CNBC/CME Group floor reporter Rick Santelli is credited with igniting the Tea Party movement a few years back when during a report on the floor of the Chicago Board of Trade he ripped the bailouts.
He was reprimanded for expressing his opinion (“he’s only a reporter”) while the wiseguys back on the anchor desk were unloading their opinions up to our necks. Accused of having a cheering gallery (on the trading floor), Santelli said, waving to the traders behind him, “This is America,” and suggested that maybe President Barack Obama ought to be asking Americans what they think of all the bailouts.
Santelli unloaded again last week. Explained the Daily Caller’s Jeff Poor:
On Friday’s CNBC “Squawk Box,” those events were deemed a “spectacle” that spooked potential employers into holding back on hiring during August. But CNBC/CME Group floor reporter Rick Santelli disagreed, saying that it was wrong to place blame on market forces that aim to get the government’s fiscal house in order
Poor’s transcript of Santelli follows:
“I get a real kick out of how everybody calls what we went through in July and August ‘the spectacle,’” Santelli said. “The darn spectacle was that getting up to these trillion dollars’ worth of debt, thinking that the action trying to address it is the spectacle is exactly half-button backwards, just like the interpretation that if you dump all this money into the economy, the government will look like they are doing something and that will create a positive dynamic. We have mountain of debt that isn’t going away and all the problems are here to stay, and anybody who tells you that is a good thing ought to get out of the business of helping the government down the road.”
View the entire exchange here.