Choosing Warren: This Would Be Bad, Because… ?
Excellent article by Joe Nocera, in the NYTimes, on the way that “Consumers [are] Clamoring for a Leader”:
... “We’re Trojan-horsing people with the messaging,” said Bonnie Abaunza, one of the Brigadettes. In addition to Mr. Zimmer, supporters of the Main Street Brigade include the directors James Brooks and Ron Howard as well as other Hollywood celebrities. Its purpose is to back the work of Americans for Financial Reform, a large coalition of organizations pushing for financial reform. The coalition’s Web site lists the subjects it follows, including foreclosure, derivatives and mortgage reform.
And, of course, Elizabeth Warren.
[...]
What struck me… was the bluntness of [Warren’s] language. She used words like “tricks,” “fleece,” and “bribe” to describe the actions of mortgage and credit card lenders. And I think a lot of her appeal stems from that simple fact: she describes abuses — predatory lending, hidden fees, bewildering “disclosures” that hide more than they disclose — in precisely the way most Americans have experienced them. She conveys a powerful sense that she understands what we’ve been through this last decade.
Her critics have complained that in her quest to avenge the downtrodden consumer, she could endanger the safety and soundness of banks, by writing rules that would strip them of billions in profits. Her essential position is that if taking advantage of borrowers is necessary to save the banks, then there is something deeply wrong with the banking system in America. The American Bankers Association may not agree with that, but that is unquestionably what most Americans believe. And they are right.
Please go read the whole article. I’ve seen a lot of the classic progressive circular-firing-squad harumphing that if so many people want Elizabeth Warren appointed to head the agency she was largely responsible for starting, there must be something wrong with the idea. Especially if some of the agitators are ‘Hollywood liberals’ who cannot possibly understand what Heartland Americans™ want from their government. And besides, if Obama does appoint Warren, his critics will slam him for picking an aging white feminist with a working-class background—the conservatives will say she’s a token, and the activists will say she’s a PUMA. Because those same critics would never, ever object to a white upper-class man from a privileged background, of course…
Sometimes, rarely, the “simple” solution is also the correct solution. I really hope Obama appoints Warren to head the Consumer Financial Protection Bureau come September, when he’s back from his vacation and we’re all ready to Get Serious again.








