WARREN'S REVENGE

Elizabeth Warren to Join Senate Banking Committee

Outspoken Wall Street foe will now regulate finance industry

Dec 4, 2012 by Lisa Fine

Staff Writer t

Image: AP

It looks like the finance industry will now have to answer to consumer advocate Elizabeth Warren after years of trying to keep her out of positions of power.

Multiple news outlets are reporting today that Senator-elect Warren, D-Mass., has been tapped by Democratic party leaders to join the powerful banking committee, which oversees banking regulations, when she enters Congress next month.

Warren campaigned as a champion of the middle class who would keep big banks in line. Wall Street spent heavily to try and help incumbent Scott Brown defeat her in the most expensive Senate race of the campaign, the Huffington Post said.

Since then, rumors have swirled that lobbyists would try to keep Warren off the key banking committee. But banking industry officials told Politico there were no such efforts.

With her new position of power, the tables will be turned for Wall Street. Two years ago, Warren, a Harvard law professor and bankruptcy expert, helped create the Consumer Financial Protection Bureau. Her pursuit of strong regulations on the finance industry did not win her fans on the right. The Republican opposition in the Senate kept her from becoming the bureau's director.

Via Huffington Post, Politico

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?	Will Elizabeth Warren be as hard on bankers as liberals hope?

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Dec '12

jessejaymes

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It's very easy to sit on the sidelines (as we all do) and heavily criticize things you don't like. It's quite different in Washington where if you don't play ball you don't get re-elected. She barely beat a really decent moderate Republican and she'll get booted if all she's known for is being a ranting raving advocate. And one person can't beat that system even if you think she's totally right. Won't happen. She'll fade into obscurity.
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Dec '12

Thegrif

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I really don't know much about her, but I know a little bout politicians and Washington. She may think she is gonna fix everything, but Washington has a way of bringing a person around to their way of thinking, if you know what I'm mean.
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Post @Thegrif
Dec '12

jessejaymes

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@Thegrif I'm neither a Republican or a Democrat. I'm a gun nut who favors socialized medicine. My politics are all over the map. Having said that most reasonably well educated, semi intelligent people understand that when someone gets to D.C. they either goosestep to the left or they goosestep to the right. And no first term senator is going to change the balance of power. Warren will be no exception. She's too old, too much of a political novice. D.C. will eat her alive like it does most everyone else.
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Post @jessejaymes
Dec '12

DogLady_1

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That is the rhetoric that is spread about her, for sure, especially by the banking moguls... she was a whistleblower, and everyone tends to distance themselves from a "tattle tale"... I am very happy she did what she did... Warren was instrumental in bringing to light the predatory lending practices of mortgage companies, and the market manipulations of the Fed and Big Biz. She's perfect for the job... that is, if we really want things to chnage... if we jst want more of same, I guess we can continue to make stuff up about her...
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Post @DogLady_1
Dec '12

jessejaymes

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@DogLady_1 I love whistle blowers and I have nothing against Elizabeth Warren. Furthermore I detest the banking industry. But she's not going to change a thing. Corporations own this country and she's just one single person. We (or at least I did) know everything she's ever said about the predatory lending practices of banks since I was in business for 30 years. She's about to find out what I already knew. She is a Senator. Orate to her heart's content. Corporations own America.
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Post @jessejaymes
Dec '12

DogLady_1

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@jessejaymes - Warren served on the Congressional Oversight Panel in 2008, and she help found the Consumer Financial Protection Bureau. She served on the FICA advisory committee for 4 years... She also was the person who started giving out regular reports on how TARP was being managed by the bailed out companies and congress. Although she might be a new senator, she is not a new face on the Hill.... everyone knows who Elizabeth Warren is, I assure you.
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Dec '12
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Dec '12

MongoAPillager

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there might be some surface changes but whereas both parties are owned by the bankers beneath the script it will be business as usual,squeezing the American public out of their last remaining wealth
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Dec '12

twinertia

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She'll be something in between those two (2) choices, making the occasional headline while the banks figure the workarounds.
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Dec '12

mudzangandoro

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Things are not what they lookin' in from outside. She has good intentions though!!
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Dec '12

DARSB

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Other than having impeccable academic credentials, being the mind behind the design of the Bureau of Consumer Financial Protection, and a successful first time Senate candidate, she doesn't really have much going in her favor. Oh, except for that Banking Committee seat and the way she keeps defeating Republican attempts to get her out of the way. And now she has a six year term. I wonder how many of her GOP critics will still be in Congress in six years?
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Dec '12

Capt_Morgan02

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And don't forget her strong Native American heritage. She's got that going for her to. Lol.
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Post @Capt_Morgan02
Dec '12

mimi57

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@Capt_Morgan02 Yes, I'm waiting for her to appear in her Squaw attire any day now...
or wait...do you think that was just to appeal to the minorities?.. LOL
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Post @mimi57
Dec '12

PoliticalSpice

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Love the high level of intellectual debate following you intial post on this...
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Dec '12

Republican5001

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"Warren campaigned as a champion of the middle class who would keep big banks in line."

My only question is what does a Harvard law professor, whose salary is a mere $260k/yr, know anything about being a champion for the middle class folk?

Seems to me, she knows as much about middle class and low class as Obama does.

Nothing.
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Dec '12

DARSB

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"Seems to me, she knows as much about middle class and low class as Obama does.

Nothing. "

So you're saying the Republicans are better at "low class?" ;) Can't argue with that.
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Dec '12

Republican5001

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@DARSB No, but republicans don't expect equal outcomes or safety nets like democrats do.
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Post @Republican5001
Dec '12

PNWest

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Says a guy who supported plutocrat Mitt Romney. Then you claim that liberals demand equal outcomes. Where do you get this crap? Oh yeah. You should spend less time listening to right wing talking points. Elizabeth Warren is going to do a fine job.
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Post @PNWest
Dec '12

jessejaymes

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@Republican5001 Then perhaps you can explain to us why it is that the Bible belt states per capita have the highest welfare of any states?
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Dec '12

Republican5001

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@PNWest she hasn't even taken office yet?
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Dec '12

Sharpshooter

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Life is like a box of chocolates..... stupid is as stupid does..... one of Forrest's lines fits here.

They should have made her the poster child for planned parenthood... "Your unplanned baby could turn into THIS..."
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Dec '12

Keyjo

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Tasteless!
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Post @Keyjo
Dec '12
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Dec '12

Keyjo

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@Sharpshooter
Is there ever any substance to your commentary?
Just askin'.........
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Dec '12

Sharpshooter

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@Keyjo is there ever any thought behind your queries? Not askin'.... I already know the answer.
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Dec '12

Keyjo

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@Sharpshooter
Deeper than you can possibly forge!
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Dec '12

Tralee

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Oh goodie, nothing like kicking someone while they are down. This is the Original "They didn't build that" person. Just what we need to further ruin whats left of the industry.
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Dec '12
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Dec '12
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Dec '12

jessejaymes

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To tell the truth (and I hope I'm wrong) I like Elizabeth Warren to Jimmy Carter. Good people, well intentioned, highly motivated by a need to help. Carter was a President with far more power than a Senator. And the D.C. establishment handed him his head in a sack. Same will happen with Warren.
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Dec '12

Petergriffin

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Figures... will we ever get all this straightened out again?
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Dec '12

marine1

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it took them 200+ years to f%$# it up, what makes you think that they want to straighten it out?
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Post @marine1
Dec '12

Petergriffin

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@marine1 very true.
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Post @Petergriffin
Dec '12

Dan_Tien

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I think that we need an honorable crook on board (someone who knows all the tricks that Wall Street can play) something like the way that Roosevelt got Joe Kennedy on the SEC. He took all the knowledge he gained by exploiting the system, and made his own sneaky tricks illegal. That's why I pay attention when Warren Buffet talks. I'm hoping that he might be that sort of man. I liked his idea about making any sitting Congressman ineligible for re-election any time the deficit goes higher than 3% of the GDP, too. That should get some quick action in the right direction from Congress.
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Dec '12

marine1

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I just wish these people would join the real world and do what is right for ALL the people instead of the partisan bull crap they revel in.
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Dec '12

Keyjo

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Hope for the best but expect the worst.
Banks sorely need to be reeled in, regulated. They have been ripping off honest Americans for a long time and their abuse is escalating.
What Wall Street Bankers really need is a good beat down.
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Dec '12

artjeb

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Ever hear of BARNEY FRANK & CRIS DODD?
This lady I believe will be a wiff of fresh air compaired to the 2 jackasses
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Dec '12

mimi57

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It doesn't much matter...this Country will be bankrupt real soon. Let the Libs run with it, they will have to own it. We
are at the mercy of the Socialists, and we will soon see just how great it will be. The Country is broke, we're still
spending China's money, we have none of our own. No one on the Left's concerned, they're more concerned
about smoking pot and having free birth control. How do you ever rationalize with people like that?..You can't.
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Dec '12

Patrick

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Your pessimism has won me. I agree completely.
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Post @Patrick
Dec '12

mimi57

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@Patrick LOL...and I'm usually an optimist. I guess it's safe to say w/ the direction this
Country is headed, that's over. The inmates are running the Asylum...what to do?...
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Post @mimi57
Dec '12

MarkJM

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I wish she would fail in this category, but sadly that won't happen. Things will go from bad to worse.
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Dec '12

PoliticalSpice

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Although I voted no I hope she won't be a cplete washout. What i want to know is why no one is talking about re-instating glass-seagull (the law that kept banks out of investing, requiring them to make money essentially from banking and loans). It worked for over 40 years, till the repeal. At first getting rid of it juiced the economy somewhat, but look at what it led too, and no one talks of bringing it back.
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Dec '12

MRMacrum

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Great catch here. Seems this bi-partisan mistake sped up the bursting of our bubble. And the financial folks are asking for even more deregulation with the Right riding their coattails.
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Post @MRMacrum
Dec '12

PoliticalSpice

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@MRMacrum
Well here is a chance for repubs to bash dem president on something he actually messed up on instead of stupidity, and they don't want to take it...
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Post @PoliticalSpice
Dec '12

MRMacrum

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@PoliticalSpice - Yeah, but the repeal had more Republicans behind it than Democrats. Frankly it doesn't look good for either Democrats or Republicans.
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Dec '12

PoliticalSpice

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@MRMacrum
I know. Actually a lot of the stuff Clinton did. Nafta, an example, had more repub support than dem support. Didn't stop em from imeachment for getting a blow job though, jealous f@&kerz.
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Post @PoliticalSpice
Dec '12

MRMacrum

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@PoliticalSpice - NAFTA . Wasn't that just a wonderful thing for America? The whole debacle that made up the political scene in the 90s just reinforced my opinion the only difference really between the two parties is they sit on different sides of the aisle. Two sides of the same coin. Used to dislike them equally until this century when the Right began to embrace the agendas of it's extreme fringes.
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Dec '12

RobertJHarsh

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When she gets paid off by wall street, she'll settle down. She's nothing more than a standard issue sellout.
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Will Elizabeth Warren be as hard on bankers as liberals hope?

Will Elizabeth Warren be as hard on bankers as liberals hope?