re: Elizabeth Warren goes after Wall Street(Posted by Tyrusrex on 2/16/13 at 3:42 am to lsuprof)
Wow... I'm soooo glad that there's some Republicans, like Chuck Grassley, smarter than the people in this thread. The Wall Street Banks is a prime winning issue that Republicans can bash Obama over the head with. Lets just take a look at it objectively without Democrat/Republican labels.
1) Wall Street Banks are about the only thing less popular than congress. Every time they get attacked people cheer. (And for very good reason. The American people bailed out the banks and covered almost all their losses. Look even if you believe that the housing crisis was caused because Freddie and Fannie was throwing free money at minorities and under privileged moochers, which it wasn't. If it just had been the housing crisis the banking system would've survived just fine. It was the securitization into CDOs, CDO squared and even more exotic derivatives which increased the leverage that caused the real damage. Thus every time a dollar was lost because of housing collapse, it would cause sometimes $40 loss in a derivative. Only the banks can blame themselves for that.)
2) Don't let the rhetoric fool you, Obama has been the big banks best friend. Lets take a look at his key appointments so far. Eric Holder, our favorite Attorney General, was a partner at Covington & Burling, the firm's clients included the four largest U.S. banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co - as well as at least one other bank that is among the 10 largest mortgage servicers. How many big banks have been taken to trial? Lets see, there's Mary Jo White, the newly appointed head of the S.E.C. Before this, White joined the law firm of Debevoise & Plimpton and built up a lucrative practice defending, among others, senior Wall Street executives. Her clients included Kenneth Lewis, the former chairman and chief executive of Bank of America, and John Mack, who held the top job at Morgan Stanley. Hmmm, then there's Jack Lew, the Secretary of Treasury, before he joined the government, he was an executive at Citi during the financial crisis making millions in bonuses while the company was going bankrupt. Puhleaze, if you think Obama really wanted to prosecute Wall Street, don't you think that would've happened by now?
If Republicans really want to hurt Obama, then they would run with open arms to Warren, and join her in asking for real accountability. This would accomplish 1) that the Republicans isn't just a party for the rich, but a party for the middle class. (C'mon, these are not the rich kind of people Republicans should be defending. Investment bankers are not exactly job creators.) 2) It would make Obama squirm as he'd have to think of someway of shutting up a fellow Democrat without hurting his rich friends on Wall Street and still look like he's for the common guy 3) Most importantly, it would be the right thing to do. Anti trust laws are there for a reason. The banks have gotten too big, and pose a greater threat than the communists or Islamist have ever been.