A financial blogger and ex-CEO credited with being one of the original “founders” of the Tea Party has come out against the movement, saying it has been hijacked by the very people it was protesting and is now obsessed with “guns, gays and God.”

In a “message” to the Tea Party Wednesday, Karl Denninger declared that he “ought to sue” anyone who uses the Tea Party name “for defamation.”

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“Yeah, that’s a joke,” he writes. “But so are you. All of you. Especially Sarah Palin, Newt Gingrich, Bob Barr, and douchebag groups such as the ‘Tea Party Patriots.'”

Denninger writes: “Tea Party my ass. This was nothing other than the Republican Party stealing the anger of a population that was fed up with the Republican Party’s own theft of their tax money at gunpoint to bail out the robbers of Wall Street and fraudulently redirecting it back toward electing the very people who stole all the ****ing money!”

Denninger runs Market Ticker, a financially-focused blog that has been strongly opposed to bank bailouts and has railed against excessive government spending. He founded the group FedUpUSA in early 2008, shortly after the collapse of investment bank Bear Stearns.

In January of 2009, Market Ticker bloggers including Graham Makohoniuk and Stephanie Jasky suggested “mailing a tea bag” to Congress to protest the planned $800-billion stimulus package and $700-billion bank bailout. Denninger followed that up with a call for a “tea party” protest to coincide with President Obama’s inauguration, thus helping to unofficially launch the political movement.

“I saw everybody fawning over Obama with the inauguration and yet here he was appointing people like Larry Summer[s] and Tim Geithner to his team who were all part of creating the problem,” Denninger said in a media interview.

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Now Denninger says the whole movement has been steered away from its mission to demand fiscal responsibility from government and financial institutions.

The Tea Party was initiated as a political protest against the unlawful and in fact unconstitutional usurpation of power from the Congress and The People in the form of extortion-led bailouts of enterprises that had engaged in acts that I, and many others, believe were at least civilly actionable and in many cases crossed the line into criminal activity. This indictment is not limited to the nation’s large banks, although it certainly starts there. The corruption of our economic and monetary systems runs the gamut from Fannie and Freddie through their ties to Congress (including literal sexual encounters in some cases), banking interests selling trash securities to everyone from pension funds on down, judges who don’t judge but rather protect monied interests on Wall Street, The Federal Reserve intentionally debasing our currency and monetizing government debt, government spending that is running 40% above revenues and much more. In short, The Tea Party was and is about the the corruption of American Politics and the blatant and outrageous theft from all Americans that has resulted. It is about personal responsibility and enforcement of the law against those who have robbed, financially ****d and pillaged the nation. Yet today we hear literally nothing about these issues among the so-called “Tea Party” candidates and their backers. Sarah Palin has not said one word about locking up the banksters that brought up on the housing bubble and economic collapse. Not one word about Bernanke’s out-of-control Fed and the arguably unlawful monetization of Fannie and Freddie paper, not to mention the monetization of the Federal Debt.

The following video, of Karl Denninger appearing on MSNBC with Dylan Ratigan, was broadcast Oct. 19, 2010.