Oh, goody
June 23, 2010 | federal legislation, industry | Comments (0)Elizabeth Warren is doing interview again. From today’s Huffington Post:
Though her endorsement isn’t a ringing one, Warren, who chairs the congressional panel overseeing the bailout, said that the version emerging from negotiators is strong enough to rein in abuses in the lending industry despite exemptions that Congress has carved out for auto dealers.
“I’m disappointed that Congress seems to be taking the side of auto lenders and big banks over the Pentagon, community banks, and all the public interest groups that oppose an auto dealer carve-out, and there are some other problems as well,” said Warren. “But right now the bureau has the authority and the independence it needs to fix the broken credit market. I keep waiting for an incoming missile that means the banks have won their fight to destroy this consumer agency, but that hasn’t happened so far — and I don’t think it will.”
Fine, fix the “broken credit market.” But the consumer lending market doesn’t need fixing. It had nothing to do with the economic meltdown.
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