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The Tea Party, Ten Years Later

December 18, 2017 in Economics

By Dale Steinreich

Ronpaul1.jpg

By: Dale Steinreich

December 16, 2017 is the tenth anniversary of the modern Tea Party. That fact will surprise many laypersons who uncritically accept the mainstream narrative that the Tea Party began on February 19, 2009 when Rick Santelli, live on CNBC from the Chicago Mercantile Exchange (CME), declared a rebellion against “socialism” one month into the Obama administration.

But wait a minute: Rick Santelli on establishment NBC lighting the spark of an anti-establishment rebellion? An uprising over mere proposed Obama bailouts of mortgage holders coming four months after silence over (if not a defense of) George W. Bush's $700 billion TARP bailout of Wall Street?

If the mainstream narrative seems fishy, that is because it is. What really happened ten years ago and how was the Tea Party transformed from a libertarian grass-roots movement to today's controlled (and just-about dead) establishment version? What are some of the lessons that can be learned?

The Ron Paul Revolution (October 2007)

The ground-zero event in the formation of the Tea Party occurred when supporters of Ron Paul's first presidential campaign registered the Web address TeaParty07.com on October 24, 2007 (below is Archive.org's snapshot of the site on November 13, 2007).

Twelve days later, on November 5, Guy Fawkes Night, Paul supporters held the first “money bomb” fundraiser, which (for Internet fundraising) raked in a record $4.3 million. Days after this came the anniversary of the Boston Tea Party. Paul supporters in Boston re-enacted the dumping of tea into Boston Harbor and a newcomer to politics, ophthalmologist Rand Paul, spoke at Faneuil Hall. A second money bomb held on this commemoration of the Tea Party raised over $6 million, shattering the previous record set eleven days before.

What was this schism on the American right about? It was a rebellion against the Bush Republican party's wars (in particular, the twin disasters of Afghanistan and Iraq), drunken-sailor federal spending (e.g., a $500 billion unfunded expansion of Medicare for a new prescription drug program), and a burgeoning post-9/11 federal spy and police state (e.g., the Patriot Act of 2001, etc.).

From Grass Roots Activism to Big-Money Corporatism (February 2009)

By February 2009, the GOP lay in complete tatters. In addition to its endless wars and domestic spending spree, it had added a $700 billion bailout of Wall Street after the financial crisis of 2008. (Never mind a series of smaller outrages such as a …read more

Source: MISES INSTITUTE

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