{"id":188477,"date":"2010-09-19T13:06:00","date_gmt":"2010-09-19T18:06:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/09\/19\/i-still-think-that-the-appointment-of-elizabeth-warren-is-an-exercise-in-pr-not-real-change-but\/"},"modified":"2010-09-19T13:06:00","modified_gmt":"2010-09-19T18:06:00","slug":"i-still-think-that-the-appointment-of-elizabeth-warren-is-an-exercise-in-pr-not-real-change-but","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/09\/19\/i-still-think-that-the-appointment-of-elizabeth-warren-is-an-exercise-in-pr-not-real-change-but\/","title":{"rendered":"I Still Think That The Appointment of Elizabeth Warren is an Exercise in PR, Not Real Change, But \u2026"},"content":{"rendered":"<p>Both <a href=\"http:\/\/blogs.reuters.com\/felix-salmon\/2010\/09\/17\/elizabeth-warrens-new-job\/\">Felix Salmon<\/a> and <a href=\"http:\/\/www.nytimes.com\/2010\/09\/17\/business\/17warren.html?_r=1\">Barney Frank<\/a> seem to think that this is the real deal, with Felix noting that, &#8220;she has the authority to get the Consumer Financial Protection Bureau up and running as quickly as she can,&#8221; and Representative Frank is saying that, &#8220;There\u2019s no possibility she would take something like this unless she was fully empowered to do the job.&#8221;<\/p>\n<p>Me, I&#8217;m with On the other side Yves Smith&#8217;s analysis, which says that this is <a href=\"http:\/\/www.nakedcapitalism.com\/2010\/09\/warren-pr-push-intensifies-as-evidence-against-her-succeeding-mounts.html\">all theater to create the illusion of Obama as a financial reformer<\/a>:<\/p>\n<ul>\n<li>While the bureau is organized under the Treasury, and before it is placed under the Federal Reserve, it has <span style=\"font-weight: bold;\">no rule making authority<\/span>.<\/li>\n<li>The organization is operating for an organization, the Federal Reserve that is not only, &#8220;subservient to the regulator that is in charge of looking out for the industry,&#8221; but is in large part <span style=\"font-weight: bold;\">owned by the industry<\/span>.  (look at the structure of the regional Fed banks, they are owned by the big banks)<\/li>\n<li>This is an admission that she will not be appointed to the position, so she is already a bit of a lame duck, and will be completely one as soon as someone is nominated for the post.<\/li>\n<li>She has admitted that she has no intention of serving as head of the CPFB, which means that she is even more of a lame duck.<\/li>\n<li>Many of the organizational and personnel decisions will be deferred to whoever is the appointee.<\/li>\n<li>Once a nominee is named, she becomes completely irrelevant.<\/li>\n<li>Geithner and Summers still run the show, and are who Obama listens to.<sup>*<\/sup><\/li>\n<\/ul>\n<p>I&#8217;m with Ms. Smith&#8217;s last &#8216;graph:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Needless to say, it would be better if I were proven wrong, but it looks like Warren has made a Faustian bargain. I can only hope if that is the case that she moves quickly to cut her losses.<\/p><\/blockquote>\n<p>Simply put, how many times has the Obama administration taken the side of Main Street over Wall Street?<\/p>\n<p>I&#8217;ll give you hint, it&#8217;s a non-positive integer.<\/p>\n<p>She will be out in 6 months, and my guess is that she will discover that she cannot get her phone calls answered on November 3.<\/p>\n<p><sup>*<\/sup><span style=\"font-size:78%;\">But remember, <a href=\"http:\/\/www.google.com\/search?hl=en&amp;as_q=&amp;as_epq=the+cossacks+work+for+the+czar&amp;as_oq=&amp;as_eq=&amp;num=100&amp;lr=&amp;as_filetype=&amp;ft=i&amp;as_sitesearch=delong.typepad.com&amp;as_qdr=all&amp;as_rights=&amp;as_occt=any&amp;cr=&amp;as_nlo=&amp;as_nhi=&amp;safe=off\">the Cossacks work for the Czar<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Both Felix Salmon and Barney Frank seem to think that this is the real deal, with Felix noting that, &#8220;she has the authority to get the Consumer Financial Protection Bureau up and running as quickly as she can,&#8221; and Representative Frank is saying that, &#8220;There\u2019s no possibility she would take something like this unless she &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,1051,985,1173],"tags":[],"class_list":["post-188477","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-hypocrisy","category-regulation","category-white-house"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188477"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=188477"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188477\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=188477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=188477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=188477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}