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Battling Banks On Behalf Of Consumers

Throughout the financial crisis, Elizabeth Warren has been one the nation’s smartest and most relentless consumer advocates.

Elizabeth WarrenA profile of the Harvard law school professor in today’s New York Times explains how she has become the scourge of Wall Street bankers.

As the Times puts it, she believes “30 years of deregulation has rewarded the financial industry but led to abusive practices and collapses that have hurt ordinary Americans — the same taxpayers who are paying for bank bailouts.”

Warren’s back in the news because the new Consumer Protection Agency that Congress is debating was her idea, and Wall Street is scared to death that it will pass and she’ll be picked to run it.

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Comments (7)
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7 Existing Comments
  1. hallmonitor said:
    on March 25th at 06:35 pm

    they should clone this woman and she should head more than just that (potential) agency…
    one of the most articulate, calm, relentless and brilliant people in the country.

  2. Ray Kremer said:
    on March 25th at 07:34 pm

    The financial industry, banks, Wall Street, and capitalism is not the problem. Government and regulations that run counter to good business sense are the problem.

  3. hallmonitor said:
    on March 26th at 09:20 am

    or lack of regulations rather…
    or lack of will to enforce them. Look at the Madoff situation. Plenty of warning signs, plenty of ‘let’s take a look at him’ and ultimately noone with the will to act when 2+2=5

  4. Jonas said:
    on March 26th at 09:25 am

    Big banks own our government, and they know it, and the government knows it. Only the laypeople mostly don’t know it. The government will never enact anything with any teeth to rein in the banks.

  5. Rob said:
    on March 27th at 12:08 am

    The fact that most ordinary Americans are so dumb about financial matters is the reason why a new Consumer Protection Agency is needed. The subprime mortgage debacle was caused by stupid homeowners who were living way beyond their means and greedy Wall Street bankers. All we really need as a society is common sense. But I know that is way too much to ask of most Americans. How pathetic is that?

  6. Terrin said:
    on March 29th at 12:40 pm

    The sub prime debacle can be attributed to a multitude of abuses. First, since the beginning of our Country our government has relied on import tariffs to adjust for unfair labor practices in other countries. So called free trade agreements did away with import tariffs allowing american jobs to be sucked out of this country throughout the nineties and to today. Without a job, it is hard to pay for a mortgage. Further, the lack of import taxes meant average Americans had to make up for the difference with income tax increases. Second, the government thorough the lobbying efforts of the banks encouraged the handing out of home loans to those ill equipped to comfortably afford the homes. People unfortunately trusted professionals such as real estate agents and lenders to make the decisions on whether they could afford a home. Third, Adjustable Rate Mortgages were pushed with the promise one would be able to refinance in a few years when the rates adjusted upward. Problem is when many Americans lost their jobs in grooves and weren’t able to pay their mortgages, the rest of Americans homes values sunk and they couldn’t refinance.

  7. Bob R. said:
    on April 2nd at 11:11 am

    Elizabeth Warren is taking part in a Webinar on financial reform at 4:45 p.m. Tuesday. Here’s where to sign up: