Who Will Protect Consumers?
According to a source close to Treasury Secretary Timothy Geithner, he is openly against the potential nomination of Elizabeth Warren to head the new Consumer Financial Protection Bureau. The financial reform bill passed by the Senate on Thursday mandates the creation of this new consumer agency charged with protecting consumers from predatory lenders. Geithner doesn't want the most outspoken advocate for creating the agency to lead it. That makes perfect sense. Let's only let people run organizations who hate those organizations, right? Like Bill Bennett - an outspoken advocate of shutting down and destroying the Department of Education, who was appointed by Ronald Reagan to head that agency. Or putting an Arabian Horse Judge to be head of FEMA. That's how government should run, according to Republicans and Geithner. Never, ever let somebody work in a government agency who actually has a passion for the agency or is competent to run it! Case in point? Tim Geithner, who as president of the New York Fed oversaw a decade of insane banking practices that crashed the entire planet's economy, is now Secretary of the Treasury. It doesn't get any crazier than that.