(Elizabeth) Warren to Netroots Nation: We Have the Tools; Let’s Use Them

[ProSense]

(Elizabeth) Warren to Netroots Nation: We Have the Tools; Let’s Use Them

by Bryce Covert

At last weekend’s sizzling Netroots Nation conference in Vegas, strategist Jen Ancona gathered a group of economic luminaries on stage to discuss a progressive vision of our economic future. ND20 contributor Elizabeth Warren started her speech off with the story of her grandmother. This woman drove a wagon full of younger siblings to Oklahoma during the land rush, after her own mother died and her father had already ridden ahead. After she married Warren’s grandfather, they built one-room schoolhouses and modest homes, and “stretched and scratched” to put away some money. That money got wiped out in 1907. So they stretched and scratched again, only to be wiped out one more time in the Great Depression. Such was the boom and bust cycle of the turn of the century.

But three laws that came out of the Great Depression helped to build a strong middle class that lasted for 50 years: FDIC insurance, Glass-Steagall, and SEC regulations. It wasn’t until a few years after her grandmother died that the regulations were thrown out. Productivity and wages, which had been rising in tandem, began to diverge, and middle class families were spending more on core necessities while making less. Credit companies saw an opportunity to make money off of this problem — and that led to the “tricks and traps” business practices that they employ today.

But now FinReg has been signed into law. “We have now the tools on the table to make significant change…but we’ve got to pick up the tools and use them. must be built,” Warren says. As the bureau is her brainchild, she is perhaps the best person to come up with suggestions for how it should be done. She has four: 1) it must stand for families, 2) it must be reality-based, 3) it has to be able to grow and change, and 4) it should make use of our wired world, involving consumers in its research.

The fight is clearly not over, nor will it be an easy one, she reminded the crowd. But, she says, “Remember, Franklin Roosevelt faced his economic royalists. Remember, it took him years to get his entire economic package into place. It was tough, but it paid off.” It’s time to pick up the “unused tools” of the financial reform bill and put them to good work.

Watch the full speech here.

Edited to correct name.

[dmallind]

1. Wait a minute - a DU darling thinks FinReg is significant change?

She must be "thrown under the bus" immediately! All thinking DUers know this was just "political kabuki" written and cheered by "our corporate masters" who got everything they want and nothing they feared from this "Republican lite" administration.

I look forward to it being explained how she is somehow right, and FinReg is somehow useless at the same time.

[boppers]

5. You missed the word "banksters".

It's my favorite signal to tell me somebody can be ignored.... without losing anything of interest.

[socialist_n_TN]

8. Ignore away. Because you ignored the people

who used the word "banksters", the "banksters" were able to fuck up the economy royally. Of course, now the banksters are whining about the deficit. After we the taxpayers spent approximately 1.5 TRILLION dollars to bail them out and to TRY to fix the mess THEIR criminal behavior left our economy in, NOW they whine about the deficit. A LARGE part of that deficit IS what we've spent trying to FIX their fuck ups of incompetence AND criminality.

On second thought, maybe your right. Instead of calling them "banksters", maybe it would be better just to call them gangsters.

[phleshdef]

9. Can't forget "oligarchy" either.

But yea, I know exactly what you mean.

[dmallind]

11. Damn. Sorry bout that. NT

[ProSense]

2. No other comments? n/t

[smalll]

3. She should have said, "give us the tools, and we will finish the job." -- Better soundbite -

At the same time, can I admit I find Ms. Warren startlingly hot? :blush: In quite a dominant, powerful way? She's far too much woman for little Timmy Geithner! I think she scares him. :shrug:

[CTyankee]

10. Oh, she's an incredibly sexy 60 year old! I'm not a guy nor am I gay, but

if I were either I would find her hot!

I just love that she's smart and "owns" the room without being a pain in the butt about it.

I bet her partner is one helluva happy person!

[rpannier]

4. It's a good speech

The Journey of a thousand miles...

These kinds of reminders are good ones.

I would probably be considered a lukewarm supporter of this bill because I think it could have been much stronger
But, it's a positive step

Thanks for posting

We disagree more often the we agree on the value of what is passed
But, I do appreciate your keeping everyone informed of the positive things the admin is doing -- it helps offset the chorus

K&R

[jeanpalmer]

6. What would she do?

Any specifics? The expectations seem to be getting pretty lofty. Will she be able to re-impose Glass Steagall and make SEC regulators do their jobs? Let's face it, if she intends to take on the bankers and Wall Street, she will be by herself. Therre will be no support from the politicians who have already sold us out.

[ProSense]

7. "Will she be able to re-impose Glass Steagall and make SEC regulators "

The Volcker Rule is Glass Steagall, and Warren will ensure that system is working for consumers, and that's a BFD.

[BrklynLiberal]

12. kicked amd marked for later location