Jul. 14, Warren comments on new consumer agency. Also, there is a new Geithner outrage

[ProSense]

Warren Says Consumer Agency Will Have `Teeth' to Fix Credit

By Lorraine Woellert and Betty Liu

Elizabeth Warren, the Harvard University professor credited with conceiving the consumer financial-protection regulator, said the agency included in the Wall Street rules overhaul will have “a lot of teeth.”

The agency, which will combine consumer watchdogs from several regulators into a central bureau at the Treasury Department, may change the way credit cards, mortgages and other debt are sold, Warren said today in an interview on Bloomberg Television’s “In the Loop with Betty Liu.”

“It has a lot of capacity to reshape the consumer credit market in a way that just works, becomes a real functioning market again, a market where consumers can see the products and say, ‘Oh, that’s how much it costs that’s how much risk is associated with it,’ and make comparisons,” she said.

Warren, who is serving as chairman of the congressional panel overseeing the Troubled Asset Relief Program, has been touted as a possible head of the new regulator by Representative Barney Frank, the Massachusetts Democrat who led lawmakers in crafting the rewrite of financial-industry regulation. She declined to say whether she’d be interested in the job.

more

The blogs are buzzing about a report that Geithner opposes Warren as head of the new consumer bureau based on this report. The report has no information in it about what Geither said, nothing recent, just a lot of speculation and this opening paragraph:

Treasury Secretary Timothy Geithner has expressed opposition to the possible nomination of Elizabeth Warren to head the Consumer Financial Protection Bureau, according to a source with knowledge of Geithner's views.

The curious thing is that no one even knows if Warren is in the running. No one knows if she wants the job. No one knows what Geithner allegedly said in opposition to something that hasn't been announced.

Interestingly, the rumor that sparked the outrage is coming from someone who opposed the bill. The outrage is being fanned mostly by people who deemed the bill worthless.

Also, why would people care that Geithner is opposing Warrren to head a consumer bureau they've determined is worthless?

[brentspeak]

1. Where do you find the time?

[NJmaverick]

3. What does that post have to do with consumer protection

and helping protect consumers from corporate predators?

[ProSense]

4. A rumor about Geithner opposing Warren is of value

What Warren has to say, not so much.

LOL!

[Donnachaidh]

17. dreams of being the post police?

:rofl:

[NJmaverick]

26. I don't know, you would have to ask him directly

[dionysus]

7. where do you?

[firedupdem]

8. huh? where do you? n/t

[Peacetrain]

13. Say what? did you seriously ask that?

:rofl: oh my GOD that has got to be, the kettle meet pot winner of the week

[DevonRex]

14. You seem to have a lot of time on your hands, BS.

:shrug:

[treestar]

23. More objections to other posters' posts?

Where do you find the time?

[Name removed]

24. Deleted message

Message removed by moderator. Click here to review the message board rules.

[vaberella]

31. Kettle meet Pot. ~sigh~ n/t

[NJmaverick]

2. Great article Prosense, thanks for sharing

It's always good to be armed with knowledge and the facts when dealing with weaselly right wingers.

[Jakes Progress]

18. Oh that's great. Thanks for the laugh.

[dionysus]

25. whats that supposed to mean jake?

[Jakes Progress]

28. Never mind. Sorry to intrude.

[Name removed]

5. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[zipplewrath]

6. She should be

An outrage would be if she wasn't "in the running" i.e. being considered. She should probably be the leading contender. Admittedly, she may have been trying to keep herself out of the running, or advancing her own candidate. But Timmy should be the last person with any say about it.

[impik]

9. Oh, i always get me news from HuffPost.

Not.

[frazzled]

11. Yes, Huff Post, home of the sensational headline

... with no story to back it up.

As well as front-page headlines that are of incredible interest to the nation. Take today alone: "Chad Ochocinco Gambles in His Underwear." "Ellen Page Peed in Bucket." "You Don't Have to Live with PMS." "Lohan Topless."

It makes the supermarket tabloids look like the New York Times.

[NJmaverick]

12. That's a pretty accurate take on the Huffington Post

[Bluenorthwest]

10. Elizabeth Warren is the only person in the administration

that I trust. It is that simple. She should have the most authoritative job we can put her in, until we can elect her to be President of the United States as far as I'm concerned. Timmy should go work for some accounting firm. Or go suck eggs, or whatever it is he does for fun.

[ProSense]

15. Warren isn't in the administration. n/t

[Bluenorthwest]

40. And there you have it.

See what I did there?

[ProSense]

16. Uh, oh

FDL writer being criticized for dispelling rumor, check out his update.

Ass’t. Treasury Sec. Michael Barr: Elizabeth Warren “Extremely Well-Qualified” for CFPB

By: David Dayen Friday July 16, 2010

I’m on a conference call with Michael Barr, the assistant Treasury Secretary for Financial Institutions, about the Wall Street reform bill. Barr has been basically the lead at Treasury on the bill. So I asked him about this disturbing report about Timothy Geithner trying to block Elizabeth Warren from heading the Consumer Financial Protection Bureau, which was her brainchild.

Barr totally denied this to me. “I don’t know where that (report) came from,” he said. I asked him if he thought Warren was well-qualified for the position and if anyone at Treasury would stand in her way if she were the top choice. “I think Elizabeth is absolutely terrific,” Barr said. “She’s been working closely with me and Secretary Geithner for a year and half to push for this consumer protection bureau. I believe and Secretary Geithner believes that she’s exceptionally well-qualified to run it.”

That’s on the record now. Tim Geithner and his lead deputy at the Treasury Department think Elizabeth Warren is well-qualified to head the CFPB. It’s important that this information gets distributed far and wide.

I’ll have more on the call later, but I thought that was significant.

UPDATE: I’m a little surprised that people think I’ve been spun here. You have the Assistant Treasury Secretary on the record saying that he thinks Elizabeth Warren is exceptionally well-qualified to run the CFPB. In a way this is obvious, given that she invented the concept. But that’s useful information to have. If she doesn’t get it despite that level of regard in the Treasury Department, in Congress and among the grassroots (almost unanimous support there) then we have to conclude that the original Huffington Post article was correct. “If Geithner thought she was well-qualified, why didn’t she get the job?” would be how this goes. I think this makes it harder to deny her, since she’s such a clear choice. And in a bill that leaves so much up to the discretion of the regulators, she would shape that agency in a very positive direction.

An actual statement, pfffft!

:rofl:

[4lbs]

19. Uh oh. FireDogLake disputes Huffington Post.

Jane Hamsher vs. Arianna Huffington.

Hmm....

I might have to give this one to the FDL article over HuffPo's.

FDL got an actual quote and named their source. HuffPo didn't.

[dionysus]

20. isn't that like a competition of who has the least journalistic credibility?

[NJmaverick]

27. +1,000,000

[Tarheel_Dem]

33. Ding! Ding! Ding! I wish I could give you something.

:rofl:

[Emeritus]

22. The problem is...An aide to Warren said Geithner has ALWAYS opposed her

From MotherJones magazine:

"Says an aide to Warren, "In a way, I'm not sure (Geithner's opposition) should be such a surprise to people."

http://motherjones.com/mojo/2010/07/warren-v-geithner-teapot-tempest

[FrenchieCat]

21. K&R.....

But the Gang got here before I did!

[Jakes Progress]

29. Question for OP.

Are you in favor of Warren getting the job? Do you believe there is no hostility from Geithner?

If you do not favor her, why do you believe she would be a bad choice? Why do you think Geithner would not like her to hold the position?

You seem favorably inclined to the bill and so does Elizibeth Warren. Does that mean that you approve of her acquiring the position?

Thanks.

[Jakes Progress]

41. Go ahead. Anything? Just one answer?.....anything?

[Uzybone]

30. Warren is a corporatist !1!1!1

[ProSense]

32. It's the

Friday Freakout

[Catshrink]

34. How do you know this?

"Interestingly, the rumor that sparked the outrage is coming from someone who opposed the bill. The outrage is being fanned mostly by people who deemed the bill worthless." Is this fact or opinion? Who are the people fanning the outrage?

[ProSense]

35. The author is all about fanning outrage

Mike Konczal: Shahien Nasiripour writes a headline designed to give the Treasury department a well-deserved headache

It was a baseless rumor.

[Catshrink]

36. How do you know that?

[ProSense]

37. Because

it has been denied.

Not that it's going to stop anyone from believing the rumor.

[Catshrink]

38. Where?

[brentspeak]

42. Where does your link say that Nasiripour's article was a "baseless rumor"?

You're running out of spin.

[ProSense]

43. A claim by a single anonymous source that leads nowhere, and is denied, is a baseless rumor.

Now, if you want to trust a single anonymous source even after the rumor has been denied, go ahead.

[Name removed]

39. Deleted message

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