To whoops and applause from traders on the floor of the Chicago Mercantile Exchange, Santelli argued that President Obama's bill aimed at reducing foreclosures would force fiscally responsible Americans to bail out people who bought more house than they could afford. "We're thinking of having a Chicago tea party in July," Santelli added.
But he did strike a nerve and the Conservative fringe on the Right responded with their own brand of activism mimicking the Boston Tea Party which was a directed by colonists in Boston, a town in the British colony of Massachusetts against the British government.
On December 16, 1773, after officials in Boston refused to return three shiploads of taxed tea to Britain, a group of colonists boarded the ships and destroyed the tea by throwing it into Boston Harbor. The incident remains an iconic event of American history, and reference is often made to it in other political protests.
The current Tea Party movement initially came up with the 'clever' idea of sending Tea bags to members of Congress. It was in their initial rallys that they started referring to this act of sending their representatives boxes of tea bags as 'TEABAGGING":

Max Blumenthal covered the 9.12.09 anti-Obama rally on the National Mall, where tens of thousands of teabaggers demonstrated their opposition to healthcare reform by calling Obama the biggest Nazi in the world, claiming he wants to put "real" Americans in concentration camps, and was born in Kenya. But how many of them have health insurance, and do they know they're pawns in the game of healthcare industry front man Dick Armey? Of course not.
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