Elizabeth Warren: My Mission Is to Restore America's Great Middle Class

[G_j]

http://www.alternet.org/economy/147699/elizabeth_warren%3A_my_mission_is_to_restore_america%27s_great_middle_class/

Elizabeth Warren: My Mission Is to Restore America's Great Middle Class

At Netroots Nation, Elizabeth Warren spoke about how to make the new Consumer Financial Protection Bureau help protect the U.S. economy.
August 1, 2010

Editor's note: The following is a speech delivered by Elizabeth Warren at Netroots Nation 2010. Check out AlterNet's petition at Change.org urging President Obama to appoint Warren to lead the new Consumer Financial Protection Bureau.

My grandmother, when she was a teenager, drove a wagon in the land rush that settled Oklahoma. Her mother was dead, and her little brothers and sisters were in the back of the wagon. Her father had ridden ahead and tried to find a piece of land that might be somewhere near water--a hard task in Oklahoma. She grew up in that part of the world, she met my grandfather, they got married, they started building one-room schoolhouses and little modest homes across the prairie. They had kids, they stretched, they scratched, they worked hard, they made a little money, and they put it aside, put it in the bank. It got completely wiped out in 1907 in an economic panic. But like many American families, they came back. They started scratching and stretching again, and having more babies--and then the Depression came. And they got wiped out one more time.

You see, my grandmother was born into the world of boom and bust, boom and bust, as it had been from 1794 until the Great Depression. But my grandmother also lived in a world of economic transformation. Because coming out of the Great Depression, just three laws fundamentally altered the course of America's history.

The first one, FDIC insurance, made it safe to put money in banks. The second one, Glass-Steagal, tried to separate the risk-taking on Wall Street from your local community bank. And the third one, SEC regulations, provide some cops to watch the robbers. And so, out of that, what we got was 50 years of economic peace. No financial panics, no meltdowns. And during that 50 years, we built a strong and prosperous middle class in America.
..more..

[mdmc]

1. r

[walldude]

2. K&R I love this woman.

[elehhhhna]

3. they're going to suicide her for that. stay out of small planes, liz.

[closeupready]

32. God forbid, but isn't it sad that on some level, we really fear that?

She's terrific. I would love to see her make a run in 2012.

[xchrom]

4. Recommend

[Gold Metal Flake]

5. She has to show her strength by taking that job.

If she works out, we can build a government around her.

[kenny blankenship]

6. No wonder she's in so much trouble.

People won't believe it, but the rich have decided this country is not big enough for them and us, too. They need all the money right now, because now after the bank blowup A) they've finally seen something that scares them, and B) they know America's time is running down, and it's important to grab everything you can and convert it to cash, before rushing for the doors.

[glitch]

9. RFKjr calls their actions a "Fire Sale" this country is in liquidation.

Loot and run.

[DURHAM D]

7. Thanks for posting. Good read.

Okie roots are populist roots.

[SammyWinstonJack]

8. K&R

[Barack2theFuture]

10. Quick!

She must be stopped! She is a threat to the entire agenda!

[thecrow]

11. I love this woman. I believe her. I actually trust her.

Far and above over any *politician* these days.
We need more like her.
Read the article, if you can.
K&R

[tom_paine]

12. Which is why she will never be allowed near power.

Sadly.

[BeHereNow]

20. You are correct. n/t

bhn

[bluethruandthru]

13. It's nice to hear someone talking about restoring the middle class!

Hard to find many of our leaders doing that. Instead, all we hear is how we have to eliminate the deficit..and the only way to do it it to cut Social Security!

[laughingliberal]

15. Hell, it's nice to hear someone acknowledge we've been crippled. nt

[laughingliberal]

14. She just explains it so simply. When you're telling the truth, no need to spin a lot.

No reason I can see for this to be hard for people to understand. 'When we did this, it worked. When we quit doing this, it didn't work. Time to do this, again.' See? Simple.

[G_j]

23. grounded

in reality

[laughingliberal]

24. Yes! nt

[closeupready]

34. Wall Street doesn't do simple; makes it harder to fleece people when they understand

what's going on. :sarcasm:

[ThomWV]

16. Here is a link where you can watch it - and Trumka endorsing her too

http://www.c-spanvideo.org/program/294741-2

The woman is simply amazing.

[G_j]

19. excellent

thank you!

[maxsolomon]

17. the Jocelyn Elders of this decade.

tread carefully, ms. warren.

[Marr]

18. And that is why she doesn't have a chance at getting that position.

I'm sure they can find someone sensible for the spot, and by that I mean someone from Goldman Sachs.

[LooseWilly]

21. No wonder the administration is getting cold feet about associating her name with the bureau...

And after watching, no wonder that Barney Frank is saying that there will be no one to blame but Obama himself if he doesn't at least put her name out there...

[midnight armadillo]

22. Elizabeth Warren: Enemy of the State

That's reality folks, considering that the federal government is owned lock, stock, and barrel by the top 1% and the corporations they control. I think the chance that Obama will appoint her to the new consumer protection agency is very slim.

[applegrove]

25. That boom and bust cycle is what the GOPers real base, the rich, want for America.

The rich have money saved an can easily weather a downturn which they'll do for the promise of huge growth and profits.

Why should the middle class and the poor in America have to live that horrible life just so that the rich can play?

[Lorien]

26. K & R. Amazing that the unrecc trolls are hitting this one. nt

[bullwinkle428]

27. K&R. This should make a certain woodchuck HOPPING mad!

[KamaAina]

28. First woman President??

:yourock:

[Subdivisions]

29. I certainly hope so. n/t

[ThomWV]

31. It would certainly work for me, I'd also welcome her nomination to the Court.

[closeupready]

33. She's got my vote.

:)

[G_j]

35. great idea

:thumbsup:

[uponit7771]

40. Would be nice, she's got my support...

[trotsky]

30. Those three laws were critical, but there was one more development just as important.

The end of a fixed money supply (gold standard) by moving to fiat currency. I'm sure I'll face a little wrath from the few DU goldbugs, but fiat currency, with all its flaws, does a better job of keeping us out of killer depressions than any other financial invention.

[Octafish]

36. Must-read article.

Thanks, G_j!

As you know, the warmongers of Wall Street pretty much run the big show today. Members of Congress and the Executive, we're led to believe, certainly aren't "Masters of the Universe."

[G_j]

38. yep

and sugar coating the situation ain't gonna help.
here is to truth tellers! :toast:

[HCE SuiGeneris]

37. Be safe and realize your mission. You are my hero.

Warren, Grayson, Franken, Weiner... and a few others, provide me with hope for a better future.

[uponit7771]

39. God Speed ....

[earth mom]

41. Elizabeth Warren...2012?

Think about it people.