Is CNBC's Rick Santelli out of his mind?

It was just last week that we praised CNBC's David Faber for his award-caliber "House of Cards" documentary. Now this.

What to do when a business reporter goes off the deep end while on the air supposedly doing his serious job?

The Times ("CNBC Replays Its Reporter’s Tirade") sums up the Rick Santelli affair in a report that strikes an incredulous tone. Within the article it summarizes the nutty on air event (in case you missed it):

Mr. Santelli is normally a strait-laced newsman; he has reported live from the Chicago Board of Trade for 10 years. But in an appearance on the morning show “Squawk Box” on Thursday, he suggested a “Chicago Tea Party” to protest the administration’s housing plans.

“The government is promoting bad behavior,” he said, and later implied comparisons to Cuba and asked the traders around them whether they wanted to pay their neighbors’ delinquent mortgages. When the traders started to boo, Mr. Santelli said, “President Obama, are you listening?”

I'm not going to link to the video. It's embarrassing. Nor will I harp on the obvious "bad behavior" irony.

Yes, Mr. Santelli, we were all listening and we now are waiting to hear your abject apology for your unprofessional actions.