How do you know that you know way too much about Washington bureaucracies and how they "work"? Here's how. When you hear CNBC's Rick Santelli calling for a Chicago Tea Party tax protest this summer, you immediately start to wonder whether he'll need to get permits from some government entity like the Environmental Protection Agency. And then you wonder whether Illinois permits will be needed also. Well, I plead guilty to having had such thoughts last Thursday.

Fortunately, I am not alone and not nearly as bad off as Scott Ott of the D.C. Examiner appears to be. Ott has written a brilliant, hilarious piece entitled, "EPA Arrests Rick Santelli, 'Chicago Tea Party' Cancelled." (See Feb. 24, 2009 ed., p. 14.) The satirical article contains the following slam from President Obama's press secretary, Robert Gibbs, commenting on Santelli's arrest for threatening to pollute Lake Michigan: "I don't know where Mr. Santelli lives, but apparently, like most conservative critics, he has a callous disregard for the lives of the waterfowl, sturgeon and fresh-water mollusks that inhabit the Lake Michigan watershed."

That's funny, but I wouldn't be surprised if Santelli really could be arrested for dumping tea or "derivative securities" (paper) into the Great Lakes. Well done, Mr. Ott.

Andie Coller of The Politico observed today that Gibbs "dismissed [Santelli] as a know-nothing derivatives trader out of touch with Main Street." Coller then noted that "[a] Rasmussen poll released Monday found that 55 percent of those surveyed thought federal mortgage subsidies to those most at risk of losing their homes would be 'rewarding bad behavior.'" If I were the White House I would be very careful about trying to roll out a campaign of intimidation and bullying against journalists, in general, and a journalist, in particular, who is very much attuned to public sentiment, is an expert in the numerous cross-cutting markets traded in Chicago, and is the most popular figure on America's #1 financial news network.