So as we are on the cusp of the president signing new financial regulation into law, I have to ask — why does he seem to be dragging his feet on nominating Elizabeth Warren, the woman who almost single-handedly made all this monetary mumbo-jumbo understandable AND was our only real advocate in the Wall Street meltdown and our near-depression economic crisis, to head up the new Consumer Financial Protection Agency?
Warren, a Harvard Law school expert on bankruptcy law, has been the head of the TARP oversight panel and a financial superhero for her ability to leap tall buildings in a single bound while at the same time explaining credit default swaps and the economic meltdown in plain English!
There can only be one reason for the hesitance — Wall Street’s influence on Washington. Who used to work on Wall Street? Treasury Secretary Timothy Geithner — one of Obama’s team who is apparently most opposed to her. The other two in the running are a former lobbyist and a career government official. Oh, and they’re both D.C. establishment white guys. I hate to bring this up, but we haven’t really done very well when the establishment white guys ignored the common sense advice of women financial experts.
I’m just sayin’.
Some claim she can’t be confirmed by the Senate, but it turns out that might not even be an issue. If she does have to be confirmed, I think that’s only a “problem” because so many Senators take campaign money from Wall Street and big banks.
The real reason those already in office and in power think Elizabeth Warren is controversial is because she speaks the truth and she does it in plain English so people can understand (except for the part about credit default swaps and the derivatives — for that, you need to read The Big Short.) She’s not afraid to tell us if the emperor has no clothes.
I have no doubt that Warren would get in there, roll up her sleeves, keep that blondish hair behind her ears, and get to work yesterday. Those other guys? Their CV’s scream status quo, and that’s just what we don’t need when it comes to trying to level the playing field just a little bit for Americans whose economic lives are in meltdown.
I don’t even want to think about what’s going to happen to our economy if the president leaves it to the insiders again to “fix” things for the American people. I’d rather have the real watchdog — the one with the bark and a bite.