Saturday, December 5, 2009

Elizabeth Warren Has Your Back!

The more our government bails out Wall Street and ignores Main Street, the more impressed I become with Elizabeth Warren.  Here she discusses the needs of the middle class.

corruption Elizabeth Warren is one of the few public figures who understands and acknowledges the enormous economic stress placed on the middle class, and actually cares what happens to them:

While the middle class has been caught in an economic vise, the financial industry that was supposed to serve them has prospered at their expense. Consumer banking -- selling debt to middle class families -- has been a gold mine. Boring banking has given way to creative banking, and the industry has generated tens of billions of dollars annually in fees made possible by deceptive and dangerous terms buried in the fine print of opaque, incomprehensible, and largely unregulated contracts.

And when various forms of this creative banking triggered economic crisis, the banks went to Washington for a handout. All the while, top executives kept their jobs and retained their bonuses. Even though the tax dollars that supported the bailout came largely from middle class families -- from people already working hard to make ends meet -- the beneficiaries of those tax dollars are now lobbying Congress to preserve the rules that had let those huge banks feast off the middle class.

Pundits talk about "populist rage" as a way to trivialize the anger and fear coursing through the middle class. But they have it wrong. Families understand with crystalline clarity that the rules they have played by are not the same rules that govern Wall Street. They understand that no American family is "too big to fail." They recognize that business models have shifted and that big banks are pulling out all the stops to squeeze families and boost revenues. They understand that their economic security is under assault and that leaving consumer debt effectively unregulated does not work.

Families are ready for change. According to polls, large majorities of Americans have welcomed the Obama Administration's proposal for a new Consumer Financial Protection Agency (CFPA). The CFPA would be answerable to consumers -- not to banks and not to Wall Street. The agency would have the power to end tricks-and-traps pricing and to start leveling the playing field so that consumers have the tools they need to compare prices and manage their money. The response of the big banks has been to swing into action against the Agency, fighting with all their lobbying might to keep business-as-usual. They are pulling out all the stops to kill the agency before it is born. And if those practices crush millions more families, who cares -- so long as the profits stay high and the bonuses keep coming… [emphasis original]

Inserted from <Crooks and Liars>

Here’s more:


I see this as a five step process.  Replace Geithner at Treasury with Elizabeth Warren.

Second, Replace Bernanke at the Fed with whomever Elizabeth Warren recommends for that post.

Third, break up the companies considered too big to fail.

Fourth, regulate Big Finance with an iron hand.

Fifth, consign the corporate criminals responsible for this mess to the seventh level of Hades to suffer eternal torment through the ministrations of our resident demon in charge of such matters, Jack Jodell.


Holte Ender said...

Elizabeth Warren says all the right things as far I am concerned, we are due for a change, almost a year in to Obama's presidency she is the one who shines. A crack at the Treasury Secretary job would benefit us all.

the walking man said...

I read an interesting statistic the other day. Before banking became big business, when it was a portion of the service sector of the economy, 2% of the gross revenue was taken in by the banks as profit, Now that has risen slightly to a mere 40%.

Tom why in heavens name would you want these people who are doing Gods work to go to hell?

One Fly said...

The reality and the facts don't lie and all the dims have to do is say them over and over, I mean scream them over and over.

This women is so sharp and the five step plan would not fail.

Good post TC.

Jack Jodell said...

What a brilliant post! You and Elizabeth Warren are right on the money! And I accept the duty you've prescribed for me in your fifth point. I'm already having the boys sharpening the pitchforks and stoking the flames extra hot for those rotten bastards! :-)

TomCat said...

Thanks Holte. That's the way I see it.

Mark, did you have a rough night?

Thanks Fly. She's too competent.

Thanks, Jack. Your services are desperately needed. I sent Lisa to you for a pitchfork.

Vigilante said...

Thanks for spotlighting Liz Warren, Tom! She is a shinning light!

TomCat said...

You're most welcome, Vig.

MadMike said...

Great job TC. I am embarrassed to admit that I never quite understood this bail out thing. I never really got its real purpose. As a result I am very appreciative of this information. Thanks TC.

Sue said...

this is a great post Tom! Elizabeth is a smart woman, it would be great to see her as TS!

Stimpson said...

Am I the only one with a huuuge crush on Elizabeth Warren?

Randal Graves said...

I'd be shocked if even one of those things happened, but I'm a natural cynic. I blame the Browns. ;-)

Pauline said...

With you all the way.

Lisa G. said...

I think she's the only one who actually speaks the truth about the bailouts. Thanks for sending Jack to me with a pitchfork. I actually have two, so anyone that want's to join in come on over! I love Elizabeth Warren - she's quite eloquent and gets her points across very succinctly. She would make a fine Treasury Secretary, or anything else for that matter.

Lisa G. said...

Andrew Sullivan on Leaving the Right:

TRUTH 101 said...

I'm with Stimpson and a bit with Tiger Woods regarding Ms. Warren. I dig her program and I think she's worth a nine iron to the side of the head.

libhom said...

It's good to see that people are starting to fight back against the banksters.

TomCat said...

Thanks Mike. I've spent many hours trying to figure it out, and I'm just scratching the surface.

Thanks Sue. So would I.

Stimpson, I'm afraid the only way she turns me on is fiscally.

So would I, Randal. And it is definitely the Browns' fault.

Lisa, I'm sure Jack will be glad to have the assistance. Skewer a bankster for me. ;-)

Truth, Stimpson will appreciate the company.

It is, Libhom.