Thursday, September 15, 2011

Czarina Elizabeth Warren is "Going to Do This" in Massachusetts

"I am going to do this" the blued-eyed blonde croons into the YouTube camera. What is this, you ask? You mean you haven't been sitting on the edge of your seat anxiously awaiting Elizabeth Warren's decision? She's just announced that she is running for the U.S. Senate, for the people's seat, the one currently held by Republican Scott Brown.

"Washington is rigged for big corporations that can hire armies of lobbyists." says Warren. Then she hits on GE, the big company that reportedly lost so much money on in the financial crisis that its corporate income tax bill was zeroed out.

That's an odd target given that President Obama made GE's CEO Jeffrey Immelt his point person in the business community on jobs, and had him sitting with Michelle Obama for his big jobs speech before the joint session of Congress last week.

But that's the Democratic Party these days. It bites the hand that feeds it.

And who is this Elizabeth Warren? The Oklahoma native bounced around teaching at a bunch of law schools before landing a tenured spot at Harvard Law School.

There she became a minor celebrity after starring in the documentary Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders (2006) and then appearing in the Michael Moore documentary Capitalism: A Love Story (2009). Elizabeth Warren is some kind of marxist-socialist, in other words, complete with her own IMDB page.

Professor Warren first made her bones in Washington, DC as the Bailout Czar, chairperson of the Congressional Oversight Panel on the Troubled Asset Relief Program. Time Magazine named her to its list of the 100 Most Influential People in the World in May 2009.

Warren went on to be named the Credit Card and Mortgage Czar as the Special Advisor for the United States Consumer Financial Protection Bureau. For that, Time Magazine named her one of the new Sheriffs of Wall Street in May 2010.

Sheriffs are usually elected or at least appointed and Elizabeth would have liked to trade her Special Advisor title to be the CFPB's official director, but that job required Senate confirmation and the Senate was in no hurry, either before or after the November 2010 mid-term election, to anoint a controversial White House Czar.

So Warren was passed over by the Obama administration in favor of Richard Cordray, who previously served as the Attorney General of Ohio. Some might be excused for thinking that a former state attorney general will be a better consumer protector than a law professor who hasn't practiced much law in years.

But Elizabeth Warren took the Senate rebuff personally and decided that the best way to get even was to run for U.S. Senate. So she went back to her native Oklahoma to run against unreconstructed conservative Republicans Tom Coburn or James Inhofe, right? Wrong, she is "going to do this" in Massachusetts.

The irony is that her new pet CFPB agency was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. And guess who was one of the few Republicans to join Senate Democrats in passing that law? You guessed it, Scott Brown. Way to encourage bipartisanship. Bite the hand that feeds you has become vintage Elizabeth Warren.

It's not that Elizabeth Warren doesn't show some promise, particularly as a fiscal disciplinarian. She wrote a book with her daughter Amelia Warren Tyagi called All Your Worth: The Ultimate Lifetime Money Plan (2005). She knows how to balance a budget:

"The Secret? It's simple really: Get your money in balance. Warren and Tyagi show you how to divide and conquer. You will learn to balance your money into three essential parts: the Must-Haves (the bills you have to pay month after month), the Wants (some fun money for right now), and your Savings (so you can build a better tomorrow). No complicated budgets, and no keeping track of every penny you spend. Once you have the basics, it gets easy. You can put your money worries behind you and get on with what really matters--living your life."
So we can expect Czarina Warren to support a balanced budget amendment? I'll bet she bites the hand that fed her again. In Maxed Out Professor Warren was asked to comment on the U.S. debt, which was then at $7.3 trillion.

"Where's the exit strategy for this? Really, I mean it, I ask it as a rhetorical question, ... I don't know the answer."
Today the U.S. debt is at $14.7 trillion and counting.

I went to Warren's campaign website and scrolled through her priorities: education, construction, renewable energy, research, a level playing field, workers’ rights, and fair trade. Not a word about the U.S. debt. So what would we do during her 6 year Senate term, double down on the debt again? $29.4 trillion here we come.

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