Rick Santelli Quotes
I think it is a mistake for candidates, or once they get elected in office, to be dwelling too much on the topic of markets.
There was a financial crisis in the country and the world when highly risky home mortgage loans defaulted leaving investors and speculators in mortgage-backed securities in a poor position. The investors had been reaping very high interest rates for their risky investments, but this was the first time that this form of risky investment had failed. The investors, of course were looking for a bailout from government. When the Bush administration failed to bail out investment bank, Lehman, there was a panic and the banking system of the country and much of the world froze up. Bush and his Secretary reversed their bailout of speculators policy and provided various assistants and bailouts to the very bankers and other investors who had caused the economic meltdown. The policy was continued by the Obama administration although the bailouts were just as distasteful to Obama as they were to Bush, but most economists agree that the two presidents very distasteful and unpopular bailout actions probably saved the nation from a massive depression. After being bailed out by the taxpayers, the Bankers then paid themselves exorbitant bonuses while the results of their management put 10 percent of the country out of work.
There have always been economic and political ideologues. However in the George W. Bush administration ideological purity was a key criterion for appointment, and many appointments were made of ideologues who had no experience and had accomplished little previously. This quotation was a criticism of the unfettered free market ideology of so many of the Bush appointees. Critics like Bernstein saw this ideological focus as opposed to pragmatism, as responsible for the poor economic record of the Bush administration. Apologists for Bush and conservative economic ideology attribute the economic problems to cycles over which the administration and government had little control.
Mellon was one of the richest men in America and a very powerful Treasury Secretary who served under 3 presidents. However, he was very independent with his own power base which was what made Norris’s line very funny. It was politically impossible for the President’s to fire Mellon.
Islamic modernists like him are many among the educated Muslims but their views are often drowned out by the violence and extremist statements of the fundamentalists.
Critics of his wondered how he, a world class neurosurgeon, would react to a political proposal to “throw the neurosurgeons out and use common sense instead.
Rick John Santelli is an editor for the CNBC Business News network. He joined CNBC as an on-air editor on June 14, 1999, reporting primarily from the floor of the Chicago Board of Trade. He was formerly the vice president for an institutional trading and hedge fund account for futures-related products. He is also credited as being a catalyst in the early formation of the Tea Party movement via a statement he made on February 19, 2009.
