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Shocker: Elizabeth Warren no longer candidate for canonization

Depressing reading.

"Some bankers have told me that a simple contract is exactly what they want too," Warren said.

I bet.

The phrase "pound of flesh" comes to mind. Along with "first born" (Genesis 22:7). Those are simple contracts!

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Submitted by Hugh on

I try to stay away from canonization efforts as a rule. The left has this obsession with heroes. Probably because it hasn't any. I used to do it when I first entered the blogosphere but I saw too many examples of the scam of the revolving heroes. X says something great one week. Progressives fall all over themselves thinking they have finally found one of their own in government. They shower X with money and attention. They talk about X for President! And then a week or two later we learn X is not only not a progressive but a shill, like all the others.

Under Bush, I formulated my Mukasey rule. It said that anyone with a shred of integrity would never work for or support Bush. Mukasey at the time was being talked up as an antidote to the bad old days of the Gonzales DOJ. Well, he turned out to be more of the same. I think we could say much the same about the Obama Administration. No one with any integrity could be a part of it and keep their integrity. Making Warren part of the Administration was probably the most effective way of neutralizing her as a potential focus of opposition.

It is also important to note that in the original proposal for the CFPA banks were required to offer plain vanilla alternatives for their financial products. They lobbied that out of existence.

A principles based regulatory approach is used in Europe and American banks hate it. If enforced it is the more rigorous than a rules based approach. Banks would not be able to obey the letter of the law but not its spirit. The only reason they prefer such an approach in this country is that if you combine a principles based approach with weak enforcement, the result is an even weaker regulatory environment that what we already have.

Submitted by wlarip on

“The cynics are right nine times out of ten.”

H.L. Mencken

Have a little faith, lambert.
1 out of 10 ain't such bad odds.

finis coronat opus