This is why Elizabeth Warren is one of my heroes
Elizabeth Warren is doing exactly what she was hired to do–speaking up for ordinary Americans:
Banks and brokers have sold deceptive mortgages for more than a decade. Financial wizards made billions by packaging and repackaging those loans into securities. And federal regulators played the role of lookout at a bank robbery, holding back anyone who tried to stop the massive looting from middle-class families. When they weren’t selling deceptive mortgages, Wall Street invented new credit card tricks and clever overdraft fees.
This is more than I can say for Barack Obama. He should be taking full advantage of his bully pulpit and cranking on Wall Street and the financial “services” industry, but he is only giving lip service. This makes me wonder why he isn’t using that silver tongue week after week to shame Congress into enacting reform. And he shouldn’t wait for the banks and Congress to give him support for reform.
Screw the banks, and enact reform. Don’t wait for the banks to get in line. We need credit card agreements that people can read and understand, for starters. We are more than a year into Obama’s Presidency and nothing significant is happening to clean up our corrupt financial system.
This young President needs to go read his campaign speeches to remind himself of what he needs to do. And if Congress is so corrupt that none of his campaign promises can be accomplished, then shame Congress, week after week.
- Elizabeth Warren explains why we need to carefully regulate credit
- Elizabeth Warren faces fierce resistance to regulation of non-bank lenders
- Elizabeth Warren: The banks have lobbyists in Washington in numbers that I’ve never before seen . . .
- Elizabeth Warren: Nothing much has changed
- Fixing health care under the table
What we need is a Thousand Man Perp Walk where all the thieving bastards what stuck us all with their counterfeit cdos, swops and securities get to spend 10 years in prison not $10-200 million in salaries and bonuses for their crimes!
[...] Roosevelt Institute has also released a report starring other heavy hitters (Elizabeth Warren, Simon Johnson, et al) who are extremely critical of the steps taken so far to reform the [...]