THE FOUNDRY

Morning Bell: The Chicago Tea Party

Posted February 20th, 2009 at 9.20am in Entrepreneurship.

The nation’s outrage over the never ending Bush-Obama Bailout Parade is heating up fast. This week alone we’ve seen grassroots rallies in Seattle, Denver, Mesa, and Kansas. Then yesterday, CNBC editor Rick Santelli set off a virtual firestorm when his passionate critique of President Barack Obama’s mortgage bailout plan inspired traders on the floor of the Chicago Board Options Exchange to stop their pre-trading preparations to voice their support. The video of Santelli’s call for a “Chicago Tea Party” to protest the government’s constant intervention in the free market has spread like wildfire across all media outlets. What caused Santelli’s outburst? National Review caught up with him:

NRO: When we posted a link to the video, we were swamped with e-mails in support, including a couple from traders at the Board of Trade in Chicago, who have been saying right on. How have the e-mails that you’ve been getting, how have they been running?

Santelli: I’ll be honest with you, I think I’ve gotten somewhere between 850-900, and I think I had three that were negative. … The issue is, you can’t pick out 8 or 9 percent and give them things that weaken the 90 or 92 percent who are carrying the water. … They need to quit picking winners and losers, and they have to quit alienating the classes. You have to figure out a way to float all boats, and I think that’s where the administration has gone wrong, and I think that’s the nerve I hit.

via Morning Bell: The Chicago Tea Party » The Foundry .