Senator Warren: First Thoughts

17 Feb
Elizabeth Warren

Elizabeth Warren (Photo credit: qwrrty)

I wasn’t particularly keen on Elizabeth Warren winning the Massachusetts US Senate seat from Scott Brown, but I’m glad now that she’s won.  I was put off by her (supposed super) liberal aura, and I just plainly really liked Scott Brown’s moderation.  Although I would really like Scott Brown back in the US Senate again, I can’t say I’m unhappy with Senator Warren.  I am glad that she has not taken to the national airwaves in search of fame and notoriety (i.e. Rand Paul) and has really focused on her constituents.

In her first public, official appearance as a member of the Senate Banking Committee‘s hearing on Wall Street Reform Implementation, she questioned in a clear way what constituents all around the country were asking during the past few years, “What the hell are you doing with the big banks?”, albeit in a more professionalized manner.  See, the fact is that ‘big banks’ are able to do whatever they want because if they fail, then the resulting consequences might be so traumatic.  However, they’re always able to push the envelope in their practices because the regulatory framework/institution merely penalizes, instead of prosecuting, them in accordance with their ‘supervisory’ status.  So basically they ‘supervise’ the fleecing of America by asking taxpayers to pony up their hard-earned money (through actual money or via inflation and other financial secrecy) to prop themselves up for the mistakes that hobbled them while the rest of America are not able to get loans, mortgages, etc.

I really do criticize Obama on bailing the banks out because there seemed to be nothing in it for the average citizen.  The SEC makes these ‘settlements’ which don’t change the culture of Wall Street and which are really just the costs of doing business for the banks.  Once the regulators actually do something to regulate, then I’ll be the first to call out Warren.  But for now, I better see the other 99 in the Senate acting like her for the good of the country and to be on the side of the bank’s customers for once.

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Boris Shor, PhD

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