We all know how to calculate and compare rewards, interest rates, and fees. However, credit card companies offer all kinds of other benefits that most of us know very little about and can't really quantify for our decision-making.
Credit card companies are pretending they love plain vanilla so that the perceived need for Congressional action fizzles, so that CFPA slowly fades away, and so that the public feels safe and protected by a working marketplace.
Professor Warren's nomination is crucial not only because of the positive signal it would send to the public, but also because consumer protection is the first line of defense against future financial meltdowns.
The political case for appointing Warren is even stronger than the policy case. Choosing anybody other than Warren will not make Obama appear reasonable or moderate--it will make him look weak and corruptible.