It is essential to the bill and very, very important that Elizabeth Warren be appointed,” Representative Barney Frank, Democrat of Massachusetts and an architect of the law, said Friday on MSNBC.But not surprisingly, our arch rival, the banking industry, opposes Professor Warren as too invested in protecting the people rather than being "neutral." As if the head of a consumer protection agency should be neutral about how the banks have profited from the immense information asymmetry involved in debt. In other words, Warren actually believes we ought to know what we're getting when we take on a mortgage or a credit card instead of continuing to allow a system where you would need an MBA to understand what the hell it means to sign on the dotted line. According to Roger M. Beverage, head of the Oklahoma Banker's Association, Oklahoma native Warren is "competent" and "exceptionally bright" but
We just fear what she might come up with. She’s a partisan and she’s bull-headed and she’s opinionated. And she’s terrific. She’s a great advocate. We just respectfully disagree with her view of the world.”Already key Democrats, such as Senator Christopher Dodd (CT), the chairman of the banking committee, are warning that they won't be able to muster the votes necessary for Warren's nomination. It is only a matter of time till the Obama administration shrugs and says "What can I do." And the heart-broken progressives of this country either continue to excuse our beloved, like any abused spouse, with "He had no choice" and "He couldn't help it" or, more likely, turn our backs on the Democrats in the upcoming midterm elections and risk losing the only thing like a happy ending we have ever had.