Tuesday, March 15, 2011

Elizabeth Warren: Our Charming Central Planner


The WSJ did a piece today on Elizabeth Warren, the new central planner for the financial services industry.  That’s not her official title, just a more fitting one.  Warren will head up the new Consumer Financial Protection Bureau brought to you courtesy of Dodd-Frank.  Her goal:  to “make sure that there is a robust, diversified financial-services industry.”

This is great news.  We have finally found a human being with unlimited knowledge, boundless foresight, and infinite wisdom who can create through regulation and rules such an industry.  I wish her the best.

2 comments:

  1. The assumption, of course, is the financial services industry is currently lacking in these qualities, and that only government can bring about the desired end state. Hubris.

    In a capitalist society, consumers, through voluntary exchange, decide which businesses live and die. But this long held tradition is about to be upended and the result will be predictable: less choice for consumers.

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  2. The worst part is she can appropriate 10% of the Federal Reserve system's combined earnings ($5.4 billion in 2009) at will. She is also not accountable to anyone.

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