Prof. Warren, Please Meet Tim Geithner, Protector Of The Banks

Joan McCarter and David Dayen both highlight this Elizabeth Warren Op-ed on foreclosure fraud and her notion that the new Consumer Financial Protection Board. Warren writes:

[T]his mess might well have been avoided if the Consumer Financial Protection Bureau had been in place just a few years ago.

Excuse me, but this is simply not true. The main reason why this is not true is because Tim Geithner is the Treasury Secretary. To this day, Geithner has been against any and every measure that would assist homeowners and trouble banks in any way. It is hopelessly naive to believe that this Administration will do anything to help homeowners that would involve any pain for the banks so long as Tim Geithner has anything to sday about it..

Geithner is a corrupt incompetent who should be immediately fired.

Speaking for me only

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    a half truth? (5.00 / 3) (#3)
    by Mike Pridmore on Wed Dec 29, 2010 at 06:29:14 PM EST
    Geithner is a corrupt incompetent...

    Yes he is corrupt.  But he is there presicely because he competently protects the interests of those the President wants him to protect.

    That's my take: (5.00 / 3) (#4)
    by KeysDan on Wed Dec 29, 2010 at 07:20:20 PM EST
    corruption masquerading as incompetence.  Tim knows what he is doing, and so does his boss.

    Geithner & Obama (none / 0) (#7)
    by norris morris on Thu Dec 30, 2010 at 07:22:12 PM EST
    Are a Pair. He is there because it insures Obama's positions and Geither is there to implement protection for Wall Street and Corporate America.

    Incompetence isn't the issue. Horrors if he were even more competent! He's an enabler for Obama's economic policies and he's exactly where Obama wants him.


    Ms. Warren seems to be promising (none / 0) (#1)
    by oculus on Wed Dec 29, 2010 at 03:22:42 PM EST
    more than the agency which isn't even up and running yet will be able to deliver.

    I'm glad to see Warren finally (none / 0) (#2)
    by Anne on Wed Dec 29, 2010 at 03:39:36 PM EST
    making some noise on a matter that just cries out for regulation and oversight, but I think she is dreaming that, with Geithner at Treasury, and with Obama more worried that deadbeats might derive some benefit they don't deserve than with the actual frauds that are being perpetrated, any kind of CFPB would have been able to rein in the abuses and been anything more than a shell.

    I'm not convinced Warren's CFPB NOW will have the kind of teeth it needs, either, but I hope I am proved wrong; I think she's tough as nails, but I'm not sure she is a match for the Bankers' Best Friends Network...

    see Brooksley Born (none / 0) (#6)
    by Dadler on Thu Dec 30, 2010 at 11:46:11 AM EST
    Basically the same crew up against Warren.  And I highly doubt Obama will seek her advice out first. If at all. Oh, he'll take a few meetings with her, most likely, tell her she's right, he agrees, they have to do something, and then...nada.

    Hope we're wrong, but, well, you know.


    Here, here (none / 0) (#5)
    by BobTinKY on Thu Dec 30, 2010 at 08:38:49 AM EST
    his appointment telegraphed Obama's misplaced priorities.

    Geithner (none / 0) (#8)
    by Lora on Sat Jan 01, 2011 at 04:39:47 PM EST
    Geithner is a corrupt incompetent who should be immediately fired.

    Good luck with that.