Ms Warren faces two main criticisms: that she lacks experience of how the financial industry works, and that she is predisposed to seeing the big banks as devious. She has talked of “tricks and traps” in the fine print of contracts, of Wall Street as an “old boys’ club”, and of the middle class as having been served up to financial firms “as the turkey at the Thanksgiving dinner”.Has it really come to this? Are Wall Street lobbyists so powerful that they can veto the appointment of a regulator simply because she is not inclined to take its assertions at face value? We are in this mess because the prevailing regulatory policy for the last thirty years has been to the financial industry's judgment. Unfortunately, the industry has become so powerful that it will not be possible to appoint regulators who will do anything about it.
I cannot help but wonder where the Tea Party is? Everyday I hear some wingnut on the right railing about the debt that the government has incurred in bailing out the banks. How about a little outrage at the banks that have completely captured the regulators?