"And you're not going to tell the homeowners?" Elizabeth Warren to Fed and OCC, Senate hearing highlights
Elizabeth Warren, yesterday:
Hearing: Outsourcing Accountability? Examining the Role of Independent Consultants
Senate Committee on Banking, Housing and Urban Affairs, Subcommittee on Financial Institutions and Consumer Protection
Hearing info here.
The 2-1/2 hour hearing video is here.
Two videos, with transcripts, below: Read below the fold...
Commenter Jackrabbit on Matt Stoller's piece at Yves' place about the problematic process of crafting Dodd-Frank*:
Yes, it is interesting and instructive that the Obama Administration found the courage to fight for Bernanke (“Subprime is contained”) vs. the lack of interest to fight for Warren.
We’re not suppose to make these connections. It’s “settled business” as some dimwit recently commented the other day when castigating Yves because she wouldn’t STFU about Warren.
How U.S. Voters Can Wrest Control of Elections from Special Interests: Electing Elizabeth Warren in the 2012 Massachusetts Senat
Scott Brown won the Massachusetts Senate seat vacated by Ted Kennedy in 2009 with the support of the special-interest backed Tea Party movement, and large campaign contributions from the banking and financial sector. Read below the fold...
Well, maybe "teh stupid" is too harsh. Naïveté? Useful idiocy? Brad DeLong quotes Zach Carter's post on Treasury leaks to Politico about what color Elizabeth Warren's painting the walls of her new office with. The subject line: "Tim Geithner Needs to Gain Control Over His Building" Read below the fold...
No knock on Warren, but I don't think her appointment makes any difference either way, since she'll be put on a short leash by Rahm and surrounded by thuggish staffers, and FinReg is a farce anyhow. Read below the fold...
The issue of Warren's role in the watchdog bureau has yet to be decided, but the president guaranteed that she would be "actively involved" in the process of making the bureau as effective as possible, and that she would work with him and with U.S. Treasury Secretary Timothy Geithner.
Oh, OK. "Actively involved." Doing what?
Picking out the doily patterns for the executive dining room? Read below the fold...
I'm sure that you've all experienced the phenomenon I call "the curse of the competent." It's monumentally frustrating, but quite common.
You are hired to do a job. You do it well. Unfortunately, as an unintended consequence of your competence, you make all the other idiots who aren't doing their jobs, or are doing them badly, look like, um, idiots. So then what happens? Read below the fold...
Over at New Deal 2.0, Nomi Prins, a former Goldman insider, thinks the answer's no:
But, the question is, would the massive bailout of the financial sector have occurred, had women been at its helm? Indeed, Davos economists this year speculated that the presence of more women on Wall Street might have averted the downturn.
She lines up the likes of Elizabeth Warren, Sheila Blair, Brooksely Borne against some of the more prominent vampire squid -- Bernke, Paulson, Geithner, Lloyd Blankfein (of we're doing "God's work" fame) et al and thinks the gender split may be not just coincidental.