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What Simon Said

Sat, 17 Jul 2010, 10:20 PM (-06:00) Creative Commons License

There are very few people I pay attention to when it comes to discussions of financial reform and fixing the broken stuff.  At the top of the list are Simon Johnson and Elizabeth Warren. No surprise: neither is liked by the moneyed interests that dominate the policy apparatus in the White House and Department of Treasury.

Indeed, Johnson has launched a public offensive designed to illuminate the behind-the-scenes moves being taken at Treasury to bypass Warren as head of the new Consumer Financial Protection Bureau—one of the few aspects of our alleged financial reform that actually amounts to something.

Here’s Simon Johnson yesterday:

[…] there will be complete and utter revulsion at its handling of financial regulatory reform both on this specific issue and much more broadly.  The administration’s position in this area is already weak, its achievements remain minimal, its speaking points are lame, and the patience of even well-inclined people is wearing thin.

Failing to appoint Elizabeth Warren would be the straw that breaks the camel’s back.  It will go down in the history books as a turning point – downwards – for this administration.

Well the camel’s back has been broken for me since the health care reform charade. I’ve been done with the Kool-Aide for quite a while.

But maybe I’m just a cynic (you think?) and Johnson’s challenge can make a difference. Wanna place a bet?

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