This is an update from my old MySpace page while the action is still imperative. Obama has yet to nominate Warren for the post she is most qualified for. I guess she’s too much of a “professional liberal” for him. Please, put on some pressure and write President Obama today. (info below)
If you owned a store, would you hire the shoplifters track inventory? That is essentially what the last three White House administrations have done. That is why we need an experienced, education consumer advocate running the Consumer Financial Protection Bureau (CFPB) and NOT the bankers friends.
Director of Obama’s National Economic Council, Larry Summers, received investment money from the banks he was in charge of investigating for a bailout.
Last month, a little-known company where Summers served on the board of directors received a $42 million investment from a group of investors, including three banks that Summers, Obama’s effective “economy czar,” has been doling out billions in bailout money to: Goldman Sachs, Citigroup, and Morgan Stanley. The banks invested into the small startup company, Revolution Money, right at the time when Summers was administering the “stress test” to these same banks…
And why is Secretary of Treasury Tim Geithner so opposed to Elizabeth Warren as head of the Consumer Financial Protection Bureau?
The truth is that she would work to change the practices that make banks rich by raising fees on the consumers and giving little or nothing in return. Some of those that profited from Geithner’s bailout were his friends, for example Countrywide Financial Group. http://firedoglake.com/2009/03/23/timothy-geithner-making-countrywide-executives-rich-again/
Here’s how out of touch Geithner and his ilk are. He was quote as saying on ABC News, “Right now, the best thing the government can do is help create the conditions for the private sector to start to invest in hiring again,” he said. “Now, we’ve seen six months of positive job growth by the private sector. That’s pretty good,” Geithner said. “Pretty good this early in a recession.”
Isn’t that what eight years of Bush was about, helping the rich guy so that someday we might get jobs with them. Sounds like voodoo economics to me. Yes, jobs are back and that is why we still have 9.5% official unemployment.
Job growth is NOT good as Geithner asserts, about 2 million Americans have been unemployed for over 99 weeks, and little has changed in the job picture. Do we really want people who are so out of touch with the economic reality outside of Wall Street to continue to make national financial decisions for us?
Obama gave these men the keys to the hen house because Obama is an insider that has been indoctrinated into the crony capitalism that says only banking insiders can regulate banks. Not only is that untrue, it once again puts the “profits first, consumers last” crowd in charge of our nation’s banking and financial regulations.
Another reason to support Warren to head the CFPB is that the banks are so set against her. In this case the old cliché about “any enemy of my enemy is my friend” holds true here.
Without Warren heading the agency that was her brainchild, the CFPB would hold no power and not actually protect us. It would be like the oil companies running the Minerals Management Service…uh, well, they in many ways of do.
In this case, Warren would not just be a figurehead, she would take action to deal with hedge fund managers, work to protect our pensions, fight to keep credit card interest rates low, push regulation on pay day loaners, and work to end “to big to fail”. Geithner would say, “everything’s fine folk, keep moving…”
Tell the whining bankers who never did an honest days work to shut up. Support Warren.
Tell Obama to nominate Warren to CFPB:
CO/ The White House
1600 Pennsylvania Avenue Northwest
Washington, DC 20500-0004
or phone: (202) 456-1414
Or send note online: http://www.whitehouse.gov/contact
Suddenly Geithner supports Warren? Read more: http://blogs.abcnews.com/politicalpunch/2010/07/geithner-praises-warren-hints-support-for-her-to-take-consumer-protection-post.html
For more financial muckracking
Reasons to support Warren:
Why Chris Dodd is a coward on financial regulation:
Remember, he’s from one of the largest financial services and insurance capitals in the nation, Connecticut.