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Elizabeth Warren Schools CNBC Like A Boss, Wants More Banking Regulation: VIDEO

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Senator Elizabeth Warren took to CNBC recently to promote the 21st Century Glass-Steagall Act, a bil which she along with Senators John McCain (R-AZ) and Angus King (I-ME) are sponsoring that would make law certain sections of the original Glass-Steagall Act that was repealed in 1999 and was widely viewed to have contributed to the economic collapse in 2008.

When asked, “shouldn’t we just tell the American consumer that no matter what we do, there will be bank boom and bust cycles no matter what the laws and regulations, you can’t protect everything?” Warren replied, forcefully:

“No. That is just wrong. Look at the history. From 1797 to 1933 the American banking system crashed about every 15 years. In 1933 we put good reforms in place for which Glass-Steagall was the centerpiece. And from 1933 to the early 1980s, that’s a fifty year period, we didn’t have any of that. None. We kept the system steady and secure. And it was only as we started deregulating, you start hitting the S&L crisis, and what did we do? We deregulated some more. And then you have long term capital management in the 90s and what did we do as a country? This country continues to deregulate more. And then we had the big crash in 2008.  You are not going to defend the proposition that regulation can never work. It did work.”

After one commentator suggested that Warren’s attempt to re-introduce Glass-Steagall has a slim chance of passing and that she should focus on “doing things that actually have a chance of happening and becoming law,” Warren responded:

“I remember going on television multiple times including here when I talked about the Consumer Financial Protection Bureau, when the big banks were spending more than a million dollars a day lobbying against it and when everybody told me you’ll never get that thing through, why are you even trying, the chances of passing it are slim to none, and yet look around, we now have a good, strong Consumer Financial Protection Bureau. It’s recovered a half a billion dollars for families who got cheated. It’s out there working on behalf of military families, on behalf of seniors, on behalf of students. We got that agency because we got out and fought for it. I actually believe in that.”

Watch the full video in all its erudite glory AFTER THE JUMP...

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Comments

  1. Warren for America 2016!!!

    Posted by: DLRnATL | Jul 17, 2013 1:43:26 PM


  2. I admire a politician who stands up for the ordinary person, who actually means what she says and gets results through hard work, determination and honesty.

    Posted by: trees | Jul 17, 2013 1:51:12 PM


  3. G-S essentially prevents banks from over-gambling with other people's money and keeps insurance companies solvent in the case of a banking meltdown. It wasn't that 2008 killed off banks that was bad, it was that it was killing off insurance companies that was bad. The insurance companies could no longer keep the banking sector afloat.

    Posted by: anon | Jul 17, 2013 1:55:10 PM


  4. I'd so like to see her have this discussion with an ultra-conservative acquaintance of mine, who literally froths and foams when anyone talks about regulation. I mentioned those facts about the 50-year banking stability and he just spews Limbaughian talking points and rhetoric. I think Sen. Warren would really slap him down--and I'd love it!

    Posted by: woodroad34d | Jul 17, 2013 1:56:57 PM


  5. Can you imagine EW as vp candiate for Hillary. What a ticket! EW has so much potential. The lady rocks!
    CNBC has become so annoying and unwatchable, I watch Bloomberg.

    Posted by: Matt26 | Jul 17, 2013 1:58:24 PM


  6. Warren inspires me. I think she is currently a tremendous public servant and I think she can actually get some good done.

    Posted by: John | Jul 17, 2013 2:03:05 PM


  7. Warren inspires me. I think she is currently a tremendous public servant and I think she can actually get some good done.

    Posted by: John | Jul 17, 2013 2:03:05 PM


  8. This is what happens when we elect people into office who actually stand up for individuals and not just corporate interest. Corporations have a lot of laws, lobbyist, and politicians that protect them daily.

    Posted by: THurts | Jul 17, 2013 2:09:06 PM


  9. I second the Clinton-Warren ticket though, if Hill were to make it to the office she so deserves, I wonder if the country wouldn't be better served with Warren as Treasury Secretary.

    Posted by: Omar | Jul 17, 2013 2:12:38 PM


  10. Just wanted to thank Towelroad for providing some transcript of the exchange. I had heard it was awesome but I can't play videos.

    Posted by: Butch | Jul 17, 2013 2:16:33 PM


  11. Oh man can she be Prez, Speaker and a supreme court justice?

    Posted by: Fenrox | Jul 17, 2013 2:18:16 PM


  12. Who's the blowhard know-it-all idiot that EW slaps down? I hate financial "journalists" with a passion, they are always way too loud and have really obnoxious and unlistenable voices.

    Add my vote for Warren as VP (or Treasury Secretary), just get her into a position of real power.

    Posted by: tinkerbelle | Jul 17, 2013 2:24:07 PM


  13. CNBC: the same morons who laughed in the face of people claiming that the housing market was going to melt down. That was in 2007. At the same time every big bank had put hiring freezes and spending cuts in place to brace for the coming crash. They are liars and brava to Elizabeth Warren for calling them out on it.

    Posted by: Houndentenor | Jul 17, 2013 2:24:10 PM


  14. The so-called CNBC "journalists" really looked like a bad Saturday Night Live sketch compared to Warren's class act.

    Posted by: bluedogj | Jul 17, 2013 2:33:12 PM


  15. I'm proud of my Senator from Massachusetts by way of Oklahoma. She did good. Real good.

    The corporations and 'industry' are petrified or Glass-Steagall 2.0. They're all petrified of re-regulation.

    Will Senator Warren support nipping 'globalization' and 'free trade' in the bud,also? Will she support tariffs to counter un-free trade and advantages? We've had 30 plus years now of open trade with China, and not one single year that didn't end in a trade deficit of the U.S. Not one single year of a surplus, after 30 plus years.

    Posted by: ratbastard | Jul 17, 2013 2:43:11 PM


  16. CNBC is as much a hack network as FOX or FOX Business News Network. Its full of agenda driven, right wing financial propaganda that is only about keeping things at status quo. Status quo does NOT help the common person, but only the oligarchs in our country.

    Posted by: Princely | Jul 17, 2013 2:48:23 PM


  17. @Princely,

    You forgot MSNBC and CNN.

    Posted by: ratbastard | Jul 17, 2013 2:50:29 PM


  18. Warren 2024! (after Hillary's two terms, of course)

    Posted by: David | Jul 17, 2013 3:23:47 PM


  19. Rewind to 1994. That year, the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.

    At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.

    The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies.

    The study was used to support a wholesale abandonment of traditional underwriting standards — the root cause of the mortgage crisis.

    As much as Elizabeth Warren wants to blame everyone else, the blame goes to Bill Clinton.

    Posted by: Rik | Jul 17, 2013 3:36:40 PM


  20. I would love to see her as our President one day. This woman inspires me in ways no other person has done. Her tireless dedication fighting for the middle class is incredible. I absolutely adore Sen. Elizabeth Warren!

    Posted by: Marc | Jul 17, 2013 3:40:22 PM


  21. The housing bubble was more related to the looseness of the money supply after 9-11 and the deregulation of the insurance industry w/ the repeal of G-S than anything that happened in 1994. The problem with lowering mortgage standards was that it made the situation in 2008 onwards worse for those who could no longer afford to pay, but did not actual cause the bubble. The vast oversupply of housing in Florida and Nevada was the result of not enough customers, not too many.

    Posted by: anon | Jul 17, 2013 4:09:07 PM


  22. I bank with USAA and would recommended to anyone looking for a fair, integral and principled financial institution. I have never faced hidden fees or gotcha fine prints. In fact USAA has made me more responsible with my finances.

    Posted by: Jay | Jul 17, 2013 4:09:58 PM


  23. I bank with USAA and would recommended to anyone looking for a fair, integral and principled financial institution. I have never faced hidden fees or gotcha fine prints. In fact USAA has made me more responsible with my finances.

    Posted by: Jay | Jul 17, 2013 4:09:58 PM


  24. The look on Warren's face reminds me of the look on my older brother's face when I was a kid and he was asking me, "Why are you hitting yourself? Stop hitting yourself!"

    Posted by: Azgaard | Jul 17, 2013 4:54:57 PM


  25. I can't wait until she's president.

    Posted by: DavidR | Jul 17, 2013 5:56:51 PM


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