Initially, Senator Warren makes a very important point when it comes to things like the CFPB.
...the consumer agency is structural change. So basically, the premise behind it was that there were plenty of federal laws out there, but no agency would step up and enforce them...But then when Frank presses her about the lack of Wall Street prosecutions, she says something that is remarkably ignorant.
And so the idea behind the consumer agency was to say: structural change. We need an agency that has one and only one goal, and that is to look out for American families. To level the playing field, to make sure that people are not getting tricked and trapped on these financial instruments. And so it was a big shift, and it’s a shift worth thinking about.
They [the Obama administration] protected Wall Street. Not families who were losing their homes. Not people who lost their jobs. Not young people who were struggling to get an education. And it happened over and over and over.I honestly believe that Senator Warren is a smart person. So I have no idea why she would say something like that. Did she not notice that President Obama implemented other structural changes to financial institutions via Dodd/Frank that most of Wall Street hates? Even naysayers like Paul Krugman have had to acknowledge that it has been more effective than they originally thought.
Did Senator Warren not notice the structural changes to student loans that President Obama got passed back in 2010? Or the fact that he endorsed her bill that includes further reforms?
And how about the structural changes Obamacare has made to the number one reason Americans file for bankruptcy - medical bills?
The one thing the Obama administration didn't do was pillory banks and financial institutions during a time when the country was careening towards a second great depression. That should result in one big "Duh!" from anyone with a modicum of intelligence.
I'm growing increasingly weary of this notion that in order to be one of the "kewl kids," one must ignorantly criticize President Obama. Senator Warren would get my unqualified support if she would abandon that nonsense.