Obama needs Elizabeth Warren for credibility. America mistrusts Wall Street. Main Street needs Elizabeth Warren to regulate Wall Street. Obama desperately needs a real winner, Elizabeth Warren, to regain public confidence.
The voters’ enemy is Wall Street. Obama’s advisors include those who have aided and comforted the enemy-Wall Street. Larry Summers, during the Clinton years, helped remove the public’s safeguards against Wall Street that led to this Recession Treasury Secretary, Timothy F. Geithner, co-authored the 2008 policies that led to huge Wall Street profits while the American economy fell apart. There is no middle ground. It is either Main Street or Wall Street.
Reading the writings of Elizabeth Warren makes it very clear that she is clearly on Main Street’s side.
Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School –In the wake of the 2007-9 financial crisis, she became the chair of the Congressional Oversight Panel created to investigate the U.S. banking bailout (formally known as the Troubled Assets Relief Program). In 2007, she also first developed the idea to create a new Consumer Financial Protection Agency. Elizabeth Warren has written twelve books and more than 100 articles in leading publications. Elizabeth Warren is one of the strongest advocates for the middle class.
This is best proven by the book- The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke by Elizabeth Warren.
As you know, the largest contributor to federal elections has been Wall Street. Today. the U.S. Supreme Court”s decided that placing restrictions on corporate contributions to federal elections was illegal. Now there is no limit on the amount Wall Street can contribute to federal elections.
After Ferdinand Pecora’s 1934 hearings about major bank’s causing the Great Depression, Congress enacted legislation to regulate Wall Street including the major banks. As Pecora predicted Wall Street would not stop fighting until Wall Street made their own rules not the U. S. Congress. Gradually what Pecora predicted came true. The final act was when Bill Clinton signed into law the repeal of the Glass-Stegall Act, which had kept major banks out of the investment banking business. Then with regulations eliminated, we had a repeat of the 1929 economic collapse. Most Main Street businesses either nearly collapsed or collapsed. Despite this economic collapse, Wall Street made huge profits. No wonder the voters are wary of Wall Street. It is time that the President and Congress acknowledge this deep seated distrust of Wall Street and do something about it. Remember, the repeal of many of the safeguards enacted during the Great Depression, was done by both parties. Taking Wall Street contributions is bi-partisan.
Who is to write the regulations of Wall Street? Will it continue to be Wall Street? Both parties must realize that there are only two sides to this debate. Since 2007, we have seen the dire results when Wall Street self regulates. The public is demanding that Wall Street needs more than self-regulation.
Obama needs to regulate Wall Street. Elizabeth Warren is knowledgeable. She represents the middle class. Elizabeth Warren will restore public confidence in our government by the Wall Street regulations she writes and executes. As Pecora said, these regulations are never self-executing.