Yes, in the category of nuances to anoint, Ms. Warren is nothing more than another devotee of change drawing from the very same microbial reservoir of lesions as Mr. Obama and for that matter, at least one third of Congress. How conveniently coy as she cleverly scripts the ever elusive high-road in the form of an emergency post-mortem rife with selective targeting (see the article/link below). Though few of her growing fan-base are aware of or dare consider the following:
1) She is the architect of the so-called U.S. Consumer Financial Protection Bureau (USCFPB) which, if anyone cares to read it, does absolutely nothing of what its title suggests. It names no single punitive response for violations of the very consumer rights it purports to protect. To one who knows and understands the shadow world mechanics of the inter and intra bank market matrix, the dung-heap of regulations they’ve created are pure nonsense and better suited for use as reading material in a sleep-deprivation exercise than as tool for restoring real market forces to the financial services arena.
2) Few know or care to know that although she opines on the need for eliminating protections for the “To Big To Fail” or she virulently blathers about the “swap entities” a few key points need to be made clear here too:
a) She was the Chair of the Committee that was to oversee the TARP Program (a $14 Trillion noose around the taxpayers neck) and stood idly by while the likes of Paul Ryan, Spenser Bachus and Barney Frank (along with back-room hedging by Uncle Joe Biden) demanded budget cuts dedicated to the USCFPB to the tune of $35 Billion. Not that it would have mattered as the Bureau was too mired in cross purposes to succeed, anyways!
b) Up until the so-called crisis of 2008 the American people need to know that there was no rule, mechanism or law in existence that called for or established a bail-out of any kind. The least of which being the financial services market heathen; so what makes anyone believe that a law that bars such activity will prevent another collapse and consequent outcome from occurring?
c) It couldn’t matter less whether “swap entities” are excluded or not and for one very good reason. The Dodd-Frank Act, for the very first time, fully endorsed the activity of “House” (a.k.a. “Shadow Banking Activity”), trading in equities and/or securitized instruments. All of which was specifically and deliberately barred by the perfectly crafted Glass-Steagall Act of 1933, the repeal of which was masterminded, primarily, by none other than Sen. Charles Schumer.
In the end all that needed to have been done was to reinstate Glass-Steagall with a few minor modification and updates:
1) Attach severe financial penalties and mandatory 10 year sentencing for its violation including Board Members and all Officers; with no exceptions.
2) Specifically bar derivative trading of any securitized instrument denominated in or in any way tied to the U.S. Dollar.
Beware; she’s just another insider’s tool cloaked in a suit and far more dangerous than (even) Hillary Clinton. Her blistering rise in the political ranks is no coincidence; neither was Mr. Obama’s. A sitting member of Congress and any Member of the Executive Branch should be barred from running for the Presidency for a period no less than seven years from the date of their leaving said position; the only exception being the Vice President.
Curtis C. Greco, Founder