Saturday, March 19, 2011

Fawning Over a Power Seeker

Economics of Contempt thumbs:
Why all the stories about Elizabeth Warren recently? She's definitely not getting the CFPB nomination.
Perhaps E of C has just noticed the fawning attention that the media gives to Warren, but it's no accident. The power seeking Warren is a very savvy public relations operator, who knows how to reach out to both the elite and the masses.

E of C's reference was to an NYT column by Joe Nocrea where Nocrea wrote:
...Ms. Warren is the most logical person to be the [Consumer Finance Protection Bureau's]...initial director: ..... Let’s face it: there isn’t anybody in Washington more fearless about standing up to the big banks. No wonder they don’t like her.

As I listened to her on Wednesday, I was struck anew at how clearly she articulates the need for the new bureau.
I'm not sure E of C is correct that Warren won't get the CFSB position, but there is no indication at all that she understands the first thing about economics or finance. She is anti-big bank, but only because she wants to create her own power center around unions. We don't need a power center around big banks or unions.

Frankly, Warren scares me. The only thing she appears to understand is PR and power. When someone like that ends up spending a lot of time with the wife of the Chairman of the Joint Chiefs of Staff, it is very scary.

If she gets CFPB, she will use it, despite her Warren Buffett-style howdy doody act, as a launching pad for bigger things. That's bigger positions in the world of power centers. I doubt she has ruled out in her mind a the big white house.

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