10/05/10 Stockholm, Sweden –
Elizabeth Warren — Harvard Law School Professor and Special Advisor to the Treasury on the Consumer Financial Protection Bureau — appeared on Jon Stewart’s Daily Show earlier this year beating the drum for Wall Street reform.
From her perspective, banks have gotten the cops, regulators, off the beat in order to sell predatory credit cards, car loans, and home mortgages for huge profits and bonuses, while also taking on ever-increasing risk… of the sort that results in financial crisis.
Her mission now is to avoid boom and bust cycles through regulation… which reeks of a largely impossible task given the sophistication of investment products already spread liberally through a globalized financial system. Either way, the fruit of her labor will come to light in due time. You can watch the clip below from Warren’s Daily Show appearance describing the “hacked at,” “chipped at,” and “pulled” upon middle class that came to our attention via The Daily Bail.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.
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Yet another Jon Stewart posting? Why not give Jim Cramer equal time on your blog?
Just too funny!
It would be nice to hear Rocky’s critical analysis of this. His comments were a little thin.
This woman actually said, God Bless Barney Frank. Not a word about Freddie or Fannie and the government’s role in creating a vehicle to BUY UP these risky assets she discusses.
NOt a WORD about artificially low interest rates and government’s role in same and how this was a major cause also of the Great Depression. No doubt because of the irony that the Fed lowers rates specifically to AVOID boom bust cycles – but thereby causes them.
She seemed to be accusing the CEO’s and banks for the regulators being in seven different agencies – that’s GOVERNMENT making those decisions – those were the VERY REGULATORS that were supposed to KEEP this mess from happening – but she wants to put MORE trust in them?
What is the SEC? Are they not regulators and yet they failed to see this mess happening in the next room?
So I guess she’s saying if only HER regulations would be passed everything would be alright.
Only problem is – miss Harvard herself FAILED TO SEE THIS COMING.
Do you really get paid to copy and paste?