Elizabeth Warren demonstrated why Wall Street doesn’t want her in the Senate with a 52 second destruction of Mitt Romney’s alternative reality that the banks are over regulated.
Here is the video from MSNBC:
After Warren explained that there is no regulator looking over the shoulder of the big banks, and how dangerous it is for the country that they are still in charge of their own risk practices, Maddow asked her about Mitt Romney’s claims that Wall Street regulation is choking off growth, and there has been too much of a crackdown on the banks. Warren responded, “You know, you really want to say did he hear what Jamie Dimon just said? Jamie Dimon’s own words were that this was stupid. This was sloppy, so stupid, and so sloppy that it wasn’t even picked up by a regulator. There was no one to say hey, wait a minute; I want to review your risk practices. I want to see the kind of risk that this huge financial institution is taking on, because we’re just about three and a half years past the time when you took on so much risk that you brought this economy almost to its knees. So the idea that Mitt Romney thinks that the banks are over regulated. It’s an alternative reality. It’s simply not true. The problem right now is that there’s not adequate regulation.”
It only took Elizabeth Warren fifty two seconds to explain to the world that Mitt Romney’s views on bank regulation and Wall Street are out of touch with reality. She made it clear that if Romney really believes that the banks are under regulated, he is living in a fantasy world. Her remarks to Rachel Maddow are part of the reason why Wall Street is working so hard to try to keep Elizabeth Warren out of the Senate. The reason why Wall Street and the big banks and dumping money into Mitt Romney and Scott Brown’s campaigns is that they are terrified of what an Obama/Warren team might be able to accomplish.
Wall Street has nightmares about what Elizabeth Warren could accomplish in the Senate. Imagine the legislation she could put forward, the media platform she could build, and if Democrats kept control of the Senate the committees that she could eventually chair, and the hearings that she could hold. Elizabeth Warren is Wall Street’s worst nightmare, which is why they are donating millions to Scott Brown.
Wall Street isn’t trying to keep Brown in. They are trying to keep Warren out.
Mitt Romney holds the exact same view of Wall Street that George W. Bush did. Even when the Wall Street behaves badly, they are not to be regulated. It doesn’t matter if their behavior is harming millions of Americans and the entire economy. What’s good for Wall Street is good for America, except when it isn’t and Wall Street pushes the nation towards the brink of collapse, but even then regulations are evil.
Corporations and their risky decisions that ruin lives are more important than the people they harm with their behavior. Elizabeth Warren’s ideas are the antidote to this poison, and Wall Street is doing their best to try to prevent America from ever getting the cure that she so desperately needs.