The Congress is going to try and screw us by way of Big Banks… but at least we have Elizabeth Warren.
Her concern was that major banks, like Citigroup, and major Wall Street players are trying to “knife” her agency in the back… and that includes support from our Representative here in WV’s District 2, Shelley Moore Capito (R), who is chair of the Financial Institutions and Consumer Credit Subcommittee.
Warren is a very smart and intelligent woman with an agency that has very little actual power… therefore, her major strength lies in making people aware of the financial situation which has kept the middle class in financial slavery.
Warren said that the bank lobbyists and their supporters in Congress won’t be able to “knife the agency in the back alley” if they “actually believe people will pay attention, if they believe people care about this.”
To which Jon Stewart replied:
“or if they still have the capacity to feel shame — you begin to wonder at times.”
There is going to be a vote in the House Financial Services Committee next week which will delay the opening of Warren’s Agency, or, at the very least, will weaken its activities. A great many people got into the fight in public last year to set up the agency Warren will head. This year, however, the attacks against this agency are happening in secret.
Warren brought up one of her major interests, the devastating agreements that banks attach to consumer credit cards:
“There was a survey last year. Ninety-six percent of Americans said — I want to get rid of the fine print in credit card agreements and mortgages. I think it is there just to cheat me, to hide things from me. Ninety-one percent felt strongly about it. When that is the case, that’s not Democrats, that’s not Republicans, that’s not Libertarians. This is not partisan. It’s basic and sensible. This game is about trying to push the sensible part right back in the middle and say that’s what we have a responsibility to do.”
“This consumer agency is a tangible, very concrete down payment on the notion that together we can build something that is fairer, and give middle class families a chance to survive, maybe even prosper.”
– Elizabeth Warren
Even if you saw Warren on the Daily Show Tuesday night, this is one of those interviews where Stewart kept it going past the show’s end. You can see the whole interview at http://www.thedailyshow.com/full-episodes/tue-april-26-2011-elizabeth-warren . Thanks to Morgan County USA for the basic information on Capito.
- Warren defends consumer bureau on ‘Daily Show’ (money.cnn.com)
- Elizabeth Warren Talks With Jon Stewart -the Consumer Financial Protection Bureau that Congress and the Judicial System are Trying to Kill-One Nail in the Coffin Today From the Supreme Court Ruling (ducknetweb.blogspot.com)
- The GOP’s Pathetic Attack on Elizabeth Warren (alternet.org)
- Geithner: Warren still a candidate for CFPB head post (dailykos.com)
- GOP’s war on the rest of us: The consumer protection front (dailykos.com)
- Warren Shoots to Top of Short List for CFPB Job (news.firedoglake.com)
- House Grills Elizabeth Warren in Hearing over Consumer Financial Protection Bureau (legallyeasy.rocketlawyer.com)
- We are losing Our Class” The Republican Class Wars (eleftheria64.wordpress.com)
After not being in session for over a week (when do these guys actually WORK?) our Congressmen and women are returning this week (of course, Monday, like Friday, is a travel day … when do these guys actually WORK?) and are going to take on the debt limit.
Geithner, the Treasury Secretary, says that the debt limit has to be raised in May or we will default on our debt payments by July. That will destroy our credit rating and make it impossible to borrow money which the country needs to survive.
Some Republicans don’t agree, however, as was made clear on yesterday’s talking head shows.
“The debt limit doesn’t really mean anything because we’ve always extended it. The Treasury secretary has the ability, even if this debt limit is not extended, to continue to pay interest on our loans. The idea that this is catastrophic is wrong — what is catastrophic is to continue to spend money we don’t have.”
And Coburn is a well-known economist..what? He isn’t? Sorry.
Representative Joe Walsh (R-Illinois) on Face The Nation:
“Over the course of those few months when the debt ceiling wasn’t raised, Armageddon didn’t hit, the government paid its bills — we’ve got enough government revenues to certainly pay, to service all of our debt. And the administration knows that. The administration’s got to get serious and recognize that we’re not just going to give them a vote to raise the debt ceiling unless they fundamentally change the way this city works.”
Walsh, as you may know, is actively campaigning to extend the Bush tax cuts… is that how we get enough money to pay the debts? Don’t think so.
It’s interesting that, during the Bush administration, that when the debt ceiling was raised 7 times, no Republican objected or said ANYTHING (when do these guys actually WORK?). That shows their collective economic knowledge must have been recently earned… perhaps they read about it in a magazine.
- Republicans Downplay Urgency Of Raising Debt Ceiling (huffingtonpost.com)
- GOP’s Kirk: Attach deficit plan to debt increase (cbsnews.com)
- Republicans Skeptical on Raising Debt Limit (blogs.wsj.com)
- Coburn: S&P downgrade a “warning shot across our bow” (thehill.com)
- Geithner Calling GOP’s Bluff? Secretary Says Congress Will Vote to Raise Debt … (foxnews.com)
- Geithner: ‘Congress Will Raise the Debt Ceiling’ – Fox News (news.google.com)
- World turns its attention on the U.S. debt problem. (genomega1.wordpress.com)
I was surprised this morning to hear Ben Stein on CBS Sunday Morning, who I know is a conservative and who has talked about the need for budget cuts before, speak this morning on the ratio of the Deficit to the Gross Domestic Product (GDP). Surprised because:
- he had good things to say about Bill Clinton and his Treasury Secretary Robert Rubin who left office giving us a surplus… and
- he stated that the Republicans would have to agree to raising taxes…especially on the Rich Americans who, he said, there are plenty of and they CAN afford it.
I’m even more surprised because, just before the 2010 elections, he did a Sunday Morning piece complaining that, as a rich guy, he was paying too much in taxes and didn’t want taxes on the rich raised. Something has changed his mind… which means other conservatives can change their minds as well. Whether this applies to Tea Party types is your guess.
Now, he did also say that the Democrats were going to have to agree to budget cuts, but they should be able to look at the military and some of the other areas we are not looking at now (I assume he was talking about oil subsidies and their related entities.)
You know, I felt pretty good about Ben Stein this morning… I usually haven’t felt good about him since he stopped doing a comedy quiz show with Jimmy Kimmel. But this morning I’ll give him the benefit of my appreciation for his ilttle editorial… and I hope some of these politicians heard it.
- NCRP Video: Ben Stein on Retirement Planning Part 3 – Variable Annuity (theinsurancebarn.wordpress.com)
- Echoes Of 1995 In Rhetoric On Debt Ceiling (npr.org)
- Robbing the Poor …to Give to the Rich Who Made Them Poor (worldtruthtoday.com)
- Bill Clinton: Pharma Got a “Good Deal” in Health Reform (invivoblog.blogspot.com)
- Deficit reduction: Is Obama’s $4 trillion goal big enough? – Christian Science Monitor (news.google.com)
- A Look Back At TARP’s Successes, Failures (npr.org)
- TARP’s final cost could be way less than first advertised (shortformblog.com)
- Geithner Debunks Five Greatest Myths About TARP (huffingtonpost.com)
- TARP: From Maligned to Benign? (wallstreetpit.com)
- Treasury cuts estimate of TARP loss to $51 billion (knoxnews.com)
This clip from HuffPo:
- Larry Summers, Top Obama Economic Adviser, Likely Leaving White House After Election: Bloomberg (huffingtonpost.com)
- Key Gibbs takeaways – W.H.: GOP plan will ‘help’ Obama (politico.com)
- Summers to Leave White House (businessweek.com)