POSTED BY ORHAN
On Wednesday Senate Democrats confirmed Elizabeth Warren’s seat on the Senate Banking Committee. Considering Wall Street’s crucial role in President Obama’s failure to appoint her to head the Consumer Financial Protection Bureau, and the humongous wads of cash the Street spent attempting to derail her Senate run, it will be interesting to see if Warren, named “Wall Street’s worst nightmare” by Forbes, will be able to effectively usher in the regulation the big banks so desperately need–and fear.
Stiff resistance by Republicans on the Committee is a given, but I’ll be most interested to see how Wall Street-beholden Democrats respond to her efforts. In any event, there is some irony in the fact that Warren will now be regulating the institutions that fought so hard and long to bring her down.
Here’s the woman making sense, as only she can. Dear Elvis, I wish I could vote for her. Her election is not a given, even in Massachusetts, but at a time when it’s all about the economy, there’s no one out there with her credentials. And there’s no one out there with her skill at talking to those problems in an uncomplicated and direct way. Powerful combination.
She has another unique tool to use: after years of testifying before Congress, often to very hostile questions, Warren is remarkably adept at defending her positions. That will help. The media will be hard pressed to find her stumbling or saying dumb things. Here’s the video. I picked up the transcript here.
I hear all this, you know, “Well, this is class warfare, this is whatever.”—No! There is nobody in this country who got rich on his own. Nobody.
You built a factory out there—good for you! But I want to be clear.
- You moved your goods to market on the roads the rest of us paid for.
- You hired workers the rest of us paid to educate.
- You were safe in your factory because of police forces and fire forces that the rest of us paid for.
- You didn’t have to worry that marauding bands would come and seize
everything at your factory, and hire someone to protect against this, because of the work the rest of us did.
Now look, you built a factory and it turned into something terrific, or [had] great idea—God bless. Keep a big hunk of it.
But part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along.
Argue me that.
Is this worth thinking about? How does a 2012 Democratic challenger to Republican Senator Scott Brown do in Massachusetts if that state’s former governor is the presidential candidate? Could the ‘favorite son’ gene bring the Republican ticket there all the way home?
We need Elizabeth Warren in the Senate. We haven’t had a real consumer advocate around since Ralph Nader (who lost me when he gave the Presidency to George W. Bush in 2000).
Give her money.
I wish this were a joke. It was always a long shot, in spite of it being the proper and perfect appointment. Republicans in Congress had made it clear that they would never confirm her becasue she actually was a consumer advocate and didn’t just play one in D.C.
Wonder if this was part of a deficit grand bargain?
President Barack Obama has chosen a candidate other than Elizabeth Warren as director of the new Consumer Financial Protection Bureau, according to a person briefed on the matter.
Joe Nocera’s column Talking Business in today’s NY Times is interesting. It seems that the House subcommittee on financial institutions and consumer credit has summoned the great enemy, the great advocate for American consumers, Elizabeth Warren. Obama hired her last year to set up the new Consumer Financial Protection Bureau – he dared not appoint her director of the new agency because confirmation was very iffy. The banks don’t care for Ms. Warren you see. She won’t run interference for them and that’s just not right.
. . . the real purpose of the hearing: to allow the Republicans who now run the House to box Ms. Warren about the ears. The big banks loathe Ms. Warren, who has made a career out of pointing out all the ways they gouge financial consumers [us] — and whose primary goal is to make such gouging more difficult. So, naturally, the Republicans loathe her too. That she might someday run this bureau terrifies the banks. So, naturally, it terrifies the Republicans.
. . . rather than waiting until July to start helping financial consumers, Ms. Warren has been trying to help them now. Can you believe the nerve of that woman? . . . at the request of the states’ attorneys general, all 50 of whom have banded together to investigate the mortgage servicing industry in the wake of the foreclosure crisis, she has fed them ideas that have become part of a settlement proposal they are putting together.
She’s a hero and as clean as they come. You go Elizabeth, you go.
Posted in Congress critters, corporate power, economy, Government, Meet the 112th!, Politics
Tagged banking, consumer credit, Consumer Protection, Elizabeth Warren, financial reform, Joseph Nocera, Wall Street