February 24, 2009

New American Tea Party - Rick Santelli VIDEO

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New American Tea Party - Rick Santelli VIDEO

Given the surge in interest around Rick Santelli's CNBC rant video, and the growing chorus of anti-stimulus folks calling for the New American Tea Party to halt the flow of government cash to troubled (and sometimes irresponsible) homeowners, keep in mind this interesting bit of history on the original Tea Party -- notably, that it actually meant more expensive tea.

Care of The New Pamphleteers blog and the D.C. Examiner: And did you know that the price of tea would actually decrease under the parliamentary act that sparked the Boston Tea Party?

...There's a corollary here. The let-them-fail attitude of Tea Partiers toward foreclosures could come with a hefty price tag. As Clive Crook pointed out last week, the bailout may be unfair (as bailouts, by their nature, tend to be) but instead of pricier tea, doing nothing could mean more damage to home prices...

I don't doubt that Rick Santelli and everybody else in the video have the best interests of the country at heart. If the Tea Partiers are aware of the risks of higher foreclosures, and are willing to sacrifice that "public interest" (i.e. watching their own homes lose value as foreclosures in their neighborhood increase) then their commitment can be considered a noble stand for a set of free-market principles. If they haven't considered the risks, they should.

New American Tea Party - Rick Santelli VIDEO

The floor of the stock exchange is a pretty good statistical representation of the majority America? Riiiiiiiiight.

Posted at February 24, 2009 4:22 PM

What a hypocrite! Did he wail and moan about the Bear Stearns bailout, or the AIG one?

No, Santelli is picking on the weak, the people who don't have money in the stock market. Notice he's not saying Word One about the mortgage brokers who sold those mortgages, or the ratings agencies that had the nerve to rate the securitized mortgages as investment grade, or the multiple morons around the industry who should have known that subprime mortgages are no different than junk bonds.

Please, Rick, concentrate on the TA and leave the populism to the general populace.

Posted by: Eric Sohn at February 24, 2009 5:02 PM


Posted by: R PASCHAL at February 25, 2009 8:44 PM

Santelli is 100% dead-on correct. Americans don't want to make house payments for people that simply did something stupid. Punish the hard working and prudent. Reward the lazy and foolish. Pure Demo, lib, il-logic. Get a clue. Start w/ ECON 101. You are a babbling idiot.

Posted by: BlueCollarConservative at February 26, 2009 10:14 AM

I watched Rick Santelli's rage and rave.... yeah, right, the stock exchange is a pretty good statistical representation of the majority America... they are ALL thieves and thugs who let the rest of us down and stuffed their pockets just like the other crooks, the bankers, AIG, Merrill Lynch, and the Lehman Bros... What REALLY angers me about all this is that these dirtbags STILL live like there's no tomorrow and that they still lie as if we are stupid, uneducated people who do not 'understand' whats going on. AND.... all these bail-out recipients and CEO's still take all the bonuses they can get their dirty hands on, having not been willing to learn a single thing out of this entire mess. I surely hope the bad KARMA they're putting out will follow them thru this and the next life.. They ALL should be fired and only rehired if they pass a competency test of being a good human being! The rest should be all standing in the unemployment line where they put most of the Americans, while they were spending vacations in exotic places... Angry, hell yes, I am angry and I will not give Santelli the satisfaction of sending even one single teabag.....

Posted by: ruth at March 6, 2009 1:49 PM

Sombody should tape his mouth shut, this guy dosen't live in the real world.

Posted by: E.Allen Phinney at March 8, 2009 8:56 AM