Warren vows end to "tricks" with consumer agency

[NJmaverick]

Source: Reuters

WASHINGTON (Reuters) – Wall Street critic Elizabeth Warren said on Friday she accepted the job of setting up a consumer financial protection agency for President Barack Obama and declared that the time for financial "tricks and traps" was over.
Obama was expected to announce his appointment of Warren, a Harvard University professor and hero to liberal activists, at 1:30 p.m. EDT, taking a step toward enacting the financial reform that is a signature achievement of his presidency.
The Consumer Financial Protection Bureau, which is Warren's brainchild, will have broad powers to write and enforce regulations covering mortgages, credit cards and other financial products.
Although expected, her appointment worried Wall Street, where she is reviled by many for her calls to crack down on abusive lending practices by financial firms.

Read more: http://news.yahoo.com/s/nm/us_financial_regulation_warren;_ylt=AkUM6rshLBMrnMUsia9EC7ms0NUE;_ylu=X3oDMTN1bmJ0YXJzBGFzc2V0A25tLzIwMTAwOTE3L3VzX2ZpbmFuY2lhbF9yZWd1bGF0aW9uX3dhcnJlbgRjY29kZQNtb3N0cG9wdWxhcgRjcG9zAzIEcG9zAzcEcHQDaG9tZV9jb2tlBHNlYwN5bl90b

[MineralMan]

1. Funky link, there. It makes the page too wide.

Delete everything after the word Warren, and it works great:

http://news.yahoo.com/s/nm/us_financial_regulation_warren

[ozymandius]

5. True. Any Yahoo news link should drop all characters after

the semicolon.

To the piece: Power to her. Hope any decision of hers does not have to pass through either Bernanke, Geithner or Summers. If so - chance are slim to none that she will do any good.

[UpInArms]

8. here are the operative 'graphs in her appointment

no link as this was an email of Obama's speech:

Now, getting this agency off the ground will be an enormously important task, a task that can’t wait. And that task is something that I’ve asked Elizabeth to take on. Secretary Geithner and I both agree that Elizabeth is the best person to stand this agency up. She was the architect behind the idea for a consumer watchdog, so it only makes sense that she’d be the -- she should be the architect working with Secretary of Treasury Geithner in standing up the agency.

She will help oversee all aspects of the bureau’s creation, from staff recruitment to designing policy initiatives to future decisions about the agency. She will have direct access to me and to Secretary Geithner, and she will oversee a staff at the Treasury Department that has already begun to work on this task.

She will also play a pivotal role in helping me determine who the best choice is for director of the bureau. And given the importance of these economic issues, I also want Elizabeth to have a role as a White House advisor as well as advisor to Secretary Geithner on consumer issues.

let me know if you want me to post the entire speech

uia

[Scurrilous]

2. K & R

:thumbsup:

[snooper2]

3. what will the haters say now? Huh...come on..

We know you are reading this...


Thinking how you can paint Obama in a bad light- Come on..make it good :rofl:

[robdogbucky]

6. Not sure who you mean with your "haters," comment but

The Clown Car Contingent hereabouts usually paints any lefty female journalist or blogger as a hater, especially if they wrote something critical about the DLC or this administration. Nonetheless, one of those women, who advocated for Warren by the way, has this to say about her appointment:

Congratulations and Good Luck to Elizabeth Warren

By: emptywheel Friday September 17, 2010 11:45 am


"I’m cautiously optimistic with the dual appointment of Elizabeth Warren to be Assistant to the President and to work at Treasury to set up the Consumer Financial Protection Board.

Frankly, no one knows what this appointment will mean in practice except perhaps Obama, Warren, and Timmeh Geithner. And no one knows how well Warren will negotiate the inevitable bureaucratic battles ahead, particularly with whomever replaces Rahm.

But I’m optimistic for two reasons. First, I have a lot of trust in Warren herself. She’s proven her ability to surprise her opponents in bureaucratic battles thus far. I also suspect (though don’t know for a fact) that she negotiated the Assistant to the President position as protection against anything Timmeh and Larry Summers might try. She seems to have demanded certain things with this nomination. And gotten them. And–as DDay linked earlier–she has expressed confidence that this is a win.

“The President asked me, and I enthusiastically agreed, to serve as an Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau. He has also asked me to take on the job to get the new CFPB started—right now. The President and I are committed to the same vision on CFPB, and I am confident that I will have the tools I need to get the job done...”

http://firedoglake.com/


And this is what that awful Republican journalist, Arriana Huffington's Post had to say in its headline story:


Obama Names Elizabeth Warren To New Post Setting Up Consumer Protection Agency


"WASHINGTON — President Barack Obama named Wall Street critic Elizabeth Warren a special adviser Friday and tasked her with setting up a new agency to look out for consumers in their dealings with banks, mortgage companies and other financial institutions.

Calling Warren "one of the country's fiercest advocates for the middle class," Obama said she would ensure the Consumer Financial Protection Bureau ends abusive practices.

"Never again will folks be confused or misled by pages of barely understandable fine print that you find in agreements for credit cards or mortgages or student loans," he said, standing alongside Warren and Treasury Secretary Timothy Geithner in the White House Rose Garden.

Obama credited Warren with developing the concept of the new consumer agency, and he said, "It only makes sense that she should be the architect..."

http://www.huffingtonpost.com/2010/09/17/obama-names-elizabeth-war_n_721307.html


I don't know what Naomi Klein thinks of the appointment, but a fair guess would indicate she would approve as well.

Why do you take this occasion to poke a stick in your perceived adversaries' eye when it is not warranted?

Comment?

No room under the Clown Car?






Just my dos centavos


robdogbucky

[Iowa]

7. This game is getting very old.

Here's how it works:

The local DLC contingent gets all lathered up whenever something with real potential for being positive is proposed, discussed, announced, considered, or written about. They shout from the roof-tops while simultaneously poking a stick at the more cynical progressives. The more cynical progressives believe that the current crop of politicians in the WH/Congress seldom fail to disappoint, so they prefer to await concrete results before getting their hopes up (as opposed to relying on words, proposals, announcements, and speeches).

Well... eventually and inevitably, everything turns to shit. Congress and the administration cave in some fundamental aspect - because the devil is always in the details, and the details take time to flush out. So the more cynical progressives come back and say, "see... I told you so", and the DLC contingent that was cheering before is now nowhere to be found. It's the same routine - over and over and over again.

[Ignis]

9. DAMN, that's a great play-by-play!

I'd suggest that you expand it and make it into its own OP, but it would probably get locked within a heartbeat.

[Turbineguy]

4. It's a nasty business

when you actually have to do your job to make money. It's like the those pesky Rights that preclude the police from beating a confession out of the first poor sap they happen to arrest.