Rick Santelli

Last updated
Rick Santelli
Born
Rick John Santelli

(1956-07-06) July 6, 1956 (age 67) [1] [2]
Chicago, Illinois, U.S.
Education B.S., economics
Alma mater University of Illinois at Urbana–Champaign
Occupation(s) CNBC pundit, derivatives trader
Political party Republican

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]

Contents

Early life and education

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

Financial

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

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

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

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]

COVID-19 virus remarks

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

Since 2015, Santelli has lived with his wife in Wayne, Illinois. [1] [27]

Related Research Articles

<span class="mw-page-title-main">CNBC</span> American television business news channel

CNBC is an American business news channel owned by NBCUniversal News Group, a unit of Comcast's NBCUniversal. The network broadcasts business news and analysis programming during the morning, daytime trading day, and early-evening hours, while off-peak hours are filled by business-related documentaries and reality television programming, as well as occasional NBC Sports presentations. CNBC operates an accompanying financial news website, CNBC.com, which includes news articles, video and podcast content, as well as subscription-based services. CNBC's headquarters and main studios are located in Englewood Cliffs, New Jersey, while it also maintains a studio at the Nasdaq MarketSite in Times Square, New York City.

Latasha R. Thomas is an American politician and former alderman of the 17th Ward of the City of Chicago, Illinois, United States. Thomas was appointed to the position of alderman by Mayor Richard M. Daley in 2000, subsequently elected outright in a 2001 special election, and was re-elected in 2003, 2007, and 2011. During her tenure as alderman, Thomas worked to get many of the schools within her ward renovated. In the fall of 2014, Thomas announced that she would not seek re-election in 2015 as alderman, following the announcement that a former employee would run in her place.

Maureen Murphy was an American politician in the Republican Party. She held several offices in Illinois, serving as a member of the Illinois House of Representatives and the Cook County Board of Review, and chairing the Cook County Republican Party from 2002 to 2004.

<span class="mw-page-title-main">Willowbrook High School</span> Public secondary school in Villa Park, Illinois, United States

Willowbrook High School (WBHS) is a public four-year high school in Villa Park, Illinois, a western suburb of Chicago, Illinois. The school is located approximately half a mile north of Illinois Route 38 on Ardmore Ave. It is a part of the DuPage High School District 88, which also includes Addison Trail High School. Willowbrook draws its students from Villa Park, Oakbrook Terrace, and portions of Elmhurst, Oak Brook and Lombard.

<span class="mw-page-title-main">Illinois's 10th congressional district</span> U.S. House district for Illinois

The 10th congressional district of Illinois lies in the northeast corner of the state and mostly comprises northern suburbs of Chicago. It was created after the 1860 census. The district is currently represented by Democrat Brad Schneider.

Sam Adams Alliance (SAM) was a 501(c)(3) non-profit organization based in Chicago, Illinois. It was founded in 2006 and disbanded in 2012. The president was Eric O'Keefe.

James B. Burns was an American lawyer who served as the inspector general for the Illinois Secretary of State. He was also a professional basketball player in the National Basketball Association (NBA) and American Basketball Association (ABA).

<span class="mw-page-title-main">2010 United States Senate elections in Illinois</span>

The 2010 United States Senate elections in Illinois took place on November 2, 2010. There were two ballot items for the same seat: a general election, to fill the Class 3 seat beginning with the 112th United States Congress beginning on January 3, 2011, and a special election, to fill that seat for the final weeks of the 111th Congress. Roland Burris, who was appointed to fill the vacancy created by fellow Democrat Barack Obama's election to the presidency, did not run in either election.

<span class="mw-page-title-main">2009 Illinois's 5th congressional district special election</span> Election in United States

A special election was held in Illinois's 5th congressional district in 2009 to fill the seat vacated by Rahm Emanuel. On April 7, Democratic nominee Michael Quigley defeated Republican nominee Rosanna Pulido and Green nominee Matt Reichel. Quigley was sworn in on April 21 and served out the congressional term.

<span class="mw-page-title-main">Tea Party protests</span> 2009–2010 series of protests in the US

The Tea Party protests were a series of protests throughout the United States that began in early 2009. The protests were part of the larger political Tea Party movement. Most Tea Party activities have since been focused on opposing efforts of the Obama administration, and on recruiting, nominating, and supporting candidates for state and national elections. The name "Tea Party" is a reference to the Boston Tea Party, whose principal aim was to protest taxation without representation. Tea Party protests evoked images, slogans and themes from the American Revolution, such as tri-corner hats and yellow Gadsden "Don't Tread on Me" flags. The letters T-E-A have been used by some protesters to form the backronym "Taxed Enough Already".

<span class="mw-page-title-main">Jon Stewart–Jim Cramer conflict</span>

On March 12, 2009, television personality Jim Cramer appeared as a guest on The Daily Show with Jon Stewart. The host of CNBC's Mad Money, Cramer appeared in response to host Jon Stewart's highly publicized week-long criticism of CNBC. The exchange began with a scathing piece on CNBC's miscalculations regarding the financial crisis of 2007–2008 in response to CNBC commentator Rick Santelli, who had recently said on the floor of the Chicago Board of Trade that homeowners facing foreclosure were "losers". Santelli had been set to appear on the show, but CNBC canceled Santelli's appearance. Stewart, along with Daily Show executives, claimed the CNBC montage was not retaliatory and that they planned to show it before the cancellation was announced.

<span class="mw-page-title-main">Tea Party movement</span> American fiscally conservative political movement

The Tea Party movement was an American fiscally conservative political movement within the Republican Party that began in 2009. The movement formed in opposition to the policies of Democratic President Barack Obama and was a major factor in the 2010 wave election in which Republicans gained 63 House seats and took control of the U.S. House of Representatives.

<span class="mw-page-title-main">Tea Party Patriots</span> Right wing American political organization

The Tea Party Patriots is an American conservative political organization founded in 2009 as part of the Tea Party movement. It is known for organizing citizen opposition to the Affordable Care Act during the presidency of Barack Obama, and more recently for supporting Donald Trump.

<span class="mw-page-title-main">Joe Walsh (Illinois politician)</span> American politician (born 1961)

William Joseph Walsh is an American politician, talk radio host, former social worker, and former 2020 Republican presidential candidate who served one term in the United States House of Representatives representing Illinois's 8th congressional district.

The Tea Party Caucus (TPC) was a congressional caucus of the Republican Party in the United States House of Representatives, consisting of its most conservative members. It was founded in July 2010 by Minnesota Congresswoman Michele Bachmann in coordination with the Tea Party movement the year following the movement's 2009 creation. Bachmann served as the Caucus's first chair.

<span class="mw-page-title-main">2011 Chicago mayoral election</span>

The city of Chicago, Illinois held a nonpartisan mayoral election on Tuesday, February 22, 2011. Incumbent Mayor Richard Michael Daley, a member of the Democratic Party who had been in office since 1989, did not seek a seventh term as mayor. This was the first non-special election since 1947 in which an incumbent mayor of Chicago did not seek reelection.

<i>Fire from the Heartland</i> 2010 American film

Fire from the Heartland: The Awakening of the Conservative Woman is a 2010 American documentary film written and directed by former Breitbart News LLC executive chairman Steve Bannon, and produced by David N. Bossie for Citizens United Productions. The documentary stars Michele Bachmann, Deneen Borelli, and Ann Coulter, and focuses on female participation in conservative politics.

The Tea Party movement, founded in 2009, is an American political movement that advocates strict adherence to the United States Constitution, reducing U.S. government spending and taxes, and reduction of the U.S. national debt and federal budget deficit.

<span class="mw-page-title-main">COVID-19 pandemic in Illinois</span> Ongoing COVID-19 viral pandemic in Illinois, United States

The ongoing COVID-19 pandemic began in the U.S. state of Illinois on January 24, 2020, when a woman in Chicago, who had just returned from the pandemic's place of origin in Wuhan, Hubei, China, tested positive for the virus. This was the second case of COVID-19 in the United States during the pandemic. The woman's husband was diagnosed with the disease a few days later, the first known case of human-to-human transmission in the United States. Community transmission was not suspected until March 8, when a case with no connection to other cases or recent travel was confirmed.

References

  1. 1 2 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.
  2. ↑ "Talking Biz News Today - July 6, 2018". 6 July 2018.
  3. 1 2 3 4 "Rick Santelli". CNBC. 4 January 2012. Retrieved September 14, 2018.
  4. ↑ Fed-Bashing Three Ways Slate , Bethany McLean. November 9, 2010
  5. 1 2 The Illio (PDF), University of Illinois at Urbana-Champaign, 1976, pp. 375, 397
  6. 1 2 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.
  7. ↑ Rusoff, Jane Wollman (June 2009). "No Teleprompter Needed: CNBC's Rick Santelli". Research Magazine. Retrieved September 14, 2018.
  8. ↑ Ahrens, Frank (2008-11-23). "Five questions for CNBC's Rick Santelli". washingtonpost.com. Retrieved 2009-03-03.
  9. ↑ Etheridge, Eric (February 20, 2009). "Rick Santelli: Tea Party Time". New York Times: Opinionator.
  10. ↑ 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.
  11. 1 2 Krugman, Paul (July 14, 2013). "Hunger Games, USA". New York Times.
  12. ↑ Zucker, Michael (2009-03-01). "Santelli, why don't you listen?". chicagotribune.com. Retrieved 2020-12-05.
  13. 1 2 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.
  14. ↑ Linkins, Jason (March 5, 2009). "Jon Stewart Eviscerates CNBC, Santelli On Daily Show". The Huffington Post. Retrieved 2020-12-05.
  15. ↑ Santelli, Rick (2009-03-02). "Rick Santelli: I Want to Set the Record Straight". cnbc.com. Retrieved 2009-03-03.
  16. ↑ Bauder, David (2009-03-02). "CNBC: Santelli not tied to political Web site" . Retrieved 2012-04-27.
  17. ↑ "Bush To Host Economic Leadership Forum". tamunews.tamu.edu. 2009-04-09. Retrieved 2009-09-26.
  18. ↑ Nationwide 'tea party' protests blast spending. By Ashley Fantz. CNN.com Published April 15, 2009.
  19. ↑ Fox teas up a tempest. By Michael Calderone. The Politico . Published April 15, 2009.
  20. ↑ Crovelli, Mark R. "The Trouble With Rick Santelli". LewRockwell.com.
  21. ↑ Monbiot, George (2012-06-14). "Bogus, Misdirected and Effective" . Retrieved 2013-12-12.
  22. ↑ The Santelli Exchange, March 5, 2020. Retrieved December 5, 2020.
  23. ↑ Murphy, Mike (March 5, 2020). "CNBC's Rick Santelli suggests giving everyone coronavirus to spare the economy". MarketWatch . Retrieved March 6, 2020.
  24. ↑ Fox, Justin (March 5, 2020). "How Bad Is the Coronavirus? Let's Run the Numbers". Bloomberg News . Retrieved March 6, 2020.
  25. ↑ "CNBC’s Rick Santelli: I apologize for insensitive coronavirus comments", CNBC, March 6, 2020. Retrieved December 5, 2020.
  26. ↑ "CNBC's Rick Santelli starts shouting match on air over Covid-19 restrictions", CNN, December 5, 2020. Accessed December 5, 2020.
  27. ↑ Goldsborough, Bob (October 28, 2015). "Rick Santelli of CNBC buys house in west suburban Wayne". Chicago Tribune. Retrieved September 14, 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.