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: 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.
Reactions can be found here and here and here.
Rick Santelli Obama Rant (Video)
February 19th, 2009 at 12:01 pm
If were seeing this on CNBC just imagine whats going on in the rest of the country right now as more and more people are doing the math.
February 19th, 2009 at 12:22 pm
I think I have a new rolemodel.
Suprising coming from an NBC owned station, but was a breath of fresh air.
My favorite parts are where the traders are interacting and yelling.
I am in the trading industry, and I find it funny how the bailout is to help the banks, but then the housing bill is going to kill them as it will cause more of their assets to become worth almost nothing.
I admit I dont have the answers, but i just found it ironic.
I think the housing/savings/spending has become more of a moral issue than an economic one.
just my .02
February 19th, 2009 at 12:26 pm
Was Mr. Santelli whooping up the trading floor crowd in October in response to the Paulson plan? Will he be leading the “whoops” against more bailout money that will be shoveled into the fat gulletts of Big Banking & Finance? Thought I was like watching FOX (FAUX) Business Channel. Shameless….
February 19th, 2009 at 12:49 pm
I dont know beta, why dont you find out for yourself.
I do know that Obama signed on to Paulsons plan as pretty much everyone did.
At this point the numbers, methods and motives of this spending bill are not even comparable.
Also, many of the banks are refusing the assitional TARP monies due the increased over regulation written into the loan.
Why dont you answer Ricks questions before you so sanctimoniously go off and start asking your own ?
February 19th, 2009 at 1:09 pm
just asking mick w/o sanctimony…..simply a critique…oh my, does utilizing the word critique make me an “elitist”?
and what does obama have to do with my question? all i wanted to know is how mr. santelli felt about the bank bailout(s)?
great — some banks are refusing tarp funds. good for them. but most being offered the cash aren’t refusing.
February 19th, 2009 at 2:16 pm
Where was he when Wall Street was selling the same people worthless securities which lead to massive 401K and Job losts. If they deserved a bail-out then some of the victims deserve it as well. He should be ashamed.
February 19th, 2009 at 2:46 pm
“and what does obama have to do with my question? all i wanted to know is how mr. santelli felt about the bank bailout(s)? ”
Dont ask me, its irrelevant to the subject at hand.
I could care less as his points right now are spot on.
“some banks are refusing tarp funds. good for them. but most being offered the cash aren’t refusing.”
Isnt that whats Rick is b*tching about as its governments interventionism that got us in this mess in the first place ?
“and what does obama have to do with my question? ”
Obama voted a bill into law to combat a problem he says he inhereted, that he actually signed onto, and is the co-author of what Rick is b*tching about.
Here, theres plenty of evidence that Rick wanted to steer clear of Paulsons plan.
http://voices.washingtonpost.com/economy-watch/2008/11/five_questions_for_cnbcs_rick.html
February 19th, 2009 at 3:11 pm
Well the plan is working just as Obama thought it would. The stock market closed at it’s lowest in 7 years today.
Do you have voters remorse yet? This is just getting better and better for republicans providing they grow some and very soon.
February 19th, 2009 at 5:30 pm
Go Rick Go! I love it! He’s on fire! If the bailout debates begin to be framed the way Rick does it . . . that is bad news for the Dems . . . ala welfare . . . “who wants to pay for your neighbor’s mortgage?” . . . good question . . .
I always find the thinking in America fasinating at times. If you work hard, build up a good credit score over many years of not overextending your debt, and paying off all your bills on time, including your mortgage . . . what do you get in return? You have to bail out those who don’t have good credit scores and knew that they didn’t have good credit scores but accepted the subprime rates anyway so that they can stay in the homes that they shouldn’t have bought in the first place . . . thansk Uncle Sam . . .
Hmmm, what if we all stop paying our mortgages, would we have the option to refinance at a better rate also? to lower our principal? hmmmm . . . whats good for the goose is good for the gander
February 19th, 2009 at 6:59 pm
Obama is a tyrant. The Left are a tyrant.
Santelli is right. Spot on right.
He mentioned Founding Fathers. What they did we should do.
Up with the New Revolution.
Let the tyrants go where all tyrants go. And may it be soon.
February 19th, 2009 at 7:28 pm
GO RICK!!! IT’s about time someone had the courage to SPEAK UP!!!! Give the man a raise and his own show!!! CNBC could use the ratings and America could use a dose of real “hope” and “change”
February 19th, 2009 at 7:58 pm
Thank you Rick.
You speak for the majority of responsible Americans that believe in the vision of our founding fathers
February 19th, 2009 at 9:44 pm
A voice like this, is just what we need. Then a Tea Party it is, on the 4th of July.
February 20th, 2009 at 4:54 am
Funny. Where was this guy when his banker buddies were getting 850 billion…. Thought so. You righties didn’t seem to learn your lesson.
February 20th, 2009 at 7:03 am
Dan, that argument was already put to rest.
Santelli was voicing out against all this months ago.
And even if what you assert were true, how does that refute what he has to say or answer his questions ?
Those bankers you b*tch about needed something to recover with from all the risky loans those idiots on the hill made them approve.
Dont talk to us about “learning our lesson”.
What the present administration is doing now is nothing more than repeating the mistake made in the 30s, but only on a much larger scale.
Its the morons on the left who refuse to learn from every failed example that this method does not work. Yet your egos will convince you that you’re the ones who can make it work.
February 20th, 2009 at 7:27 am
Hey Dan, if I post a PO Box address would you send me $$$ to help me pay off my mortgage . . . the banks made me do it Dan . . . the evil bankers made me sign a contract and buy a house that I couldn’t afford . . . Dan, you gotta sacrifice on my behalf . . . put your money where your mouth is Dan . . . come on . . .
as Matt Lauer stated earlier on his show . . . we all have to sacrifice (once again a millionaire limousine liberal lecturing us on what sacrifice really means, I love it) . . . not only is paying your fair share of taxes patriotic (unless your the Treasury secretary) . . . you just don’t know the meaning of sacrifice and being patriotic Dan
February 20th, 2009 at 1:33 pm
Americans need to come together on this. Thank God for Rick Santelli. We need someone in the media to lead the revolution and give a voice to the average American. Our elected leaders in Washington are completely ignoring our wishes. We need Rick to give us a voice. How about that website referendum, Mr. President? If you really want to know what the American people want, then give us a vehicle to communicate directly with the White House. Save our Country!
February 20th, 2009 at 4:15 pm
What a joke! Mr. Santelli has no doubt dropped a bundle speculating and now he’s upset—At least he still has a job with CNBC! And for his trader cronies, these are the folks who’ve been chumming the waters—on Wall Street that is!
February 20th, 2009 at 4:27 pm
Carol, You ‘can’ contact the White House directly at whitehouse.gov. You can also contact your legislators at their respective email addresses. Would that more of the bloggers in cyberspace spend more time lobbying the prez and our representatives in congress with their thoughts as opposed to whining throughout the blogoshpere—and that goes for me too!
February 20th, 2009 at 4:48 pm
I am confused. Perhaps this is my own fault. If so, readers may dis-regard what follows.
I have a hard time imagining that Rick Santelli represents the average American. He is standing in the middle of the trading floor of the Chicago Mercantile Exchange. Does anyone really believe that investment traders represent the majority of average Americans? Most average Americans that I know do not have any extra capital to invest. They are worried about survival. What little capital they did have was swallowed up by greedy speculative investors. These same investors continue to claim that they are the victims. That is why Santelli and his cohorts oppose government efforts to help the average working person. No government control means more profits for them. The rich, who have the capital, become richer. The poor become poorer. If you are poor, just work harder, and harder, and harder!
Let’s face it, this nation is divided by
class and race. It always has been. George W. Bush said,” I’m for the ‘have mores.’ Reagan said that if we give more to the wealthy and corporations all boats will rise. Guess what? They did not! The deficit increased and unemployment also increased. The top 1% grew wealthier, the rest of us suffered.
February 20th, 2009 at 6:48 pm
I happen to watch CNBC everyday and know that Santelli atleast supported the Bank bailout as necessary. Even Micky’s “so called proof” from the Washington Post states this:
1. Today after Hank Paulson gave his press conference, you held up two hand-lettered signs on CNBC: “BAIT” and “SWITCH.” What did that mean?
Santelli: I’m not convinced this [bailout] was not orchestrated to save the banking industry. I’m not saying that’s not important and essential, but if Mr. Paulson and Mr. Bernanke went on the air and said, “We need three-quarters of a trillion dollars to bail out the banks,” I don’t think it would have passed.
Maybe he didn’t agree whole heartedly but it was “IMPORTANT and ESSENTIAL???”
Get off your high hats right wingers. Obama didn’t cause this mess. Most of it started and escalated under Bush’s watch. Does anyone expect that it will be solved in a month?? Cmon.
And BTW, our tax money is used for lots of things that some person or the other doesn’t agree with! Government is charged with helping ALL the people NOT all the people all the time.
February 20th, 2009 at 7:52 pm
CNBC Rick Santelli: Mortgage Bailout Rant - Video…
How mad are you that you are getting stuck helping to pay off the mortgages of people who haven’t been paying their mortgages? A lot of people are mad. It’s hotly discussed in homes and among friends. Few people stand up and call for a ……
February 20th, 2009 at 8:20 pm
in the center;
“What did that mean?”
If i have to explain it to you then I’ll have to wait til you get out of your diapers.
“Get off your high hats right wingers. Obama didn’t cause this mess. Most of it started and escalated under Bush’s watch.”
Bullsh*t.
McCain and Bush both raised warnings about this and it was the congress who in the last two years let it escalate.
“Does anyone expect that it will be solved in a month?? Cmon.”
Of course not.
Its been in the making since Carter implemented the CRA in the 70s and Clinton bolstered and elaborated on it during his term.
“Government is charged with helping ALL the people NOT all the people all the time.”
Its not the governments responsibility to put a roof over your head.
Only to afford you the opportunity to put one over your own head.
February 20th, 2009 at 8:23 pm
in the center;
“Maybe he didn’t agree whole heartedly but it was “IMPORTANT and ESSENTIAL???â€?”
First of all, beta 66 asked; “all i wanted to know is how mr. santelli felt about the bank bailout(s)? ”
And I answered his question, the answer was the “proof”.
Yes, it was important and essential.
The argument is that it was applied the wrong way.
Food is essential, but it has to get to your stomach in order to work
February 21st, 2009 at 1:32 am
Go Rick I am behind you on this.