As Elizabeth Warren campaigns to become the 46th president, she doesn’t mention the 44th very much
The oversight panel and its few dozen staffers were relegated to the Government Printing Office where mini-forklifts, easy-to-assemble furniture that would occasionally collapse, and boxes of printer toner made up the workspace.
. “That is the first time in six months to a year that I felt better,” Stewart said after she summed up the financial crisis. “I don’t know what you did just there but for a second that was like financial chicken soup for me.” Before a 2010 hearing about the status of TARP, Warren and Geithner made friendly small-talk in the anteroom, remembers Ken Troske, a conservative economic professor at the University of Kentucky on the oversight panel’s staff. “Then we get into this hearing then she climbs down his throat in ways that are extraordinary,” he recalls. “I mean, you guys are on the same team?” he remembers asking himself.of Geithner at the hearing.
“When Elizabeth was as blunt and direct as she was in standing up to Geithner in those hearing, people in the progressive world were electrified by it and heartened that someone was willing to stand up to a Democratic White House,” explains Mike Lux, a longtime Democratic operative who was an ally of Warren’s during the financial crisis.
Geithner’s upbringing was “very privileged” as he writes in his book. Self-deprecatingly, he admits to being waitlisted at Wesleyan and Williams but accepted at Dartmouth in part because he was a legacy student. He then worked for Henry Kissinger in the private sector before ascending to the upper echelons of the Treasury Department under the tutelage of Treasury Secretaries Robert Rubin and Summers, who himself was the son of two Ivy League professors.
“The one thing you need to know about Elizabeth Warren is that you don’t get from Norman, Oklahoma, to where she is right now and take the journey she took without a steel spine and an indefatigability.”She served on the National Bankruptcy Review Commission in the late ’90’s, and then watched Congress largely ignore the commission’s recommendations and pass a more pro-industry reform.
On April 15, 2009, the day annual income taxes are due to the federal government, activists for the nascent Tea Party protest at the Federal Building Plaza in Chicago. | Scott Olson/Getty Images The first Tea Party rallies had begun to spring up after a cable news rant by financial pundit Rick Santelli who focused on this point: “How many of you people want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills?” he asked. “Honk if I’m Paying Your Mortgage,” with the Obama logo as the ‘o’ in “Honk” became a popular right-wing bumper sticker.
It was the fall of 2010. Obama had recently made his compromise appointment for Warren to stand up the CFPB which also meant Warren was moving into the Treasury building. The mood in the building was tense according to people in both camps, but Warren and Geithner each wanted to make it work. President Barack Obama, accompanied by Warren, right, and Geithner, left, announces in September 2010 from the White House Rose Garden that Warren will head the Consumer Financial Protection Bureau, which she helped to create, in an advisory role. | Susan Walsh/AP Photo
Even those most critical of Warren say she brandished her pragmatism more than her populism while at Treasury, and say she was effective as a result. She readily brought in some top Treasury officials and her first hires for the consumer agency were a surprising mix of people from financial-services firms like Capital One and Morgan Stanley along with bureaucrats and academics. The, whose job is to find problems, was rather complimentary of Warren’s tenure.
There is still some uncertainty, however, about how a President Warren would govern. “We don't really have a large enough sample size, because she's only run one thing, and she ran it for 10 months,” Axelrod says.After Massachusetts voters elected her to the Senate in 2012, Warren was far more wary of media but used her new platform to stay loud. She eschewed the playbook followed by Hillary Clinton and other new senators with a national profile, which was to lie low.
“It’s time for the Obama administration to loosen the hold that Wall Street banks have over economic policy making. Sure, big banks are important, but running this economy for American families is a lot more important,” she wrote. The comments drew a rare public rebuke from Ohio’s Democratic Sen. Sherrod Brown, a TPP opponent, who said “I think the president was disrespectful to her” and that Obama “has made this more personal than he needed to.”
In rural Western Iowa, she is sitting in a Winnebago with “HONK IF YOU’RE READY FOR BIG STRUCTURAL CHANGE” printed on the back. When one person honks during a 30-minute drive, Warren yelps “We got ‘em! They honked! Big structural change! Yes!”
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