Rick Santelli on CNBC

GLENN: Let me go to Elizabeth in Florida. Hello, Elizabeth, you are on the Glenn Beck program.

CALLER: Hey, Glenn, first-time caller here.

GLENN: Thank you.

CALLER: Thanks for everything you do. You are really appreciated in our family. I’ve got two questions for you, if that’s okay.


CALLER: What do you think about the transportation secretary Ray LaHood taxing motorists for the mileage that they drive, Massachusetts is even thinking about doing a tentative plan using GPS chips in our cars.

GLENN: Sure, I think it’s the way to not raise gas prices — or I mean gas tax and everybody will say, "Oh, well, they are going to relieve the gas tax" not knowing exactly, you know, what this means. And it’s another way for the government to encourage you to take the train or ride the bus or whatever else. But it’s not going to be any different other than they can raise taxes higher and higher and higher on the evil combustion engine.

CALLER: I see. And what do you think about Rick Santelli’s rant on CNBC yesterday?

GLENN: Can we play this? Hang on just a second, Elizabeth. Let me see if we can play this.


GLENN: Here is the rant on CNBC. This is a trader that is on the floor, the trading floor in Chicago. Listen to this.

VOICE: Listening to it, I’ve been just glued to it because Mr. Ross has nailed it. You know, the government is promoting bad behavior because we certainly don’t want to put stimulus forth and give people a whopping $8 or $10 in their check and think that they ought to save it. And in terms of modifications, I tell you what, I have a new idea. You know, the new administration’s big on computers and technology. How about this, president and new administration: Why don’t you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers’ mortgages or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road and reward people that could carry the water instead of drink the water.

VOICE: Hey, Rick —

VOICE: A novel idea.

GLENN: Pause it for a second. This I believe is the turning point in this. I think that up until this it was a good commentary and, you know, the guy’s kind of a showman, et cetera, et cetera, and he’s outspoken, and this was a good commentary at this point. But this is where it goes from commentary to real. I believe this is the opening fire across the bow. When he said, "President Obama, are you hearing this," he couldn’t have spoken truer words. This is the beginning that somebody in our government needs to finally pay attention. It is what I’ve been talking about that was coming for a very long time and that is disenfranchisement which will turn into anger and then turn into God knows what. And only the government can diffuse this by not reinjuring people. So this is where it gets real. Listen carefully. You hear the floor?

VOICE: They are like putty in your hands. Did you hear?

VOICE: No, they are not, Joe. They are not like putty in their hands. This is America. How do you —

GLENN: Pause it again. Do you hear his outrage again? Did you hear he was, "Hey, how about, you know, how about we pay for this, or how about we don’t do this." And then all of a sudden he becomes outraged. You can’t — you didn’t pause it? Go ahead, play it. Here we go.

VOICE: Don’t want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills. Raise their hand.

GLENN: Hear the anger?

VOICE: President Obama, are you listening?

VOICE: How about we all stop paying our mortgage. It’s a moral hazard.

GLENN: That was just a trader on the floor.

VOICE: I’m getting scared —

GLENN: And media here in New York dismissing it.

VOICE: We’re we used to have mansions and a relatively decent economy. They moved from the individual collective. Now they are driving ’54 Chevys. Maybe the last great car to come out of Detroit.

VOICE: They are driving them on water, too, which is a little strange to watch at times.

VOICE: There you go.

VOICE: Hey, Rick, how about the notion that pointed out, you can go down to 2% on the mortgage.

VOICE: You could go down to minus 2%. They can’t afford the house.

VOICE: And still have 40% not be able to do it. So why are they in the house? Why are we trying to keep them in the house?

VOICE: Mr. Summers is a great economist but, boy, I’d love the answer to that one.

GLENN: Anger.

VOICE: You get people fired up.

VOICE: Jason, you want to —

VOICE: We’re thinking about having a Chicago tea party in July. All you capitalists that want to show up to Lake Michigan, I’m going to start organizing it.

VOICE: What are you dumping in this I’m?

GLENN: Stop. There you go. This is what’s coming. There is going to be peaceful civil disobedience. That is, I think that is the first step. And this was the first launch across the bow of peaceful civil disobedience. If it doesn’t turn the corner — do you have the Fox dynamics poll, Stu, from yesterday? Elizabeth, thank you so much for asking about the CNBC thing, and I will tell you this will be the key. So far do you think I have this right?

CALLER: Absolutely. I’m telling you I want to go to that tea party.