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The World Responds to "Santelli's Tea Party" Rant

Will the Obama Administration's plan to save the U.S. economy actually help the markets? CNBC's Rick Santelli on Thursday sparked a revolution of sorts on the floor of the Chicago Board of Trade.

Santelli's televised rebuke has been heard around the world. From The Chicago Tribune to TV Newser, read what others are saying about his rant...

College News

Rick Santelli’s rant against President Barack Obama’s new mortgage bailout plan has become an internet sensation amongst those opposed to Obama’s latest economic measure. (Read Full Story)

Briefing.com

CNBC is really milking Rick Santelli's rousing floor chorus of boos for certain aspects of the housing rescue plan, but many others see few options. "The government should not be bailing out mortgage lenders who should never have lent money to people unlikely to be able to repay, or borrowers who should never have taken out a mortage loan. (Read Full Story)

American Daily

A CNBC analyst on the floor of the Chicago Mercantile Exchange this morning responded to President Obama’s proposed $275 billion deficit-financed homeowner bailout plan and other massive spending measures with a call for a new “tea party." (Read Full Story)

SmartMoney.com

...No wonder my CNBC colleague Rick Santelli went a little bit berserk in his broadcast from the floor of the Chicago Mercantile Exchange, warning that all the bailouts, programs, rescues, stabilizations and stimuli are turning our capitalist nation into Cuba. He got the floor traders so stirred up it seemed for a minute there that an armed revolution was going to start at any moment. Santelli is right. This country is being rescued to death. The voters may be fooled, for a while at least. But obviously investors have it all figured out. (Read Full Story)

Ben Lichtenstein, Tradersaudio.com on CNBC

"I don't have much to comment in terms of the Rick Santelli story. I think there's enough that's been said about that already. Rick has a lot of great opinions and he does almost everything intensely and this is no different than that...I think it's difficult to say. I think time will tell, but I think the government's thrown basically everything they have at the problem right now, and the markets have reflected the fact that there's a lot of disappointment and lack of confidence associated with it." (Watch the Full Video...)

Wonkette

"Maybe Obama’s plan isn’t so great, who knows, but one thing is clear, and that’s that Rick Santelli hates poor people—and by poor people we mean the bottom 50-90% of per capita income earners. How else would you explain the fact that he and his trader friends are just now starting to worry about Moral Hazard?" (Read Full Story)

New York Daily News

"CNBC editor Rick Santelli let it rip on-air Thursday, leading a "mob" of Chicago traders in a mini-revolt against the government's mortgage bailout plan. Gesticulating and shouting as cheers and boos erupted, Santelli called foreclosed homeowners "losers" and called for a Revolutionary War-style "tea party."" (Read Full Story)

MLive.com

"I've never had this much fun watching CNBC. What do you think? Do you agree with Rick Santelli that we shouldn't be forced to pay with our tax dollars to bail out neighbors who are in foreclosure, or do we all benefit, especially in the value of our own home, if our neighbors are able to keep theirs? And who would have thought we'd ever be talking about a non-Jim Cramer/CNBC rant?"(Read Full Story)

The Huffington Post

"Everyone from Matt Drudge to Matt Drudge is freaking out over this video of CNBC's Rick Santelli, straight-up fomentin' a revolution on the trading floor of the Chicago Mercantile Exchange. He's assembled a small army of half-hearted, floor-trading broheims to cheer and hoot as he rails against President Obama's plan to not immediately foreclose on everybody and kick them out into the streets, because that rewards "bad behavior," and clearly what we should be doing is rewarding people who incentivized all the risky lending, because until the house of cards collapsed, things were looking pretty for everybody!" (Read Full Story)

Chicago Tribune

"During a televised rant against President Barack Obama's housing plan, CNBC analyst Rick Santelli calls for such an event, proposing that we dump "derivative securities" in Lake Michigan this July. Uh, will there be beer?" (Read Full Story)

Seeking Alpha

"Thanks to CNBC's Rick Santelli and the workers in the pit that deal in commodities who finally expressed it. We can all be grateful for the lesson." (Read Full story)

DC Progressive Examiner

"But [Santelli's] wrong. That ISN’T America. At least, it’s not most of us. We need to stop measuring economic growth by the rise and fall of the stock market. We need to stop measuring economic success by the happiness of the investor class—those who have so much extra money to spare that they can use their money to make money by, not creating, but manipulating wealth. We need to stop creating policy based on what stock traders want. If anything, public trading of companies does far more harm than good to regular Americans." (Read Full Story)

MultichannelNews.com

"As for this “moral hazard” business, all I can know for sure is: in my neighborhood of very modest Marin County homes, the mortgage crisis has hit the Hispanic households the hardest. They work hard. They weren’t buying luxury homes. Sure, there were a few speculators. But mostly, they just wanted a little piece of the American dream, especially good schools for their kids and closer proximity to their work." (Read Full Story)

New York Times

"These injustices are stoking anger across the country, lustily expressed by Rick Santelli on CNBC Thursday morning. “The government is promoting bad behavior!” Santelli cried as Chicago traders cheered him on. “The president ... should put up a Web site ... to have people vote ... to see if they want to subsidize losers’ mortgages!”" (Read Full Story)

TV Newser

"Drudge is running an alert that includes a clip of CNBC's Rick Santelli, who covers the Chicago Merc, going off on how the stimulus bill and mortgage bailout is going over in the pits (not well) and he's getting the traders behind him fired up."(Read Full Story)

US News and World Report

"What's the most interesting thing about Rick Santelli's televised rebuke of the government's plan to bailout homeowners who are behind on mortgage payments? Probably the fact that Santelli feels like he'd have to take a shower every hour in Washington. Santelli is in Chicago—town of Blagojevich and big shoulders." (Read Full Story)

The Inquisitr

"CNBC’s Rick Santelli isn’t a happy man. Strangely I don’t disagree with a thing he said, but only on the grounds that the banks shouldn’t have been rewarded for behavior far worse than any average homeowner to begin with. If the money is going to be spent, it’s only fair that it gets shared around."(Read Full Story)

New York Magazine

"Santelli is pissed off about the Obama administration's bailout measures so far, in particular the housing plan the administration announced yesterday, and he wants America to stand up and revolt before we turn into some kind of not-even-tropical version of Cuba. "You know," he yells, as the traders cheer him on in the background, "Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now they're driving '54 Chevys." He then vows revolution before being cut off by a nervous-looking Carl Quintanilla. It's pretty awesome."(Read Full Story)

Associated Content

"CNBC host Rick Santelli, who also an experienced investment strategist and trader, put it simply that the government would be promoting bad behavior by subsidizing mortgages given to people who ought not to have had them to start Rick Santelli's Anti-Obama "Rant Heard Around the World" with." (Read Full Story)

The Business Insider

"CNBC's RIck Santelli is always pugnacious, but he outdid himself today, almost inciting a riot among the traders in Chicago when talking about Obama's housing plan. Suffice to say, the capitalists on the floor do not want to pay for anyone else's mortgage. Neither do we. That being said, his insistence that these guys represent the "real America" won't ultimately play that well among most people. Enjoy."(Read Full Story)

  • Don't know about the "Chicago Tea Party"? Watch the video here.Poll: Would You Join Santelli's "Chicago Tea Party?"The Heat: Should America Join Santelli's "Tea Party" Protesting Mortgage Relief?Mr. Obama: Not All Real Estate Investors Are IrresponsibleSlideshow: Million Dollar Homes

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