Today in Washington a great battle is unfolding between Republicans preparing to filibuster the nomination of Richard Cordray to lead the new consumer protection agency and Senator Elizabeth Warren (D-Mass.), who is battling to save the agency from these Republican attacks.
Without a doubt, more needs to be done to protect all borrowers from predatory lending and steering. Financial companies on Wall Street must be held accountable with tougher rules and enforcement to prevent the practices that caused the financial crisis.
Bob and Tony were both unimpressed with Obama's press conference, but for very different reasons, while Arianna found a ray of hope in the hint that Elizabeth Warren would soon be named head of the Consumer Protection Agency.
The myths that are being perpetuated against states' ability to protect consumers have reached a pinnacle. Three tired arguments are being recycled and must be exposed for what they are: negotiating tactics, not facts.
The U.S. Senate is debating a good reform bill now, and several senators are lined up to strengthen it even more. But banking lobbyists are working overtime to persuade senators to make the bill weaker.
As Obama today returns to Cooper Union to reprise his arguments for financial regulatory reform, we know this: whatever the ultimate legal merits of the SEC's case against Goldman Sachs, the political impact now will be a game changer.
Gary Rivlan notes in his book, Broke USA, "the working poor have become big business." You wouldn't think that poor people would be a growth market, but businesses make big money off people who live paycheck to paycheck.