Who would have thought the counterrevolution would begin on CNBC?
Yesterday, on the floor of the CME Group in Chicago, CNBC's on air business news editor Rick Santelli lambasted President Obama's near trillion dollar bailout package. Amongst other things Santelli said "government is promoting bad behavior" and challenged the Obama Administration to organize an online vote to see if Americans wanted to "really subsidize the losers' mortgages." He also called for a Chicago Tea Party this July. Santelli received an enthusiastic response from the traders in back and to the side of him. His rant has also resonated with the public.
Needless to say Santelli's rant has become an instant YouTube classic. http://www.youtube.com/watch?v=bEZB4taSEoA
It also hit a raw nerve in the Obama Administration. Why else would White House Press Secretary Robert Gibbs ridiculously state that Santelli "doesn't know what he's talking about"?
First, the Obama Administration would expect this kind of wallop to come from the Fox News Channel, not CNBC. Second, this wallop took place in Obama's backyard.
Gibbs did go on to say he would like Santelli to come to the White House and read the Obama plan and also offered to buy him a cup of decaffinated coffee. Santelli has said he would be happy to come to the White House but reiterated his preference for tea.
Santelli has been with CNBC for a decade. Today, he's an overnight sensation.
It's been a long first month in office for the Obama Administration.
Friday, February 20, 2009
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