I tend to be a "glass half full" optimist, so I'm pretty happy about the launch of the Consumer Financial Protection Bureau. The "half empty" part that tempers my celebration is the fact that the president delayed his nomination and passed over Elizabeth Warren.
The Consumer Financial Protection Agency should have been a legacy of enduring value. Today should have been a day of celebration. Instead, the new bureau is just another contentious mess, another debacle that dispirits even the optimists.
Whatever she chooses to do, Elizabeth Warren will be an asset to the financial reform movement. If she passes on the politician's life she'd be ideally suited to galvanizing it. If she runs and wins she'd be a great voice for reform in the Senate.
This week is the culmination of two years of hard battles. The President put the Consumer Financial Protection Bureau in his first outline of financial regulatory reform, and he never wavered in his support for it. As a result, the agency has stepped out in the right direction.
If you're following the story of whether President Obama will nominate Elizabeth Warren to head the Consumer Financial Protection Bureau, you've probably heard that Republicans found a way to block even a recess appointment. It turns out that's mistaken.
Today, many for-profit colleges have picked up where the subprime lenders left off. They are using the same promise of the American dream as bait to trap vulnerable students into underperforming schools and saddling them with a lifetime of debt.