Wednesday, April 22, 2009

Elizabeth Warren - My HERO

Elizabeth Warren is the Chair of the Congressional Oversight Panel on Toxic Asset Relief Program (TARP.) She is smart and articulate.

In the earlier clip (part one) she said it was her job to to ensure Transparency, Accountablility and Clarity.

In this clip from the Daily Show she said that after the depression 3 protections were implemented.

  • FDIC - to ensure it was safe to put your money in the banks

  • Glass Steagall Act so banks won't do crazy things, i. e. it also put in place regulations allowing the Federal reserve to regulate interest savings rates

  • SEC Regulations

Those protected us somewhat for 50 years, and then the government began to pull the thread from the regulatory fabric and here we are in a financial crisis. First consequence was the S&L Crisis, 700 institutions failed. Then long term capital management issues and then Enron which told us the books were dirty. And we continued to pull the thread out of the regulatory fabric.

She summarizes by saying we need smart regulation that adapts to the fact that we have new products and what we will have going forward is stability and properity for the ordinary folk.

So wow, I am grateful that plain girls get to be smart and articulate. She may make the difference in our economy in the next year or two.


sfmike said...

Personally, I think it's too late for this casino economy, but that's a wonderful shout-out.

affinity said...

I felt the same way sfmike but Elizabeth Warren has given me a little hope.

Anonymous said...

Elizabeth Warren is a naughty librarian.