Rick Santelli Rant Transcript
RICK SANTELLI: The government is promoting bad behavior. Because we certainly don’t want to put stimulus forth 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’ll tell you what, I have an idea.
You know, the new administration’s big on computers and technology– How about this, 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 we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road, and reward people that could carry the water instead of drink the water?
TRADER ON FLOOR: That’s a novel idea.
(Applause, cheering)
JOE KERNEN: Hey, Rick… Oh, boy. They’re like putty in your hands. Did you hear…?
SANTELLI: No they’re not, Joe. They’re not like putty in our hands. This is America! How many of you people want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills? Raise their hand.
(Booing)
President Obama, are you listening?
TRADER: How ’bout we all stop paying our mortgage? It’s a moral hazard.
KERNEN: It’s like mob rule here. I’m getting scared. I’m glad I’m…
CARL QUINTANILLA: Get some bricks and bats…
SANTELLI: Don’t get scared, Joe. They’re already scaring you. You know, Cuba used to have mansions and a relatively decent economny. They moved from the individual to the collective. Now, they’re driving ‘54 Chevys, maybe the last great car to come out of Detroit.
KERNEN: They’re driving them on water, too, which is a little strange to watch.
SANTELLI: There you go.
KERNEN: Hey Rick, how about the notion that, Wilbur pointed out, you can go down to 2% on the mortgage…
SANTELLI: You could go down to -2%. They can’t afford the house.
KERNEN: …and still have 40%, and still have 40% not be able to do it. So why are they in the house? Why are we trying to keep them in the house?
SANTELLI: I know Mr. Summers is a great economist, but boy, I’d love the answer to that one.
REBECCA QUICK: Wow. Wilbur, you get people fired up.
SANTELLI: We’re thinking of having a Chicago Tea Party in July. All you capitalists that want to show up to Lake Michigan, I’m gonna start organizing.
(Whistling, cheering)
QUICK: What are you dumping in, what are you dumping in this time? Housing…?
SANTELLI: We’re going to be dumping in some derivative securities. What do you think about that?
QUINTANILLA: Mayor Daley is marshalling the police right now.
KERNEN: Rabble-rouser.
QUINTANILLA: The National Guard.
After Jason Roney of Sharmac Capital makes some comments, it’s back to Santelli.
QUINTANILLA: You know, Rick, one of our producers says if Roland Burris steps down, man, "Senator Santelli," the junior senator from Illinois. It’s a possibility. I’m just saying…
SANTELLI: Do you think I want to take a shower every hour? The last place I’m ever gonna live or work is D.C.
KERNEN: Have you raised any money for Blago?
SANTELLI: No, but I think that somebody’s gonna have to start raising money for us.
QUICK: Hey, Rick? Can you do that one more time, just get the mob behind you again?
QUINATILLA: Have the camera pull way out.
QUICK: Yeah, pull way out. Everybody listen to Rick Santelli.
KERNEN: He can’t… I don’t think… You can’t just do it at will, can you Rick? I mean, you have to say something.
QUICK: No, do it at will. Let’s see.
SANTELLI: Listen, all’s I know is, is that there’s only about 5% of the floor population here right now, and I talk loud enough they can all hear me. So if you want to ask ‘em anything, let me know. These guys are pretty straight forward, and my guess is, a pretty good statistical cross-section of America, the silent majority.
QUICK: Not so silent majority today. So Rick, are they opposed to the housing thing, to the stimulus package, to everything out there?
SANTELLI: You know, they’re pretty much of the notion that you can’t buy your way into prosperity, and if the multiplier that all of these Washington economists are selling us is over… that we never have to worry about the economy again. The government should spend a trillion dollars an hour because we’ll get 1.5 trillion back.
WILBUR ROSS: Rick, I congratulate you on your new incarnation as a revolutionary leader.
SANTELLI: Somebody needs one. I’ll tell you what, if you read our founding fathers, people like Benjamin Franklin and Jefferson,… What we’re doing in this country now is making them roll over in their graves.
Taxpayer said:
Correcting transcript: he said “if the multiplier… is over 1 (one)”. That way sentence that follows makes sense.
“if the multiplier that all of these Washington economists are selling us is over 1… that we never have to worry about the economy again. The government should spend a trillion dollars an hour because we’ll get 1.5 trillion back.”
February 20th, 2009 at 11:05 am
Janine said:
Unfortunately, you cannot trust a vote by Internet–especially, considering how Obama supporters have already manipulated the net to get their messaiah elected…
February 20th, 2009 at 12:45 pm
Tom said:
Amen! Rick, I have always hoped to hear something like what you said on any of the 3-major networks. I almost couldn’t believe my eyes and ears.
I’m happy to have witnessed your very cogent exposure of the insanity that has been unleashed on us from the Beltway geniuses. Robert Gibbs, of the newly renamed Red House is making the Bush Press Secretaries look downright brilliant. None of them would ever have attacked a citizen expressing his opinion, even if he was a CNBC employee.
God bless you Rick. I look forward to July!
February 20th, 2009 at 2:18 pm
Shonda Wright said:
Rick, you are my new hero of the “silent majority”! Keep up your impassioned speeches….At the very least you are helping a lot of people vent their frustrations with Obama’s bailout plan!
February 20th, 2009 at 2:51 pm
brenda holman said:
Like Rick, I’m also mad as hell. Because my neighbors financed the socks off this economy, can’t pay their bills, defaulted on loans, now banks are failing right and left. The responsible people, in this country are having to bare the brunt of all the deadbeats out there. Here’s my rant. I have never missed a payment, nor been late on my credit card, and have a high credit score. NOW CHASE CREDIT CARD HAS INCREASED MY PAYMENT FROM $197.00 A MONTH TO $465.00, AND CHARGING ME A $10.00 A MONTH “PROCESSING” FEE! AFTER CONTACTING THEM, I WAS INFORMED I ONLY HAVE ONE RECOURSE, TO AGREE TO HAVE MY
INTEREST RATE RAISED UP 4 PERCENTAGE PONTS. THEN I CAN GO BACK TO THE $197.00. WHAT A CROCK!!!! THE BANKS GOT THEMSELVES INTO THIS MESS BY MAKING RISKY LOANS TO RISKY PEOPLE, NOW” WE THE PEOPLE” WHO ARE RESPONSIBLE AND CAREFUL WITH OUR FINANCES HAVE TO FOOT THE BILL. IT IS BECOMING MORE AND MORE DIFFICULT TO BELIEVE IN THE AMERICAN DREAM. IT’S BECOMING MORE LIKE NIGHTMARE ON MAIN STREET!!!!!!!!!!!!!!!!!!!!!!!!!!
February 20th, 2009 at 5:50 pm
Chicago Tea-Party | Reason for Liberty said:
[...] Capitalists of the nation. It has been termed as the “Rant heard around the world”[1] or “Chicago Tea Party”[2] For all you guys who don’t know what is Chicago [...]
February 20th, 2009 at 9:52 pm
Karen B-Houston said:
Brenda, your neighbor didn’t cause your credit card rate to increase Chase did.
Even if Chase had financed your neighbor’s house, which is probably not the case, Chase would have sold their loan, either bundling it themselves or selling it to some company like Goldman Sachs that would have bundled it up with other mortgages, divided that bundle into tranches and sold the tranches into someone’s pension fund, or to a foreign government like Iceland, which we singlehandedly bankrupted. Chase would have gotten their money immediately and some pensioner somewhere would have been left holding the bag. Chase would have known how good or bad that mortgage was all along. After all they are the ones who should have checked the application. But then, they might have filled a lot of it in fraudulently themselves because their main concern is getting the fees-they already knew they would be paying for a AAA credit rating from one of the big rating agencies and selling it off to some unsuspecting investor.
They raise your rate because they can and because they have made a lot of other bad decisions, like getting involved in the derivatives market, which is simply Las Vegas on steriods. Nothing is produced, they just take ridiculous risks that are incredibly overleveraged.
They say that one form of derivatives, Credit Default Swaps, is like insurance-except:
*The company, say AIG, isn’t required to keep reserves on hand to pay off the holders in case the designated risk goes bad, as is any other real insurance company. That’s why we had to bail out AIG because they were holding $80 billion in Credit Default Swaps payable to Goldman and Paulson was CEO of Goldman.
*You could say it’s sort of like homeowners insurance except-you don’t have to own any of whatever you insure. It’s as if you could insure your neighbor’s house and then burn it down and collect on the insurance. Some would say that’s what happened to Lehman Bros.
(The above rules are thanks to Sen. Phil Gramm R-TX,Dec. 1999)
So you see, you think that Santelli is a genius but he’s not telling you the truth about how these problems arise.
It’s not your neighbor you need to be mad at, it’s the fraudsters on Wall Street.
February 20th, 2009 at 10:00 pm
personal trainers austin said:
“JOE KERNEN: Hey, Rick… Oh, boy. They’re like putty in your hands. Did you hear…?
SANTELLI: No they’re not, Joe. They’re not like putty in our hands. This is America!”
It annoyed the hell out of me when Joe made that condescending comment. Rick shut him up good.
February 21st, 2009 at 4:13 am
Steve MadAsHell said:
Hey America let’s wake up and put people in the streets all across the country.
While an internet vote might not mean anything, the MSM can’t deny it if thousands of us spontaneously organize to protest.
You can count me in in Seattle WA on July 4 (or whatever other day seems popular).
I’ve seen a couple of facebook groups starting to form. If anyone knows a good place to organize, please post links.
This reteaparty website looks like a good place around which to rally.
This bailout frenzy is tinder to relight the fire of the Ron Paul Revolution. Why can’t we elect leaders who will roll back excessive government? I guess if a substantial voting block really believes that a socialist redistribution from the producers to the consumers is a never ending gravy-train, we producers may have no alternative but to find a way to withhold payment. If producers become a powerless minority as voters, we may need to find alternatives. I hope we avoid violent ones. Maybe we can partition the country so we don’t have to have the same stupid federal policy everywhere. Hey wait, we already have the states and the constitution for that: the United States (plural).
It is frustrating to have no effective way to withhold tax. I have to feed my wife and kids and my tax is withheld at the source.
God bless America (the people, not the govt).
February 22nd, 2009 at 2:05 am
The Foreclosing of the American Mind - gamecock’s blog - RedState said:
[...] he refers to those that are “losing” their homes, but that what is significant is why his rant resonated so strongly with so many Americans: Why don’t you put up a website to have people vote [...]
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Palibanners Join Teabagging Fun | Paliban Daily said:
[...] analyst Rick Santelli spouted off at the Chicago Board of Trade to thunderous applause. Santelli shouted, How about this, President and new administration? Why don’t you put up a website to have people [...]
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