02/23/09 Baltimore, Maryland Rick Santelli is a chump.
It pains me to say so. I wanted so much to watch his infamous “Rant” video on CNBC and say, “Hear! Hear!” But I can’t bring myself to do it.
It’s not that I take issue with his opposition to the Obama housing plan: Absolutely, responsible homeowners who kicked in a hefty down payment on a 30-year fixed mortgage should not have to bail out those who bought more house than they could afford.
But I won’t be taking part in any “Chicago Tea Party” he might plan for this summer.
Santelli has walked straight into a trap, one I daresay Obama aides David Axelrod and Rahm Emanuel cleverly set.
For all the popular support The Rant has garnered for Santelli, a backlash has developed. “Watching Rick Santelli’s embarrassing diatribe at the expense of the American people made me realize that these Wall Street frat boys still don’t get it,” writes John Amato at the Huffington Post, echoing much of the left blogosphere. “America is sick and tired of the riches they have manipulated out of the system and then be lectured by people who make more money than 100 middle class workers put together.”
That’s pretty hard to respond to — unless you actually opposed the Wall Street bailouts, thus proving your laissez-faire bona fides.
But as near as I can tell, Santelli comes up way short on this measure. Where are the YouTubes of him calling for a taxpayer revolt when the banks were getting bailed out? He’s a colorful enough speaker, he’d surely have eclipsed the guys we know did criticize the bank bailouts like Peter Schiff, Jim Rogers, and Marc Faber.
And so, Santelli finds himself boxed in — billions for bankers, but not one cent for homeowners. That’s an impossible box to get out of. Then Chris Matthews gets Santelli to fess up he voted for McCain (who like Obama, voted for TARP I). So The Rant now looks less like a courageous stand for personal responsibility and more like a petty partisan thing, red meat for the red states.
That’s exactly how the White House planned it. Obama didn’t announce his housing program until more than a week after Tim Geithner released the TARP II turkey. The banksters got theirs first. Anyone who then turned around and opposed help for “the little people” without having first opposed help for the big boyz could be portrayed as cruel and heartless. (Never mind that by cutting monthly payments, all the housing plan will accomplish is putting homeowners in further hock to their lenders. So the banksters get theirs on this one too. They always do.)
“Chicago Tea Party”? Please. Santelli insults the memory of Samuel Adams.
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Santelli did NOT bow to the bankster bailouts. You must not watch him.
One finds much higher resistance to the bankster bailouts on CNBC than one would in Washington.
Mr Gonigam – You’re just plain wrong. Santelli has done nothing BUT protest the bankster bailouts – there is hours of video on CNBC’s own site. The supporting drivel from Amato is just too funny – they’re not even in NY, never mind Wall St and these traders certainly aren’t frat boys.
Poor and not worthy of The Daily Reckoning.
You may want to check on “Rick Santelli” a bit more carefully. He was against the bank bailouts and he reamed Jim Cramer publically for luring investors into a bear market.
Besides your being wrong about Santinelli’s support of the banking bailouts, Santinelli has rallied the hard-working, play-by-the-rules, folks-that-make-America work Americans who are substantially on YOUR SIDE on the great political/economic issues of our time.
He has, in fact, been the most eloquent voice representing the (righteous) anger of free-thinking Americans.
Is it really helpful for you to call such people a chump – or rather should you at least hold your tongue if you can’t fully endorse him?
Have to agree with the others who said that Santelli generally disfavored all of the bailouts. He is one of only two CNBC (the other being Art Cashin)contributors who, IMO, get it right on a pretty consistent basis, although I will say that I am disappointed in anyone who voted Repub or Demo in the last election.
Anyone with any common sense whatsoever could plainly see the insanity of the “Family” (their words, not mine) of Fannie, Freddie and the Black Caucus’s promotion of the housing fiasco. Yep, it’s on YouTube for your viewing. Showing them being warned by one of our federal regulators! So, Santelli is right on the money! NO, one should get bailed out and more than a few should go to jail, including a few congressmen who created and supported the home loan scam.
You read John Amato but did not check the video of Santelli’s so called rant? How Amato can suggest that it was “diatribe at the expense of the American people” and that Americans were being “lectured by people who make more money than 100 middle class workers put together” can only be explained by understanding who he writes for? To state Amato’ position without actually hearing Santelli is and issue and calls your journalism into question. Santelli has been consistently opposed to these measures. Bring yourself to it.
Mr. Gronigam:
You are wrong, and bashing Mr. Santelli like Obamao’s press secretary Gibbs, while quoting the Puffho, simply reveals your partisanship.
Who is the chump now? To wit: A Rick Santelli rant BEFORE the first bailout attempts … when the S&P 500 was still trading at the lofty level of 1191.20.
He had it right from day one.
Here’s the evidence: http://benbittrolff.blogspot.com/2009/02/rick-santelli-rant-before-first.html
Rick Santelli for President!!
Ron Paul had a Tea Party and started a Revolution, long before Santelli.
Had no idea Santelli voted for McCain. That speaks volumes. Under McCain things would be JUST as bad as they are now, McCain supported bailouts and socialism.
So why have you not responded Dave? It is clear, right from reading the article that you haven’t done your research. Just look at all the comments. Maybe you’re on a deadline to write something
I had been asking myself for years why Santelli gets away with his opposition, (when the rest of CNBC are sheep), based on who owns the media. Guess we’ll have to see what happens to Santelli now.
Dave Gonigam is going on my people to ignore list
Best to fire who ever does your research Dave or learn to google properly
People are finding any reason to criticize Santelli.
What he said about the housing bailouts is spot on. End of discussion.
Uh, Mr. cpl593h, how on earth do you know the traders in the video arent frat boys? I dont imagine many of them didnt go to college, and I dont imagine if they did, that they are of any of the social sectors of a university that would resist the Greek system…any of us that were at Uni. know this…what a strange comment! And my, my, if you boys arent a seriously snippy bunch! As a woman, I like the idea that our new found frugality in society will bring back some of our better habits, civility and manners! Thank you for both to all who choose to participate. You might find that making money is not the only enjoyable past time worth pursuing…
David, you are usually right, but not this time. Rick Santelli (wrongly?) voted for McCain for the same reason many other intelligent people did, knowing intuitively he wouldn’t win, but that he had a better chance than the “right” choice – Ron Paul. Neither was, nor would be, an “Uncle Tom” for Goldman Sachs, the IMF, or the “NWO Bank(s)”. Is housing a right? Of course not, but in America, opportunity is, and that’s what’s being eliminated in the name of corporate solvency. China is laughing all the way to the next Treasury auction.
The ignorance and stupidity of your blog (s) validates why I only read Bill Bonner’s columns!
Your castigating someone for standing up for Americans on CNBC?
Dear Dave Gonigam,
It is pretty apparent from your comment that you seldom watch CNBC or Rick Santelli. That’s okay. Most of CNBC is Boosterism at its best. But throughout the bailout era, Santelli has been on the free market side. His arguments with Steve Liesman, a big bailout booster, would curl your hair. I am not surprised to hear the opinion expressed by the statist rag Huffington Post but I would have expected more due diligence from you.
dear mr. bonner, you give so much and it is strange that affords little defense against pain. there are those who hold a proper and gentle affection for you.
Dave, you’ve hurt your credibility with this one. Santelli’s been barking against these Wall Street bailouts since they began. You might consider showing up in Chicago as part of a mea culpa.
The Tea Party is becoming widely used by the Blogosphere and may some day come to pass. As Santelli said, 90% of us are making our home payments. This 90% will ultimately say whether the Tea Party should be held. I have my teabags ready.
cancel my subscription! you’re part of the problem, and you should update your picture, one where you’re standing in the corner with a conical cap
so… let me get this straight, from this example – specific issue aside – I can surmise that you operate thus:
regardless of how you see someone’s current opinion and related attempt at a solution, their perceived history and voting record simply negate any inherent wisdom, not weaknesses in the opinion or solution itself.
well, i stole a snickers bar when I was 8. may as well forget this opinion as being of any substance.
right.
and therein lies the problem/future of america…
the daily reckoning can do better than this.
idiot.
bhasma – Sorry but I haven’t the faintest idea what your point is in the context of this item.
Regards.
Geez, people, people.
Do you actually think that the bank bailout and the mortgage bailout are two different animals? Hell, no. They are cut from the same cloth, designed to ladle the same money (yours!) into the same pockets (not yours!). The whole thing is a sting-like operation, except with trillions.
The frame is designed only to keep the rabble talking about issues that are irrelevant.
Mr Gonigam,
Your research is seriously wanting. Rick Santelli has been consistently and vehemently opposed to ALL the bailouts. Who’s a chump?
You sure didn’t do much research on this story, did you. Poor journalism at it’s lowest.
As noted by other posters above: Rick Santelli has been against every bit of the goverment bailouts that started under Bush. You need to do more research before you make such uninformed statements.
So,
You quote the Huffington Post(liberal rag), and rip Rick Santelli. You are a tool.
Just because he didn’t rip the bankers bail-out does not mean that he approved of it.