Thursday, 9 August 2012

Criticism of government Homeowners Affordability and Stability Plan

Santelli drew attention for his remarks made on February 19, 2009, about the Homeowners Affordability and Stability Plan. While broadcasting from the floor of the CME Group during pre-market hours, Santelli accused the government of "promoting bad behavior", and raised the possibility of a "Chicago Tea Party". He also suggested that individuals who knowingly purchased high-risk mortgages (and faced impending foreclosure as a consequence) were "losers".

Scattered cheers, whistles, and applause could be heard from some of the personnel around the floor. Some subsequent protests in American cities, dubbed Tea Parties, may have drawn inspiration from Santelli's outburst, but were not directly associated with him. During a White House press briefing, White House Press Secretary Robert Gibbs was asked about Santelli's comments and expressed skepticism over whether Santelli had actually read the government's plan.

Santelli later clarified his comments and addressed concerns that the event was staged. reported that some compared Santelli to fictional reporter Howard Beale, the protagonist of the 1976 satirical film Network. Santelli has 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."

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.

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