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In reply to the discussion: STOCK MARKET WATCH - Friday, 6 January 2012 [View all]Demeter
(85,373 posts)40. Obama to Make Recess Appointment of Richard Cordray to Head Consumer Financial Protection Bureau
http://www.nakedcapitalism.com/2012/01/obama-to-make-recess-appointment-of-richard-cordray-to-head-consumer-financial-protection-bureau.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29
IVES SMITH WRITES:
...This move raises the obvious question: why didnt Obama make a recess appointment of Elizabeth Warren, either back in the day when she was the de facto head, or after getting her out of the limelight for a bit (so that the Republicans would be less likely, as turned out to be the case, to engage in procedural gamesmanship to thwart a recess installation)? We had discussed this at the time, but the major reasons seemed to be:
1. Obama was never going to do anything that would seriously ruffle the banks, given that that they are a major source of campaign funds;
2. Even if Obama had a weak moment in which he was tempted to ignore consideration 1 (as in Warren might persuade banks that what was good for consumers might be good for them too), a Warren appointment would be over Geithners dead body, and Obama was and is dependent on Geithner; and
3. Having Warren run for the Scott Brown seat is useful to the Dems (the Dems lacked a really strong alternative in Mass, she pulls money from other Republican campaigns, and she is likely to become a largely non-threatening ornament).
Regardless of the motives, this move proves yet again what Obamas real priorities are, and they aint you and me. Cordray was opportunistic in his anti-bank moves in Ohio and is no substitute for Warren.
IVES SMITH WRITES:
...This move raises the obvious question: why didnt Obama make a recess appointment of Elizabeth Warren, either back in the day when she was the de facto head, or after getting her out of the limelight for a bit (so that the Republicans would be less likely, as turned out to be the case, to engage in procedural gamesmanship to thwart a recess installation)? We had discussed this at the time, but the major reasons seemed to be:
1. Obama was never going to do anything that would seriously ruffle the banks, given that that they are a major source of campaign funds;
2. Even if Obama had a weak moment in which he was tempted to ignore consideration 1 (as in Warren might persuade banks that what was good for consumers might be good for them too), a Warren appointment would be over Geithners dead body, and Obama was and is dependent on Geithner; and
3. Having Warren run for the Scott Brown seat is useful to the Dems (the Dems lacked a really strong alternative in Mass, she pulls money from other Republican campaigns, and she is likely to become a largely non-threatening ornament).
Regardless of the motives, this move proves yet again what Obamas real priorities are, and they aint you and me. Cordray was opportunistic in his anti-bank moves in Ohio and is no substitute for Warren.
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