Liz Warren Doesn't Understand Regulatory Capture. That's a Problem for a Would-Be Regulator

[NACBA]

In my most recent Daily Beast column, I wrote that Sen. Elizabeth Warren, the Massachusetts Democrat who is the darling of progressives, was right to be pissed at the way in which last-minute changes were stuck into the #CRomnibus budget bill that covers discretionary spending by the federal government for the rest of fiscal year 2015.

Indeed, Congress and the president should be more roundly assailed for failing to follow regular budget procedures for years now. It's a failure of leadership that implicates both parties and leads precisely to the sort of stupid actions and priorities that we have now come to tolerate and expect from our politicians.

At the same time, Warren is wrong to be surprised that the ostensible goals of regulation, especially regulation as wrongly conceived as Dodd-Frank, are routinely undermined by the very industries and interests they are supposed to rein in.

From my column:

http://reason.com/blog/2014/12/20/el...derstand-regul

[ClydeCoulter]

Concerning the video at the lower part of the article:

I somewhat disagree that consumers (at least the ones ending up with ARM loan on homes) know how to shop for loans or respond to incentives. I know people who have been foreclosed on and/or are in financial straights.

If you have never been on the lower rungs of prosperity then it is hard to understand what it is like to go get a loan for a car or house. One of the first things you are told by the salesperson is that your credit rating sucks but they are able to help if you will just listen to them. Then, the salesperson leads them to the incentives and proposes, what seems to be rational, a way that you can get what you want/need.

For instance, the salesperson/financial-officer will describe to you how your house will be worth more and you will get raises prior to the ARM kicking in, and that you will have better credit in short order and be able to refinance before the new higher rates kick in, etc. This is very convincing to the poor uneducated person, since they are talking to someone that does this stuff everyday (an expert).

[Lucille]

Already posted in one of your many other Warren threads.

http://www.ronpaulforums.com/showthr...ig-Bank-Tirade

[moostraks]

Already posted in one of your many other Warren threads.

http://www.ronpaulforums.com/showthr...ig-Bank-Tirade

What's up with all the Warren threads in GP anywho? Op is almost 5 year long member with a little over 200 posts and most of them seem to be obsessing over Warren and recently placed in GP. Wth?

[acptulsa]

[NACBA]

What's up with all the Warren threads in GP anywho? Op is almost 5 year long member with a little over 200 posts and most of them seem to be obsessing over Warren and recently placed in GP. Wth?

We should have a Liz Warren sub-thread

[moostraks]

We should have a Liz Warren sub-thread

For now it seems more suited to the 2016 subforum if'n that's why you are posting them. /shrugs