Agreed.
Travis wrote:
She is just more slime for obama to appoint in his quest to destroy
this country.
On Sun, Jul 25, 2010 at 9:53 AM, dick thompson
<[email protected] <mailto:[email protected]>> wrote:
EDITORIAL
Elizabeth Warren
Published: July 24, 2010
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President Obama should nominate Elizabeth Warren to head the new
Bureau of Consumer Financial Protection, and not only because of
her credentials.
Ms. Warren — a bankruptcy expert at Harvard Law School, an
Oklahoma native whose father was bilked of his savings by a
business partner — developed the idea for the bureau in a 2007
article. Since then, as head of the panel that monitors the bank
bailouts, she has become one of the nation’s most prominent
consumer advocates.
There are other candidates, of course. What Mr. Obama needs to
recognize is that this particular job, at this particular time, is
about more than competence. As the reform bill went through
Congress, the banks were unrelenting in trying to kill or weaken
the bureau. Having failed, they want influence in selecting its
director.
Meanwhile, polls have shown public mistrust or misunderstanding of
the administration’s economic policies. Mr. Obama’s choice to head
the bureau must demonstrate that he cares more about ordinary
Americans than about Wall Street, that he understands that the
public interest differs — sometimes sharply — from the interests
of big banks. He needs someone the banks do not want, and that
someone is Ms. Warren.
Bank lobbyists say a regulator like Ms. Warren would overreact in
protecting consumers from abusive loans, constraining needed
credit. That is unfounded. In her academic work and in the 2007
article introducing the idea of the bureau, Ms. Warren has shown
that she understands the power of credit to do good.
But she also knows credit can wreak havoc. In 2007, she wrote:
“For a growing number of families who are steered into over-priced
credit products, risky subprime mortgages, and misleading
insurance plans, trust in a creditor turns out to be costly. And
for families who get tangled up with truly dangerous financial
products, the result can be wiped-out savings, lost homes, higher
costs for car insurance, denial of jobs, troubled marriages, bleak
retirements, and broken lives.”
The banks don’t oppose Ms. Warren because she doesn’t get it. They
oppose her because she does.
A version of this editorial appeared in print on July
25, 2010, on page WK7 of the New York edition.
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