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Obama Refuses To Do Right By Warren

No. No. No.

President Barack Obama is appointing consumer advocate Elizabeth Warren to be special adviser overseeing the creation of a new consumer protection bureau, but he’s not appointing her to be the bureau’s first director.

Why?Elizabeth Warren

Because he’s worried the Senate might not confirm the 61-year-old Harvard law professor who has been a smart and relentless critic of how the banking industry treats its customers.

Making her a special adviser doesn’t require Senate approval and I’m sure the White House sees this as a clever way to avoid a contentious hearing and nomination battle.

But as I said in my last post on this topic, We’re Not After An Easy Confirmation.

Warren’s only sin is to speak truth to power.

And the powers on Wall Street don’t like it.

A straight-forward nomination would have allowed us to see which senators are truly bought and paid for by the banking, investment and insurance industries in this country.

Do not believe industry propaganda that claims Warren is too biased against the banks to be an effective regulator.

What it really objects to is that Warren is too knowledgeable about how the financial industry takes advantage of consumers and isn’t afraid to stand up to its money and bullying.

Not appointing her to be director is just another example of the the timid leadership that has marked the Obama administration on issues like this.

The president is caving in to Wall Street yet again.

The president never demanded that the banking industry show its customers the same fairness and consideration he showed the banks in providing a billion-dollar bailout that saved them from their reckless and irresponsible lending.

Now he apparently isn’t willing to fight for a woman who has been one of the few consumer advocates willing to stand up to the financial industry.

If you doubt the need for a consumer agency that can speak on our behalf, take a look at this story in this morning’s Washington Post.

It’s a shameful tale of how Mike and Kathy Wales, two Air Force vets with a dying child and mounting medical bills are being thrown out of their home by Chase Bank, which denied their application to modify their mortgage.

A Chase loan officer actually spelled it out for them: “D-E-N-I-E-D.”

I want Elizabeth Warren running the new consumer protection bureau because the financial industry is powerful, and too rich, for individual consumers such as the Wales to fight and win.

I want her dealing with issues like this. I want her standing up for us. And so should you.

Comments (5)
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5 Existing Comments
  1. TellyS said:
    on September 17th at 12:51 pm

    I don’t think the president was timid. I think he was smart. He avoids a big hooha with the GOP over a confirmation at this time — BEFORE an election that everyone is predicting will be a massacre for Democrats already. He doesn’t need more blood on the floor. Maybe he’ll appoint her anyway — AFTER the election. Even if he doesn’t, if she sets it up well, the next person has a solid roadmap. Surely she’s not the only one with the smarts and skills to run such an agency.

  2. Paula Pundit said:
    on September 17th at 03:50 pm

    Can’t figure out why the banks are so eager not to modify mortgages. What is the big deal? They’d rather see more Americans — even veterans like this family — tossed on the street instead of figuring out a better way — why? George Bailey, where are you when we need you?

  3. Don1946 said:
    on September 17th at 04:02 pm

    That Washington Post story is an outrage! Thought the government was applying pressure on these lenders to do the right thing. Here’s a family with good intentions and some money and they still get the short stick. Shame, shame, shame on Chase and Fannie Mae.

  4. Buzz said:
    on September 18th at 05:51 pm

    I think President Obama is trying to appoint her to please one side and not place her in the position she should be in to avoid a fight from the other side. He isn’t trying to start any fire-storms when the elections are coming up.

  5. Allison said:
    on September 20th at 10:41 am

    Maybe Obama should provoke a fight. Show up the Republicans for the Wall Street toadies they are. Elizabeth Warren has made a name for herself as a straight shooter. People trust her.