|Elizabeth Warren--possible shunning coming?|
But this perfectly logical choice from the standpoint of all the rest of us is anathema to Wall Street. First of all, the banks have succeeded in getting the new agency to be placed under the Federal Reserve; the original plan was to have this agency as a free-standing entity reporting to the president. Of course, pushing something down in the government bureaucracy dilutes its potency. But now the banks don't want anybody whose actually likely to be a real watchdog and ride herd on the shameless thieves who brought the country and the world to its knees two years ago. And what's more, Timothy Geithner, our secretary of the treasury, who has been a cats paw for Wall Street from the beginning, is opposed to her also.
So what will Obama do with this chance to send a clear signal that he is all for consumer protection? Well, do we really doubt that he will slap the jowls of the left and not appoint Warren? And why? In a word, fear. Fear of the banks, fear of Wall Street. Fear of the very people who made the consumer financial protection agency necessary in the first place. How much more proof do we need that the U.S. government is permanently in the hands of corporate America? I am prepared to be thoroughly pissed off at this administration once again. What a disappointment Obama has turned out to be.
Hey, faithful and few readers, Susan and I are on the road again to Louisiana from tomorrow till next Monday. I've put up a few blog entries to tide you over till we get back.