Elizabeth Warren has been one of the most sound voices during this financial crisis. Republicans and Democrats have both looked up to her analysis of the problems plaguing our economy and have touted her as one of the brightest minds when it comes to economics.
Tim Geithner – not so much.
So this story should come as no big shock to those that follow the soap opera filled world of economics:
Treasury Secretary Timothy Geithner has expressed opposition to the possible nomination of Elizabeth Warren to head the Consumer Financial Protection Bureau, according to a source with knowledge of Geithner’s views.
The financial reform bill passed by the Senate on Thursday mandates the creation of a new federal entity charged with protecting consumers from predatory lenders.
But if Geithner has his way, the most prominent advocate for creating the agency may not be picked to lead it.
The last thing we need is someone heading another economic unit of the federal government, who will fall into the “good ole’ boys club”. We need differing views and opinions, because that is the basis for the best ideas. To me that is an awesome reason to give Warren the job. Let the powers disagree and argue it out. Then we might start getting sound policy to turn this train wreck around.