Rick Santelli Quotes
The government is promoting bad behavior... do we really want to subsidize the losers' mortgages... This is America! How many of you people want to pay for your neighbor's mortgage? President Obama are you listening? How about we all stop paying our mortgage! It's a moral hazard
Santelli, Rick. "Rick Santelli's Shout Heard 'Round the World." Squawk Box. CNBC, 19 Feb. 2009.
For many years, the interest on home mortages have been deductible from Federal Income tax and most state income taxes. Originally, this tax subsidy was instituted to promote the idea of personal home ownership and help the real estate industry which has always had a great deal of political clout. See {634700}.
Rick John Santelli is an editor for the CNBC Business News network. He joined CNBC as an on-air editor on June 14, 1999, reporting primarily from the floor of the Chicago Board of Trade. He was formerly the vice president for an institutional trading and hedge fund account for futures-related products. He is also credited as being a catalyst in the early formation of the Tea Party movement via a statement he made on February 19, 2009.