Watch CNBC’s Rick Santelli go ape-crazy on the Chicago trading floor. “President Obama, are you listening?”
Yes, he is a reporter and he has obviously taken a side on an issue. But consider how many reporters already take the leftist side on issues.
The CNBC reporters at the network call Santelli and the traders a mob. Exaggeration? Yes, but not by too much. Just look at the Dow, NASDAQ, and S&P 500 — Americans have voted on Obama’s stimulus plan and consider it a failure before it even started.
UPDATE: Partial transcript from Pamela at Atlas Shrugged:
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 modification, I’ll tell you what, I have an idea. You know, the new administration’s big on computers and new 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 who might have a chance to actually prosper down the road. And reward people that can carry the water instead of drink the water. (rowdy applause on the trading floor)
Host: That’s a novel idea. 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. (no hands raised, lots of booing) President Obama, are you listening?
Trader on the floor: How about we all stop paying our mortgages? It’s a moral hazard.
Host: How about the notion that you can go down to 2% on the mortgages -
Santelli: You could go down to -2% and still -
Host: - and still have 40% not be able to do it. So 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!