitty elephant in the room———which is that Obama is actively trying to DESTROY the USA. They don't get it, because they're so lost in their elitist echo-chamber…
What contemptible people these folks are… Kudos to this Santelli guy… He should walk off the set every day.
~ comment by Vaptorious on Breitbart

In the context of the old Christian Coalition, in a limited sense the precursor to the Tea Party, Ron Reagan, Jr. said "For them, everything is not enough." Indeed. The whining seems to be the goal, the victimization, the pity party.
~ comment by The Real Royal Emperor on Mediaite

Santelli has gone Full Metal Teabag. Lock him up and throw away the key.
~ comment by Donald Dump on Mediaite

Santelli is unhinged.....he's a clown posing as a financial guru. Just like Jackie Welch. CNBC should try and recover any dignity they had by firing him and Bartiromo. They've become shameless shills for the ultra-rich wing of the Republican party.
~ comment by eanadu on Business Insider

I remember when CNBC had a focus on business and the economy. At this point it more like a cheer leading squad for the ultra rich. There are a few who are good like Liesman who tried to have conversations about economics and facts.
Santelli on the other hand is doing more of a bizarre art project. He looked very childish today. Funny thing is even Cramer has good points from time to time. Santelli on the other hand just rants.
~ comment by John1066 on Business Insider

Santelli's Original Tea Party Rant in 2009
Becky Quick, in studio: .... Rick have you been listening (to the previous conversation)?

Rick Santelli, on trading floor: Listening to it? I've been just glued to it because 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.

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 drink(ing) 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.

KERNEN: It's like mob rule here. I'm getting scared. I'm glad I'm...

CARL QUINTANILLA: Get some bricks and bats...

SANTELLI: Don't get scared, Joe. They're already scaring you. You know, 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.

KERNEN: They're driving them on water, too, which is a little strange to watch.

SANTELLI: There you go.

KERNEN: Hey Rick, how about the notion that, Wilbur pointed out, you can go down to 2% on the mortgage...

SANTELLI: You could go down to -2%. They can't afford the house.

KERNEN: ...and still have 40%, and still have 40% not be able to do it. So why are they in the house? 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.

REBECCA QUICK: Wow. Wilbur, you get people fired up.

SANTELLI: We're thinking of having a Chicago Tea Party in July. All you capitalists that want to show up to Lake Michigan, I'm gonna start organizing.

(Whistling, cheering)

QUICK: What are you dumping in, what are you dumping in this time? Housing...?

SANTELLI: We're going to be dumping in some derivative securities. What do you think about that?

QUINTANILLA: Mayor Daley is marshalling the police right now.

KERNEN: Rabble-rouser.

QUINTANILLA: The National Guard.

After Jason Roney of Sharmac Capital makes some comments, it's back to Santelli.

QUINTANILLA: You know, Rick, one of our producers says if Roland Burris steps down, man, "Senator Santelli," the junior senator from Illinois. It's a possibility. I'm just saying...

SANTELLI: Do you think I want to take a shower every hour? The last place I'm ever gonna live or work is D.C.

KERNEN: Have you raised any money for Blago?

SANTELLI: No, but I think that somebody's gonna have to start raising money for us.

QUICK: Hey, Rick? Can you do that one more time, just get the mob behind you again?

QUINATILLA: Have the camera pull way out.

QUICK: Yeah, pull way out. Everybody listen to Rick Santelli.

KERNEN: He can't... I don't think... You can't just do it at will, can you Rick? I mean, you have to say something.

QUICK: No, do it at will. Let's see.

SANTELLI: Listen, all's I know is, 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 'em anything, let me know. These guys are pretty straight forward, and my guess is, a pretty good statistical cross-section of America, the silent majority.

QUICK: Not so silent majority today. So Rick, are they opposed to the housing thing, to the stimulus package, to everything out there?

SANTELLI: You know, they're pretty much of the notion that you can't buy your way into prosperity, and if the multiplier that all of these Washington economists are selling us is over one... that we never have to worry about the economy again. The government should spend a trillion dollars an hour because we'll get 1.5 trillion back.

WILBUR 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.

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