Massachusetts Senator Elizabeth Warren has been making the rounds talking about her new book, “A Fighting Chance.”
The book speaks to her struggle for consumer financial reform and the financial institutions that put profits over people.
So, it’s quite understandable that inevitably the talk would center on The Consumer Financial Protection Bureau (CFPB), Federal Student Loan Program, and an economic system that’s rigged to work for those who already have money and power.
The Consumer Financial Protection Bureau (CFPB)
CFPB is Elizabeth Warren’s brainchild. She proposed, created, and built it from scratch. She has been a longtime advocate of consumer protections, so it’s expected that CFPB would be a big part of the discussion.
This is what she said: “Remember where we were just four short years ago. There was no agency out there to prevent the biggest financial institutions from cheating people on credit cards, on mortgages. Remember the banks said we will kill that agency in financial reform. They were spending more than a million dollars a day lobbying against financial reform. But remember we won, and here’s the thing, not only did we win we got an agency. In the short time it’s been alive there has already been more than three billion dollars put back into the pockets of families who got cheated on mortgages and credit cards. Now the next time someone tells me we can’t change anything, I have four words for them Consumer Financial Protection Bureau.”
The Federal Student Loan Program
Senator Warren staunchly opposes exorbitant student loan interest rates. She says, “Kids who can’t afford to go to college, their parents can’t afford to just write a check, so they have to borrow money. The United States government says we will lend you the money to go to school. Okay that’s a good thing to do … and then piles onto the interest rates so that the government makes tens of billions of dollars in profits off the backs of kids trying to get an education.”
The game is rigged to work for those who already have money and power
Senator Warren says, “The problem we have in this country, and we’ve had for a long time, is that Washington works for those who can hire armies of lobbyists and lawyers. If you’re a huge corporation, if you’re a billionaire, boy, your voice gets heard in [Washington] and what you want gets attended to. For the ordinary family, it just doesn’t work so well.
She says, “It really is a rigged game, and it’s set up over and over and over that the rich get richer and the powerful more powerful. They’ve got all the advantages of concentrated money and concentrated power.
In 2009, Scott Brown won the Massachusetts special election to replace Senator Ted Kennedy, but lost his bid for a second term to Elizabeth Warren. Senator Warren is all she promised to be, an ideal replacement for Senator Kennedy. Like Kennedy, she is consistent on the issues that affect the middle-class, she is straightforward and what you see is what you get.
It is widely viewed that she may run for President in 2016. But my hope is that she does not run. She is of more value and can get more things accomplished for America as Senator than she could ever accomplish as President.