Beyond monitoring how the government is mopping up after the financial crisis, Warren is pushing a proposal that could help prevent the next one: creating a Financial Product Safety Commission to protect consumers from abusive lenders. Mortgages and credit cards, she wrote in a 2007 journal article about the proposal, “should be subject to the same routine safety screening that now governs the sale of every toaster, washing machine, and child’s car seat.”Straightforward as that sounds, it would represent a fundamental shift. “Regulating financial products based on fairness, simplicity, and appropriate risk is an entirely new paradigm,” notes Reid Cramer, director of the New America Foundation’s asset building program. In the wake of the financial meltdown, the idea has gained traction in Washington, thanks in part to Warren’s plainspoken advocacy. “Almost unique among people with deep financial insight, Professor Warren speaks a language that ordinary people can easily comprehend,” says Laurence Tribe, a colleague at Harvard Law.And sure, a good loyal party member would never step up and take an axe to a powerful and popular incumbent. Maybe that kind of disloyalty is not what Elizabeth Warren wants to be known for. But someone out there on the landscape has to be willing to take that step. Because really, what’s the alternative? How can we keep voting for these guys, when they never, ever deliver?Howie P.S.: Taibbi ain't shy and I like that, even though the prospects for his favored candidate are slim. However, the thinking behind his proposal is worth pondering, even if another candidate (Howard Dean) already tried to "get our country back," a slogan now employed by the teabaggers.
Friday, October 23, 2009
"Elizabeth Warren for President" (in 20012)