CNBC's Santelli incites traders in Chicago, calls for a 'tea party'
CNBC's Rick Santelli incited the traders on the Chicago trading floor on Feb. 19, calling for a referendum to see if we want to "subsidize losers' mortgages" or buy cars and houses in foreclosure and "give them to people who might actually prosper down the road." As traders cheered, he went on to say that we should "reward people that can carry the water instead of drink the water."
Santelli then called for a Chicago tea party in July. When asked what should be thrown in, he stalled for a bit and then suggested "dumping some derivative securities."
Obviously, traders are not happy with the Obama stimulus program. But their feelings probably reflect about half the population right now, as the stimulus has been received with lukewarm response. If by July, the supposed time of Santelli's tea party, there is some signs of recovery, I wonder who will attend?
Will the stimulus work? No one knows. But should we give it more time? Certainly the traders don't think so.