September 25, 2011

Politics: Elizabeth Warren For........President?


Elizabeth Warren announced her candidacy for the US Senate this week, where she will run in the Massachusetts Democratic primary, and if she prevails, would go on to face Republican incumbent Scott Brown.

I will admit I’ve long been a fan of Professor Warren’s, and believe her work to establish a Federal Consumer Financial Protection Bureau (CFPB), to act as a watchdog on behalf of consumers, will be more appreciated at some point in the future - when the CFPB has been able to get up and running, and is able to actually do what Congress intended it to do. Among other things, they will look at the retail practices of banks, credit card issuers, mortgage companies, and other institutions, including a thorough examination of the fine print, in order to ensure compliance with federal regulations.

Republicans in the House of Representatives worked hard to ensure that Professor Warren never had the chance to head up CFPB. They threatened to not fund CFPB, and also suggested that a Board comprised of 5 people from both political parties, head up the agency. The GOP are still waging a battle over the CFPB, which President Obama will certainly veto.

The battle cry of Elizabeth Warren’s campaign is fighting for the middle class, which seems to be resonating among voters. USA Today’s Catalina Camia reports that a “'Class warfare' video of Elizabeth Warren goes viral.”

A video of Democrat Elizabeth Warren passionately rebutting the idea that taxing the wealthy is "class warfare" has gone viral, giving some liberals hope that she could give a strong challenge to GOP Sen. Scott Brown in Massachusetts next year.

“There is nobody who got rich on his own. Nobody,” Warren said.

She went on to say: “Now look, you built a factory and it turned into something terrific, or a great idea? God bless. Keep a big hunk of it. But part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along.”

If her message continues to resonate outside of Massachusetts, one could make the argument that she would be a formidable opponent for any candidate.

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