Elizabeth Warren has a message for any television personalities questioning the merits of increased financial regulation: You’re wrong.
During a media tour last week to bring attention to a bill the Senator proposed with Sen. John McCain (R-Ariz.) and others aimed at preventing banks from making risky bets with Americans’ savings, CNBC personality Brian Sullivan asked her to back his assertion that no law can prevent major bank busts.
“No that is just wrong,” Warren said in response.
Warren went on to prove her point by giving the CNBC anchors a quick lesson in history of financial regulation, noting that in the 50 years after the passage of Glass-Steagall, the bill which Warren’s proposal is modeled after, none of the big banks failed.
“We kept the system steady and secure and it was only as we started deregulating,” that bank failure become a real risk, Warren said. “You are not going to defend the proposition that regulation can never work, it did work.”
At least once CNBC personality thought his colleagues did just fine, though:
There is some weird strain of thought that CNBC got beaten by Senator Warren. I like the senator but she had NO impact. Sorry..
— Jim Cramer (@jimcramer) July 17, 2013
Watch Warren's full appearance in the video above and see for yourself.