The WSJ is Displeased with Elizabeth Warren

[portlander23]

Last edited Thu Oct 1, 2015, 08:25 AM - Edit history (1)

WSJ: Elizabeth Warren’s Intellectual Purge

President Obama has let Elizabeth Warren veto presidential appointments, and the power rush seems to have gone to her head. Now the Massachusetts Senator has forced the resignation of a Brookings Institution economist because he dared to report that new financial regulations will cost investors.

Robert Litan, a Democrat who has been affiliated with Brookings for decades, is nobody’s idea of a conservative. And he’s not philosophically opposed to financial regulation. He was among the first to endorse Ms. Warren’s proposal for an independent agency to protect financial customers. It was a terrible idea that has become worse in its execution. The 2010 Dodd-Frank law created the Consumer Financial Protection Bureau and the rest is overbearing bureaucratic history.

In July Mr. Litan told the Senate about his research into a Labor Department plan to force investors to move from brokers to fiduciaries. Mr. Litan testified that “the benefits of the rule do not outweigh its costs. In fact, during a future market downturn, we estimate the rule could cost investors as much as $80 billion.”

Ms. Warren likes the Labor plan because it provides more work for bureaucrats and trial lawyers.

We also wonder how Brookings scholars and donors feel about letting a Democratic Senator bully their institution into stifling independent research.

Wow. Elizabeth Warren has really got under their skin. Good for her. The financial industry elites should be afraid of her.

Related:

Brookings Institution economist resigns following questions from Elizabeth Warren

WaPo: Sanders and Warren captured the enthusiasm within the Democratic Party, not the power

[Human101948]

1. What they obfuscate is the reason Robert Litan resigned...

Warren sent a letter to Brookings earlier Tuesday suggesting that Litan used his Brookings affiliation to peddle an industry-backed study that's critical of the administration's proposed regulations for financial advisers. Industry groups, congressional Republicans and roughly 100 congressional Democrats (financed by the Wall Streeters) oppose the so-called fiduciary rule, which is championed by Warren and President Obama.

[Erich Bloodaxe BSN]

2. Bwahahah. Yet another thing for which to thank her.

Irritating the high and mighty at the WSJ editorial board.

Congrats on your 500th post.

[Qutzupalotl]

3. Do they even believe their own bullshit?

Ms. Warren likes the Labor plan because it provides more work for bureaucrats and trial lawyers.

Of course, she has devoted her life to enriching bureaucrats and trial lawyers.

[AtomicKitten]

4. Well done, Elizabeth. <nt>

[TexasBushwhacker]

5. If the WSJ doesn't like her

She must be doing something right.