SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Treasury Makes A Mistake - Claiming They Are Not Blocking Elizabeth Warren
Jul 17, 2010
It's one thing to block Elizabeth Warren from heading the new Consumer Financial Protection Bureau.
It's quite another thing to deny in public, for the record, that any such blocking is going on (e.g., see this report; Michael Barr apparently said something quite similar today).
There is a strong groundswell of opinion on this issue from the left - see the BoldProgressives petition.
But the center also feels strongly that, given everything Treasury has
said and done over the past few months, it would be a complete travesty
not to put the strongest possible regulator in change of protecting
consumers. (See Ted Kaufman on the NYT's DealBook, giving appropriate credit to the SEC, and apply the same points to broader customer issues going forward.)
This can now go only one of two ways.
- Elizabeth Warren gets the job. Bridges are mended and the White
House regains some political capital. Secretary Geithner is weakened
slightly but he'll recover. - Someone else gets the job, despite Treasury's claims that Elizabeth
Warren was not blocked. The deception in this scenario would be
nauseating - and completely blatant. "Everyone was considered on their
merits" and "the best candidate won" will convince who exactly?
Despite the growing public reaction, outcome #2 is the most likely
and the White House needs to understand this, plain and clear - there
will be complete and utter revulsion at its handling of financial
regulatory reform both on this specific issue and much more broadly.
The administration's position in this area is already weak, its
achievements remain minimal, its speaking points are lame, and the
patience of even well-inclined people is wearing thin.
Failing to appoint Elizabeth Warren would be the straw that breaks
the camel's back. It will go down in the history books as a turning
point - downwards - for this administration.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Simon Johnson
Simon Johnson, former chief economist of the International Monetary Fund, is a professor at the MIT Sloan School of Management, a senior fellow at the Peterson Institute for International Economics, and a member of the CBO's Panel of Economic Advisers. He is a co-founder of The Baseline Scenario.
It's one thing to block Elizabeth Warren from heading the new Consumer Financial Protection Bureau.
It's quite another thing to deny in public, for the record, that any such blocking is going on (e.g., see this report; Michael Barr apparently said something quite similar today).
There is a strong groundswell of opinion on this issue from the left - see the BoldProgressives petition.
But the center also feels strongly that, given everything Treasury has
said and done over the past few months, it would be a complete travesty
not to put the strongest possible regulator in change of protecting
consumers. (See Ted Kaufman on the NYT's DealBook, giving appropriate credit to the SEC, and apply the same points to broader customer issues going forward.)
This can now go only one of two ways.
- Elizabeth Warren gets the job. Bridges are mended and the White
House regains some political capital. Secretary Geithner is weakened
slightly but he'll recover. - Someone else gets the job, despite Treasury's claims that Elizabeth
Warren was not blocked. The deception in this scenario would be
nauseating - and completely blatant. "Everyone was considered on their
merits" and "the best candidate won" will convince who exactly?
Despite the growing public reaction, outcome #2 is the most likely
and the White House needs to understand this, plain and clear - there
will be complete and utter revulsion at its handling of financial
regulatory reform both on this specific issue and much more broadly.
The administration's position in this area is already weak, its
achievements remain minimal, its speaking points are lame, and the
patience of even well-inclined people is wearing thin.
Failing to appoint Elizabeth Warren would be the straw that breaks
the camel's back. It will go down in the history books as a turning
point - downwards - for this administration.
Simon Johnson
Simon Johnson, former chief economist of the International Monetary Fund, is a professor at the MIT Sloan School of Management, a senior fellow at the Peterson Institute for International Economics, and a member of the CBO's Panel of Economic Advisers. He is a co-founder of The Baseline Scenario.
It's one thing to block Elizabeth Warren from heading the new Consumer Financial Protection Bureau.
It's quite another thing to deny in public, for the record, that any such blocking is going on (e.g., see this report; Michael Barr apparently said something quite similar today).
There is a strong groundswell of opinion on this issue from the left - see the BoldProgressives petition.
But the center also feels strongly that, given everything Treasury has
said and done over the past few months, it would be a complete travesty
not to put the strongest possible regulator in change of protecting
consumers. (See Ted Kaufman on the NYT's DealBook, giving appropriate credit to the SEC, and apply the same points to broader customer issues going forward.)
This can now go only one of two ways.
- Elizabeth Warren gets the job. Bridges are mended and the White
House regains some political capital. Secretary Geithner is weakened
slightly but he'll recover. - Someone else gets the job, despite Treasury's claims that Elizabeth
Warren was not blocked. The deception in this scenario would be
nauseating - and completely blatant. "Everyone was considered on their
merits" and "the best candidate won" will convince who exactly?
Despite the growing public reaction, outcome #2 is the most likely
and the White House needs to understand this, plain and clear - there
will be complete and utter revulsion at its handling of financial
regulatory reform both on this specific issue and much more broadly.
The administration's position in this area is already weak, its
achievements remain minimal, its speaking points are lame, and the
patience of even well-inclined people is wearing thin.
Failing to appoint Elizabeth Warren would be the straw that breaks
the camel's back. It will go down in the history books as a turning
point - downwards - for this administration.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.
To inform. To inspire. To ignite change for the common good.
News & Opinion
Trending
Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit
Privacy Policy