Monday, July 18, 2011

What the Failure of Obama to Appoint Elizabeth Warren Chief of the CFPB Means

It means that the super-interventionist Warren may run for Senate in the state of Massachusetts.

Meanwhile, she will leave the Consumer Financial Protection Bureau in the hands of another interventionist.

President Obama has nominated Richard Cordray for the position. According to NYT:
Cordray was recruited for his current position of chief of enforcement by Warren... Naturally, Warren is a fan of Cordray, a former attorney general of Ohio. In a statement released on Sunday, Warren said, "Rich has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear that he can make many important contributions in leading this agency. He will make a stellar director."
An even worse sign:
The AFL-CIO noted that it was "disappointed" that Obama did not select Warren, but it declared its strong support for Cordray, based on his "outstanding record of protecting the public interest." ProgressOhio, a progressive outfit, said, "Ohioans who have long known Rich Cordray understand the integrity, intelligence and fairness he will bring to the office."
Bottom line: Cordray looks like an ideal candidate to further drive the financial industry into ruin. And it appears he will side with unions in their very curious strong interest in financial regulation.

As a bonus, we may end up with the interventionist Warren as a U.S. Senator.


  1. Eff the Senate cr@p. I like Rand Paul BUT Elizabeth Warren as VP on Ron Paul's ticket is where it is at.

  2. The Democrats didn't want a war developing between the proggy/union wing of the party and the banksters in the lead up to the election.

  3. Scott Brown won't be confused with Sen Rand Paul anytime soon so it's not the end of the world if she does run & win.
    There is one teeny, tiny complication.
    Setti Warren, currently mayor of Barney Frank Land.
    He is an African American who is already running for the seat.
    Mass Democrats are supporting him and don't like being told by the DSCC who will run.
    If Setti is offered a top level job by either Obama or Gov Patrick, then I say all systems are go for Lizzy.
    If she decides to run against Setti things might get ugly.
    Side note: Most Mass Democrats think this woman can run circles around Cosmo Boi.

  4. Breaking, breaking news: Most Mass Democrats think!

  5. Turns out Cordray was a 5 time winner on Jeopardy! back in the 80s. I'll take, "Mercantilism" for $1000, Alex.

    Link via Dealbook.