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Thursday, August 12, 2010

Why we need Elizabeth Warren more than ever.

Elizabeth Warren, a Harvard Law professor with an expertise in bankruptcy and consumer finances is the only rational choice to head up the new financial consumer protection agency. In our upside down bizarro world we have consumer protection agencies for virtually everything except the one industry that has taken more advantage of consumers than all other industries combined, the financial services industry.

She came up with the idea in 2007 and has been a tireless worker for consumer rights in financial services area. Some in the White House and some Democrats in Congress have been wary about nominating her because their patrons in the financial world will come out with guns blazing. She is the last person they want running the agency because she will ensure that the agency has teeth and will use them whenever and wherever needed. They also fear a knock-down drag out fight with the GOP and some moderate Democrats.

If ever a fight was needed it would be one with the GOP opposing her and most Democrats supporting consumer protections. If nothing else, it will shed daylight on the lie that the GOP supports the middle class and consumers.

Yesterday's news that Wells Fargo has been found guilty of 'unfair and deceptive business practices' in manipulating debit card charges to maximize overdraft fees is more proof that Elizabeth Warren is desperately needed to head the agency.

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