This remarkable populist video promotes the hope that President Obama will appoint Dr. Elizabeth Warren as the founding head of the Consumer Financial Protection Bureau created by the new financial reform law. What kind of ordinary looking, white, academic woman inspires this kind enthusiasm?
For starters, Warren came up with the idea of the CFPB. But perhaps even more to the point, though she teaches at Harvard, she can explain the financial facts of life for the ordinary U.S. middle class family in a way we can all understand. For example, in 2005 when times were supposed to be good, she wrote this deconstruction of how so many people found themselves helplessly mired in credit card debt:
It's easy to see why the credit card companies don't want this woman in a regulatory role -- and why progressives will applaud if President Obama appoints her to the job.
Do read this the entire article. It's the most understandable explanation of how ordinary families are squeezed in the real world that I've seen anywhere. Warren's got the scene covered.