THE STRANGE NEXUS OF CNBC, RICK SANTELLI, THE TEA PARTY, RUSH, DRUDGE AND CRONY CAPITALISM

Breitbart ^ | 10/30/2015 | C. Edmund Wright

[Servant of the Cross]

Prior to February 19, 2009, CNBC was an obscure niche network watched mainly inside Merrill Lynch offices ...

At the same point, in February 2009, the term tea party was only a vague memory out of middle school history - with no particular relevance to politics today - with the exception of a few mentions by Ron Paul that never resonated widely.

Meanwhile, crony capitalism (or crony socialism or cronyism if you prefer) was a problem, but it ... was kind of practiced in the dark and certainly not celebrated openly.

That all started to change shortly after 9 am EST that day, and it's no coincidence. These dynamics are connected dominos in a media/political continuum. So how did this all happen?

Enter a dude named Rick Santelli. The then obscure CNBC commentator and Chicago Mercantile floor trader had a small following for his morning rants, primarily among traders and investors who shared his libertarian small government bent - who also happened to watch Squawk Box. Small universe.

But on Thursday the 19th, with the Obama administration promoting a plan to force mortgage payers to bail out deadbeat mortgage clients, Santelli just went off from his post at the Merc. His 4:53 second soliloquy - carried live on Squawk Box - was met with raucous cheering from other traders on the floor. Santelli's sarcastic ire was aimed at a government that was too big, too powerful and too corrupt - and actively picking winners and losers. (snip)

... the money line was an off the cuff threat to "hold a Chicago Tea Party on Lake Michigan."(snip)

That audio was then picked up by those connected to the Rush Limbaugh Show ...

[Servant of the Cross]

A very interesting little walk through history, connecting various dots from the CNBC of 2009 and it's vastly different version today, and how it intersected with the Tea Party and conservative movement then ... and now.

[Servant of the Cross]

CEW article at Breitbart ping ....

[taildragger]

"Santelli just went off from his post at the Merc. His 4:53 second soliloquy - carried live on Squawk Box - was met with raucous cheering from other traders on the floor. Santelli's sarcastic ire was aimed at a government that was too big, too powerful and too corrupt - and actively picking winners and losers. the money line was an off the cuff threat to "hold a Chicago Tea Party on Lake Michigan."

And if my memory is correct it was on FR dang near in real time, and it was off to the races, FR won't get the credit it deserves IMHO...

[austingirl]

I was watching that day and remember his rant well. I only watch because I day trade- most of their staff are disgusting liberals.

[nathanbedford]

I suppose the first observation to make about crony capitalism is that it is an oxymoron. If it is the product of cronyism it cannot be capitalism.

A second observation would be that although socialism has taught us that it inevitably leads to cronyism it also to be noted that, if only to a lesser degree, the intrusive state of whatever flavor inevitably breeds cronyism as it creates distortions and dislocations and then moves in dark corners to ameliorate the baleful effects of all the good it has done.

[Las Vegas Ron]

If it is the product of cronyism it cannot be capitalism.

Crony fascism works for me.

[GOPJ]

Rick Santelli changed the course of history that day... thank God...

[cpdiii]

I suppose the first observation to make about crony capitalism is that it is an oxymoron. If it is the product of cronyism it cannot be capitalism.

A second observation would be that although socialism has taught us that it inevitably leads to cronyism it also to be noted that, if only to a lesser degree, the intrusive state of whatever flavor inevitably breeds cronyism as it creates distortions and dislocations and then moves in dark corners to ameliorate the baleful effects of all the good it has done.

That was a good post exemplifying simple and true logic. It "ain't" capitolism but simply corruption.

[Rusty0604]

I was watching Santelli live with his tea party rant. Anytime I mention here on FR that he started the tea party I get cut down quickly.

[FourPeas]

But it was Cruz's defense of the entire field, and of all conservatives, that was like a game changing pick six in football. [emphasis from original]

Yes! Cruz defended the entire field. Not just himself. Excellent point that deserves more emphasis.

[Rodamala]

Prior to February 19, 2009, CNBC was an obscure niche network watched mainly inside Merrill Lynch offices ...

I happened to be watching it live... I couldn't believe what I was seeing. CNBC was hardly obscure, we had the ticker in my local pub running all day.

[LS]

Much is congratulations to our own Freeper, C. Edmund Wright, for this fine historical piece and for landing a regular voice with Breitbart. Well done.

I attended (and spoke on air about) the first Dayton, OH Tea Party rally, which drew at least 8,000. It was the second largest Tea Party gathering to that point.

[LS]

Stupid spell check: that’s “muchos”-—but resist we much.

[CincyRichieRich]

Much is congratulations to our own Freeper, C. Edmund Wright, for this fine historical piece and for landing a regular voice with Breitbart. Well done.

I attended (and spoke on air about) the first Dayton, OH Tea Party rally, which drew at least 8,000. It was the second largest Tea Party gathering to that point.

---

I second it; good work, CEW.

SOTC, nice to hear an hour above Cincy you get a big crowd...here in the city where I am, it is more lonely, I kinda like being among the wolves, however, makes me feisty.

Whichever political signs are in yards around me it helps me know who NOT to vote for!

[kvanbrunt2]

great article onthe history of what becasue the current tea party movement.

from the article:
Concurrently CNBC – which was relatively balanced or even apolitical at the time – was airing commentary from Jack Welsh, Warren Buffet, Larry Kudlow and others critical of the government’s leftward lurch.

I watched it way back after the Financial news network got gobbled up. and i liked kudlow. he interviewed gov. sarah palin long before the VP nomination.

[LS]

So far no signs at all. Saw a Carson sticker.

[Lorianne]

The tea party actually got started in the Spring of ‘08 and picked up steam in September ‘08 just prior to the passage of TARP. There was a groundswell of opposition to the bailouts ... that is what started the tea party.

I went to some of these protests. It was in ‘08, not ‘09

[Lorianne]

Santelli did not start the tea party movement. It started in ‘08 in opposition to the impending TARP bailout. Protests were organized all over the country in opposition. Emails, calls, letter to members of Congress were 100:1 against the bailout vote ... which most of them ignored (mostly Democrats).

[tophat9000]

If it is the product of cronyism it cannot be capitalism.

Im going to disagree..it political capitalism...vs financial capitalism

What DC does is control political power..

if you a business money becomes irrelevant that's why money can be pissed away and wasted producing nothing...

it all about your political capital that you have with DC..i.e. the left

think Schindler's List where at the start the guys whole point was to get politically connected with the Nazi Party to be successful.. that factory and other resources allocated to him by the government..

That was truly a case where he didn't “build it”

That's what Obama and the left means..and they want it that way...everybody beholding to them

crony capitalism is political capitalism as opposed to financial capitalism

[Rusty0604]

It started when Obama announced that taxpayers were going to bailout homeowners facing foreclosure. That is what Santelli was ranting about and the tea party rallies began shortly thereafter.