"Beyond monitoring how the government is mopping up after the financial crisis, Warren is pushing a proposal that could help prevent the next one: creating a Financial Product Safety Commission to protect consumers from abusive lenders. Mortgages and credit cards, she wrote in a 2007 journal article about the proposal, "should be subject to the same routine safety screening that now governs the sale of every toaster, washing machine, and child's car seat."
Straightforward as that sounds, it would represent a fundamental shift. "Regulating financial products based on fairness, simplicity, and appropriate risk is an entirely new paradigm," notes Reid Cramer, director of the New America Foundation's asset building program. In the wake of the financial meltdown, the idea has gained traction in Washington, thanks in part to Warren's plainspoken advocacy. "Almost unique among people with deep financial insight, Professor Warren speaks a language that ordinary people can easily comprehend," says Laurence Tribe, a colleague at Harvard Law. For example, when testifying before a congressional committee in June, Warren summed up the shift in banking this way: "Today's business model is about making money through tricks and traps."
via Bank Buster: Elizabeth Warren is Wall Street's Worst Nightmare | CommonDreams.org.
Why Not Me?)
I just don't think we could talk yet in terms of a recovery. I think the right way to understand this is that we stabilized the patient. No one goes to bed at night wondering when you wake up in the morning and will this financial system have collapsed. We clearly are past that point, but we have to remember the way we stabilized it. We stabilized it by saying the American government is going to put its money, its guarantees, the taxpayers' money behind our financial system to hold it up
And that may have given, you know, some cheery news to investors in the stock market who say I want to invest in some of those companies that have those sorts of government guarantees to back them up, but it doesn't tell us that the economy itself is turning around. It doesn't tell us that there are good jobs out there or even that we're starting to build the infrastructure that's going to produce those good jobs.