Thursday, August 12, 2010

Elizabeth Warren at the White House

Elizabeth Warren, the candidate of choice by the extreme left  to head the new Consumer Finance Protection Bureau, met with White House staff on Thursday, according to HuffPo. The purpose of the meeting was not disclosed.

White House spokeswoman Amy Brundage told The Huffington Post that, "The President believes that Elizabeth Warren is a champion for middle class families and consumers and she, among others, is a strong contender for this position. The President has not yet made a decision and no announcement is imminent."

Coincidentally, I spoke with some top Wall Street/DC players today, who told me the word on Warren is that she is stubborn and difficult to deal with. This in and of itself is not necessarily a negative, if she undertsood how the economy works. However, as I have detailed before, Warren's education appears to be completely devoid of even a  basic understanding of economics.

Wall Street has justifiable reasons to fear a Warren nomination, but so should the rest of America. Warren in charge of the CFPB would likely result in the destruction of finance based on the profit and loss system. Think finance based on who Warren deems "deserving.'

Some rumors suggest that Obama may make her a recess appointment, which would mean she could head the CFPB for roughly a year and a half before a Senate confirmation would be required. According to HuffPo, Barney Frank is pushing this option, if Obama currently doesn't have the votes to get a Senate confirmation for her.

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