[Female Anchor]
Also, we want to get to our task force right now: Rick Santelli and Jason Roney of Sharmac Capitial are standing by at the CME Group in Chicago, and Rick, have you been listening to this conversation?

[Rick Santelli]
Listening to it! I've just been glued to it because Mr. Ross has nailed it! Because the government is promoting bad behavior because we certainly don't want to put stimulus forth and give people a whopping eight or ten dollars in their check and think that they ought to save it—and in terms of modifications, I'll tell you what, I have an 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 actually have a chance to proposer down the road and reward people that can carry the water instead of drink the water.

[Guy on the floor next to Rick]
That's a novel idea!

[Male Anchor 1: Joe]
They're like putty in your hands. Did you—

[Rick Santelli]
No they're not Joe! They're putty in our hands! This is America! How many of you people want to pay for your neighbors mortgage that has an extra bathroom and can't pay their bills? Raise their hand.

[Crowd booing in dislike for that idea]

[Rick Santelli]
President Obama, are you listening?

[Guy on the floor next to Rick]
How about we all stop paying our mortgage, it's a moral hazard.

[Male Anchor 1 Joe]
It's like mob-rule there, I'm getting scared. I'm glad I'm w—

[Rick Santelli]
Don't get scared Joe! They're already scaring you! You know, Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective, now they're driving '54 Chevys—maybe the last great car to come out of Detroit!

[Male Anchor 1 Joe]
They're driving 'em on water, too, which is a little strange to watch at time. Hey Rick, how about the notion that—Wilber pointed out—you can go down to two per cent on the mortgage—

[Rick Santelli]
You could go down to minus two per cent—they can't afford the house!

[Male Anchor 1 Joe]
And still have forty per cent not be able to do it, so why are they in the house—why are we trying to keep 'em in the house?

[Rick Santelli]
I know Mr. Summers is a great economist, but boy I'd love the answer to that one!

[Male Anchor 1 Joe]
Jason, you wanna—

[Rick Santelli]
We're thinking of having a Chicago Tea Party in July—all you capitalists that want to show up to Lake Michigan—I'm gonna start organizing.

[Female Anchor]
Are you—what are you dumping in this time?

[Rick Santelli]
I think we'll be dumping in some derivative securities, what do you think about that?

[Male Anchor 2]
Mayor Daily is marshalling the police right now—National Guard.

[Male Anchor 1 Joe]
Jason are you near by? Can you hear the cheering over—

[Jason Roney]
I am but I don't have the gallery directly behind me so it's going to be tough to follow that act. Well, clearly, we're going to debate the moral issues of what government is and is not doing for some years to come. I mean—it's apparent, even for traders—the market gaps up and down a significant amount each day just on what one government may or may not do—or ten points or so on the S&P on the idea that core Europe may have some bank stability plans, so…The traders—the market, the uncertainty of the market will continue until we get through this process of weekly government plans.

[Male Anchor 2]
You know, Rick—one of our producers says if Roland Burris steps down, man, Senator Santelli, the Jr. senator from Illinois—it's a possibility, I'm just saying.

[Rick Santelli]
Do you think I want to take a shower every hour? The last place I'm ever gonna (or work) is D.C.!

[Male Anchor 1]
Have you raised any money for Blago?

[Rick Santelli]
No, but I think that sombody is gonna have to have to start raising money for us.

[Female Anchor]
Hey Rick, can you do that one more time? Just get the mob behind you again. I loved it.

[Male Anchor 1]
Have the camera pull way out

[Female Anchor]
Yeah, pull way out. Everybody listen to Rick Santelli.

[Male Anchor 2]
You can't just do it at will, can you Rick? You have to say something.

[Rick Santelli]
Listen: alls I know is, is that there's only about five per cent of the floor population here right now, and I talk loud enough, they can all here me. So if you want to ask them anything, let me know. These guys are pretty straight forward. And my guess is, a pretty good statistical cross-section of America—the silent majority.

[Female Anchor]
Not so silent majority.

[Male Anchor]
Yeah, not so silent majority.

[Female Anchor]
So, Rick, are they opposed to the housing thing? To the stimulus package? To everything out there?

[Rick Santelli]
You know, they're pretty much of the notion that you can't buy your way into prosperity, and if the multiplier—that all of these Washington economists are selling us—is over one, then we never have to worry about the economy again. The government should spend a trillion dollars and hour because we'll get one point five trillion back.

[Male Anchor 3 Wilber]
Rick, I congratulate you on your new incarnation as a revolutionary leader.

[Rick Santelli]
Somebody needs one! I'll tell you what, if you read our Founding Fathers—people like Benjamin Franklin and Jefferson—what we're doing in this country now is making them roll over in their graves!

[Female Anchor]
Alright Rick. We're going to check back in with you in fifteen minutes when we get some of the data—Jason thank you very much…

No thank you. But thanks for putting that up. Squawkbox is long over by the time we get up in Hawaii. Whether you agree or disagree with him, Rick Santelli is great fun to watch.

are you saying i should type in all the words in that video for $3.75 minus federal and state income taxes?

OK, maybe I'm dense ~ why transcribe the interview if there's a video? Wouldn't people just watch the video / listen to the audio rather than reading the transcript?

Haha,

This is entertaining!