Rick Santelli | |
|---|---|
| Born | Rick John Santelli (1956-07-06)July 6, 1956 (age 68)[1][2] |
| Education | B.S.,economics |
| Alma mater | University of Illinois at Urbana–Champaign |
| Occupation(s) | CNBCpundit,derivativestrader |
| Political party | Republican |
Rick John Santelli (born July 6, 1956) is an American editor for theCNBC Business News network.[3] He joined CNBC as an on-air editor on June 14, 1999, reporting primarily from the floor of theChicago Board of Trade. He was formerly the vice president for an institutional trading andhedge fund account for futures-related products. He is also credited as being a catalyst in the early formation of theTea Party movement via a statement he made on February 19, 2009.[4]
The grandson of fourItalian immigrants, Rick John Santelli[5] was born near Taylor Street inChicago's old Italian neighborhood and moved with his family toLombard, Illinois at age six.[6]
After graduating fromWillowbrook High School inVilla Park, Illinois, Santelli attended theUniversity of Illinois at Urbana–Champaign, where he was a member of theAlpha Sigma Phi fraternity and graduated with aBachelor of Science ineconomics in 1979.[5][3][6][7]
In 1979, he joined theChicago Mercantile Exchange and the Chicago Board of Trade as a commodity trader and order filler forDrexel Burnham Lambert; he eventually became the Vice President ofInterest Rate Futures and Options.[3]
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 withCNBC in 1999.[3]
On February 19, 2009, Santelli drew attention for his comments on theHomeowners Affordability and Stability Plan, which was announced the day before, on February 18. Broadcasting from the floor of theChicago 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] TheTea Party remark was credited by some as "igniting" theTea Party movement as a national phenomenon.[10][11]
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 onThe Daily Show withJon 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 theGeorge Bush Presidential Library Foundation atTexas A&M University.[17]
CNN.com reported that some compared Santelli to fictional reporterHoward Beale, the protagonist of the 1976satirical filmNetwork.[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 fromlibertarians. 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 hisKeynesian 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 inThe 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 aCOVID-19 virus pandemic, Santelli stated, during a live broadcast ofThe 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 theCOVID-19 pandemic.[25]
Santelli was, again, criticized by media outlets, following his launch of a shouting match with CNBC news anchorAndrew Ross Sorkin, on December 4, 2020, over current government recommendations and legal measures directing individuals in order to curtail theCOVID-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]
Since 2015, Santelli has lived with his wife inWayne, Illinois.[1][27]
