Elizabeth Warren Gets A Thumbs Down From Newspaper Funded By Billionaire Pete Peterson

The Fiscal Times, an online newspaper funded by Blackstone co-founder and former Council of Foreign Relations chair Peter Peterson, has published two articles in four days which cast some doubt over Warren's bid to become the first head of the Consumer Financial Protection Bureau.

A feature entitled, "Elizabeth Warren: Candid, Gutsy, and Making Enemies," written by Eric Pianin and published last Friday, describes Warren as having a "school-girl hair cut" and "habit of saying 'golly'." It cites an anonymous source criticizing Warren's embrace of behavioral economics:

Warren adheres to behavioral economics theory where basically consumers are [considered] misinformed, irrational and can't really make decisions in a clear-eyed way, so the only way to really protect the consumers is to make sure the government is in there rationing credit cards that are available to them," said an industry group expert who declined to be identified in discussing her group's views on Warren.

The second, an op-ed by John Berry, was published yesterday and is entitled, "Elizabeth Warren: Does She Have The Judgment To Lead?" Berry contends that Warren, a strong critic of the AIG bailout, "simply ignored reality in asserting that the government 'failed to exhaust all options' before risking taxpayer money in the rescue."

Reuters blogger Felix Salmon sensed a "strange bias" from the paper. (Peterson, no fan of government regulation, is spending $1 billion of his fortune to raise alarms over the U.S. deficit.)

Warren has become something of a hot-button issue for politicians, perhaps because of her strong advocacy for consumer rights and policing of the $700 billion Troubled Asset Relief Program (TARP) program.

In recent months, Warren has practically polarized Congress. The administration has floated other candidates, such as assistant Treasury Secretary Michael Barr and Justice Department attorney Eugene Kimmelman.

Like a presidential nominee, Warren has received the backing of newspapers: she's won the endorsement of outlets like the New York Times and her hometown newspaper, the Boston Globe.

Warren's visit to the White House last Thursday sparked rumors and White House spokeswoman Amy Brundage added: "The president believes that Elizabeth Warren is a champion for middle class families and consumers and she, among others, is a strong contender for this position." On "Good Morning America," Treasury chief Timothy Geithner said:

"I want to say this very clearly. She I think would be a very effective, very capable leader of that new entity because she, more than almost anybody else in the country, was early and strong in pointing out the need for better consumer protection," [Geithner] told me.

Comments

[Lin96]

06:17 AM on 08/27/2010

If Elizabeth Warren gets a thumbs down from Pete Peterson and his hatchet men who have to resort to "golly" and "her haricut" as the only scandalous things they can find about her. I'd say we have a winner! See how frightened a billionaire can get over an honest person? It takes a village, ponderous books and articles, to disapate their fear of an honest being appointed to office.
Hang in there Elizabeth!

[theobserver4]

12:12 AM on 08/23/2010

Just reading that headline rings as a soaring endorsement.

[ELITE MACHINATION]

10:25 AM on 08/22/2010

Peter G. Peterson, business partner to Maurice "Madoff" Greenberg and Sith Lord Henry Kissinger, and, the man who succeeded David "proud of it" Rockefeller as the chairman of The Council on Foreign Relations, has a plan that will save our country. It's the IMF austerity package for the USA, but it's for our own good. Trust Mr. Peterson. President Obama has.

By executive order, on February 18, 2010, Mr. Obama created the National Commission on Fiscal Responsibility and Reform. This is the outside the Constitution, bi-partisan budget commission that a coterie of financial syndicate insiders spearheaded by Peterson have been maneuvering into position for almost two years.

The recommendations to come out of this commission will be fixes offered by the same Ponzi scheme crime artists who created our problems in the first place.

[ELITE MACHINATION]

10:24 AM on 08/22/2010

Here is a partial list of solutions known to be on the table:

1. Extension of the age of eligibility for Social Security and benefit cuts (via inflation).

2. Tax increases of various shapes and sizes.

3. Institution of a value added tax (VAT). This is the ugly sister national sales tax scheme that is used by all other developed nations to help pay for their national health care programs.

4. Conversion of all or part of 401K's and IRA's into US treasury holdings (government IOU's). Increased penalties for early withdrawal of retirement funds.

5. A mandatory savings plan that will take 2-4% out of every worker's paycheck and transfer it to Peterson's syndicate friends for "investment" on Wall Street. (This is similar to the Thrift Saving Plan (TSP) scheme that requires federal agencies to put at least 1% of every qualified federal worker's paycheck into a retirement fund of special US Treasury IOU's, or equities managed by a company created by...Peter Peterson!)

6. Wage and price controls. Capital flight controls to go with them.

Taken together, these solutions amount to the International Monetary Fund (IMF) austerity plan for our United States. If we allow Peterson and his fellow collaborators to go unchallenged in this effort, we will be destined to learn what many hapless countries already have: the IMF is the extremely efficient enforcement arm of the international crime syndicate's loan sharking operations. And, they break more than legs.

[theobserver4]

12:14 AM on 08/23/2010

you have been fav'd

[rafaelbolero]

06:47 AM on 08/23/2010

7. Shoot every 10th citizen over age 55 who makes under $105,000.

[ELITE MACHINATION]

10:23 AM on 08/22/2010

With the fiscal commission required to deliver its recommendations by no later than December 1, 2010, the timing allows for full details of the austerity measures to be conveniently withheld from the American public until after the election on November 2. Co-chair of the Commission, former Wyoming Senator Alan Simpson has already confirmed this will be the case, stating that it would be "total cremation" to let out details before the election.

At the moment, there is every indication that recommendations of the commission will be submitted for a vote in what could be the largest lame duck session of Congress in history. This will lower the Insiders costs of passing their austerity package considerably. Additionally, even without help from the financial crime bosses, the fall of 2010 could be a repeat, or worse, of the fall of 2008. Like TARP before it, the IMF austerity plan for the USA may be presented to our lame duck Congress as another "gun to the head" proposition, "Decide corrrectly or we kill your economy."

To fight back, an understanding of Peterson's role in the decades long effort to impoverish us under a new world order of corporate feudalism must be acquired.

[barb gantt]

05:10 PM on 08/19/2010

Not hiring Elizabeth Warren is directing America towards a Finanacial Jonestown Massacre.

ALL U.S. MONEY PROBLEMS CAUSED BY THE 2% RICHEST UNPATRIOTIC AMERICANS No Jobs and No Social Security in America because enough money is never enough money for the 2% wealthiest.The 2% wealthiest steal our social security, our 401K's, our homes,and our jobs.What are 30 million Americans going to do without any hope of jobs?Will that 30 million turn into 250 million Americans long term unemployed?The 2% wealthiest got their obscene billions from the ribs of the Middle Class.What will all these millions of Americans do to
survive?If you pay attention to all these BIG problems, you know there may be no way for 30 - 50 - 100 - 200 million Middle class Americans to survive. Social Security was stolen by Reagan and Bush W. for Tax cuts for the wealthiest. Virtual Immigration Offshore-Outsourced 50% U.S. Jobs. Internal Illegal Immigration has taken 25-30% internal American jobs. Glass-Steagall Act Repealed needs to be re-enacted. Sherman Anti-trust act needs to be enforced. The 2% wealthiest are afraid of Elizabeth Warren. The Stimulus was used to build car factories in Mexico. Foreign Aide; Invasions; Imperialistic Wars for Big Oil and Big Defense Contracts. Disintegrating Education. Lobbyists empowered by loss of State and Citizen Rights.

[saintjule]

03:02 PM on 08/19/2010

Pete Peterson is a dishonest little critter isn't he.He talks the "I feel your pain" rhetoric and walks the "I'm a billionaire the heck with you". road. If we don't get Warren we will know the fix is in.

[Festival]

02:53 PM on 08/19/2010

Warren has stated we have to decide who we are for in this country: middle class families or banks. Bush missed his monthly jobs creation target every month for 8 years. At no time were credit card interest rates reduced to zero. Meaning the government does not protect its middle class from banks' predatory behavior.

[dougyr2000]

12:19 AM on 08/19/2010

I really wish I had a bigger microphone on this issue. I feel I am the only person out there speaking with knowledge about Ms. Warren. She is only a figurehead and like many in the administration she has never really assisted anyone. Nor does she want to get her hands dirty with real issues.
I believe a position which Warren is look for is one where we need someone with real life experience. Whether it is actually being in the middle of some of these issues or assisting people who have been in trouble.
Ms Warren has done neither of these. I personally ask her and her assistants for aid for a person dealing with a bank. This issue was something her board ruled on and made policy for and she refused to assist. Her assistants final response was basically Ms Warren was a figurehead. Not a worker.

[exmate]

06:24 AM on 08/19/2010

GW Bush was a figurehead. Warren has demonstrated to me that she has come to grips with the issues of consumer protection in a very hands-on way. She can go toe to toe with anyone in banking and discuss the issues and that is why Wall Street is ready to spend millions if not billions to stop her. It was those people with reasl life experience in banking who got us in this situation.

exmate, MD, MBA

[dougyr2000]

08:58 AM on 08/19/2010

If you believe it is the people with the issues who got us into this situation then why would we need a protection agency? Shouldn't they just have to suffer the consequences of their actions?
Most of the people I worked with were victims of the economic downturn not idiots who did not know what they were doing. These people found themselves in the position where they no longer could afford what they once could. Many would have refinanced at a lower rate, however the value of their properties dropped to levels where they had no equity.
Getting back to that last statement since they were the problem then what Ms. Warren should not help them. Kind of a very mixed message on the issue.
Yes, then again how does a response begin with G.W.Bush. Elizabeth Warren has nothing to do with Bush.

[dukeitout]

11:28 PM on 08/18/2010

You can tell a lot about a person based on who their enemies are. That's another reason I like Elizabeth Warren. She's got those powerful bankers and their political groupies shakin' in their boots.

[andyg]

10:28 PM on 08/18/2010

behavioral economics is a joke, used by ivy tower egg heads. Not practial in the day to day market. If she using that she will be a epic fail in the job.

[Maryelens]

09:22 PM on 08/18/2010

Most people can distill a situation down to clearly right, and clearly wrong. Unfortunately, the "right thing" does not win applause nor accolades. Elizabeth Warren is popular with many people because in their view she is doing the right thing. Not the politically expedient thing, but the fair and honest thing. In Washington, that will not win wide friendship. On Wall Street, likely even less.

[nopilikia]

04:26 PM on 08/18/2010

If the Wall Street Bankers, their elite clients and current crop of GOP Senators don't want Ms. Warren at this point and time in America's Financial History.........then she truly is the right person at the right time for the job.

[blueken]

03:30 PM on 08/18/2010

"Warren has practically polarized Congress" Oh really? So the Democrats and the Republicans were playing nice together and then along came Liz and stirred them all up. Oh please! Do you read the newspapers? Party of "No" ring any bells. How about Tea Party? Socialist take over of the government? Any of this sound vagely familiar? I have read that there are even a few Republicans that support her. I know one vote in Nov that won't happen if she is not appointed. Mine. That goes for 2012 as well. I'm sick of being marginized, so if this administration does it one more time, I'm going to either sit on the sidelines or vote independant.

[MSaxe]

12:22 PM on 08/18/2010

If Obama does not have the cajones to nominate Warren to push back against the Blackstones of the world on our behalf, he's going to have a very bad Wednesday in early November and then again in 2012.