Elizabeth Warren

Here's a very good PBS interview with Elizabeth Warren, currently in charge of "oversight" for the TARP money, but being touted for the role of head of the new Consumer Financial Protection Agency:



I've said this many times: she is a breath of fresh air. She is honest. She is clear and straightforward. She would be excellent to run the new Consumer Financial Protection Agency. But Obama is dragging his heels. It isn't clear that he will push her name forward.

Notice how she is very "forthright" on her worries about the upcoming tsunami of commercial real estate foreclosures. I believe she's got it right. Geithner is a "company man" who gives party line and isn't honest. I don't trust him.

She does a very good job of describing how this Great Recession is likely to have a "double dip" as the commercial real estate failures bring down banks which puts the economy into another phase of financial panic and credit shrinkage. Her remarks about "extend and pretend" are an excellent warning about the path the Obama admininistration with Bernanke and Geithner are headed: a pathway to the "lost decade" of Japan. You fail to get banks healthy, so lending doesn't restart, so the economy coughs and gasps, and lurches, and fails year after year.