Rick Santelli

Misread and Misreported: Tea Party Activism Bullish for Economy
By Jeff Poor | September 23, 2010 | 12:20 PM EDT

One of the most common threads in the media recently has been how bad the Tea Party movement has been for this United States. It has been derided for lacking racial diversity, promoting policies outside the so-called mainstream and blamed for creating a civil war within the Republican Party.

The media often stress those “negatives” at the expense of the positive basic tenets of the Tea Party movement: smaller government, fiscal responsibility and free markets – tenets that, when highlighted, are in fact bullish signals for an ailing economy. This is a phenomenon Larry Kudlow, host of CNBC’s “The Kudlow Report,” explained.

“Tonight, free-market capitalism on the comeback trail,” Kudlow said on his Sept. 15 program. “That is one of the messages of the Tea Party power. We saw a lot of that power last night in the primaries. I tell you what folks, that Tea Party power, that free-market capitalist power is so totally bullish for the stock market.”

Former Majority Leader Dick Armey Credits CNBC's Santelli for Sparking Tea Party
By Jeff Poor | August 19, 2010 | 3:33 PM EDT

February 2009 was a pretty dark time for the conservative movement. The arguably most liberal president in the history of the United States has been sworn in to office just weeks early. The Congress had solid Democratic majorities in both chambers. And there were overtures that only way to save the nation from suffering the worst of a downtrodden economy was through an avalanche of costly legislation that would create huge budget deficits and ever-expanding bureaucracy.

But in the midst of that dark spell, CNBC's Rick Santelli lit the spark that ignited the conservative pushback. On CNBC's Feb. 19, 2009 "Squawk Box," Santelli called for a "tea party" in Lake Michigan to protest the idea the Obama administration was preparing to enact a massive housing bailout to reward people who took part in risky behavior by purchasing a home they couldn't afford.

According to former House Majority Leader Dick Armey, now the chairman of FreedomWorks, often portrayed as a Tea Party villain by the American left, Santelli really is a father of the movement. Armey, along with Matt Kibbe, president and CEO of FreedomWorks, credit Santelli in an Aug. 17 Wall Street Journal op-ed and more extensively in their book "Give Us Liberty: A Tea Party Manifesto." And on CNBC's Aug. 19 "Squawk Box," Armey explained the importance of Santelli.

Five for Five: Top Five News Stories Broken or Advanced by NewsBusters | Round 3 of T-Shirt Winners
By NB Staff | August 6, 2010 | 2:38 PM EDT
Editor's Note: For the list of NewsBusters T-shirt contest winners, skip to the end of this post. Click here to enter the contest.

It's time once again for "Five for Five," this time our list of the Top Five News Stories Broken or Advanced by NewsBusters.

We start with an honorable mention that just barely failed to make the cut, but is worth noting for its impact on the blogosphere, Noel Sheppard's August 1, 2009 post, "Obama Joker Poster Popping Up in Los Angeles."

As for our top five, they are blog posts that uncovered:

Santelli: Tea Party More a 'Philosophy' Than a Party
By Jeff Poor | July 26, 2010 | 6:09 PM EDT

Like a dog chasing its tail, the left has spent a great amount of time trying to determine who the leader of the Tea Party movement is. And often, there are accusations of prevalent racism among its members. But according to CNBC's Rick Santelli, the Tea Party is more of a philosophy than a group, which has nothing to do with racism.

In an appearance on NBC's July 25 "Meet the Press," Santelli, known as the father of the Tea Party movement, took on the argument that Tea Party protesters are racist.

"First of all, we should have zero tolerance for racial discrimination, period," Santelli said. "Beyond that, if the indirect question is, ‘Is the Tea Party racist?' I think the real question is, ‘Are there racists in the Tea Party?' And I would contend that statistically there's going to be racists in any group."

CNN's Rick Sanchez: Conservative Talk Show Hosts are Uneducated
By Matthew Balan | July 9, 2010 | 8:01 PM EDT

On Friday's Rick's List, CNN's Rick Sanchez attacked conservative economic policy, singling out the right's support for lower tax rates, and complained that "we in America are so easily led to go against our own interests.... you would find that at least half...[are] pulling for the rich guy." Sanchez also belittled conservative talk show hosts: "Many...don't even have a college degree" [audio clips available here].

The anchor led the 3 pm Eastern hour with a rant against "these guys on talk radio, some of whom make hundreds of thousands of dollars, if not millions of dollars" and their defense of "the money guys...the super-rich, night in and night out- you know who I'm talking about- you will hear this and you have heard this consistent narrative. We're being held back by high taxes in this country, high tax rates- cut taxes on the wealthy and, zoom, there it goes. Our economy is going to be back with a vengeance. Get the government off our backs and all our problems in this country are going to be solved."

Sanchez then caricatured the conservative take on the present economic situation and, unsurprising, introduced race into the issue. He also targeted CNBC personality and Tea Party hero Rick Santelli:

Santelli's Simple Answer to Deficit: 'Stop Spending, Stop Spending, Stop Spending!'
By Jeff Poor | June 28, 2010 | 3:21 PM EDT

If it were only that simple - that is the way CNBC's Rick Santelli would have it.

On CNBC's June 28 "Squawk Box," CNBC's senior economics reporter Steve Liesman vigorously defended the need for higher tax rates as a measure to cut federal deficits. Others argued that government revenues would increase if tax rates were lower because it would stimulate growth. (h/t Real Clear Politics Video)

"Let me get this straight - all you guys want to cut taxes en route to bringing down the deficit?" Liesman asked.

But according to Santelli, it has nothing to do with taxes, but the role of government in the economy.

Vintage Santelli – Rips Obama's Keynesian-ish Policies: Why Does My Share Have to Pay for California's Teachers?
By Jeff Poor | June 25, 2010 | 3:51 PM EDT

This is one of those "I told you so" moments conservatives should really be out publicizing: The $787-billion stimulus passed early 2009 - it's not working.

And on CNBC's June 25 broadcast of "The Call," CME Group floor reporter Rick Santelli explained that all government spending is not created equal, and President Obama's so-called stimulus spending was for government payrolls and not the infrastructure improvement is was sold to be.

"Well, you know, it's all about, in my opinion, definition and choice," Santelli said. "Definition, I don't disagree with our guest, Richard [DeKaser, president of Woodley Park Research], about stimulus, but I haven't seen any stimulus. I've seen a lot of spending. And in terms of choice, austerity isn't something people are going to volunteer for. The creditors are going to force it on them. I think these issues are much different than we're selling them. You know, we don't have a new Hoover Dam. We don't have a new electric grid. We paid a bunch of salaries and benefits and extension benefits, unemployment with a lot of that money that you save jobs because you paid teachers because states couldn't afford it I don't think any of that really falls under a definition of stimulus."

CNBC's Santelli Warns U.S. 'Could End Up Worse than Japan' Facing a Lost Decade
By Jeff Poor | June 24, 2010 | 4:10 PM EDT

Fresh off his Tea Party cover story in the June 24 Weekly Standard, CNBC's Rick Santelli foresees what could be classified as an economic black hole for the United States of America.

On the network's June 24 broadcast of "Strategy Session," the CME Group reporter explained how the country could be headed down the same path and face the economic calamity the Japanese faced in what is known as the "lost decade." That period, from 1991-2000, was one which the Asian nation failed to grow economically despite countless efforts by the government to intervene. But as Santelli explained - the U.S. version of Japanese economic policies could result in Greek-style austerity measures.

"The notion that we are turning into Japan has been something talked about on this floor for probably a year and a half," Santelli said. "What changes though, is that it is now a toss up between Japan and Greece and trust me the eventual solutions or recommendations for avoiding the pitfalls of either are completely different strategies. A lot of Japanese say, ‘More Keynesian, more stimulus, spend, spend, spend, spend, spend.' And the other side of the equation says, ‘Well then, you are going turn into Greece.' Where does the truth lie? One thing I can tell you is, is that demographics are a big issue in this story as well. The Japanese have a demographic time bomb similar to the U.S. in terms of underfunded pensions and liabilities."

CNBC Reporter Attacks Obama for Creating 'His Own Sense of a Legal System' over Oil Spill
By Jeff Poor | June 16, 2010 | 5:28 PM EDT

There has been a lot of criticism hurled at President Obama over his handling of the BP oil spill. Some on the left are upset the president hasn't been more forceful with the oil giant. Those on the right generally argue Obama's leadership has been inadequate.

Rarely has the president been criticized for specific actions on this issue. But on "Closing Bell" June 16, CNBC's Matt Nesto was asked whether BP acted appropriately by agreeing to the White House's terms by cutting its dividend payments and agreeing to a $20 billion escrow account.

Nesto argued that the administration was circumventing the legal system with such acts. 

Conservative Pundits Strike a Chord as Nation Grows Wary of Liberalism
By Lachlan Markay | June 10, 2010 | 12:42 PM EDT
On February 19, 2009, Rick Santelli helped create a movement whose political impact has not yet been fully realized. The "Rant Heard 'Round the World," as it has become known, was a profound, if hardly isolated example of the power of conservative pundits to enact political change.

That power has grown as Americans have become more sympathetic to the economic conservative argument--both the moral/spiritual element of it, and the strictly economic one. The American people have by and large come full circle in a short time, and the pundits that retain the most influence in our society have changed accordingly.

Santelli is the perfect example, as he was certainly not the prominent name he is now before he let loose on the floor of the Chicago exchange. Michael Barone explains the essential appeal of the rant. He wrote Wednesday that it "was both an economic and a moral argument."
Antiquated Law Preventing Foreign Naval Aid for Gulf Oil Spill Says CNBC’s Santelli, Heritage Foundation
By Jeff Poor | June 9, 2010 | 5:05 PM EDT

When a protectionist law is enacted and nearly a century later it is inhibiting a recovery from major ecological catastrophe, it's probably time to scrap it or at least temporarily waive it.

But instead a nearly century old provision known as the Jones Act of 1920 is wielding the wrath of unintended consequences. According to the Heritage Foundation, this protectionist measure was put in place to defend the American maritime industry, but is endangering far more jobs than it is protecting.

"The Jones Act, which is supposedly about protecting jobs, is actually killing jobs," Heritage co-authors James Dean and Claude Berube wrote in a June 8 The Foundry post. "The jobs of fishermen, people working in tourism and others who live along the Gulf Coast and earn a living there are being severely impacted. There are also additional private sector jobs which are NOT being created in the United States since the Jones Act effectively prices U.S. based companies out of the ability to be competitive on the competitive global market. As we strive to develop new technologies for a cleaner environment at sea, the Jones Act continues to hobble our own capabilities, sometimes with devastating results."

Santelli Blames Financial Regulation Vote for Dow Drop: 'What Are They Doing in Washington?'
By Jeff Poor | May 21, 2010 | 12:27 AM EDT

With the Dow Jones Industrial Average (DJIA) taking another tumble of 376 points on May 20, some investors are pointing to problems in Europe for the sell-off. However, there may be problems at home as well.

CNBC's CME Group floor reporter Rick Santelli explained on the May 20 broadcast of "Closing Bell" it had a lot to do with the Europe and the Euro, however it isn't all coming from abroad.

"Well, a couple of things," Santelli said. Well, first of all, if you look at the high-grades, they widened out with the high-yields widened out more today at levels today that are wider than the day of the flash crash. That's ‘a.' And ‘b,' you know Maria, we have a 1.2511 on the Euro. This is so much more than just focusing on the Euro."