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Wednesday, March 20, 2019

Mitch McConnell may have cut her off on the Senate floor, but Elizabeth Warren refuses to be silenced. Two days after becoming an internet meme, the Massachusetts senator sat down with Attn to discuss an underreported, but no less pressing Trump scandal.

“What Donald Trump wants to do is fire one of the most important financial cops and then say to the American people, you keep walking down this dark alley and, you know, what happens is what happens,” Warren revealed.

The cop in question is Consumer Financial Protection Bureau director Richard Cordray. Cordray’s term ends in July 2018, but Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, is encouraging Trump to “immediately fire” the director.

“The Consumer Financial Protection Bureau, which didn’t even exist before the financial crisis, [prevents Americans from being] cheated on mortgages and credit cards and the things that ultimately blew up our economy,” Warren explained.

The CFPD was created by the Dodd-Frank financial reform act and specifically helped combat home mortgage scams. Now that Trump wants to scrap the legislation, Republicans such as Rep. Hensarling, Sen. Mike Lee of Utah, and Sen. Ben Sasse of Nebraska say Cordray must go.

“The financial services industry, the giant banks figured out, ‘Whoa, there’s money to be made here… by selling, lyin’ and cheatin’ scammin’ mortgages,’ and that’s what they did,” Warren said.

“They sold them in big numbers and for a little while it was, you know, like a sugar high,” she continued. “Housing prices went up, the economy went crazy, and then of course it all blew up. And they not only cost people their homes and cost them their financial security, they cost millions of people across this country their jobs and their savings. They really created the economy that made it so hard for young people to come in and get good and decent jobs and be able to move ahead.”

Warren became the Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau in September 2010, but was not nominated to direct the agency for fear she would not pass confirmation. President Obama nominated Cordray instead 10 months later.

According to Warren, the agency functions as “a cop on the beat, to [provide] a level playing field” and “Donald Trump just started the process to try to gut the rules.”

Watch:

Alexandra Rosenmann is an AlterNet associate editor. Follow her @alexpreditor.

IMAGE: U.S. Senator Elizabeth Warren (D-MA) shows company documents to Wells Fargo CEO John Stumpf during his testimony before a Senate Banking Committee hearing on the firm’s sales practices on Capitol Hill in Washington, U.S., September 20, 2016. REUTERS/Gary Cameron

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20 responses to “Elizabeth Warren Won’t Let Trump Gut The Consumer Financial Protection Bureau”

  1. BDD1951 says:

    How much longer before this Stump hangs himself. Can’t be soon enough for me.

  2. Just A Citizen says:

    Warren is not being truthful to the readers here. Her rhetoric is just that.

    Consumer protection is to help prevent scams to borrowers. What ever amount of these types of loans were made had virtually no affect on the financial crisis.

    That was caused by the Govt. and other entities buying up the mortgages, chopping them into pieces, repackaging the pieces and selling the new package of crap. Who bought this crap? Other investment banks and govt. entities. No “consumer protection bureau” is going to address that problem.

    In fact, nobody has addressed that problem. It is still going on, under Dodd Frank.

    • I Am Helpy says:

      Gibberish.

    • FireBaron says:

      Citizen, as usual you have Zero grasp of the facts. The mortgages in question were NOT the ones secured through FannieMae or FreddyMac. Instead, they were mortgages issued by banks to unvetted customers who they knew would eventually default, then sliced up and sold as “securities” to investment firms that should have done more research.
      By the way, I am still waiting for your DD-214. Mine says Honorable Discharge with a total of 12 years. What did you do to avoid serving my country?

      • Just A Citizen says:

        FireBaron

        I know precisely what she is alluding to and it did not cause the problem. She is deliberately linking a symptom to the disease in order to convince you the symptom is the cause.

        Fannie and Freddie were only two entities involved in the purchase of mortgages and the creation of various derivatives. The bottom line is that without this mechanism there would not have been a collapse of lending standards. The investment banks AND Freddi/Fannie were taking the risk off the banks and sending it around the world.

        Now exactly what the hell does my military service or no service have to do with this or any other issue? Let me help you NONE.

        Typical ploy, trying to attack the other person instead of the issues of discussion.

      • InformedVoter says:

        Yup, mortgages issue to unqualified buyers, which is the program the Dems pushed through so everyone could own a home.
        It was the Dems policies that cause the 2008 meltdown!

        • dtgraham says:

          Oh yeah. It was Jimmy Carter’s 1977 Community Reinvestment Act that made poor innocent banks lend within their communities to people with no money at all, and caused poor mortgagors to suddenly default on their mortgages in 2008 (for the first time since 1977), which crashed world economies.

          Fu*k you’re stupid.

          • InformedVoter says:

            You are mentally unstable. You need to get yourself to one of those crying rooms that universities set up so they could have a safe room to have a cry.
            Hey, it was the Dems policies during GW second term that set the stage for the banking collapse. A little factual knowledge would go a long way in helping you control your brainwashed closed-mind.

          • dtgraham says:

            This time I’m not even going to bother correcting you. Your absolute, utter, know-nothingness is starting to get to me. Here’s why: it’s retards like you who’ve put the United States into the position it’s in right now.

            I’m going to assume that you’re knowledgeable enough at your occupation. However, your ability to reason things through, your general knowledge of events, history, and your grasp of the most basic causal inference is from planet fu*king Mars.

            I’ve seen the odd Republican here over the years who at least had a few things going on. You’re not one of them. You never come down from orbit.

          • InformedVoter says:

            To summarize your post: if you wish to upset a conservative, tell them lies, like you have been doing; if you wish to upset a liberal, tell them the truth, like I have been doing.
            I bet you think that Debbie W-S didn’t resign because of the leaked emails, like many of your fellow low information friends.

          • dtgraham says:

            “I bet you think that Debbie W-S didn’t resign because of the leaked emails, like many of your fellow low information friends.”

            You must have been following my exchanges with Tourette boy. The leaked e-mails are exactly why DWS resigned, and why Donna Brazille is now a babbling idiot pariah. I’ve been arguing that for quite a while. No disagreement there.

            Trump was also helped out by Fox News, as now revealed by Megyn Kelly. That’s how he had his Rosie O’Donnell zinger ready for Kelly’s first question on August 6th, 2015. The network gave it to him in advance.

            http://www.politicususa.com/2016/11/12/fed-donald-trump-megyn-kellys-debate-question.html

          • InformedVoter says:

            That’s the difference between low information lefties and informed righties. So Megyn Kelly, the discredited and cast-aside news person, in order to sell her book, prints a statement about President Trump that no other news source will say is true and you jump up and down and believe it.
            If it were true, all the other FAKE MSM would be all over it, but alas, it is nothing but literary licence that Megyn used.
            So, NO, President Trump DID NOT have the question given to him ahead of time. How can you tell, well FOX just about fired Megyn for being unprofessional after she asked that question. Why do you think she was run out of FOX? Thus, if FOX knew her question ahead of time, they would have “counseled” her.
            Once, more your low information news sources have betrayed you.

          • dtgraham says:

            In her review of Megyn Kelly’s book, the NY Times’ book critic Jennifer Senior hinted that Donald Trump may have had early access to Kelly’s questions ahead of the Republican primary debate on Aug. 6, 2015. Kelly had intended to ask Trump about his comments concerning women, according to Senior.

            “Then, the day before the first presidential debate, Mr. Trump was in a lather again, Ms. Kelly writes. He called Fox executives, saying he’d heard that her first question “was a very pointed question directed at him,” Senior wrote in the review.

            He knew something was definitely up with that first question, whether he knew exactly what it was or not. He must have known the content. For gawd sakes man, just go on-line and type the search for this any which way you want and you’ll find information on it from a wide range of “mainstream media” outlets.

            Amazing that you think it’s unprofessional to have asked Trump a question about his own demonstrably true remarks about women over the years. So anybody who asks any GOP frontrunners very difficult questions on a Fox News debate, should be counseled ahead of time not to do it huh.

            Fair and balanced. BWAAHAAAAAA!

          • InformedVoter says:

            You are even lower information than I thought or are politically naive. So Kelly, who was being broomed out of FOX writes a book that probably tanks, so she includes fabricated “facts” about President Trump.
            She is trying to save face from the drubbing she took by President Trump during that debate. Her horrible behavior during and after the debate cost her the job at FOX.
            Back to the “facts”: No, President Trump did not receive prior notice of Kelly’s question. How do I know (I posted this before but you seem to not comprehend), if Kelly’s statement was true the MSM would have jumped all over it. But the MSM has been slammed by President Trump so much, that they didn’t dare play up this known fabrication.
            Also, since FOX did not approve of Kelly’s question and her actions, if FOX had been challenged by President Trump before the debate, FOX would have put Kelly in her place so the question would never have been asked. Kelly also made up the part about that’s how President Trump had such a good come back to the question. She doesn’t want to admit that he is quick on his feet, unlike Obozo who couldn’t make an intelligent statement without out the aid of a teleprompter.
            The fact that you lefties would even think it’s true speaks volumes about your gullibility when it comes to the MSM.

          • dtgraham says:

            Question from the alternative reality: “How do I know (I posted this before but you seem to not comprehend), if Kelly’s statement was true the MSM would have jumped all over it.”

            Answer from this reality: “The MSM DID.” As I said, you can dial it up.

            Question from the alternative reality: “Also, since FOX did not approve of Kelly’s question and her actions, if FOX had been challenged by President Trump before the debate, FOX would have put Kelly in her place so the question would never have been asked.”

            Answer from this reality: How do you know that Fox didn’t grudgingly acquiesce to Kelly’s request after acknowledging what her questions were, and passing at least one of them on to Trump? How do you know? How do you know that Fox must know in advance what their panelists’ questions are, and must approve of them? How do you know?

            Even if you were right, and Kelly is lying, you know what that means? Fox will vet all of it’s panelists’ questions and will not let any of it’s panelists ask any GOP frontrunner (or any other candidate) a difficult question like that in a debate, even if it’s referencing something that’s demonstrably true That’s what you’re saying.

            Still think that Fox isn’t the propaganda broadcasting arm of the RNC? Sure they aren’t. Just keep telling yourself that.

    • owmarly says:

      When Dodd Frank provisions were eliminated before, it brought about one of the largest financial crises since the crash of ’29’. A lot of investment bankers made millions but average Americans lost their homes and life savings.

      • Just A Citizen says:

        Dodd Frank did not exist prior to 2008.

        Some claim the elimination of separation between investment and commercial banking was the cause. It was NOT the cause. That removal of regulation was done because of changes in the consumer demands for financial services which were threatening profitability of commercial banks. This is when your banker could start selling you stocks and mutual funds.

        There were also many regulations in place to probably prevent the corruption. They were not enforced, going back several administrations.

        The Federal Reserve itself was part of the problem.

        There are many things that were involved in that crisis. People have jumped on the deregulation band wagon because that is the easy solution. Even if it solves nothing, or very little.

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