Elizabeth Warren Named "Advisor"

Pragmatism trumped valor, and quite possibly political acumen, when President Obama named Elizabeth Warren an "advisor" to the President and the Treasury Secretary, rather than Director of the newly formed Consumer Protection Bureau. While I understand the President's reluctance to take on a tough Senate confirmation fight, I cannot help but wish he had chosen that route. A Senate hearing would have been illuminating and I do not believe it would have been a bad thing for the underdog Democrats heading into a challenging election season.

Warren, who is detested by financial industry insiders, has garnered wide support among consumer advocates for her stand against the big guys in her position as Director of the Congressional TARP Oversight Commission.

The same New York Times article that reported her appointment [click on this post's title for the link] reported: "The favorite among administration officials [for the position of Bureau Director] is Michael S. Barr, an assistant secretary of Treasury for financial institutions who is an authority on financial regulation and on services for low and moderate-income households." [We have seen how well Treasury has served THAT constituency.] Additionally, the article said, "Privately, Mr. Geithner [Wall Street's darling] promoted Mr. Barr for the consumer post."

The article further mentioned Mr. Geithner's apparent pleasure at the appointment.

Just when I thought the Obama Administration might be developing some spine.

Our President might do well to heed the words of country singer Aaron Tippin: "You've got to stand for something, or you'll fall for anything."