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The New American Tea Party : The Rick Santilli Folly February 24, 2009

Posted by aetiusromulous in Commentary, news, politics, Uncategorized.
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Rick Santilli, the new American Idol, has managed to monetize his infamous rant as only a Wall Street shark can do. The New American Tea Party has become an official movement. So American, so cute, so funny.

Santilli and his new movement appear to be pissed that anybody would ask them to chip in to help support idiots and dead beats. After all, who wants to do that? In both a democracy and a capitalist system, charity is inviolately optional. To kick that jam out from underneath the American Way would spell utter chaos and collapse in a comfortable world where the rewards always fit the crime. If democracy ever reaches into their pockets, capitalism will collapse. Which of course, it will.

Both democracy and capitalism were born at the same time, of the same parents, and into the same world. Since the late 18th century (exactly 233 years ago), both have been conjoined twins, inseparable since their birth, and for all their existence. One has never breathed free of the other, and for anybody alive today, there has been no other way. Politicians, economists, investors, and deadbeat homeowners alike all have lived every second of their nasty, brutish, and very long lives inside the shiny happy bubble of the American Dream. And for that entire time, that socioeconomic structure has proved impregnable, making every single day for every single generation better than the last. The damn thing worked like a charm.

Until now.

Together, democracy and capitalism give free rein to every human failing, as well as every human virtue. Wall Street was always kept in check by democracy, and vice versa. However it came to pass in the last two decades that economics – still welded firmly to democracy – began to benefit disproportionately from technology. Like an Elephant man, capitalism begin to warp and deform the whole. Computers and the internet tied capitalism to the entire planet, with democracy lagging far behind. The once wonderfully balanced body began to cough and spit up blood, consumption running like a virus through the whole.

Democracy and capitalism are tearing each other apart and in the process, pushing over the ancient and rusting structure like a grass hut in a hurricane. For fundamental, far-reaching, infinitely complex, and global reasons, Rick Santilli faces the prospect of being robbed. Which of course he is.

However, the expectation that we can all cling to our investment accounts and “freedoms” as we did before – as if nothing is fundamentally wrong with the system a priori – is simple idiocy, and in fact, dangerous. There can be no “new” thinking for those who will not see, and solutions – if any exist at all – will require new thinking. It’s a new world and a new age – and nobody knows the rules.

Santilli and his ilk are rationalising from the very narrow slit of their own understanding – which is now irrelevant. Does he really believe that defending a moot point in a country with only 5% of the world’s population – who are suffering much worse than Americans in many cases – will have any positive affect what so ever? He is being irresponsible when he uses his airtime to drive a wedge into an issue that is simply distracting and polarizing – at best. He is being criminal when he allows it to grow into a movement that can only distract us all from the real issues, which are so much bigger than his now pointless principle.

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Comments»

1. WM - February 26, 2009

Capitalism is not the problem. It is and has been the reckless spending and socialistic ideas of the democratic party that has put us where we are today. This country was thrives on capitalism. That is one thing that has made us great. I say good for Santilli. We need more people like him in the media.

aetiusromulous - February 26, 2009

Ya but….isn’t this a global problem? Exactly what do petty American politics have to do with it? I understand the rant, and I understand the audience…but 95% of the worlds population – almost all who are suffering more than Americans – is not American. Santilli knows that…I hope.

2. J H - March 5, 2009

To Rick Santelli, Jim Cramer or any with a voice at CNBC or for that matter anyone that can read President Obama.

I think the following idea could save the housing market and the country.

The federal government starts up the Home owners Mortgage Corporation.
Like they did for S/S, employment insurance and FDIC>

Everyone the has a mortgage and claims a tax deduction fills out line 17 ( or line 22), you get the idea, on their federal tax return and calculate what they must pay into the new fund on a percentage of the deduction they took that year on their taxes IE:
$10000 x .03 = $300.00 which would go into the new corporation.
Homeowner that qualify could receive up to $2000.00 a month for 5years or until their circumstances have improved, like getting a job, recovering from an illness… you get the point.
Like the previously mentioned programs, when they first started they had zero funds and slowly the money built up after the governments intial investment into the program. The SWEET thing…. the people paying into the program may need it someday so they are happy and the people that don’t own home or that have paid off their mortgages are not paying to pay down someones mortgage.

Please talk about this on the air I know they are listening. After all, If Obama does something like this, he will be following in FDR footsteps, and we all will be happy.

Thanks,
Jim Hutchinson
Rhode Island

aetiusromulous - March 5, 2009

I like the concept – but am no tax expert.
I think you then have to draw a link between this fine idea and the more serious issues of toxic debt and collapsing asset values. Especially the asset values. Marginally delinquint mortgages are only a small piece of the issue. What your idea does do is address the issues of all the peons on the bottom, who nobody really gives a rats ass about anyhow. On that score alone it has value.


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