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July 18, 2010

The Warren Drama

Another missed opportunity?

Huffington Post

By Robert Kuttner

Much of the financial reform package is fairly obscure and technical. Mention the words credit default swap, and it just reinforces the impression that the government is in bed with Wall Street. But consumer protection is the easiest part to grasp. Do we want banks to gouge consumers on overdraft charges, mislead them on the cost of credit cards, and devise deceptive mortgage products? Most Americans would say no.

This is the fight Warren has been waging. If Republican senators want to hold hearings defending the poor misunderstood bankers, and giving the compelling Warren a hard time for protecting consumers, bring it on. It would make terrific television and nothing would be more clarifying about which party is the bigger stooge for Wall Street. This administration needs a few star players who stand up for regular people.

Obama needs to make his decision soon, because the longer this question hangs fire the more annoyed the Democratic Party base becomes with the White House and the more the Treasury invites pressure from the bankers to give the job to anybody but Warren.

 

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