Rick Santelli
| Rick Santelli | |
|---|---|
| Born | January 12, 1953 [citation needed] Chicago, Illinois, U.S. |
| Occupation | CNBC commentator, derivatives trader |
Rick Santelli is an American on-air editor for the CNBC Business News network.[1] 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 with being a catalyst in the early formation of the Tea Party movement via a statement he made on February 19, 2009.[2]
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Early life [edit]
The grandson of four Italian immigrants, Santelli was born near Taylor Street in Chicago's old Italian neighborhood and at age 6 moved with his family to Lombard, Illinois.[3] After graduating from Willowbrook High School in Villa Park, Illinois,[3] Santelli graduated from the University of Illinois at Urbana-Champaign and has been a member of the Chicago Mercantile Exchange and the Chicago Board of Trade. He began his career in 1979 as a commodity trader and order filler at the Chicago Mercantile Exchange in markets that included gold, lumber, CDs, T-bills, foreign currencies, and livestock. While at the University of Illinois at Urbana-Champaign, Santelli joined Alpha Sigma Phi fraternity.
Career [edit]
Financial [edit]
After college, Santelli began trading in 1979 at the Chicago Mercantile Exchange in various markets, including commodities, Certificates of deposit, Treasuries, and currencies.[1]
During the time he spent as a financial trader and executive, Santelli worked for Drexel Burnham Lambert as the Vice President of Interest Rate Futures and Options.[1]
Media [edit]
In the 1990s, Santelli felt that the financial industry was changing in a way "not beneficial to me and my family",[4] and in 1999, accepted a full-time job with CNBC.[1]
Criticism of the Homeowners Affordability and Stability Plan [edit]
Santelli drew attention for his remarks made on February 19, 2009, about the Homeowners Affordability and Stability Plan. While broadcasting from the floor of the CME Group during pre-market hours, Santelli accused the government of "promoting bad behavior", and raised the possibility of a "Chicago Tea Party". He suggested that individuals who knowingly obtained high-risk mortgages (and faced impending foreclosure as a consequence) were "losers".
Santelli clarified his comments and addressed concerns that the event was staged.[5][6]
CNN.com reported that some compared Santelli to fictional reporter Howard Beale, the protagonist of the 1976 satirical film Network.[7] Santelli said:
I think that this tea party phenomenon is steeped in American culture and steeped in the American notion to get involved with what’s going on with our government. I haven’t organized. I’m going to have to work to pay my taxes, so I’m not going to be able to get away today. But, I have to tell you – I’m pretty proud of this.[8]
On April 20, 2009, Santelli participated as a panel member in an Economic Leadership Forum hosted by the George Bush Presidential Library Foundation at Texas A&M University.[9]
Praise and criticism [edit]
On November 4, 2010, the Tea Party Patriots organization confirmed in an email to their members that Santelli's comments started the Tea Party movement:[citation needed]
Tea Party Patriots wishes to extend a special thank you to Rick Santelli for his rant on February 19, 2009, which started this entire movement. Without Rick's rant, this movement would never have started. Many others will try to take credit but don't be fooled. He was the spark that began this fire.
However, multiple media outlets have called into question whether Santelli truly initiated the Tea Party movement, asserting that groups like FreedomWorks and Americans for Prosperity played largely into the formulation of the Tea Party. In his documentary, The Billionaires' Tea Party, Taki Oldham links the creation of Tea Party organizations with multi-billionaires Charles and David Koch, the founders of FreedomWorks and Americans for Prosperity, and their respective political action groups. [10]
Mother Jones journal also links Tea Party formulation with FreedomWorks, and alleges the movement parallels multiple reactionary movements such as the Liberty League, seen in the 1930's; the John Birch Society, seen in the 1960's; and the Arkansas Project, seen in the 1990's. [11]
In addition to this acclaim from the Tea Party movement, Santelli has also garnered praise from libertarians:[12]
In the world of financial "journalism," CNBC's Rick Santelli stands out as a refreshing and intelligent antidote to the hoards of perma-bulls, fed apologists, and chart sorcerers that otherwise pollute the financial airwaves. ... The trouble with Santelli, however, is that his political and economic philosophy is inconsistent and incomplete, and does not offer a viable alternative to that being peddled by his Keynesian opponents. – Mark R. Crovelli
Santelli is a proponent of the Austrian School of economics.[citation needed]
Santelli has also been criticized by the left, for example George Monbiot said:
...it is the most alarming example of cheap demagoguery you are likely to have seen.[13]
Personal life [edit]
Santelli lives with his wife and three daughters in Chicago's western suburbs near Wheaton, Illinois.[14]
References [edit]
- ^ a b c d "Rick Santelli Profile, Biography, About". CNBC.com. 2006-11-28. Retrieved 2009-02-21.
- ^ Fed-Bashing Three Ways Slate.com, Bethany McLean. November 9, 2010
- ^ a b http://www.suntimes.com/news/politics/2723474,CST-NWS-TeaParty19.article. Missing or empty
|title=(help)[dead link] - ^ Ahrens, Frank (2008-11-23). "Five questions for CNBC's Rick Santelli". washingtonpost.com. Retrieved 2009-03-03.
- ^ Santelli, Rick (2009-03-02). "Rick Santelli: I Want to Set the Record Straight". cnbc.com. Retrieved 2009-03-03.
- ^ Bauder, David (2009-03-02). "CNBC: Santelli not tied to political Web site". Retrieved 2012-04-27.
- ^ Nationwide 'tea party' protests blast spending. By Ashley Fantz. CNN.com Published April 15, 2009.
- ^ Fox teas up a tempest. By Michael Calderone. The Politico. Published April 15, 2009.
- ^ "Bush To Host Economic Leadership Forum". tamunews.tamu.edu. 2009-04-09. Retrieved 2009-09-26.
- ^ [www.billionairesteaparty.com "Billionaires Tea Party"] Check
|url=scheme (help). documentary. Retrieved 11 May 2013. - ^ Drum, Kevin (September/October 2010). "Tea Party: Old Whine in New Bottles". Mother Jones.
- ^ Crovelli, Mark (2011-03-07) The Trouble With Rick Santelli, LewRockwell.com
- ^ Monbiot, George (2010-6-24) [1]
- ^ Rosenthal, Phil (2009-02-23). "Rant raises profile of CNBC on-air personality Rick Santelli". chicagotribune.com. Retrieved 2009-03-02.
External links [edit]
- Rick Santelli bio on CNBC.com
- Original speech by Rick Santelli on CNBC.com
- Santelli's speech and White House response
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