Paul Krugman: The War on Elizabeth Warren

[flpoljunkie]

(Emphasis mine)

March 20, 2011

The War on Warren
By PAUL KRUGMAN

Last week, at a House hearing on financial institutions and consumer credit, Republicans lined up to grill and attack Elizabeth Warren, the law professor and bankruptcy expert who is in charge of setting up the new Consumer Financial Protection Bureau. Ostensibly, they believed that Ms. Warren had overstepped her legal authority by helping state attorneys general put together a proposed settlement with mortgage servicers, which are charged with a number of abuses.

But the accusations made no sense. Since when is it illegal for a federal official to talk with state officials, giving them the benefit of her expertise? Anyway, everyone knew that the real purpose of the attack on Ms. Warren was to ensure that neither she nor anyone with similar views ends up actually protecting consumers.

And Republicans were clearly also hoping that if they threw enough mud, some of it would stick. For people like Ms. Warren — people who warned that we were heading for a debt crisis before it happened — threaten, by their very existence, attempts by conservatives to sustain their antiregulation dogma. Such people must therefore be demonized, using whatever tools are at hand.

Let me expand on that for a moment. When the 2008 financial crisis struck, many observers — myself included — thought that it would force opponents of financial regulation to rethink their position. After all, conservatives hailed the debt boom of the Bush years as a triumph of free-market finance right up to the moment it turned into a disastrous bust.

more...

http://www.nytimes.com/2011/03/21/opinion/21krugman.html?_r=1&hp

[xchrom]

1. recommend

[bluethruandthru]

2. I wish I could rec this more than once! n/t

[ReggieVeggie]

3. K&R

[CTyankee]

4. Barney Frank was talking about her just this morning on Morning Joe.

Joe didn't muster an argument against her...and in the past both he and Mika have been very supportive of her and had her on the show often. She was one of the reasons I tuned in to MJ. I wish she could make other TV appearances. She's a breath of fresh air...

[Armstead]

5. K & R -- We need more like her in power

[femrap]

6. I hope

the prez will fight for her to continue in this position.