It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house.
But it is possible to refinance your home with a mortgage that has the same one-in-five chance of putting your family out on the street.” ~Elizabeth Warren
While SFSG was away the White House snuck off and hired Harvard’s Elizabeth Warren, the consumer’s champion. Warren has been lobbying for years (all lobbyists aren’t bad) for a Consumer Financial Protection Agency to act as a watchdog over Wall Street, banks, credit card companies and the like screwing over the little guy (we call them “middle class” now).
Obama managed to get her around Senate approval by appointing her as a special adviser, which of course her Republican haters hate (cause that’s what haters do right?). Lots of politics at play here, like getting Warren in office right before election day etc., but Warren still may not have as much power as “the little guy” would like.
Hopefully Elizabeth Warren won’t go the way of that other former adviser that was really going to do something for regular folk, green jobs promoter Van Jones.
Check out her blog (hey everybody has one!) Read Fighting to Protect Consumers