A Place for Cafe Refugees and Others Like Them

Jake Tapper of ABC News reports that Obama will appoint Elisabeth Warren as Assistant to the President & Special Adviser to the Secretary of the Treasury on the Consumer Financial Protection Bureau. This is going to bypass the a Senate confirmation process which could drag on for months. Warren has been the moving force and advocate for a consumer financial products protection agency. She has been working closely with the president as Chair of the Congressional Oversight Panel of the Troubled Assets Relief Program. She will answer directly to President Obama and to Treasury Secretary Geithner.

Yippy!!! (this democrat is doing a happy dance)

It is about time for the White house to do something to excite the democratic base. This is a way to get the agency set up with out the republican senators holding it up through the appointment process. Now there will be criticism that this will not satisfy the liberal left but it is going to be very gratifying to the consumers that wants oversight on credit products. Banks are still out there making up ways to fleece the public. Warren is very out spoken and will forge the way for a strong protection regulatory agency.

Now if the Speaker of the House can get a bill through on taxes that will let the Bush tax cuts to expire on the wealthy and keep the cuts for the middle class and Reid pushes it through the senate in the next few weeks after they get the repeal done on DADT, there will be more than me hitting the voting booth with relish to vote against the Tea Party.

Comments on: "Obama Will Get Financial Products Consumer Protection Agency Underway With Elizabeth Warren" (12)

  1. The biggest problem the Democrats have is getting out a clear, specific message vis-a-vis the middle class and small business.

    Hopefully this will be a start.

  2. Amen. And, yes, I’m doing a happy dance too. I have been pretty pleased, over the past 7 years, with my bank (HSBC), but this year they have started making changes. For instance, my free checking account will no longer be free unless I have direct deposit linked to it. Currently, I happen to have direct deposit of my paychecks from my temp agency, but my temp job is most likely ending next week, and I don’t know when I’ll next get assigned to a new temp job (if at all). So, suddenly my free checking account will be costing me $8.00. In today’s economy, with unemployment the way it is, I think it’s a bad move on HSBC’s part to do this sort of thing. I mean, $8.00 is no huge sum by any means, but still…it’s the principle of the thing. Add up all the other transaction fees throughout the year, and my bank is taking quite a lot from me for using it’s “free” checking account, yes no? And then I think of all the folks who are up to their eyeballs in debt right now, getting raped by credit card fees and barely able to make their minimum monthly payment, and my quibble about my own bank looks rather petty in comparison.

    I hope Warren kicks some ass.

    • B of A has doubled the min balance required on a business checking account in order to avoid a monthly service charge. And it went from $12 to $15. I adjusted how I do my banking to accommodate this but I hate the idea that they have manipulated it to their benefit. What this means is small businesses like mine had to double the min amount held in a checking account used for payroll to avoid the charges. This ties up thousands in working capital with similar mechanisms for just about any services you require. In order to control costs you have to play the game their way to keep the bullshit overhead from eating you alive. This sucks because big corporations get to lock in profits with small businesses taking all the risk. Small business can’t operate this way because you have direct contact with your customers every day. As you can see the relationships are very uneven with consumers getting the worst of it by far. Hopefully Elizabeth Warren can change this some.

    • What about a credit union?

      • Bwakfat has been pushing me to move to a credit union since forever. I must definitely do that. In fact, after my temp job ends, the first thing I’ll do is find one nearby.

      • I thought about a credit union a while back. I did some investigating though and you know what I found? The executive suites in all the local credit unions are occupied by republicans. And every one of them, if you look them up on the Internet, donates primarily to republican causes. It bothers me that this may well be the predominant condition all across the country. I looked but couldn’t find national data on this.

  3. $8 is dinner and when you don’t have any income. They are just trying to cover some of the bad debt they have on their books that they don’t want to write off yet.

  4. This is good. If for no other reason than republicans will hold up this crucial appointment for as long as they possibly can. There has to be someone in government who is assigned the specific task of keeping Wall Street and banks from setting whatever rules and policies they want. Elizabeth Warren is the right person for this job. The sooner the better. This office having been created was a good idea.

    I’m afraid though, given the variability of political winds, we’ll have a Wall Street lackey holding this office at some future time. No matter the mission of the office I just don’t see a republican president appointing a genuinely consumer friendly individual to this post. That is, unless the ethical corruption in Washington happens to come to a screeching halt. Fat chance.

    • It depends on the future of the republicans. Right now they are falling apart. The idea is to get more momentum into the changes that will help all of us. I think they learned to not pander to the party of no and go a different route.

      • This is true. However the historical route has set a precedent that’ll be difficult to change in a way that restores equity into the system. Inequity has held sway for an awful long time. Changing this strikes me as a long shot with terrible odds.

  5. very glad to read this, momoe. i’m going now to check the tapper piece out. thanks!

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