Yesterday I found a really amazing story on Drudge Report, it was a segment on CNBC which is said to have captured the mood of the hard working Capitalists of the nation.
It has been termed as the “Rant heard around the world”¹ or “Chicago Tea Party”²
For all you guys who don’t know what is Chicago Tea-Party, watch this video here:
[youtube:http://www.youtube.com/watch?v=bEZB4taSEoA]

For those who don’t know what “Boston Tea Party” was read this:

The Boston Tea Party was an act of direct action protest by the American colonists against the British Government in which they destroyed many crates of tea belonging to the British East India Company and dumped it into the Boston Harbor. The incident, which took place on December 16, 1773, was a major catalyst of the American Revolution and remains an iconic event of American history.

Based on the same grounds, CNBC editor Rick Santelli let it rip on-air Thursday, leading a “mob” of Chicago traders in a mini-revolt against the government’s mortgage bailout plan. Chicago has one of the largest commodity Market in the world, and he was standing right in the middle of the pit, speaking shortly before the markets were open about how the bailout is a major moral hazard and its rewarding bad behavior, and suddenly the traders who were in the earshot started to cheer him, you could hear the cheers and boo all over the video. The video has become an Internet sensation and stories on the same video have gathered thousands of diggs on digg.com.

Rick Santelli captured a mood of America which wasn’t getting much coverage in America. The mood was “how many of us really wanna pay the mortgage for our neighbor”. With the massive $75 Billion bailout(for mortgages) Americans will be essentially paying mortgages for their neighbors. The government will be rewarding all those people who defaulted on their mortgage and punishing those who didn’t.

The question which arises is, why is America accepting this Obammunism? If you watch the reactions of anchors of CNBC you can clearly see the perplexed expression on their faces, they have no idea how anyone could be against the bailout. They were trying to make guesses on why Rick Santelli is leading this “Trader’s revolt”, they were joking about him running as a Senator(because its perfectly natural to assume that if you have people behind you then you wanna be a politician).

Rick Santelli also called for a Chicago Tea Party where they are planning to dump derivatives. Although the suggestion was in jest(because I will be a millionaire the day they decide to dump their derivatives, so no sane person would do that). Although I might donate my money to dump the T-Bills into the Chicago pit.

Who is to be blamed for those defaulted mortgages?
As a website promoting individual liberty, nobody BUT the home owners are to be blamed for the defaulted mortgages. But you need to understand what was the cause of so many home owners defaulting on their mortgages at once. The reason was that people who shouldn’t be given loans were give loans. This happened because of easy money floated into the market by then chairman of Federal Reserve Alan Greenspan. He slashed the interest rates to a ridiculous sub-1.75% from Dec 2001 to Nov 2004(almost 3 years), this caused an influx of easy money into the market. This caused the mortgage companies to start providing loans to people who weren’t worthy of giving a loan.
Here is a pretty decent video explaining the credit crisis with the help of visual aids.

Rick Santelli is just a lone Capitalist who got passed Mainstream Media guardsmen. I hope he proves to be the tipping point, and it awakens all the Americans on what America is all about. Sure hell America is not about paying your neighbor’s mortgage.

1. You can read the transcript here:
   http://www.reteaparty.com/2009/02/rick-santelli-rant-transcript/ [↩]
2. ReTea Party [↩]