CNBC's Rick Santelli made a splash this morning. It is being called "Santelli's Rant" or "Santelli's Chicago Tea Party".
Santelli derided the Obama administration's housing rescue plan, which aims to spend more than $200 billion when all is said and done to try and keep people in their homes. The goal? By helping the hardest hit, you help everyone by raising home values.
Back to Santelli. He was at his perch on the floor of the Chicago Board of Trade and with a nod to those around him he blasted Obama's plan. Here is a transcript of what he said:
Rick Santelli CNBC transcript (video):
"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! (he turns to the traders nearby)
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."