Sunday, March 20, 2011

Grownups in charge! (Of demonizing Elizabeth Warren)

Paul Krugman encourages you to read a fine piece by Joe Nocera on the woman who may (should, by most non-wingnut accounts) become the first director of the new Consumer Financial Protection Bureau. Basically, she'd be in charge of (1) implementing and enforcing reforms to make sure the banksters couldn't again do what they did leading up to the crash of 2008, and (2) stopping them from doing some of what they've been doing since.

Elizabeth Warren

And what does the Party of Fiscal Responsibility™ have to say about this?

To listen to the House Republicans, you’d think the financial crisis of 2008 was like that infamous season of the long-running soap opera “Dallas,” the one that turned out to be a season-long dream. Subprime mortgages? Too-big-to-fail banks? Unregulated derivatives? No problem! With the exception of their bête noire, Fannie Mae and Freddie Mac, the Republicans act as if nothing needs to be done to prevent another crisis. Indeed, they act as if the crisis never happened.

So, naturally, they're starting to groom their portrayal of her as the next America-hatin', MoreEvilThanSatanHimself figure to be flogged. Probably going to be a lot of highly-focused hate coming from the RWNM this summer.

I'd recommend starting with Krugman's post as an introduction. And don't fail to follow the other link he offers, to a post by Simon Johnson. Johnson is a former chief economist at the International Monetary Fund, and he's none too impressed with what he's seeing from some in the White House, particularly Tim Geithner, regarding their lukewarm support for Warren and the need for reform overall.

(pic. source | x-posted)

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