Friday, February 20, 2009

The Chicago Tea Party - Rick Santelli of CNBC

Thank you, Rick Santelli of CNBC, for voicing the growing frustration of the "silent majority" of many successful Americans. There are deep philosophical differences between the fundamental values on which this country was established and where the Obama administration and new Congress are rapidly taking the country.
These are not abstract academic debates about Keynesian economics and the concept of limited government. This is a nation of free individuals who make responsible choices and take risks carefully in their lives to achieve success over a lifetime.
Federal intervention in markets affects all of our lives, and will do so for generations to come. It rewards failure, not success. It rewards political connections, not responsible choices. It punishes success through politically motivated government transfers of wealth. Instead of encouraging and recognizing private charity toward others, it rewards reliance on government.
February 19, 2009 - CNBC video - Rick Santelli's Chicago Tea Party - Comment: Interesting rant about the mortgage bailout plan, as traders react to the idea of hosting a "Chicago Tea Party" protest in July. Rick Santelli seems to recognize that this is just another transfer of wealth from responsible people.
See the reaction on the CNBC Stock Blog about the "Chicago Tea Party" idea, which was in response to comments by Wilbur Ross, Jr. about consumer leveraging as a "giant Ponzi scheme".
As of 2pm Chicago time, fairly soon after an online poll was added to the blog, there were already 6827 responses, with 87% voting yes to join the tea party. By 10pm, it was over 61,000, and 91% said yes. By midnight, it was over 90,000 votes, and 92% said yes.
Even Rush Limbaugh played audio clips on his Thursday program and linked to the morning rant.
CNBC video: Reality Check: Housing plan impact on lenders - also Diana Olick - Realty Check column

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