Conflict is not loved by most people, and certainly not by 63 year old, likeable law professors. But sometimes conflict is a necessary part of the journey to meaningful reform. Elizabeth Warren has her conflict cut out for her as she tries to speak truth to power amid the incestuous tentacles of the Senate Banking Committee and a finance sector that has run treacherously a muck the past few years. May the force be with Elizabeth.
“Wall Street CEOs — the same ones who wrecked our economy and destroyed millions of jobs — still strut around Congress, no shame, demanding favors, and acting like we should thank them,” Warren said at the convention. “Anyone here have a problem with that? Well I do.”
–Elizabeth Warren, newly elected Democratic Senator for Massachusetts
Ms. Warren embraced policies during her campaign that make big-bank officials cringe, including reinstating Glass-Steagall, the Depression-era law that separated commercial and investment banks.
“Wall Street has reason to be afraid. She will add to…the voices in Congress saying that the megabanks need to be downsized,” said Camden Fine, president of the Independent Community Bankers of America, a trade group that also supports breaking up the megabanks.”
See: Banking’s “worst nightmare” takes her fight to the Senate. Also see: The importance of Elizabeth Warren and Three Cheers for Elizabeth Warren
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If Obama credibly promotes her for one of the seats on the Senate Banking Committee that might be an early indication of the direction he intends towards wall street banks.
Worth watching but I won’t be holding my breath.
I think Darth will remain in control for some time yet. Joining the ranks and attempting to make change from within seldom works. Did it work for Obama?
As long as the connected lobbyists for steady as she goes Plutocracy , like the goatish fossil Jack Welch, continue to cry for less regulation not more, can anything really change.
So good luck Elizabeth but when change comes, as it surely will, it will not be instigated from within those incestuous tentacles.
““Wall Street CEOs — the same ones who wrecked our economy and destroyed millions of jobs” – Are you kidding? Did you ever hear of the Community Re-Investment Act? Blaming “Wall Street CEOs” is the reddest herring of all. The economic carnage was and is being caused by the CRA and once again we are hearing about the need to give mortgages to people who can never pay them off. Government attempts to buy votes by doubling down on the disastrous policies of debt and deficit creating more bubbles to compensate for recent bubble collapses are unfairly and speciously blamed on “Wall Street CEOs”. The election of a life long marxist Elizabeth Warren is proof of the Democratic Party’s success in gaining the moron vote and this will only exacerbate the our financial problems. It is truly amazing to think that most people believe that problems blamed on “corporations and greed” can be fixed by one massive unaccountable corporation called government, whose members are insulated from and actually benefit from their ignorant and harmful real-time experiments in economics, are the solution.
Although there is much to admire about his overcoming poverty, sexual and physical abuse Scott Brown is clearly trumped by Elizabeth Warren’s determined crusade against a financial feudal elite. And as an aside it was refreshing to see a number of sane initiatives passed in several states. I live right on the border with the US in BC and hopefully marijuana legalization in Washington state is going to seriously kill our grow ops. and reduce itinerant border smuggling and violent crime.
Harry S. Dent agrees:
1. “One day they hang bankers from lampposts”. I guess one Timothy Geithner is wetting his pants now.
2. “The largest expense for households is housing. Households spend 50% of their income on housing”.
It is harder than anyone of us can imagine. The claws are so deep in the guts. How much money are we talking about here? Few trillion dollars. Remember JFK? Langley, BC
Agree. Government made things (much) worse. Government therefore should remove all tax-regulation/incentives that encourages people to take on more and more debt.
CRA is only ONE reason of many.
But since the US government is bought and paid for by Wall Street one can guess that change will be very hard.
Do you really think Warren will vote against increased spending (that’s investment for you statists)? If not then she’s the banker’s best friend.