Thursday, November 8, 2012

OMG: The Importance of Elizabeth Warren

Simon Johnson at NY, in a piece titled, The Importance of Elizabeth Warren, tells us that:
One of the most important results on Tuesday was the election of Elizabeth Warren as United States senator from Massachusetts. Her victory matters not only because it helps the Democrats keep control of the Senate but also because Ms. Warren has a track record of speaking truth to authority on financial issues – both to officials in Washington and to powerful people on Wall Street...Ms. Warren has long stood for transparency and accountability.
The fact of the matter is that Warren is a tool of the unions and a bank-hater that has no clue as to what the problem is with the banking system.

In the Senate, she will rail against banks, but rather than calling for an end to the Fed, or anything close to it, she will call for more intervention in the sector that will result in a more dysfunctional banking sector, resulting in more central banking from D.C., and more corruption.

Warren is clueless about banks, but very savvy about posing as a servant of the people, when in fact she serves special interests, such as the unions. But she will go beyond bank intervention. This woaman has never understood the word, stop. She most certainly will be advocating  many crazed interventionist schemes, beyond the banking sector. You see, she knows what is best for us always and everywhere.

Massachusetts has gifted us a very bad apple, and the intellectuals of Cambridge, e.g. Johnson, are already urging us to take a bite of the mush.


  1. I'm free market, but if I had to choose between Bernanke & other Central Bankers (some even more dovish,) working with the likes of Jamie Dimon, et. all, vs Ellizebeth Warren, I'll take Warren.

    It's not a good choice; sadly Warren injects at least some sanity; it looks like the choice for the next few years.

  2. Ignoring the hilarious comments about Warrens credentials (what do English majors that write this stuff know about economics or banking), the real hoot is that telling the truth or stating things how they are really matters. If that were the case Ron Paul would have been our next President. The average American, the media, the corporatocracy, and the power elite want nothing at all to do with the truth if it goes against their agenda or invalidates what they hold to be true. Yeah, sure the truth matters. LMFAO

  3. Robert you are missing the larger picture here, Elizabeth Warren has succeeded in becoming the FIRST FEMALE NATIVE-AMERICAN SENATOR.


    November 6, 2012 was a historic day for justice, equality, social progress and... what am I saying, it's terrible. Just terrible.

  4. She will also vote for bad Supreme Court justices. US reps are already helping to advance a UN treaty on gun ownership, that's obviously the next big objective.

    1. There are GOOD Supreme Court justices??? (Lifetime appointments, too!)

      Look at the party affiliation and the nominator (sic) of the Justices who made up the Court during Roe v Wade, or the voting you saw this year re: the "Affordable Care Act". (Again, there are GOOD SC Justices???).

      (Hint: There was no clear delineation along supposed two-party lines in the above two examples. See, you have to start to understand, it's all just One Big Party.)


  6. It's part of her new book and autobiography: The Power of (Big) Bad Ideas. Step one: speak down to people about things you don't understand with your head cocked to the right. Step two: change the topic to a complete non-sequitur when the other person blinds you with truth. Step three: suggest there needs to be further education. Step four: run for Congress with a slogan that you're taking it to the big evil banks when most in the banking industry could care less.

  7. Jamie Dimon really gets a lot of heat that isn't very fair, I understand he's the CEO of the largest U.S. bank but that shouldn't qualify him immediately as a scapegoat for greed and for our financial problems.

    JP Morgan was one of the few banks that did not actually require TARP funds to remain solvent, people often forget that the bank was forced by Bernanke, Geithner, and Paulson to accept TARP funds in order to prevent sending a message to the market that only certain banks were unstable rather than the whole system. While I disagree with this on its face, and the unstable ones should have been allowed to fail...the fact remains JP Morgan and a few others were not one of those.

    Lloyd Blankfein is who I think of when I want a scapegoat, or Vikram Pandit, or Richard Fuld. Blankfein claimed he was doing "God's work", knew that Goldman was hawking those low-grade subprime MBS via his traders and turning and buying up CDS' on all of them. When subpoenaed before Congress he explained that his traders were not in a fiduciary capacity, thus failing to communicate to investors the high risk and default rate of these garbage derivates was technically not illegal.

    The problem by comparison was much more subdued under Jamie Dimon's watch, and bear in mind that the job of a CEO does not entail monitoring every trade that is made. I am not calling him some angel or saint, but he most definitely doesn't deserve the flak he gets.

  8. It sounds like she will probably be our next President.