Elizabeth Warren Comes Out Swinging on Bank Competition, Manages to Sock Timmy In the Eye
This is going to get really interesting moving forward and I can't wait to see Tim Geithner make a larger ass of himself by continuously cockblocking every move Elizabeth Warren attempts to make under the guise of consumer protection. Whether or not her suggestions are helpful to the consumer is not at all the issue here, the more important issue is how she's making the little rat bastards squirm.
Consumer protection adviser Elizabeth Warren said part of her job will be to create a set of rules not just for consumers, but for small lenders to compete against big banks.I agree with her statement but feel we'd have better luck manifesting a gaggle of rainbow-farting unicorns than we would leveling the playing field with regulation. Any libertarian worth their salt will tell you regulation only serves to pit the playing field with traps, this libertarian will tell you when it comes to the banking sector any additional regulation at this point would be a disaster as those authoring the regulation still don't have a realistic picture of what exactly needs to be regulated.
“We’ve got folks who want to play by a clean set of rules competing against folks who don’t,” Warren said in a speech to a meeting of the National Association of Federal Credit Unions in Washington.
“The job of regulation is not only to level the playing field between consumers and the lender, it’s often to level the playing field among the lenders so that everybody is competing on a straight-up basis,” Warren told the group.
Here's the funny part where Timmy comes in crying about Warren actually having the authority to fuck his life up:
Treasury Secretary Timothy F. Geithner said today that he expected Warren would be willing to testify before Congress on her role helping to set up the new agency. Speaking before the House Financial Services Committee, Geithner also said Obama planned to nominate a director of the new bureau “at an early date” for confirmation by the Senate.It's funny because this is a completely new attitude for Geithner, who has never really been concerned about what's appropriate before so why start now? Obviously because he feels threatened, as he should, rat bastard that he is.
“Before there is a confirmed director in place, this agency by statute has very limited authority to actually write new rules,” Geithner said, adding that the agency would not be fully up and running until at least July 2011. “We’re going to try to use that interim period to try to build a stronger consensus among the major players on how to improve disclosure, do things like that.”
Disclosure: author has increased her (long) holdings of popping corn and oil and is now long lawn chairs as well.