Paul Krugman: The War on Warren

[cal04]

The attacks are meant to block credible consumer protections
http://www.nytimes.com/2011/03/21/opinion/21krugman.html?partner=rssnyt&emc=rss

Last week, at a House hearing on financial institutions and consumer credit, Republicans lined up to grill and attack Elizabeth Warren, the law professor and bankruptcy expert who is in charge of setting up the new Consumer Financial Protection Bureau. Ostensibly, they believed that Ms. Warren had overstepped her legal authority by helping state attorneys general put together a proposed settlement with mortgage servicers, who are charged with a number of abuses.

But the accusations made no sense. Since when is it illegal for a federal official to talk with state officials, giving them the benefit of her expertise? Anyway, everyone knew that the real purpose of the attack on Ms. Warren was to ensure that neither she nor anyone with similar views ends up actually protecting consumers.

And Republicans were clearly also hoping that if they threw enough mud, some of it would stick. For people like Ms. Warren — people who warned that we were heading for a debt crisis before it happened — threaten, by their very existence, attempts by conservatives to sustain their antiregulation dogma. Such people must therefore be demonized, using whatever tools are at hand.

(snip)
By the sheer craziness of their attacks on Ms. Warren, however, Republicans are offering the administration a perfect opportunity to revive the debate over financial reform, not to mention highlighting exactly who’s really in Wall Street’s pocket these days. And that’s an opportunity the White House should welcome. 

[Nevernose]

1. Please, Mr. President, "welcome" this fight!

Take the Republicans on over this issue, give some news conferences, get your people on TV, propose some legislation. This issue isn't just a winner, it's also the right thing to do.

Despite laying down to the right wing at every opportuntiy, despite pissing off and bombing yet another group of Muslims, despite going after defenseless teachers so you can be "bipartisan" -- despite all that, I still have some hope left. Call me crazy for that, but right now this is one of the few issues that can bring your base back to you.

[Jakes Progress]

2. The administration would hardly welcome that kind of opportunity when

Timmy is doing this:

http://prospect.org/cs/articles?article=blowing_a_hole_in_doddfrank

So exactly who's really in Wall Street's pocket?

[JDPriestly]

3. The appointment of Elizabeth Warren is the best thing Obama has done.

Timothy Geithner's appointment is certainly one of the worst of Obama's acts as president.

[markpkessinger]

4. Except that it was a temporary appointment...

...and placed under the auspices of the Treasury Dept., assuring that neither she, nor the agency, will have any real regulatory teeth. It was yet another attempt to appease progressives without addressing their real concerns.