Here is the video and transcript of CNBC host Rick Santelli slamming the Obama mortgage rescue plan. Among other things he warns Americans about a socialist administration and reminds viewers of the early days of the Cuban revolution.

Rick Santelli

Rick Santelli: President Obama, Are You Listening?

All heck is breaking loose in the financial markets this week as traders are betting that Obama’s giant welfare surprise has doomed the economy. As the values of our nation’s best companies tumbled as a result of actions in Washington, Rick Santelli spoke up on CNBC from the trading floor at the Chicago Mercantile Exchange.

Santelli explains that the government is supporting bad behavior, and taunts the president by asking “President Obama, are you listening?” He wonders rhetorically if it’s time for another tea party.

CNBC was largely supportive of Obama’s candidacy. After only four weeks, Obama’s honeymoon period with the media has taken a nosedive.

Video and transcript are below.

Rick Santelli CNBC transcript:

Mr. Ross has nailed it. The government is promoting bad behavior. We certainly don’t want to put stimulus pork and give people a whopping $8 or $10 in their check and think that they ought to save it.

And in terms of modifications, I tell you what. I have an idea. The new administration is big on computers and technology. How about this, Mr. President and new administration. Why don’t you put up a website to have people vote on the internet as a referendum to see if we really want to subsidize the losers mortgages? Or would they like to at least buy buy cars, buy a house that is in foreclosure … give it to people who might have a chance to actually prosper down the road and reward people that can carry the water instead of drink the water?

This is America!

How many people want to pay for your neighbor’s mortgages that has an extra bathroom and can’t pay their bills?
Raise their hand!

President Obama, are you listening?

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.

It’s time for another tea party.

What we are doing in this country will make Thomas Jefferson and Benjamin Franklin roll over in their graves.

Santelli has the credentials as a senior investment strategist, trader and manager to know what he is talking about.

The entire segment at the CME featured Jason Roney of Sharmac Capital, Wilbur Ross Jr. of WL Ross & Co., and CNBC’s Rick Santelli.

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Rick Santelli Obama Rant (Video)