With Democratic leaders in Congress joining liberal consumer groups and unions in pushing for Ms. Warren—and with many Republicans opposed—the contest is shaping up to have the intensity and drama of a Supreme Court nomination. Senate confirmation is needed.The banking elite, with good reason, fear Warren. They have already captured for this vote the Chairman of the Senate banking committee, Senator Dodd, who said Monday Warren might not be "confirmable." The fact that Dodd is not running for re-election and will likely be looking for consulting work from the banks might provide a clue as to why Dodd is suddenly seeing problems with a Warren confirmation.
All this said, Warren is a complete micro-manager who has no understanding of economics, and a pretty strong totalitarian streak. She wanted to nationalize the big banks during the height of the financial crisis.
To show you how bad the choices are here, I'd rather have the banking oligarchs win this one, then see Warren in charge. It is my firm belief that Warren would destroy the credit markets for consumers and, more importantly, for small businesses.
RW - I understand your concern but we will never return to anything resembling the free market unless we suffer a lot more pain. Ms. Warren might be just the one to inflict that pain to our financial market. Push it back to the level of the 1950's soviet union and people might start getting agitated.
ReplyDeleteTo paraphrase: Experience can be a harsh teacher but fools will learn from no other.
Efinancial,
ReplyDeleteI, on the other hand, believe that most people, fools all, will continue trying failed ideas even when experience has proven them to be painful and costly, until they literally can not do it anymore. So, the politicians will kick this can until it can't be kicked. Then, when they have no choice but free markets (figure out how to define that margin), free markets will be "tried" once more.