Elizabeth Warren has done Americans an enormous service in the development of the concept of a “Consumer Financial Protection Agency… and more immediately her leadership of the Congressional Oversight Panel has been very effective in the oversight of the use of the hundreds of billions of TARP dollars… she speaks plainly for the need for new, “rigorous oversight” of financial institutions.
“…The old rules of regulation just literally don’t work anymore. Because now we’re under this giant shadow of implicit and explicit government guarantees … we said in effect … we will throw as many taxpayers as we need to throw under the bus to keep your business functionally operational in the way that it was functionally operational before without a cost to you personally, and to your shareholders personally. That’s a whole new world.”
Hattip Huffington Post… and the comments there… 1740 comments at the time I posted this…