"The government is promoting bad behavior," Santelli said of President Obama's $75 billion initiative to refinance mortgages.
"I have an idea," he said on the Chicago Mercantile Exchange floor.
"How about this, new President and new administration, why don't you put up a Web site to have people vote on the Internet ... 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 who might have a chance to actually prosper down the road... reward people who could carry the water instead of drink the water."
Santelli then turned to the traders.
"How many of you people want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills?" he asked as boos filled the air.
"President Obama," Santelli continued. "Are you listening?"
"We're thinking of having a Chicago Tea Party in July," Santelli said.
Santelli told the Daily News only a handful of the 700 e-mails he got were negative.
About the tea party: "I was half-serious, but given the response, I think something is going to have to be done in a very serious way."
Here's the video which you can watch and share (this one is from the Heritage Foundation's YouTube site, I'll post a link underneath just in case this doesn't show).
Also, if you will, go to CNBC and leave a comment. You know there's probably going to be some sort of backlash from the obamedia: https://register.cnbc.com/email/EmailSupport.jsp (I clicked "compliment" as the category).
I think it's refreshing to hear such honesty on the tube!