Trajan
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By now some of you may have heard, we have a new oversight bureau created via Dodd-frank finance. reform bill called the Consumer Financial Protection Bureau.
Its head has apparently become Elizabeth Warren, here, I’ll let the ‘androgynous’ wiki tell it;
“oversee the development of the new Consumer Financial Protection Bureau. Her position will include the responsibility of recommending a director for this new entity, although it is unclear whether Warren herself will be considered for the position.”
She pretty much has the reigns; there will be no hearing as this entity is basically outside oversight, even as to its financial sppt. etc.)
This is the New Yorker mags bus. editor, James Surowiecki interviewing her, (so it was a friendly environment)
James Surowiecki spoke with Elizabeth Warren, a professor at Harvard Law School and the chair of the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP), about the importance of transparency in consumer financing, the future of the regulatory system, and what’s good about capitalism. They met in Washington, D.C., on November 5th.
The Balance Sheet: Video: Elizabeth Warren : The New Yorker
She spends a lot of times animatedly and articulately ( in that she says what’s exactly on her mind and theres little left to the imagination) making a case as to why people should be relieved of their personal responsibility, but never seems to get to a point where in she at least alludes to governments own part in that 30 pages of legalese, and a result of the gov. getting involved in the first place going beyond a simple mandate to ensure that it says what it needs it is required to say, absent misleading mumbo jumbo.
The rest is a peon to the consumer who is to confused to understand any of it ( yea I agreed with that to an extent) and how the gov. will help them clear it all up, one would think these ‘tricks and traps’ she speaks to are penalties created to carry the folks whom they should not be carrying in the first place ( but have been coerced to carry) and to cover the other gov. driven directives that take from the bottom line.
I believe that the gov. regs and agencies exists solely to referee the playing field, this is nowhere near what she appears to grasp, on one hand saying she would not have sppted giving money out in Oct. 2008 unless the whole mgt. of whatever co. on the receiving end got fired, ( does that means she should be fired as they basically made B of A buy Countrywide at gunpoint?) but never thinks hey, maybe, we should never have offered the money in the first place?
It’s spookily surreal. “Markets are broken”, so who better to explain whats wrong and fix it…..than…a Harvard lawyer, who’s spent every living breathing moment of her working life in academia, what could go wrong?
Her past includes a row over her joint publication speaking the discovery that "at least" 46% of personal bankruptcy filings in 2001 (the year from they collected the data) was the result of "medical causes," and that this represented a 23-fold increase over 20 years” ( see citation 1* below) , in 2007 she performed another study that took that figure upwards of 60%.... to say that there was some ‘differing opinions’ as to the veracity of these claims is to say water is wet.
1* Todd Zywicki: In Elizabeth Warren We Trust? - WSJ.com
Read more The Balance Sheet: Video: Elizabeth Warren : The New Yorker
Its head has apparently become Elizabeth Warren, here, I’ll let the ‘androgynous’ wiki tell it;
“oversee the development of the new Consumer Financial Protection Bureau. Her position will include the responsibility of recommending a director for this new entity, although it is unclear whether Warren herself will be considered for the position.”
She pretty much has the reigns; there will be no hearing as this entity is basically outside oversight, even as to its financial sppt. etc.)
This is the New Yorker mags bus. editor, James Surowiecki interviewing her, (so it was a friendly environment)
James Surowiecki spoke with Elizabeth Warren, a professor at Harvard Law School and the chair of the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP), about the importance of transparency in consumer financing, the future of the regulatory system, and what’s good about capitalism. They met in Washington, D.C., on November 5th.
The Balance Sheet: Video: Elizabeth Warren : The New Yorker
She spends a lot of times animatedly and articulately ( in that she says what’s exactly on her mind and theres little left to the imagination) making a case as to why people should be relieved of their personal responsibility, but never seems to get to a point where in she at least alludes to governments own part in that 30 pages of legalese, and a result of the gov. getting involved in the first place going beyond a simple mandate to ensure that it says what it needs it is required to say, absent misleading mumbo jumbo.
The rest is a peon to the consumer who is to confused to understand any of it ( yea I agreed with that to an extent) and how the gov. will help them clear it all up, one would think these ‘tricks and traps’ she speaks to are penalties created to carry the folks whom they should not be carrying in the first place ( but have been coerced to carry) and to cover the other gov. driven directives that take from the bottom line.
I believe that the gov. regs and agencies exists solely to referee the playing field, this is nowhere near what she appears to grasp, on one hand saying she would not have sppted giving money out in Oct. 2008 unless the whole mgt. of whatever co. on the receiving end got fired, ( does that means she should be fired as they basically made B of A buy Countrywide at gunpoint?) but never thinks hey, maybe, we should never have offered the money in the first place?
It’s spookily surreal. “Markets are broken”, so who better to explain whats wrong and fix it…..than…a Harvard lawyer, who’s spent every living breathing moment of her working life in academia, what could go wrong?
Her past includes a row over her joint publication speaking the discovery that "at least" 46% of personal bankruptcy filings in 2001 (the year from they collected the data) was the result of "medical causes," and that this represented a 23-fold increase over 20 years” ( see citation 1* below) , in 2007 she performed another study that took that figure upwards of 60%.... to say that there was some ‘differing opinions’ as to the veracity of these claims is to say water is wet.
1* Todd Zywicki: In Elizabeth Warren We Trust? - WSJ.com
Read more The Balance Sheet: Video: Elizabeth Warren : The New Yorker
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