dagblog - Comments for "An Advocate Who Scares Republicans"

My friend reports that

AmericanDreamer — Tue, 22 Mar 2011 20:29:21 +0000

In reply to Imo, Smith has gone off the

My friend reports that his interactions with folks in the financal community suggest that, much as they appear to be downright terrified of Warren, it would be utterly gutless for the White House to let Warren do what she's been doing and then not nominate her to run the CFPB. For whatever that's worth. If she is nominated that could be quite a show.

Even if she was not confirmed (the expected result, although the prospect of going on record with a no vote might, depending on how the hearings unfold, conceivably prompt some senators to reconsider their current inclination on that) I think the hearings, and, depending on the outcome, the post-hearings fallout, could provide a major learning opportunity for attentive citizens and members of the media.

The CW would be that the WH should not "waste its political capital" nominating someone unlikely to be confirmed. I think that is so clearly nonsense with regard to the potential impact on public opinion of a rejected nomination in this case that, if she is not nominated, it would suggest the White House saw such a fight with the banking lobby and the Republicans as a loser for it, based on the kind of governing MO and re-election campaign they appear committed to.

I hope you're right, but

we are stardust — Tue, 22 Mar 2011 20:16:01 +0000

In reply to oops. double post

I hope you're right, but watching the devolution of Joe Miller, my money is on him getting the job as CFPB chief. I watched her on part of the hearings, though, and she was a force! "That's a wonderful question, Mr. Shelby. (You probably would be a kinder man if you didn't look so much like a bulldog with your paw locked in a steel trap) Please let me answer it fully for you."

FWIW, anything worth saying once is worth saying twice, IMO. ;o)

oops. double post

Obey — Tue, 22 Mar 2011 20:10:56 +0000

In reply to Dreamer, here's some

oops. double post

Imo, Smith has gone off the

Obey — Tue, 22 Mar 2011 20:10:16 +0000

In reply to Dreamer, here's some

Imo, Smith has gone off the deep end on Warren. She - Warren - has to play along, she is under Geithner's thumb, with no independent formal powers. She is probably looking at the big prize: the CFPB has just been provisionally handed the role of arbitrator in the big mortgage deal. That is huge. as in...

HUGE!!

The banks know that if the CFPB gets that kind of regulatory power with real bite in the mortgage market - which is what that role de facto entails - it is a huge powergrab on the part of the only non-captured regulator. That is why they are going nuts. And why she is keeping a very low docile profile. It's the only way she gets the nod to run the bureau when it gets up and running, or gets a serious say on the higher tier hirings.

I know Smith also doesn't like the whole foreclosure settlement, but it is actually much stronger than I thought it'd be, and, importantly, puts a massive amount of formal powers in Warren's hands. In my view, the cost-benefit calculus really favors her getting along with everyone for now. Even Geithner and Sperling.

Thanks--I'll check it out.

AmericanDreamer — Tue, 22 Mar 2011 19:50:20 +0000

In reply to Dreamer, here's some

Thanks--I'll check it out. Evidently, if my friend's thinking is any indication, word on that hasn't gotten around yet in the banker community. Or maybe he hasn't been getting out enough of late.

Dreamer, here's some

we are stardust — Tue, 22 Mar 2011 18:43:50 +0000

In reply to An Advocate Who Scares Republicans

Dreamer, here's some counterweight to Nocera's thinking:

http://www.nakedcapitalism.com/2011/03/the-elizabeth-warren-rorschach-test.html

Yves thinks she has become an insider, and rues it.