Among people who trade financial instruments, the Obama housing plan has apparently been judged an abject failure even before it gets outside of the Washington beltway.

CNBC's Rick Santelli, who spends his days in the trading pits at the Chicago Board of Trade, on air Thursday morning blasted the Administration's mortgage relief plan with the apparently unanimous support of the traders on the floor. (See the video here).

Santelli, who is known both for his knowledge of the markets and for his colorful commentary, dismissed the plan as "government promoting bad behavior." At one point, he turned to the traders behind him and asked, "How many of you people want to pay for your neighbor's mortgage, that has an extra bathroom, and can't pay their bills?" A chorus of boos erupted. Santelli then asked, "President Obama, are you listening?"

He also said, to cheers, "We're thinking of having a Chicago Tea Party in July."

Learn more about markets featured in this article: Chicago, IL.