Wednesday, September 21, 2011

She'll Do More Good As Senator Anyway

Elizabeth Warren is running for Scott Brown's senate seat in Massachusetts. You may recall that Warren was the favorite to head the Consumer Financial Protection Bureau, a position she did not get because President Obama caved in to Republican demands. Instead, she was appointed as a special adviser, where she reports directly to Timothy Geithner, a man who is a big part of the problem, and does not want to see or hear her.

For those keeping score at home, Warren is seeking the seat held for decades by the Lion of the Senate. No-name Brown lucked into his temporary job when State Attorney General Martha Coakley, who had all the advantages, instead ran an inept and listless campaign that disgusted many democratic stalwarts and independents alike.

So, yeah, Warren for Senate, 2012. Chances are good this will turn out better than if she had been buried in that bureau with a man like Geithner always ready to block reform.

I might add that people like Warren are advocating what we had in this country in the past. It is not some dangerous and untested territory to want to protect consumer interests or to hold financial firms accountable for their behavior. We had higher tax rates, lower debt, stronger growth-and far more equality-before we began the long slide towards reduced taxes on the wealthy, the gutting of regulations, and the growing dominance of a financial sector that is beholden to no one.

If you want to know how Warren thinks, and in the process learn a lot about the mess the American middle class is in, read this book.

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