For many progressives and liberals, the 2nd most significant result of the 2012 election was Elizabeth Warren’s defeat of Scott Brown in the Massachusetts Senate race. Warren had developed an almost cultish following for her continual attacks on the banking system and for her fierce defense of the middle class. She helped create President Obama’s Consumer Protection Agency, but was not appointed to lead it because of the certainty of a republican filibuster.
So instead, she ran for Senate and now sits on the Senate Banking Committee. Which means–if you are keeping score–the Republican Party’s intransigence led to a virtual promotion from mid-level cabinet position to the senior Senator from the state of Massachusetts. Best laid plans, republicans. Best laid plans.
Warren’s February 14 debut on the banking committee showcased exactly why the financial sector was so afraid of her in the first place. While grilling the ineffectual banking regulators regarding the lack of federal prosecutions over the illegal antics that resulted in the collapse of the banking system–which led to the recession we are still recovering from–Warren was non-plussed by the weak responses to her queries and came up with this soon to be immortal response:
“I want to note that there are district attorneys and U.S. attorneys who are out there everyday squeezing ordinary citizens on sometimes very thin grounds and taking them to trial to ‘make an example,’ as they put it,” Warren said. “I am really concerned that too-big-to-fail has become too-big-for-trial.”
Be afraid, banksters. Be VERY afraid.