Brain
Posts: 3792
Joined: 2/14/2007
Status: offline
|
It's remarkable how clever these guys are in keeping this woman's effectiveness to a minimum. The primary culprits are Republicans but unfortunately some Democrats have participated in reducing her usefulness. There has been some talk about her running in Massachusetts to take back Ted Kennedy's seat but I think she's needed to keep an eye on Wall Street and someone else can take that seat back. Personally I like Congressman Ed Markey but he isn't interested in running for some reason unfortunately.
Elizabeth Warren Attacked at Hearing: Why She Scares the Hell Out of Republicans
Many Republicans have stopped pretending their actions are motivated by anything except a desire to serve Wall Street and other large corporate interests.
One of the best ways to understand events like today's hearing is by looking at the actors involved. Today's case study is Patrick McHenry, Republican from North Carolina. He may have disgraced himself before the voters today, but look on the bright side: Rep. McHenry is now Wall Street's "Employee of the Month." McHenry, like other Republicans before him, is just the latest symbol of a party that's stopped pretending its actions are motivated by anything except a desire to serve Wall Street and other large corporate interests.
Meet Rep. McHenry
I'll say this for Patrick McHenry: he knows who pays his bills. His top campaign contributor in the last election was Wells Fargo Bank. Other top contributors include Bank of America, the American Bankers Association, and PriceWaterhouseCoopers, the morally compromised accounting firm that overlooked financial misdeeds at AIG and Goldman Sachs, among others. (It also looked the other way as Goldman shafted AIG -- while both companies were clients.) The top industries contributing to McHenry's reelection include real estate, insurance, commercial banking, and accounting. Fifty-four percent of his campaign contributions came from PACs, and 40 percent came from large individual donors. A man of the people, he ain't.
It's important to remember what Elizabeth Warren has done that's frightened the banks so much. So far she's merely tried to offer suggestions on how to rectify widespread bank criminality in the forging of documents and other illegal foreclosure actions. She's begun building a consumer-friendly organization. And she's tried to design a simpler mortgage loan application, so that borrowers actually understand the contract they're signing. Amusingly, banks have suggested a readable mortgage contract would "stifle innovation" -- which is true only when the word "innovation" is used as it often is in financial circles: as a synonym for "deception" or "predation." Warren tells the truth, talks straight and fights for the middle class, and that makes her dangerous to the people who call the shots for "leaders" like Patrick McHenry and Spencer Bachus. Those "leaders" are serving the interests of Wall Street firms that fear Warren and CFPB because they'll interfere with some of their core business practices: Unreadable mortgage documents that contain secret traps for unwary consumers; credit card ripoffs and deceptions; and dishonest underwriting practices that threaten borrowers, investors and the entire economy. For America's top banks, deception and trickery are part of the business model. That's why CFPB and Elizabeth Warren are a threat.
America's Most Defrauded
The banks have deceived and exploited millions of people. But perhaps no group of Americans has been more suckered than Tea Partiers. In what may be the biggest sales fraud case in history, this heavily anti-Wall Street movement elected a crowd that lives and breathes to serve bankers. They should be listening to one of Mr. Dylan's best and angriest songs: "You've got a lot of nerve to say you are my friend ...."
http://www.alternet.org/story/151072/elizabeth_warren_attacked_at_hearing%3A_why_she_scares_the_hell_out_of_republicans?page=2
Elizabeth Warren
 Attachment (1)
|
Elizabeth Warren Attacked at Hearing: Why She Scares th... - 
Profile
New Messages
No New Messages
Hot Topic w/ New Messages
Hot Topic w/o New Messages
Locked w/ New Messages
Locked w/o New Messages
Post New Thread