Banking analyst Meredith Whitney was made to eat her words on CNBC Wednesday after she called Tea Party members "freaked out white men who are unemployed." Rick Santelli, who appeared on the program shortly after Whitney's rant, ended up launching into the CNBC contributor for her comments. And it got pretty heated.
Santelli stated that the last person who said anything close to what Whitney did was "King George" when he was referring to the "colonists." Santelli inferred that Whitney would have thought our Founding Father's were "angry" as well when he said, "I don’t need to rant... You know, those were our Founding Fathers."
Santelli was responding to the following statement made by Whitney:
I would suggest that the debate is really around unemployment, and I think that, you know, call the Tea Party whatever you will, the fringe element is, you know, I characterize freaked out white men who are unemployed and have been unemployed for three years and they're scared to death. And three to four million of them are just about to roll off of unemployment benefits in the next three months. So, this is only going to get worse. For this reason, you have to deal with structural issues. So, if you are a Machiavellian Democrat, you want to deal with this issue and defuse the Tea Party as fast as you possibly can, because this poses the biggest threat to their reelection I think in ’12.
NewsBuster's Noel Sheppard adds:
For those unfamiliar with Santelli's muni reference, Whitney has recently come under fire for having predicted eight months ago there would be widespread defaults by municipal bond issuers around the country this year.
As Bloomberg reported in July, during the first six months of 2011, muni defaults are down 60 percent compared to the same period last year.
Obviously aware of this, Santelli chose to pull that scab off in order to get back at the banking analyst.
Perhaps now CNBC guests would be well advised to steer clear of making negative remarks about the Tea Party -- at least in Santelli's presence.
Watch for yourself here:
[youtube http://www.youtube.com/v/JCEzV_-Qyj4?version=3&hl=en_US expand=1]