484 online
 
Most Popular Choices
Share on Facebook 51 Printer Friendly Page More Sharing Summarizing
Exclusive to OpEd News:
OpEdNews Op Eds    H1'ed 4/18/09

Who Is Elizabeth Warren, and Why Doesn't Corporate Government Care?

By       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page.   8 comments

Robert Arend
Follow Me on Twitter     Message Robert Arend
Become a Fan
  (10 fans)

(6)Â Warren let Stewart know that she has found some comfort and inspiration in just being able to talk about it all.

(7)Â Warren summed up that there are three things the government can do to resolve the mess: (a) liquidate the failing (b) reorganize them or (c) subsidize them.

"It's a bank by bank thing," she told Stewart in judging which of the three options to utilize. Stewart reminded Warren of a statement she made that , "Capitalism without bankruptcy is like Christianity without Hell."Â

Warren told Stewart that since 1792 the United State endured a financial panic every ten-fifteen years, until the Great Depression brought together great minds to put an end to the boom and bust cycles once and for all. From that era came three levees: FDIC insurance, the Glass-Steagall Act and SEC regulations. The three resulted in 50 years without a financial panic until anti-regulators "started pulling the threads out of the regulatory fabric" causing the Savings and Loan crisis of the 80s when "700 financial institutions failed". Still the threads continued to be pulled: Glass-Steagall gutted along with any real SEC oversight, resulting in the current global financial crisis.

Then Warren gave Stewart her prediction:

"So we have two choices. We're going to make a big decision, probably over about the next 6 months. The big decision that we're going to make is that it's going to go one way or the other. We're going to decide, basically, hey, we don't need regulation...boom and bust, boom and bust, boom and bust-and good luck with your 401k. Or, alternatively, we're going to say, you know, we're going to put in some smart regulations that's going to adapt to the fact that we have new products, and what we're going to have going forward is: we're going to have some stability and some real prosperity for ordinary folks."Â

The answer to which of the two scenarios Warren outlined in her prediction will depend on who decides between the two. Who will decide? Certainly not Elizabeth Warren. Her Chairmanship of the Congressional Troubled Asset Relief Program restrains her to being all talk and no action. And, respectfully but quite frankly, that, so far, has gained for her and the American people no more than a patronizing pat on the head. The bankers remain in charge, and, judging by their current amping up of their scalping of all their customers, these wolves will decide everything.

At least Elizabeth Warren will have more stories to tell.Â

Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Supported 1   Interesting 1   Valuable 1  
Rate It | View Ratings

Robert Arend Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Retired, Robert Arend was president of an AFSCME local from 1997-2007.
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines

 
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter

Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

New Jersey Women Could Vote In 1776. Why Was That Right Taken From Them

Ayn Rand Revises the Sermon on the Mount

First Olbermann, Now Schultz: Reading the Comcast Tea Leaves

Extraordinary Extradition: The Brian and Kerry Ann Howes Story

Rachel Maddow Gently Rolls Olbermann Under the Bus

Wanda Sykes Takes Aim and Pierces Limbaugh's Treasonous Heart

To View Comments or Join the Conversation:

Tell A Friend