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grab some popcorn and watch Elizabeth Warren nail a bank lobbyist

justabubba

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while i would have liked seeing her run for the presidency, it is good to know Warren remains on the front line of the senate more than willing to expose that which many other politicians would prefer to keep hidden
here is an example
 

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He had it coming. He is one of many "experts" that did not see the financial implosion coming, but is ready to talk to Congress as an expert about the costs of regulation. Warren was right to bring up the other side of the fence, the eventual costs of not regulating the very investment vehicles (and core products that make them up) when the next bubble pops (that he probably will not see then either.)
 

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He had it coming. He is one of many "experts" that did not see the financial implosion coming, but is ready to talk to Congress as an expert about the costs of regulation. Warren was right to bring up the other side of the fence, the eventual costs of not regulating the very investment vehicles (and core products that make them up) when the next bubble pops (that he probably will not see then either.)

That was embarrassing to watch - and not for the reason you seemed to see. She wouldn't let him answer her questions. She was snarky and pontificating. He IS an expert in the cost of the regulatory burden on banks due to Dodd-Frank and the CFPB. And that has nothing to do with the "financial implosion" from almost 10 years ago.
 

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That was embarrassing to watch - and not for the reason you seemed to see. She wouldn't let him answer her questions. She was snarky and pontificating. He IS an expert in the cost of the regulatory burden on banks due to Dodd-Frank and the CFPB. And that has nothing to do with the "financial implosion" from almost 10 years ago.

He was answering the question he would have preferred she ask, not the one she actually asked.

She wasn't interested in his prepared answer.
 

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That was embarrassing to watch - and not for the reason you seemed to see. She wouldn't let him answer her questions. She was snarky and pontificating. He IS an expert in the cost of the regulatory burden on banks due to Dodd-Frank and the CFPB. And that has nothing to do with the "financial implosion" from almost 10 years ago.

He was not answering her question, he was specifically avoiding her question. And his credibility has everything to do with the discussion.
 

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He was not answering her question, he was specifically avoiding her question. And his credibility has everything to do with the discussion.

He was answering her question. And no, I didn't say anything about his credibility. Please read my post again. I said his particular expertise today, and what he was up on the Hill discussing, has nothing to do with the crisis 8 years ago. I know who he is. Anyone in my industry knows who he is. We also know what the purpose of his testimony was. It wasn't about him or his time at the FRB. By the way, he was good enough to be tapped to be on the CFPB. His "credibility" that she was going after was already an issue then, yet it didn't stop all of those involved with the CFPB - including her - from putting him in a position of very high authority post meltdown.
 

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He was answering the question he would have preferred she ask, not the one she actually asked.

She wasn't interested in his prepared answer.

He was answering her prepared and completely off topic question. He wasn't there to rehash 2008. He was there to talk about the cost of regulations on banks and credit unions as a direct result of the CFPB implementing TRID and other corrective regulatory actions.
 

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He was answering her prepared and completely off topic question. He wasn't there to rehash 2008. He was there to talk about the cost of regulations on banks and credit unions as a direct result of the CFPB implementing TRID and other corrective regulatory actions.

Doesn't his prior performance bear on his credibility?

"Several patients died under your knife. Why should I take your opinions on surgery seriously?" would be a reasonable line of questioning elsewhere.

We got fleeced in 2008. And Warren is one of the few trying to make sure it doesn't happen again.

Which includes determining who are the foxes in the henhouse.
 

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He was answering her question. And no, I didn't say anything about his credibility. Please read my post again. I said his particular expertise today, and what he was up on the Hill discussing, has nothing to do with the crisis 8 years ago. I know who he is. Anyone in my industry knows who he is. We also know what the purpose of his testimony was. It wasn't about him or his time at the FRB. By the way, he was good enough to be tapped to be on the CFPB. His "credibility" that she was going after was already an issue then, yet it didn't stop all of those involved with the CFPB - including her - from putting him in a position of very high authority post meltdown.

She says she accepted him with serious reservations.
 

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He was answering her question. And no, I didn't say anything about his credibility. Please read my post again. I said his particular expertise today, and what he was up on the Hill discussing, has nothing to do with the crisis 8 years ago. I know who he is. Anyone in my industry knows who he is. We also know what the purpose of his testimony was. It wasn't about him or his time at the FRB. By the way, he was good enough to be tapped to be on the CFPB. His "credibility" that she was going after was already an issue then, yet it didn't stop all of those involved with the CFPB - including her - from putting him in a position of very high authority post meltdown.

We disagree on that point. If we have an "expert" talking about the costs of regulation "consumer financial products" it stands to reason that same expert can talk about the consequences of running without regulation for those products, and as such that same "expert" should be able to talk about the last time we decided to go with a lack of regulation on various consumer financial products, investment products, debt based investment vehicles, and all that comes with consumer financial products.

As for putting him in a position of high authority post the meltdown, I have no idea what politics played out to make that happen but it sounds like another questionable decision no matter if Warren made that choice, was in on it, or otherwise.
 

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Doesn't his prior performance bear on his credibility?

"Several patients died under your knife. Why should I take your opinions on surgery seriously?" would be a reasonable line of questioning elsewhere.

We got fleeced in 2008. And Warren is one of the few trying to make sure it doesn't happen again.

Which includes determining who are the foxes in the henhouse.

His "prior performance" at the FRB has nothing to do with his job today, or what he was on The Hill to discuss.

Your doctor analogy is completely inaccurate. He isn't there to discuss what happened 8 years ago. It isn't relevant to the cost of the regulatory requirements put on banks today who had nothing to do with the big banks buying the toxic mortgages.

Warren has never worked in a bank. She has never been a bank regulator. She has never been a bank examiner. She has been an attorney who made it easy for people like Donald Trump to declare bankruptcy.

May I ask what your practical experience in the field of banking regulations, the cost of compliance platforms, and so on is? Because in order to understand what he was testifying about, you need to know that. Do you know what TRID is? Do you know what the average FI had to spend on it? Do you know what QM/ATR is? Do you know how banks grant credit today? Do you know what financial requirements they must meet to loan? Do you know what capital requirements they must have? Do you know the cost to implement and maintain a CRA and FL program?
 

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We disagree on that point. If we have an "expert" talking about the costs of regulation "consumer financial products" it stands to reason that same expert can talk about the consequences of running without regulation for those products, and as such that same "expert" should be able to talk about the last time we decided to go with a lack of regulation on various consumer financial products, investment products, debt based investment vehicles, and all that comes with consumer financial products.

As for putting him in a position of high authority post the meltdown, I have no idea what politics played out to make that happen but it sounds like another questionable decision no matter if Warren made that choice, was in on it, or otherwise.

There is no "running without regulation" going on today. The mortgage brokers are not subjected to the regs that community banks and credit unions are subjected to. The mortgage brokers were the ones who wrote the bad mortgages.

With all due respect, you have no knowledge of the industry, and you don't understand what he was testifying about. Nor does Warren. I do. I make my living in it.

By the way, there was never a "lack of regulation on various consumer financial products" and so on. The mortgage brokers were not regulated and are still not regulated today. The banks were always regulated. Now they are more regulated, and because of the costs and other burdens, many are stepping out of the lending market. Credit will tighten, which will pass a big burden on the consumers. What he was talking about is a known fact to anyone who works with them.
 

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She says she accepted him with serious reservations.

She accepted him. If I have to explain that to you, you aren't getting it. She approved his role on her CFPB. It wasn't until he left the CFPB that she went after him. You have to be a partisan with blinkers on not to get that.
 

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His "prior performance" at the FRB has nothing to do with his job today, or what he was on The Hill to discuss.

Your doctor analogy is completely inaccurate. He isn't there to discuss what happened 8 years ago. It isn't relevant to the cost of the regulatory requirements put on banks today who had nothing to do with the big banks buying the toxic mortgages.

Warren has never worked in a bank. She has never been a bank regulator. She has never been a bank examiner. She has been an attorney who made it easy for people like Donald Trump to declare bankruptcy.

May I ask what your practical experience in the field of banking regulations, the cost of compliance platforms, and so on is? Because in order to understand what he was testifying about, you need to know that. Do you know what TRID is? Do you know what the average FI had to spend on it? Do you know what QM/ATR is? Do you know how banks grant credit today? Do you know what financial requirements they must meet to loan? Do you know what capital requirements they must have? Do you know the cost to implement and maintain a CRA and FL program?

No, but I'm quite sure they don't want any regulations and have "hired guns" to avoid them.

I believe it's appropriate to vet bank "messagers".

Especially ones who appear to have demonstrated gross incompetence in previous positions.

I hear what you're saying.

I just have NO reason to trust financial institutions.
 

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There is no "running without regulation" going on today. The mortgage brokers are not subjected to the regs that community banks and credit unions are subjected to. The mortgage brokers were the ones who wrote the bad mortgages.

With all due respect, you have no knowledge of the industry, and you don't understand what he was testifying about. Nor does Warren. I do. I make my living in it.

By the way, there was never a "lack of regulation on various consumer financial products" and so on. The mortgage brokers were not regulated and are still not regulated today. The banks were always regulated. Now they are more regulated, and because of the costs and other burdens, many are stepping out of the lending market. Credit will tighten, which will pass a big burden on the consumers. What he was talking about is a known fact to anyone who works with them.

They are talking about more than mortgages, go listen to the video again before making some declaration that I have no knowledge of the industry.
 

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No, but I'm quite sure they don't want any regulations and have "hired guns" to avoid them.

I believe it's appropriate to vet bank "messagers".

Especially ones who appear to have demonstrated gross incompetence in previous positions.

I hear what you're saying.

I just have NO reason to trust financial institutions.

What is a "bank messanger"? And what "gross incompetence" is evident in the community bank space, specifically as it relates to what the big banks were doing in 2007?

I gather you have no experience, as I suspected. Just ....what exactly?
 

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She accepted him. If I have to explain that to you, you aren't getting it. She approved his role on her CFPB. It wasn't until he left the CFPB that she went after him. You have to be a partisan with blinkers on not to get that.

With reservations, trying to "work across the aisle" as it were, apparently.

The whole premises that the crash was some kind of accident or caused by regulations is bull****. Scumbags tanked the economy and then were made whole.

So nobody gets to sit and testify on any banking subject and simply be presumed to be an honest actor.

I'm not convinced there ARE any honest actors at the finance "top".
 

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They are talking about more than mortgages, go listen to the video again before making some declaration that I have no knowledge of the industry.

What's your experience in the industry exactly?

He was talking about mortgage regulations. Do you know what TRID is? What's your experience with it?

If he has no credibility, why exactly did Elizabeth Warren approve of him becoming the Assistant Director of the Office of Regulations of the CFPB? He was in charge of more than 40 government lawyers who wrote and managed the implementation of the new regulations. Is she in the habit of putting destructive people in charge of the agency that she created?
 

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With reservations, trying to "work across the aisle" as it were, apparently.

The whole premises that the crash was some kind of accident or caused by regulations is bull****. Scumbags tanked the economy and then were made whole.

So nobody gets to sit and testify on any banking subject and simply be presumed to be an honest actor.

I'm not convinced there ARE any honest actors at the finance "top".

Huh? Across what aisle? He was Deputy Director of the Division of Consumer and Community Affairs at the Federal Reserve Board. You're attempting to make it seem as if she was trying to be non-partisan. Partisanship has nothing to do with this.
 

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What's your experience in the industry exactly?

He was talking about mortgage regulations. Do you know what TRID is? What's your experience with it?

If he has no credibility, why exactly did Elizabeth Warren approve of him becoming the Assistant Director of the Office of Regulations of the CFPB? He was in charge of more than 40 government lawyers who wrote and managed the implementation of the new regulations. Is she in the habit of putting destructive people in charge of the agency that she created?

*He* is talking about mortgage regulations, *she* is talking about mortgage regulations and more. As in other "consumer financial products."

And she spoke about how he managed to obtain that position, I have nothing positive to say about that in Warren's favor.
 

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What is a "bank messanger"? And what "gross incompetence" is evident in the community bank space, specifically as it relates to what the big banks were doing in 2007?

I gather you have no experience, as I suspected. Just ....what exactly?

A bank messenger is a communications specialist or other professional working off a set of talking points designed by a communications specialist.

A hired liar, put simply.

I don't know about the things you mention beyond abstracts. I'm prepared to take your word on the subject due to prior experience with you.

But I don't have a problem with Warren ****ing with people who were asleep at the wheel (or pretending to be) prior to the crash.

They should have their faces rubbed in it daily, IMO.
 

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*He* is talking about mortgage regulations, *she* is talking about mortgage regulations and more. As in other "consumer financial products."

And she spoke about how he managed to obtain that position, I have nothing positive to say about that in Warren's favor.

*He* is an expert in TILA, HMDA, ECOA, TISA, EFT and FCRA. *He* is also an expert in CRA and Fair Lending. I am in the industry and know exactly what is covered by these laws. *She* never gave him a chance to answer her question, and *she* went off on the rails talking about 2007, which is not what he was there to discuss. He is a private attorney who consults with banks on the aforementioned regs. He was there to talk about the cost that small banks are incurring as a result of massive sweeping changes to these existing regulations - and they had nothing to do with what happened in 2007.

Her experience has been as a bankruptcy attorney, not as a regulatory expert, an examiner, nor as someone who was responsible for writing and implementing regulations.

She has done some good things. What she did in that clip is pontificate and berate someone who she actually could have berated years ago, before making him a very powerful person in the very agency she is now attempting to protect. This is very simple.
 

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A bank messenger is a communications specialist or other professional working off a set of talking points designed by a communications specialist.

A hired liar, put simply.

I don't know about the things you mention beyond abstracts. I'm prepared to take your word on the subject due to prior experience with you.

But I don't have a problem with Warren ****ing with people who were asleep at the wheel (or pretending to be) prior to the crash.

They should have their faces rubbed in it daily, IMO.

I never heard of a "bank messenger". Can you please share where these people are, and what banks they work in/with?

He isn't a "messenger". He's an attorney who has many years of experience working with and for and around banks.

I missed your outrage at Elizabeth Warren's colleagues on the Hill who allowed for big banks to do what they did. I missed your outrage at Barney Frank who repeatedly ignored warnings about the GSEs and insisted they were in good shape. I missed your outrage at the fact that the CFPB is going to drive the smaller banks out of the lending business, increasing the market share of the very big banks who got into trouble in the last decade.

This is all partisan to you, it seems. You also keep ignoring the fact that not very long ago, she had enough faith in Chanin to give him his role at the CFPB. I gather you can't let your partisan thinking be put aside for the moment and see that the woman you are cheering apparently made a terrible mistake not long ago if Chanin is in fact the monster you think he is.
 

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I never heard of a "bank messenger". Can you please share where these people are, and what banks they work in/with?

He isn't a "messenger". He's an attorney who has many years of experience working with and for and around banks.

I missed your outrage at Elizabeth Warren's colleagues on the Hill who allowed for big banks to do what they did. I missed your outrage at Barney Frank who repeatedly ignored warnings about the GSEs and insisted they were in good shape. I missed your outrage at the fact that the CFPB is going to drive the smaller banks out of the lending business, increasing the market share of the very big banks who got into trouble in the last decade.

This is all partisan to you, it seems. You also keep ignoring the fact that not very long ago, she had enough faith in Chanin to give him his role at the CFPB. I gather you can't let your partisan thinking be put aside for the moment and see that the woman you are cheering apparently made a terrible mistake not long ago if Chanin is in fact the monster you think he is.

I wouldn't call it partisan.

I know little about finance.

But I worked in the remodeling industry during the bubble and even I knew it was going to end badly. Made the hairs on the back of my neck stand up watching people I knew using their equity like an ATM.

And many on the right keep relating a history of the events that led up to the crash that don't line up.with what I remember watching.

Those ideas came from communications specialists. Whose job it is to get people to support what they would not or reject what they would accept if they simply understood the simple truth. Its a science, and lawyers learn the techniques in school.

Doesn't really have anything to do with partisanship. Actually comes from the place of knowing our political system is just two warring groups of monies interests fighting to see who gets forts shot at feeding of of us and who has to settle for sloppy seconds.
 

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I wouldn't call it partisan.

I know little about finance.

But I worked in the remodeling industry during the bubble and even I knew it was going to end badly. Made the hairs on the back of my neck stand up watching people I knew using their equity like an ATM.

And many on the right keep relating a history of the events that led up to the crash that don't line up.with what I remember watching.

Those ideas came from communications specialists. Whose job it is to get people to support what they would not or reject what they would accept if they simply understood the simple truth. Its a science, and lawyers learn the techniques in school.

Doesn't really have anything to do with partisanship. Actually comes from the place of knowing our political system is just two warring groups of monies interests fighting to see who gets forts shot at feeding of of us and who has to settle for sloppy seconds.

None of that has anything to do with this thread.
 
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