Time marches so quickly that it is unsettling to recall that barely two years ago, there was no Tea Party. Then on February 19, 2009 in a rant heard round the nation, CNBC business news editor Rick Santelli from the floor of the Chicago Mercantile Exchange called for a popular rebellion against what he considered an out-of-control government that was then refinancing mortgages (see below). He asked traders to hold a tea party, dumping derivatives into the Chicago River. Soon there was a Tea Party, or many Tea Parties, or no Tea Party. But what IS the Tea Party?

Today there is much debate as to whether the Tea Party is growing in popularity or shrinking in consequence. Freudians once plaintively asked, “What do women want?” Today pundits echo Sigmund’s question, “What does the Tea Party want?” And in a year in which the politics of budgets will dominate domestic debate, our imaginaries of the Tea Party matter.

Space opened for a small government movement as many middle-class Americans felt that government spending, controlled by liberals, was spiraling out of control. Money was being spent too fast. There was the bank bailout, the automotive bailout, refinancing mortgages, and, most dramatically, the stimulus bill, cleverly renamed by some conservative commentators as the “Porkulus” bill. Rather than targeting government spending on easily justified projects, such as infrastructure, repairing aging bridges and highways, the government spent money without a plan. Republicans and independents argued that the Democrats dusted off their personal wish lists, lying in the bottom of their file cabinets, and proclaimed that those projects would save the republic. Any spending seemed to suffice to rescue the economy. Academics know fortunate colleagues who received stimulus spending to support their graduate students. Fairs and festivals were awarded tax dollars. Such a wild increase of the deficit was all-too-easy to mock. But beyond mocking, opponents made the argument, a serious one that even the President now embraces, that such spending poses existential dangers for the national welfare. When the unemployment rate sped (and remains) above the 8% level that President Obama promised would . . .

Read more: The Tea Party is No Thing