E-mail updates
Follow on Twitter
Subscribe to RSS
Liberals continue their push for Elizabeth Warren to head the new Consumer Financial Protection Bureau -- and the idea appears to be gaining some steam within the administration.
Treasury Secretary Timothy Geithner last week praised the Harvard law professor and chairwoman of the TARP oversight panel. “I think she would be a very effective leader of that institution, and I think she has enormous credibility,” Geithner said at a breakfast meeting with reporters.
Warren has been a staunch supporter of creating the independent agency, which would be tasked with protecting consumers from the Wall Street excesses that many argue led to the 2008 financial collapse. The remarks came as something of a surprise in light of previous disagreements between the two when Geithner testified before Warren’s Congressional Oversight panel.
Support for Warren continued over the weekend when Sen. Jeff Merkley (D-OR) told the Huffington Post, "I have advocated for the administration to back her. She has the full set of requirements to be an effective leader. So I certainly hope the administration will [take my advice]."
Even White House Press Secretary Robert Gibbs spoke positively about Warren this week. “I think Elizabeth Warren is a terrific candidate," Gibbs said in response to a question about Warren at Monday's White House press briefing. "I don't think any criticism in any way by anybody would disqualify her, and I think she is very confirmable for this job.”
But Banking Committee Chairman Sen. Chris Dodd (D-CT) earlier questioned Warren’s confirmability. "I think Elizabeth would be a terrific nominee," he said on WAMU's The Diane Rehm Show, per The Hill. "The question is, 'Is she confirmable?' And there's a serious question about it."
After Gibbs' comments, he told the liberal Web site Talking Points Memo, "I don't know, that's the question, how does he know that?" Dodd said in reference to Gibbs' assertion that she was "confirmable." Dodd added, "She's qualified, no question about that. The question is whether she's confirmable. The issue is [if] you can't confirm somebody, if you go six or seven months without someone in that job, you've got a problem."
There was then speculation that Warren could be appointed during Congress' August recess. But Dodd Tuesday vehemently opposed the idea of a recess appointment.
"I think that would be a huge mistake," he told TPM. "Recess appointments. No, no, no. ... I think those are, you know, Republicans used to do it, I think that's a mistake. Except in the most extreme circumstances where you need someone because of an emergency pending, but as a routine matter, I think it's a fundamental mistake."
While Warren appears to have gained support within the administration, her nomination is not a shoo-in. Other names being considered, include: Michael Barr, assistant secretary for financial institutions at the Treasury Department; and Gene Kimmelman, chief counsel for competition policy and intergovernmental relations at the Justice Department.
Leave a Comment:
Obama and the Dems get their mojo back when Elizabeth Warren is nominated to head the Consumer Financial Protection Bureau and the Bush tax cuts expire for individuals/families making more then $200K/$250K.
She's got my vote, go POTUS and appoint her and for s*%ts and giggles recess appoint her so we can watch the riechwing heads explode.
Can We Please...................................Get the news that matters to Ordinary Americans such as this which is so important.............................................This is making news although it won't garner ratings as it should!
GOP Leaders “Fight” Passage OF 9/11 Bill To Provide medical Help to First Responders Who Put Their Lives On The Line To Save Other Americans
House Republicans Say “9/11 First Responders “Aid Bill” (To Help Those Significantly In Horrible Medical Situations From Helping Other Americans) Is A Massive New Entitlement Program Which They Will Not Vote For”
House Republican leadership is advising its members to “Vote Against” a bipartisan bill that would…………
, among other things, bolster medical support to Sept. 11 victims.
The James Zadroga 9/11 Health and Compensation Act of 2009,
sponsored by New York City Rep. Carolyn Maloney (D),
provides medical monitoring to those exposed to toxins at Ground Zero, bolsters treatment at specialized centers for those afflicted by toxins on 9/11 and reopens a compensation fund to provide economic loss to New Yorkers.
And it’s all paid for by closing a tax loophole on foreign companies with U.S. subsidiaries, Democrats say.
But according to Republicans it’s a job-killing growth of government that creates a new entitlement and wastes taxpayer dollars.
The bill, if passed, would reopen the Victims Compensation Fund until 2031 – instead of litigation, victims could try to get money from the fund. Republicans are calling the extension “well beyond what is needed to take care of latent claims,” according to a policy statement from the GOP.
“Republicans continue to believe that those who responded to the WTC attack should get the treatment and liability protection they need because they dutifully answered a call for help,” the policy statement reads.
“But this bill, according to Republicans, “creates a massive new entitlement program, exposes taxpayers to increased litigation, and is ‘paid for’ with tax increases and potential job losses.”
Comment:
These Americans put their lives on the line to save the lives of hundreds.
The least we can do is make sure that their lives are potentially saved in the process!
Unless of course You are a “Sitting Republican” In Congress
The word “patriots” should come to mind!
Hey June, Fl - yeah where is First Read at not reporting on this very important political issue? Why isn't MSNBC tv and the rest of the Mainstream media making like the Fox Noose channel screaming about this on an endless loop? Where are the Democrats and Obama at not pointing this out every opportunity? If the situation were reversed better believe the reichwing righties would be screaming bloody murder about it.
Help the 9/11 responders because they put their lives on the line to help those attacked on 9/11! Can't wait for 9/11 Tutti Frutti Guiliani to come out against this program to help the 9/11 responders. Can't wait to challenge the false patriotism of Sinner Sarah Palin, Bachmann Moron Overdrive, Scary Sharry Angle, Moron Rant Paul, Witch McConnell and Crybaby Boehner to all come out of their Tory Traitor closet to decry the 9/11 responders as some lazy collectors of a new entitlement program.
First Read Where's Our 9/11 Responders Story or don't you Care about the 9/11 Responders?
They never want to have to talk or write about 9/11, except in passing references, ever again. They dropped the ball on investigating the "official" story and really wish it would go away.
What the Republicans want is that the 9/11 responders get all the help they need but they will have to pay for it themsleves. If they need to go bankrupt to pay for it so be it. They shouldn't have been harmed in helping so it is their own fault and they are not ENTITLED to any help from a grateful nation.
Elizabeth Warren is by far the most qualified best candidate to head up the new consumer protection agency because she'll actually go after the Corrupt Wall Street Banking Thieves to protect us all from their nefarious financial predations. I'm surprised that Tiny Tim Geithner has flip flopped to backing her, Obama must have twisted Tiny Tim's arm until he said uncle. Personally I'd rather see Elizabeth Warren replace Tiny Tim as Treasury Secretary or even better replace Bushbaby Bonehead Bernanke at the Federal Reserve. We all know that Bonehead Bernanke is doing everything he can to protect the rich and greedy and I fear he'll put Elizabeth Warren on a short leash if he is her boss.
The question "is she confirmable?" is most idiotic considering that in this day of the dopes of nope say no to everyone Obama appoints. I mean is anyone confirmable unless Obama totally wimps out and appoints some deadbeat conservative, which he ended up doing for his budget deficit reduction committee. If Obama appoints Elizabeth Warren to the new consumer protection agency and the repugnant ones stall her conformation to after that new agency is up and running then Obama should just recess appoint her even if her term will be short. Then next January when the new Congress takes over he should renominate her and if her confirmation gets stalled again he should go the recess appointment route again.
Obama needs to show some courage in tha face of the dopes of nope always blocking his appointments, he should just recess appoint all of them should they stall further. Democrats never abused this stalling process like the dopes of nope are now doing so it's time to show them that they can't stall progress forever just for their own political advantage.
Elizabeth Warren has earned this job. Pure and simple. President Obama appreciated initiative. I see few in Washington who have more initiative than Elizabeth Warren. She has completed her assigned work, stood up to powerful people and has stayed focused on here mission of helping middle class Americans. No other candidate can say as much.
Not only is Elizabeth Warren qualified, she's also the best person for this job. Who cares what Chriss Dodd say's, he's out anyways. President Obama should appoint her in a Recess appt, not only to make the GOP Explode, but also to satisfy the liberal base. They want this appt, BaaaaaaaaaaaaaaaaD !
Give it to them, Mr. President.
Elizabeth Warren shouldn't just be "a" candidate for the job, she should be "THE" candidate for the job. She understands how today's financial enterprises interact with the average citizen better than anyone who isn't paid by the banks to fleece their customers.
Telling in this is a story I saw her tell on TV about a consulting gig she did for a bank. She came to the presentation of findings with a real attention getter--the bank could cut their default rate by HALF if they'd stop giving credit cards to their least favorable customers. There was much murmuring and nodding of heads until a man wearing a very expensive suit cleared his throat and raised his hand. Instantly the room fell silent and all heads turned toward him. "Ah, this is the decision maker, the guy who's going to move the whole organization toward this obvious change" she thought. "We could do that", the man said, "but we make most of our profit from those customers." The proposal was dead. This very reputable bank made most of their money loaning money to people they knew wouldn't be able to meet the payment terms.
Which is why Warren needs to be the appointee. If you haven't read the books she's written with Susan Tyagi you should. It will help you structure your financial life so as to not be taken advantage of by ths sharks of Wall Street. If it's too late and your financial house is already on fire read them again. They'll tell you how to keep the sharks at bay.
Maybe Ms. Warren is too liberal for many but maybe that is what we need right now to jerk things toward the center from where they are on the extreme right. Once Warren gets things established and things move toward the center she can be replaced by a pragmatic centerist.
Top 5 Social Security Myths
Myth #1: Social Security is going broke.
Reality: There is no Social Security crisis. By 2023, Social Security will have a $4.6 trillion surplus (yes, trillion with a 'T'). It can pay out all scheduled benefits for the next quarter-century with no changes whatsoever.1 After 2037, it'll still be able to pay out 75% of scheduled benefits—and again, that's without any changes. The program started preparing for the Baby Boomers' retirement decades ago.2 Anyone who insists Social Security is broke probably wants to break it themselves.
Myth #2: We have to raise the retirement age because people are living longer.
Reality: This is a red-herring to trick you into agreeing to benefit cuts. Retirees are living about the same amount of time as they were in the 1930s. The reason average life expectancy is higher is mostly because many fewer people die as children than they did 70 years ago.3 What's more, what gains there have been are distributed very unevenly—since 1972, life expectancy increased by 6.5 years for workers in the top half of the income brackets, but by less than 2 years for those in the bottom half.4 But those intent on cutting Social Security love this argument because raising the retirement age is the same as an across-the-board benefit cut.
Myth #3: Benefit cuts are the only way to fix Social Security.
Reality: Social Security doesn't need to be fixed. But if we want to strengthen it, here's a better way: Make the rich pay their fair share. If the very rich paid taxes on all of their income, Social Security would be sustainable for decades to come.5 Right now, high earners only pay Social Security taxes on the first $106,000 of their income.6 But conservatives insist benefit cuts are the only way because they want to protect the super-rich from paying their fair share.
Myth #4: The Social Security Trust Fund has been raided and is full of IOUs
Reality: Not even close to true. The Social Security Trust Fund isn't full of IOUs, it's full of U.S. Treasury Bonds. And those bonds are backed by the full faith and credit of the United States.7 The reason Social Security holds only treasury bonds is the same reason many Americans do: The federal government has never missed a single interest payment on its debts. President Bush wanted to put Social Security funds in the stock market—which would have been disastrous—but luckily, he failed. So the trillions of dollars in the Social Security Trust Fund, which are separate from the regular budget, are as safe as can be.
Myth #5: Social Security adds to the deficit
Reality: It's not just wrong—it's impossible! By law, Social Security's funds are separate from the budget, and it must pay its own way. That means that Social Security can't add one penny to the deficit.8
Defeating these myths is the first step to stopping Social Security cuts. Can you share this list now?
Thanks for all you do.
We need a woman running this period.
Walkin, greeeat post, I will do my best to make this viral, I knew this was out there but did not know where it was located..luff you man..truth means power
Warren might make a fine top-bureaucrat. But her bureau is already getting hamstrung by low expectations. Payday loans and credit card fine print did not lead to the economic collapse, nor will going after them prevent the next catastrophe. We are still swimming with sharks and our leading voice against them is being sent off with much fanfare to lifeguard the toilet bowl.