Courtesy of Salon:
On Tuesday, Senate Republicans on the Banking Committee decided to finally hold a hearing to “assess the effects of consumer finance regulations”– little more than another attempt to rail against Wall Street regulation like the Dodd-Frank law. Ostensibly, the hearing would have granted Republicans the opportunity to shed their “do nothing” image while simultaneously continuing to espouse their mantra of deregulation. Too bad Elizabeth Warren also showed up for her day job on Tuesday, completely eviscerating the Republicans’ main witness and destroying their tired talking points.
“Of all the people who might be called on,” Warren said of Republicans’ lead witness Leonard Chanin, former Deputy Director of the Division of Consumer and Community Affairs at the Federal Reserve Board, “I am surprised that my Republican colleagues would chose a witness who might have one of the worst track records in history on this issue.”
I actually thought that Warren would climb over her lectern and throttle Chanin when he claimed there was no data that predicted that the mortgage bubble was about to crash.
Warren is a rock star and I am still holding out for the idea of Hillary Clinton picking her to join her on the Democratic ticket in 2016.
P.S. By the way if you want a real understanding of the 2008 financial crisis I cannot suggest a better source than the 2015 movie "The Big Short."
I watched it last week and it is excellent and just a little tirade inducing.