A Great Question. A Horrible Answer.

He had nine from which to choose. He admitted that he was a great question. His choice was Antonin Scalia as "the model judge" before scrambling back towards the center his discomfort ever evident.

Massachusetts can do better and will do better by sending Elizabeth Warren to the United States Senate.

DNC Day 2: Arithmetic

Thers:

In a sane world, Bill Clinton's speech would be some far right shit I'd be mad about.

It's not a sane world.

Watch the speech here.  Watch the hug that ruined Fox News' fun.  In the end?  Still just a convention speech with marginal influence.  But it went a long way toward further defining what the Democratic Party is pitching (or should be) and servering at very least as a reminder that you can talk smart and folksy together for one hell of a sell.  Krugman: Awesome, except for this.

Pre-Clinton stand outs: Judy Chu, Emanuel Cleaver (!!!), Sandra Fluke, an underwhelming and still amazing to listen to Elizabeth Warren.  Things to avoid unless you like being angry: Steny Hoyer, some talkers talking about the Senate races, and the early morning "let's make sure this gets more press, the President Said" voice vote.

Posting this late in the day (3) so better things have already been written here and here.  Overall another strong day for Democrats, especially in contrast.  And with the news of the Romney camp pulling money out of swing states a month earlier than McCain did the same, the media narrative of the campaigns could get interesting starting now.

On that front, Nate Silver is already looking ahead.

Tonight's prime time schedule.

 

Impressions of Elizabeth Warren

By: inoljt, http://mypolitikal.com/

In 2012, Republican Senator Scott Brown of Massachusetts will face a challenge from Massachusetts resident and Democrat Elizabeth Warren. Warren is somebody who has sparked liberal passion unseen since Barack Obama’s 2008 presidential campaign. However, people who arouse liberal passions do not always translate well to the wider electorate.

Out of curiosity, I decided to watch a few videos Elizabeth Warren and see for myself how good a politician she is.

The first thing that one notices is how overwhelmingly passionate Warren is about regulating the financial industry. Passion like that cannot be faked. Unlike people such as Mitt Romney, it’s very clear that Warren truly and deeply believes in what she says. You see it in the emotion with which Warren talks about Wall Street. This is not actually that surprising. After all, Warren wants to be a senator not as an end to advance her political career, but as a means to fight Wall Street. Fortunately for Warren, most Americans share her passion.

The main problem with this is that Warren sometimes appears quite angry in the videos, especially those before her campaign began. Anger is something that Americans do not like politicians to show, especially those who happen to be female. This might turn-off a few voters. Warren herself, on the other hand, is probably aware of this potential problem.

Another thing of note is that Warren lacks the feel that comes with most politicians. There’s something very much politician-unlike that comes when she talks. It’s pretty clear that she’s not been a politician all her life. This was actually pretty refreshing for me, and it’s an advantage Warren will have. Ironically, the fact that Warren doesn’t sound like a  politician actually makes her a better politician.

In addition, Warren’s had to work for what she has. Unlike people such as George W. Bush or Mitt Romney, Warren was not born with a silver spoon in her mouth. For me, at least, that’s a plus.

Finally, Warren has a way of skillfully articulating a point. In her most famous video Warren talks about how the roads a government builds and the safety it provides are necessary for a factory-owner to succeed. This is a point that liberals often make, but Warren puts it in a really understandable way. I’ve don’t think I’ve ever seen a liberal make this argument with the clarity that Warren does in the video.

All in all, Warren does seem to have some pretty decent political skills. At the very least, she’ll give Republican Scott Brown a much more powerful challenge than any of the other Democratic politicians-for-life in Massachusetts.

 

 

S02E10: Stopping CFPB

Much of the authority of the Consumer Financial Protection Bureau (CFPB) is schedule to go into effect in July, which means that between now and then, attempts by House Republicans to limit that authority are going to intensify. This week's episode of 90 Second Summaries examines some of those attempts.

Though these bills are unlikely to see real action on their own, look for a measure of this sort to be included as a rider on some must-pass piece of legislation.

There's more...

Weekly Audit: Can Elizabeth Warren Save the Economy?

by Zach Carter, Media Consortium blogger

President Barack Obama’s decision to appoint Elizabeth Warren to set up the new Consumer Financial Protection Bureau (CFPB) couldn’t have come at a more critical time.

Over 44 million Americans were living in poverty last year. That’s the highest number on record. The Great Recession is taking a terrible toll on everyone outside the executive class, but policymakers have been reluctant to pursue an economic agenda that improves the lives of ordinary Americans.

The uniqueness of Warren’s new post raises plenty of questions, but it puts a fierce defender of the middle class in office at a time when the middle class most needs help.

So what exactly will Elizabeth Warren do?

As Annie Lowrey emphasizes for The Washington Independent, it’s not entirely clear what Warren’s new job will be or how long she will have it.

Consumer advocates have pushed hard to get Obama to name Warren the first director of the new CFPB. Obama, citing Senate confirmation hurdles, has instead charged Warren with setting up the agency as an adviser to both the Treasury Department and Obama himself. The post allows Warren to get to work setting up the agency, but not the power to start drafting regulations. It’s good to see her get a post on the Obama team, but we do not yet know how influential she will be.

Tim Fernholz sums up the pros and cons of Warren’s appointment in a piece for The American Prospect. There are very real drawbacks to the move. Confirming Warren for a permanent post as director of the CFPB will be harder next year—Democrats are likely to lose Senate seats in November.

It’s not impossible, but if confirmation was Obama’s chief worry, he’s only made it harder on himself by kicking the nomination down the road. This is true for whoever Obama picks—the bank lobby is going to scream about anybody other than a bank lobbyist, and Republicans are filibustering almost everybody Obama nominates to any post, including critical economic policy positions at the Federal Reserve.

Getting to work

But the new role also gets Warren on the economic policy team right away, and allows the agency to begin staffing up under her stewardship, even if it can’t draft regulations until a permanent director has been confirmed. There will finally be a strong voice on Obama’s economic team prioritizing household financial security above all else. That’s very good news.

Whatever the formal powers of Warren’s new post, we can be sure she’ll have a significant impact on policy making. Her current role as chair of the oversight panel for the Wall Street bailout was given almost no power at all by Congress, yet Warren has transformed it into the only real source of economic accountability in Washington, D.C. That’s no easy task, and we can expect similar courage and creativity from her as a member of Obama’s economic team.

What will the CFPB look like?

Warren herself seems to be pleased with the appointment. In a piece for AlterNet, Warren says that she “enthusiastically agreed” to take on the new position, and explains the vision for the CFPB:

“The new consumer bureau is based on a pretty simple idea: People ought to be able to read their credit card and mortgage contracts and know the deal. They shouldn’t learn about an unfair rule or practice only when it bites them — way too late for them to do anything about it. The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market.”

Sea change

That sounds common-sense, but it’s exactly opposite to the past three decades of deregulation. Reversing the damage caused by that anti-regulatory fervor has been extremely difficult. The Obama administration needs Warren’s voice now more than ever. In the early days of his presidency, Obama pushed through a stimulus plan that has prevented the middle class from falling completely off the map. But those efforts are expiring, and they haven’t been enough to prevent millions of families from sinking into poverty.

Alarming poverty rate

In a harrowing piece for The Nation, Kai Wright notes that more people are now impoverished than at any time since the government began tracking poverty data. The poverty rate rose to 14.3 percent, with 44 million Americans—roughly one in seven—living in poverty. More than one-third of black and Latino children are growing up impoverished.

So it’s no surprise that income inequality is also at its most severe in decades. As Kevin Drum notes for Mother Jones—for the past thirty years, more and more American wealth has been concentrated among  the richest citizens. The richest 1 percent of U.S. earners are raking in 10 percent more of the national income today than they were at the start of the Reagan administration, while the poorest 95 percent have seen their share of the national income decline.

Numbers like these aren’t a fluke—they’re a direct result of policies that put the interests of Wall Street and other powerful corporate players ahead of the well-being of households. Nor were these policies adopted in a vacuum– Wall Street lobbied hard for the right to pillage our pocketbooks, and when it couldn’t rewrite the rules, it simply broke them while bank-friendly regulators looked the other way. Elizabeth Warren can’t fix all of this on her own, and she’ll surely face opposition from some members of Obama’s inner circle. But families couldn’t ask for a better advocate, and her appointment couldn’t come at a better time.

This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.

 

 

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