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- iHaveNet.com: Politics
by Arianna Huffington
Recently,
So why isn't the
The same fear-based approach that caused the administration to throw Shirley Sherrod under the bus before her name had even been uttered on
This time, it's not the ire of Glenn Beck that has Team Obama's backbone turning to mush -- it's the fear of angering the bankers by appointing a consumer advocate who might actually advocate for consumers (the same consumers who, in their role as taxpayers, have spent hundreds of billions bailing the bankers out).
According to the
But Warren is far and away the best person for the position. Not only is she one of the country's foremost experts on bankruptcy law and the multiple ways in which banks trick and trap consumers, she's been the leading advocate for the creation of the agency, which the banking industry worked night and day to kill. In fact, it was Warren who came up with the idea for the agency in the first place, in a paper she wrote in 2007. Her entire career has been devoted to the issues the agency is being created to address.
So obvious is the choice of Warren as the inaugural head of the
And there was this argument in her favor:
"She is an enormously effective advocate for reform. Probably the most effective advocate for consumer protection in the country. She has huge credibility and she played a decisive role in helping make the public case for reform and she was early on this, way ahead of everybody else."
That, as it happens, was Treasury Secretary Tim Geithner, speaking Sunday on
Fear. You know what they say: give a man some fear, and you make him fearful for a day -- teach a man to scare himself, and you make him fearful for life. The administration has taken the lesson to heart.
A different approach would be to do the right thing, welcome the fight, and make your case to the American people. "Are the Republicans, when we bring her name up, going to argue that she shouldn't be confirmed because she's too tough on the big banks and too tough on the financial industry?" asked Sen. Tom Harkin. "Boy, that'll get them a lot of votes in November!"
And given that her opponents, shameless though they are, can't just come out and say, "We're against her just because we're doing the banks' biding," what argument can they make? One currently being test-marketed is that because Warren is such a zealous advocate for consumers she would somehow be bad for "innovation." You know, the kind of innovation that brought us credit default swaps, teaser rates, 600 percent payday loan rates, and that led to widespread foreclosures and bankruptcies. Warren herself addressed this ludicrous claim in a paper in 2008:
"Thanks to effective regulation, innovation in the market for physical products has led to greater safety and more consumer-friendly features. By comparison, innovation in financial products has produced incomprehensible terms and sharp practices that have left families at the mercy of those who write the contracts."
Which, of course, is exactly why the
So which way will Obama go? If he makes his decision on the merits, Elizabeth Warren will be the first head of the
Appointing Elizabeth Warren will demonstrate that the detour his administration took to Feartown with Shirley Sherrod was a lesson learned.
Available at Amazon.com:
The Disappearing Center: Engaged Citizens, Polarization, and American Democracy
The Virtues of Mendacity: On Lying in Politics
Bush on the Home Front: Domestic Policy Triumphs and Setbacks
The Political Fix: Changing the Game of American Democracy, from the Grassroots to the White House
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