CNBC commentator
Rick John Santelli
(born July 6, 1956) is an American editor for the
CNBC
Business News network.
[3]
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.
[4]
Early life and education
[
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]
The grandson of four
Italian
immigrants, Rick John Santelli
[5]
was born near Taylor Street in
Chicago
's old Italian neighborhood and moved with his family to
Lombard, Illinois
at age six.
[6]
After graduating from
Willowbrook High School
in
Villa Park, Illinois
, Santelli attended the
University of Illinois at Urbana?Champaign
, where he was a member of the
Alpha Sigma Phi
fraternity and graduated with a
Bachelor of Science
in
economics
in 1979.
[5]
[3]
[6]
[7]
Career
[
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]
Financial
[
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]
In 1979, he joined the
Chicago Mercantile Exchange
and the Chicago Board of Trade as a commodity trader and order filler for
Drexel Burnham Lambert
; he eventually became the Vice President of
Interest Rate Futures and Options
.
[3]
CNBC
[
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]
In the 1990s, Santelli felt that the financial industry was changing in a way "not beneficial to me and my family",
[8]
and accepted a full-time job with
CNBC
in 1999.
[3]
"Tea Party" rant
[
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]
On February 19, 2009, Santelli drew attention for his comments on the
Homeowners Affordability and Stability Plan
, which was announced the day before, on February 18. Broadcasting from the floor of the
Chicago Mercantile Exchange
, 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".
[9]
The
Tea Party
remark was credited by some as "igniting" the
Tea Party movement
as a national phenomenon.
[10]
[11]
Responses
[
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]
Described as "loquacious and self-aggrandizing" by media, Santelli's remarks were characterized as a rant.
[12]
[13]
[14]
CNBC canceled Santelli's scheduled interview on
The Daily Show
with
Jon Stewart
on March 4, 2009.
[13]
Santelli later clarified his comments and addressed concerns that the event was staged.
[15]
[16]
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
.
[17]
CNN.com
reported that some compared Santelli to fictional reporter
Howard Beale
, the protagonist of the 1976
satirical
film
Network
.
[18]
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.
[19]
Santelli's comments garnered praise from
libertarians
. Mark R. Crovelli wrote:
In the world of financial "journalism," CNBC's Rick Santelli stands out as a refreshing and intelligent antidote to the hordes 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.
[20]
Santelli was condemned by the left;
George Monbiot
said, "it is the most alarming example of cheap demagoguery you are likely to have seen."
[21]
Paul Krugman
wrote in his column in
The New York Times
that:
... Somehow, [the Republican Party] has become infected by an almost pathological meanspiritedness, a contempt for what CNBC's Rick Santelli, in the famous rant that launched the Tea Party, called "losers." If you're an American, and you're down on your luck, these people don't want to help; they want to give you an extra kick...
[11]
In 2020, media reported that, after a series of stock declines driven by fears of a
COVID-19 virus pandemic
, Santelli stated, during a live broadcast of
The Santelli Exchange
, on March 5,
[22]
that "maybe we’d be just better off if we gave [the virus] to everybody, and then in a month it would be over because the mortality rate of [COVID-19] probably isn’t going to be any different if we did it that way than [in] the long-term picture, but the difference is we’re wreaking havoc on global and domestic economies."
[23]
[24]
Santelli subsequently apologized for making the “dumbest, most ignorant” remarks about managing the
COVID-19 pandemic
.
[25]
Santelli was, again, criticized by media outlets, following his launch of a shouting match with CNBC news anchor
Andrew Ross Sorkin
, on December 4, 2020, over current government recommendations and legal measures directing individuals in order to curtail the
COVID-19 pandemic
. Santelli's rant against restrictions was repeatedly met by Sorkin, who asserted that science opposed Santelli's views, and deemed his diatribe "a disservice to the viewer."
[26]
Personal life
[
edit
]
Since 2015, Santelli has lived with his wife in
Wayne, Illinois
.
[1]
[27]
References
[
edit
]
- ^
a
b
Rosenthal, Phil (2009-02-23).
"Rant raises profile of CNBC on-air personality Rick Santelli"
.
Chicago Tribune
. Archived from
the original
on 2009-02-25
. Retrieved
2009-03-02
.
- ^
"Talking Biz News Today - July 6, 2018"
. 6 July 2018.
- ^
a
b
c
d
"Rick Santelli"
. CNBC. 4 January 2012
. Retrieved
September 14,
2018
.
- ^
Fed-Bashing Three Ways
Slate
, Bethany McLean. November 9, 2010
- ^
a
b
The Illio
(PDF)
, University of Illinois at Urbana-Champaign, 1976, pp. 375, 397
- ^
a
b
Pallasch, Abdon M. (September 19, 2010).
"
'Best 5 minutes of my life'
"
.
Chicago Sun-Times
. Archived from
the original
on September 21, 2010
. Retrieved
September 14,
2018
.
- ^
Rusoff, Jane Wollman (June 2009).
"No Teleprompter Needed: CNBC's Rick Santelli"
.
Research Magazine
. Retrieved
September 14,
2018
.
- ^
Ahrens, Frank (2008-11-23).
"Five questions for CNBC's Rick Santelli"
.
washingtonpost.com
. Retrieved
2009-03-03
.
- ^
Etheridge, Eric (February 20, 2009).
"Rick Santelli: Tea Party Time"
.
New York Times: Opinionator
.
- ^
Pallasch, Abdon M. (September 19, 2010). "
'Best 5 minutes of my life'; His '09 CNBC rant against mortgage bailouts for 'losers' ignited the Tea Party movement".
Chicago Sun-Times
. p. A4.
- ^
a
b
Krugman, Paul (July 14, 2013).
"Hunger Games, USA"
.
New York Times
.
- ^
Zucker, Michael (2009-03-01).
"Santelli, why don't you listen?"
. chicagotribune.com
. Retrieved
2020-12-05
.
- ^
a
b
Lattman, Peter (2009-03-12).
"Jon Stewart's Wall Street Corner Man for Tonight's Cramer Battle ? Deal Journal ? WSJ"
. Blogs.wsj.com
. Retrieved
2020-12-05
.
- ^
Linkins, Jason (March 5, 2009).
"Jon Stewart Eviscerates CNBC, Santelli On Daily Show"
.
The Huffington Post
. Retrieved
2020-12-05
.
- ^
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
.
- ^
"Bush To Host Economic Leadership Forum"
. tamunews.tamu.edu. 2009-04-09
. Retrieved
2009-09-26
.
- ^
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.
- ^
Crovelli, Mark R.
"The Trouble With Rick Santelli"
.
LewRockwell.com
.
- ^
Monbiot, George (2012-06-14).
"Bogus, Misdirected and Effective"
. Retrieved
2013-12-12
.
- ^
The Santelli Exchange
, March 5, 2020. Retrieved December 5, 2020.
- ^
Murphy, Mike (March 5, 2020).
"CNBC's Rick Santelli suggests giving everyone coronavirus to spare the economy"
.
MarketWatch
. Retrieved
March 6,
2020
.
- ^
Fox, Justin (March 5, 2020).
"How Bad Is the Coronavirus? Let's Run the Numbers"
.
Bloomberg News
. Retrieved
March 6,
2020
.
- ^
"CNBC’s Rick Santelli: I apologize for insensitive coronavirus comments",
CNBC
, March 6, 2020. Retrieved December 5, 2020.
- ^
"CNBC's Rick Santelli starts shouting match on air over Covid-19 restrictions"
,
CNN
, December 5, 2020. Accessed December 5, 2020.
- ^
Goldsborough, Bob (October 28, 2015).
"Rick Santelli of CNBC buys house in west suburban Wayne"
.
Chicago Tribune
. Retrieved
September 14,
2018
.
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