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Richard Cordray is not Elizabeth Warren

Oh, so *now* Obama has the balls to make a recess appointment to the Consumer Financial Products Buereau. He’s going to catch hell for it from Republicans. He should have appointed Elizabeth Warren, but the boys club at Treasury is not going to let some broad give orders to them or anyone. They don’t even want to work with her. (Tim Geithner didn’t like Christine Romer, Sheila Bair either.  Huh!  Maybe the problem is Tim Geithner, eh?)  So, Obama did nothing.  The outrage from Republicans will be the same this year but the optics will look different, right Mr. President?  This is an election year.  All the human sacrifices of the past three years were painful but necessary so that you could get to January 2012 and announce that you are finally going to appoint someone.  And like the Lily Ledbetter Act, you will boast and strut like the cock on the walk as if you have really accomplished something that will make a difference to millions of people.

But Richard Cordray is no Elizabeth Warren.  She had conviction.  She knew what she was doing.  She made the financial services industry very nervous.  So, she had to go.  Cordray might be a nice guy but the emphasis is on “guy”.  Once again, we have an example of an old boys’ network where the alpha males are seeing who can piss higher on the wall and the beta males are kissing asses to get a plum appointment.  With a wink and a nod, Cordray will take his place and like so many Obama “accomplishments”, it will all be a bunch of sound an fury signifying nothing.  He’s not going to rock the boat if he knows what’s good for him.  He’ll be a team player.

The Republicans may try to block Cordray, but it was the Obama Administration that blocked Elizabeth Warren.

I saw a Hillary bumpersticker today.  It looked new.

Just sayin’.


In other news:  Some over the counter medications are dangerous.  In 2010, a 2 year old boy died from liver failure that was attributable to a children’s Tylenol (acetaminophen) product.  The parents are suing but to be honest, the trouble with Tylenol has been known for years.  Acetaminophen has unpredictable activity and serious liver damage is a well known side effect.  A few Tylenols might cure your headache, one extra might kill you.    It’s probably one of the more dangerous products on the market and you can get it over the counter, along with bubblegum and batteries.


12 Responses

  1. Yup. I think that is the deal with why now and not Warren…that and he is connected to the University of Chicago.

    • I have no idea what Cordray’s connnection is to the University of Chicago but he’s been in political life in my county and my state for decades. While he doesn’t have Elizabeth Warren’s charm, he’s a sincere consumer advocate and an exceptionally smart man, He’s never, to my knowledge, compromised his principles which might be why he’s lost several elections. The business lobby in my state loathes him which tells me that, in his quiet, plodding way, he’s made them fear him.

      While I agree with RD’s outrage that Obama was willing to make a recess appointment to Cordray and not to Warren, that does not make Cordray an Obama stooge.

  2. Yves Smith wrote many posts about this over time at Naked Capitalism. Her interpretation was/is that Obama was/is firmly committed to supporting financialist-sector fraud at every level and was not going to permit the appointment of someone who would try genuinely to reduce the level of organized fraud throughout her particular purview-area of the financialist sector.

    Obama was/is not alone in this. Senator not-Lieberman . . . the “other” Senator from Connecticutt whose name my brain just simply won’t access right now . . . conspired very significantly against
    Warren at some key chokepoints in time . . . declaring that she “could not be confirmed” and so forth. Senator not-Lieberman is/was apparently much more of a loyal butler for the Gang-Banker establishment than anyone wished to believe at the time. He will no doubt collect a multimillion dollar reward in the private sector for his
    valuable contribution to backstabbing Warren’s chances.

  3. Hey, RD, a lot of the Obama people have convictions too … for things like sheep molesting.

  4. Yves Smith at NaCap has written about this Cordray appointment. It and the comments are worth reading.

    • That IS an amazing conversation on that thread — thanks!

      • I think they see right through this move. Now, if the rest of the country can see through it, we might be getting somewhere.

        The love is gone, barry.

        • Obama is doing something else to create or re-cement loyalty blocs to use them to extort loyalty elsewhere. And that something is to have Holder at Justice challenging various Republican State Governmental
          anti-voting laws in various states where such laws have just been passed. Of themselves, such challenges are a good thing. Regrettably, Obama’s motive for unleashing Holder on this issue at this time is not a good motive. His motive is to remind the various ethnically-targetted voting groups that he cares about their voting rights . . . as should we all. His implication will be that anyone who votes against Obama is voting against the Voting Rights Act, and no good liberals would want to be against the Voting Rights Act now would they? Surely the Voting Rights Act is more important that financialist crime in the suites or the Simpson-Obama Catfood Conspiracy to destroy Social Security, or the Baucus-Obamacare
          Conspiracy to destroy Medicare or etc. etc. etc., isn’t it?

          And who will even think to condemn Obama’s cynical cleverness in crafting such a choice to beat DDs (Disaffected Democrats) over the head with in the first place, eh?

    • Smith has jumped the shark with this one. How is it “opportunistic” to take on the banks even before it was widely understood that the banks were destroying the economy? Even Elizabeth Warren has applauded the choice of Cordray to the position that we all agree that she should have had. None of us knows what Cordray thinks of Obama but I know that he’s enough of a public servant that he would not turn down this job just because he doesn’t approve of all that Obama has done. Impugning his integrity is no different than condemning Hillary for working with people across the aisle when she knew it would benefit her constituency.

  5. I guess we can add the credit card act to the list of things Obama got credit for that he really had nothing to do with.

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