Tea Party Rant II Awaits Next Homeowner Bailout
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May 9 (Bloomberg) -- On Feb. 19, 2009, CNBC editor RickSantelli let loose on the floor of the Chicago MercantileExchange in response to President Barack Obama’s proposal tosubsidize underwater mortgages.
Santelli’s famous rant gave birth to the Tea Party. Obama’sproposal gave way to numerous initiatives, known by the catchyacronyms HAMP and HARP (but not HARM), all of which fell shortof the administration’s initial goals.