The Chicago Tea Party

Ken AshfordEconomy & Jobs & Deficit, Obama OppositionLeave a Comment

For those who missed it, this is the video that went viral yesterday.  It features CNBC's Rick Santelli:

David Sirota said it best: Santelli was "literally on the floor of the Chicago Mercantile Exchange surrounded by multimillionaire traders railing on the Obama administration for trying to help struggling homeowners, and berating people who are getting foreclosed on as 'losers.'"

But that is precisely what has made him a cult hero (already!) on the right.  K-Lo at NRO says the reaction she is getting from conservatives in her email bag is a lot like the day after Sarah Palin made her convention speech.  She even created this graphic:


I'll let Political Animal speak for me:

In the midst of Santelli's tirade, threats about another "tea party," and genuinely frightening screaming, it didn't seem to occur to him that he sounded ridiculous. A $700 billion bailout for a financial industry on the verge of collapse? No problem. A $75 billion housing policy to stem the foreclosure crisis? Grab the pitchforks, show your unbridled rage, and prepare for a class war against those low-income families who've let down the Wall Street traders who've done so much to improve the nation's economy.

No wonder some of the less sensible among us fell in love with Santelli's faux-populism. It's the precisely the kind of class warfare Republicans have always dreamed of — the wealthy whining incessantly about struggling families getting to keep their homes.

As dday put it, "The revolution has begun. These workaday stock traders are going to take back this country for the laissez-faire capitalists who are entitled to it."

Not incidentally, now might also be a good time to point out that Santelli's fury doesn't stand up well to fact-checking. He made it sound like "losers" who bought homes they couldn't afford are poised to get a bailout from the feds. That might be the prevailing judgment of furious traders on the floor of the Chicago Mercantile Exchange, but it's not reality.

The right is going to need a new cult hero. This guy doesn't seem to know what he's talking about.

If this was a "Chicago Tea Party", then it heralded the beginning of "class warfare".  Not the class warfare the Republicans whine about, where rich people are forced to pay higher taxes, but a class warfare against the middle and low classes, brought on by the Wall Street elite.