CNBC's Santelli discusses financial crisis with Huffington Post editor

"Business & Media Institute" has the transcript and a link to a March 31 segment of CNBC's "Squawk Box" where Rick Santelli once again tells us exactly what's on his mind when discussing foreclosures and bank failures with Arianna Huffington, editor of The Huffington Post. In true no-holds-barred Santelli fashion, the CNBC reporter, who became a household name after his "Tea Party" rant in February, reiterates his faith in free market capitalism. When pressed about helping homeowners who are "underwater" because of the downturn in the real estate market, Santelli makes his stance on the issue very clear: 

HUFFINGTON: But if it is a question of the value of the house going down through no fault of the owner of the house?

SANTELLI: What do you mean no fault? No fault in what regard?

HUFFINGTON: Well, in the sense that it was not anything they did through fraud or through...

SANTELLI: Well, who did it?

HUFFINGTON: Well, the market did it - the same way we're bailing out AIG or Citibank. Who did that, I mean the economic conditions under which we're living - are responsible for that as well as...

SANTELLI: Did anybody complain when the prices were going up?

Santelli then says that "some people should be renters" and insolvent individuals or institutions "should all have their constitutional right to fail."

To view part of the segment click here.