Taken to Task: President Obama Needs to Back Elizabeth Warren

it may work out yet. when "O" got cold feet, Warren decided to run for the senate in Mass.

Champion of the middle class? Thats funny how people who fit into that bracket think thats "exactly" what we need but with all pride set aside the federal guide lines state a family of 4 starts at $20,050 but to be technical, your not out of poverty until that family of 4 exceeds $44,100. Thinking about where I grew up and the people I went to school with etc.... very few meet this guideline and according to recent polls the poverty of Americans is growing not yearsly like it used to be measured by, but rather, daily. Those who make up the vast majority of the economy happen to be those who by definition are poverty strickened citizens and as for the middle class? Thats a thing of the past seen as how your considered middle class when you yearly salary is over $100K per year for a family of 3, not 4. In short, America needs people who represent realistic indaviduals and those who have lived and are living in the exact situation they claim to represent however, those in DC will see to it that this never happens as the simple thought of an "average American" representing the people is in their mind absurd. How dare us "regular" American people think that someone of that social class could have the knowlage or psychological intelligance to get anything done. Incase some of you fell asleep over the past 50 years, the democratic party has taken shape not to represent the average American nor by any means do they represent us rather they beleive that we as a people do not know whats best for us hence the reason for creation of so many government agencies that attempt to get indwelt into the daily lives of those of us who are trying to get rid of them. DSS/DCS was mentioned by Hillary Clinton as every American should be required under federal law to have a social worker in their homes if they have children, of coarse when asked later if she would agree to have one of these federally mandated social workers in her own home she quickly stated that "hell would freeze over before that would happen" as she stated, ("I know how to raise children and I did a role model job with "my daughter"). Lets not forget the good Rev Al Sharpton and the man who is on the 24/7 phone line with the Almighty, Jesse' Jackson who 3 years ago when republicans were pushing for the rights of all parents to choose to obtain a voucher and freedom to choose privat education for their children, please notice the quote of Rev Al ("There is no way that I or anyone in the democratic party will allow "others" to go to the schools we pay "big bucks" to send our children and grandchildren to. My grandchildren will not be taught along side of those who live in the ghetto) of coarse the only media who happend to play the actual recored video of responce was that evil Fox news but hey, I thought these democrats represented us? I thought they preached equallity for all yet when the "republicans" offered Americans the choice and chance for some of those children who grew up in the ghetto, a chance to go to a top private school, we as a people got stumped by the very ones who want to keep us in their controle.
The point is even those in the media are living on there own planet. Idiots like that bimbo who demands a couple million per year to sit down and spew her opinion rather than report and factual issues? Yet she is the same type similar to Nancy Pelosi who will back up anything in attempt to creat a better legacy for their own story rather than the good of the people.
There is a book out that was writte many years ago that covers how any and all positions in American Government needed to maintain a below average salary to discourage those seeking greed, wealth and power and to help allow those who wanted to run not only to represent the people, but who have the heart to become true public servents.

not another dike.

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....Taken to Task: President Obama Needs to Back Elizabeth Warren
ABSOLUTLY!!!! I never gave money to an elected position--I did Warren!

Obummer's Warren waffle is absolute proof that we elected a cheer leader not someone capable of leadership. Another case of his speech's not being the same as his deeds.

Has this clown ever heard of facts?

The Government passes ObamaCare and then gives waivers in exchange for favors and political contributions.

The Government has an immigration law BUT refuses to enforce it and denounces anybody who tries to enforce it. Again due to favors and political contributions.

More regulations EXCEPT for those due to favors and political contributions!!

Maybe if you can't understand the term "Adjustable Rate Mortgage" you should not sign the contract.

Wall street isn't the issue. GSEs subsidize the mortgage market and literally provide negative incentive for banks to limit volume or delinquencies. Why would a private sector bank put itself at a disadvantage in the industry when Fannie et. al will purchase any mortgage off their books no questions asked? Why would Fannie care about delinquencies when the treasury endlessly writes off their losses to taxpayers? System is broke, but it doesn't start with wall st.

Why do we need millions of wasted beauracracy to solve a simple problem. Don't allow interest only, neg amort and no down home loans. People need to learn to save for a down payment and establish credit before they purchase a home. You could also add provisions that tie the originator to the loan to encourage prudent lending.

This downturn was caused by cruddy products, that were encouraged by political meddling (see home ownership as "American Dream"), greedy mortgage brokers (state your income to qualify for the size of home you want wink wink), GSE's that were allowed to buy junk, rating agencies (looking at their pocket books over jobs) and insurance agencies (credit default swaps=AAA subprime?). Just enforce existing rules. This consumer protection is political bularky and is hurting more than helping both banks and consumers.

I think the relevant questions are:

(1) Is she qualified?
(2) Is she fair?

Her credibility on fairness (#2) has been tarnished by her research on how much health care costs have contributed to foreclosures. The timing of this research was questionable given the relevance to the debate over the PPACA legislation, for which she appears to have been rewarded with this position. Given her qualifications are based on her expertise on foreclosure, the first point (#1) seems also muddied. What I will never understand is, if a given case can be easily made, why do researchers so often seem to spoil the quality of research to fulfill an agenda or predisposition.

i think the woman kicks a-- and we need more people like that in govenment. especially someone that goes after the banker crooks.

So many comments here are childish and ill informed. She, and the written intent of the agency, isn't there to prevent people from making dumb decisions (you smug geniuses), it's there to make the terms easily understood and to create standards of practice that don't destroy the economy when greed and super-wealth are the only rules in town. The abuses of predatory lending practices, long fine print sections that nail credit card users with progressively massive fines for minor errors, and a conscious strategy by lenders to extrapolate the strategies learned in the payday check business to the broader market do not constitute a free and open market. There is no such thing as a free market on this planet. Market rules are made by those with the power to make them, i.e. those who can buy influence in Washington. Trust me, if you are ever down ( and 90% of us have been or will be) and someone says "hey, have I got a deal for you" , like investments in things they own that have topped and they need a sucker to unload, or a home for a family that thought they'd never have one....you'd jump. Don't be so smug.

Bigger government isn't the answer! Maybe the emphasis should be enforcing the lending laws currently on the books, getting rid of Freddie & Fannie, not issuing loans to people who have no verifiable income and requiring a minimum of 20% down-payment UNLESS YOUR A VET USING THE G.I. BILL.
The Federal government has failed at everything it's tried to do. Think I'm kidding, take a hard look at the USPS, AMTRAK, MEDICARE, MEDICAID, DEPT OF ENERGY, to mention a few.

Wall Street does have too many friends in Washington, but the middle class does not need Elizabeth Warren or her beauracracy. Government is full of numbnuts that end up serving the plutocracy.

As far as consumer protection goes, eliminate Fannie, Freddie and FHMA. Require 20 and 20 - 20% down and 20 years fixed OR BETTER. Eliminate too big to fail. Too big to fail means too big to gamble. If you gamble, you and your investors will pay the cost.

Wall Street gave us the Internet Bubble, but did they give us Google, Facebook and others? I even question if they gave us Amazon, Apple and Microsoft? I think VC did.

Wall Street is full of the same Corporate Entitlement Class psychopaths that make up Corporate America. Goldman Sachs is simply made up of the creme de la creme of the psychopathic Corporate Entitlement Class. Obama will only go so far to stand up for his bullshit beliefs. When Goldman wants his opinion, they give it to him.

Elizabeth Warren is well meaning but she has no idea what she is doing. She is really creating a bureaucratic mess. Dodd-Frank bill?! We are going to follow the same people around that got us into this mess? Dodd essentially took bribes from the mortgage industry and Frank was directly responsible for the Fannie Mae\Freddie Mac mess. He looked the other way when this mess was being created. What they should have done was bring back Glass/Seagal which Clinton and Frank helped undo. Elizabeth Warren certainly isn't the answer.

If you're too stupid to read a mortgage contract or a credit card contract, perhaps you shouldn't be allowed to obtain either? Government DOES NOT know better than you. It's just more of the same nanny-state in full-control of your life. NO THANK YOU!

Warren is a nut case

Wall Street, home of the Con men playing with monopoly funds.

Charles Ponzi would have prospered the past 20 years.

Your a bunch of whores and two bit greenmailers and you would sell your mother for a deal and send her COD.

If only the masses could rally and put a knife in the heart of the beast once and forall.

Barney Frank , Chris Dodd and a Congress that thinks you can legislate behavior, are the real villians in the mortgage meltdown. Their policies with Fannie and Freddie gave the bankers carte blanch to wreck havoc with the market, and now they are going to fix everything with more regulation...YIPI !!!