The Wall Street reform bill finally cleared Congress. It authorized a new Consumer Financial Bureau, which, as its primary function, would protect consumers from the excesses of Wall Street and banks. As everyone knows, they cost tens of trillions of dollars of losses worldwide to the financial markets and to individual and governmental entities, such as cities, counties and states. These excesses also threatened foreign governments such as Greece, Spain, Italy, and Great Britain, to name a few.
Wall Street has negatively affected approximately 39 state governments. Our state has been seriously damaged by a frozen financial market that indulged in all sorts of gambling strategies, all brought on by greed.
Individual wealth has gone down precipitously. Ask anyone who owns a house.
Now, along comes Elizabeth Warren, who is the best person to head the Consumer Financial Bureau. She is also, by the way, the person who thought of having such a consumer protective bureau in the first place, in 2007.
Who is she? She is a Harvard professor, consumer advocate, bankruptcy expert and chairwoman of the congressional oversight panel monitoring the U.S. banking bailout.
Guess who is against her? The Republican Party of No, which backs Wall Street banks like clockwork. Also, probably, Treasury Secretary Tim Geithner and presidential adviser Larry Summers, who are both sympathetic to Wall Street.
Chris Dodd, Democratic chairman of the Senate Banking Committee, said he wasn’t sure whether Warren could win Senate confirmation.
Max W. Don
Mukilteo
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