Professor Elizabeth Warren speaks about the Consumer Financial Protection Agency

[jseals811]

If we are so worried about the consumer why have we bailed out these big banks and not the consumer? The government can't stop people from going into debt. Another agency gives false sense of security. Maybe people would be smarter with their money if they realized it's their job to be responsible about their finances and not the government's.

[bstuts7914]

I like Warren, but why do we need a new agency for this? The FTC has a division well-suited for the job:

[Seasass]

@bstuts7914 Obviously it wasn't well suited, or we wouldn't have had a financial crisis triggered by thousands of crappy mortgages (many of them second mortgages taken out to help people cope with crappy credit card debt). Consumer financial protection was always dispersed throughout a number of different agencies and, hence, not very effective. Now, thanks to this woman's tireless efforts, there is an organization whose SOLE purpose is to look out for consumers.

[Ethiopiabuzz]

Say hello to the First woman to be American president !

[Chridder515]

“A market where consumers can’t make comparisons is a market that stifles innovation.” Hell, even Ayn Rand would roll over in her grave and cry out for market regulation if she heard that one!

[marilynr46]

@Chridder515 Name one regulation (specifically) that has stifled innovation.

[Chridder515]

“A market where consumers can’t make comparisons is a market that stifles innovation.” Hell, even Ayn Rand would roll over in her grave and cry out for market regulation if she heard that one!

[drex22]

Why does this video only have around 30K hits?!?!?! It's a sad day in our society when more people rather be entertained by politics than learn something about it..

[mostghost99]

@jagon54 Fucking pathetic fool..this is a moderate point of view at best..watching fools like help load the gun thats going to shoot your own balls off is amazing.Heres a hint Wake..the..Fuck..Up..

[brennanww]

just bought a game at ebgames, the game didn't work due to a software fuck up by sega, they tried refusing to give my money back, just fix that then i'll be good

[edmondtm]

More people like Elizabeth and less politicians will turn US in the right direction

[JSAautomotive]

@jagon54. Fucking conservative piece of shit. Go grow a brain u fucking retard. Jesus christ. I'm so fucking sick & tired of conservative retards like urself that don't understand the constitution, our economy, nor how todays conservatives are voting in their own worst interests. When conservative pieces of shit like urself fought against the liberation of slavery, equal rights for minorities, & for slaughtering indians while converting them to Christianity...thats when I say fuck off & die.

[lsnows]

Go Dr. Warren! You're the Ralph Nader of today. Rock on.

[DCAM0123]

Elizabeth Warren you are really intune with what is happening....I think you are a great person to direct the Consumer Financial Protection Agency !

[elkellenhabla]

@jagon54 Moronic is thinking that our financial system is fine the way it is

[quicksite]

Love her! She should be not just creating the agency (half-step timid Obama, as usual), she should be it's Cabinet level Director)... But pussy footing fraidy cats Dems... they can't get someone like her into cabinet post, but Bush can get John Bolton to UN post. Useless Dems

[bweazel]

Ummm, the credit cards have become to complicated? Or the people have become too stupid? I think it's the latter. People do not know of finance. It's their fault they didn't study it.

[zazeify]

@bweazel  and it's their fault that their ignorance is being taken advantage of by banks?

Yeah, tell me another one.

[bweazel]

Of course, not sure who else you can blame being ignorant on besides yourself. Did you choose to go out and drink all through college or did you study? Are you more concerned with the pleasures in life and being happy, or are you more concerned with the realities of the world and being educated? Why do I have to tell people on here to take responsibility for themselves so often? This is a testament to our modern American culture, I tell ya, bring on the nanny state.

[bweazel]

So I'm sure it isn't the fault of the people who are taken in by these Nigerian phishers either sending out e-mails that say they've won a Nigerian lottery and just need to send a check for 2,000.00 to Nigeria to pay for the taxes and they'll get a 50,000.00 check back. Yes, the Nigerian is a shithead, but are you going to tell me that it is the Nigerians fault that person is gullible? Would you like to set up an agency to protect and refund peoples money after they make dumb choices?

[DCUPtoejuice]

The credit score agencies are violating our rights and privacy. The only trouble anyone runs into with credit cards is when they use it as a loan by not paying it off every month. Just educate people to think and you are 99% done.

[sageofpsychology]

I am a Canadian and I wish there were more Elizabeth Warrens to go around. This world is so crooked her straight and true talk sounds evangelical.

[louiethegreater]

Wonder if Elizabeth would end those intrusive, privacy destroying, credit scores.Little more than compileing all your personal information under your social security number.

[yosemite69]

Ridiculously simplistic, inaccurate and academic view.

You actually believe that the recent crisis was due to a lack of disclosure? Anyone that's studied the issue understands this crisis was born when President Clinton "encouraged" Fannie Mae and Freddie Mac to ease the credit requirements of low income consumers(see NYT, 9/29/1999).

If you truly believe consumer education will save the credit markets, why not start a charity to do just that? Why yet another govt agency for this?

[thisnow1]

@yosemite69 HAHAHAHAHA! All right, so it's (1) simplistic, (2) inaccurate, (3) academic.

"Academic"??!!!?? hahahaha. Yeah, I'd think someone who's an expert in commercial law @ HLS might be a bit of an "academic."

If only Ms. Warren "studied the issue" like you evidently have by reading the NYTimes, then she wouldn't be so much of a stuffy "academic."

Keep fightin' the good fight!

[sarcasm is definitely the lowest form of wit, but the good stuff would probably be wasted on you, pal]

[Jasonssj]

The truth youtube Ron Paul and Peter Schiff

[Jasonssj]

YOUR FIRED!!! 

[Rijksband]

As with health care, what needs to happen here is, as she says, an "off the shelf" competitive option spearheaded by CFPA, and administered by a sound public institution (The North Dakota banking system comes to mind as an example).

We have language concordancing, image to text scanning...how about software that "reads" complex contract documents with the aim of listing risks/benefits across comparative financial products? Why not make this an online exchange, where anyone can research?

[bryzicka]

Elizabeth Warren is an inspiration. If only there were more people like her in our government...

[julesghouls22]

I agree with this and think this is brilliant. Corporations can't make as much money with fair contracts as they can through deceit and dishonesty and screwing over the consumer, so those latter ways are the ones they choose. We need products we can read and understand, just like nutrition labels.

[JoMamma0]

People should say NO! to credit the way they were taught to say NO! to drugs. Unfortunately, in our culture, it is difficult.

[Deeked]

You lose liz. You are a shining example of Liberals and their complete and epic failure. As long as Big Government has itself involved in every aspect of the economy, the economy will do poorly.

FAIL XD XD XD

[SupermansDead93]

@Deeked I always love to look at the youtube profiles of people like you Deeked, it helps me feel better about not taking you seriously.

[RareVDO]

dumky, are you a professor from a top university in the world? Have you run a business that makes more money than Bill Gate? If not, SHUT THE F*** UP!!

[tonylee1973]

Thank You Professor Warren for what you have been doing! Please hang in there and keep doing what you are doing.

[cavan1979]

Dumky what do you do? I've seen very few people from either side own Warren. I'd like to hear the problem. I don't give her any credit for "being a professor." I've seen plenty of stupid ones. She is however fresh on outing some undeserved rich people, with an over developed sense of accomplishment that can't even speak in front of her.

[justaoldslave]

Thanks Elizabeth, Your as beautiful physically as you are emotionally. Please dont stop.

[dumky]

Instead of using more taxes to support more bureaucrats, I'd encourage Mrs. Warren to start a credit card company of her own, with understandable rules (that fit on one page). I'm sure it will do for a great marketing campaign and people will jump on the offer.

Please do liberate people from evil contracts, by offering better choices and delivering, not trying to control other companies from behind your desk or via Congress.

Regarding the crisis, learn about the FED and fractional banking...

[szatmar666]

this conservative choice nonsense is just pure abstract bullshit it means nothing in the real world when the cartel shuts you down and excludes you from low fee or no fee ATMs. If life was so simple everyone would run a business and capitalism would be a game that didn't need a referee because everybody played nice and observed the rules. She is talking about making the rules clear and simple again and putting cops on the beat so lawless bullies don't trample the little guy.

[dumky]

The only cartels that do harm leverage government power. Look at history.

Basic rules: respect property and life.

If those rules were enforced in the first place, we wouldn't be in the today's mess.

Government "taking control" and trying to create more rules breaks this basic rule. This always creates un-intended side effects, which of course government has to go in and "fix".

Replacing was you consider "lawless bullies" with a bigger and actual lawless bully is hardly a solution.

[madashelldude]

Except the "lawless bullies" in government are voted in office by a majority of the people while corporate bullies are appointed by the board.

Look at what history?! What is Warren specifically saying on this video that you are against, because frankly your post makes no sense. You think that unregulated banks are a good idea?! WTF are you smoking?! Where have you been the last 30 years?! Or read about the bank failures that occurred EVERY 10-15 years before 1933!

[dumky]

Free-market or unregulated banks and money is a good idea.

My point about history was about cartels, but since you bring it up, it applies to banking as well. The last recession were government stood back was 1920. Previous that was the norm and recovery was fast as you would expect. Systematic bank failures and business cycle started with the Great Depression, due to FED tampering with the money supply and applying stupid and dangerous rules on branch banking. Read Rothbard on the subject.

[dumky]

Oh, so mob rule, excuse me majority rule, is moral justification for theft and control? You don't need government to protect individual rights. On the contrary. Actually each and every service of the government can be provided by the free-market and better.

Of course, in such a system some people suffer: politicians and well-connected people who corrupt politicians. So the bullies and the friends of the bullies don't get special powers or advantage. That's a good thing.

[dumky]

My point about Warren is that if she obviously never ran a business, but she fells empowered to tell others how to run their businesses.

In the market, if you see that competitors offer bad service, this is an opportunity to fix it. If you fail at fixing it, then maybe your expectation was unrealistic.

In politics, rationality and feedback are missing. She can make whatever business decision on behalf of those companies without paying the price of consequences if those are bad decisions.

[madashelldude]

and I am sorry "respect property and life" is of no use in the current context. maybe that's a slogan you can print on a hallmark card, I am sure it will sell, but you can't say stuff like that as a serious comment to this video, unless you are high or something ;)

[dumky]

Think before you talk, dude.

[bryzicka]

that's worth thinking about... I suspect though that if all of the credit card companies are in it together, who's going to break out and create a new model?

[boztone]

Elizabeth Warren is a stone cold fox! And she understands how to strengthen the American middle class and rebuild our economy.

[wotmot223]

lol, and you are what in comparison? This is a harvard law proffesor with years of experience. And your credentials are... what? a job at McDonalds? : )

[Dean0000007]

I've seen videos on her, last thing she wanted was to become political.  It's a public service that she tries to inform the public about what is really going on in this corrupt capitalist system.

[PeterSodhi]

Elizabeth Warren's video on Youtube "The coming collapse of the Middle Class" is absolutely superb and compelling. Also watch I.O.U.S.A.

[meimeisuuri]

Warren is in favor of a more transparent, more efficient market where citizens who use credit services can make informed choices. She also wants to cut bureaucracy, not expand it. Yes, strange for someone working with the Democrats.

[scenethief]

How many times have we heard, "We are the government, and we are here to protect you"?

Lies, lies, lies.

[scenethief]

To continue my comment....the federal governments intervention messed up the credit markets, and NOW Elizabeth Warren proposes a MASSIVE FEDERAL AGENCY to correct the problem?

The free markets always do better than government meddling. I challenge any one to show an example of the government performing better than the free markets.

[7boon]

From the very beginning: in Medieval Europe, the traders preferred to do business in towns where the local mayor dictated the size and standards of weights and measures. They felt safer having the government deciding the definition of standards.

There's an example...

[dvonh2]

to say the private sector (especially unregulated laissez-faire capitalism) always does things better than government is just naive and stupid.

Are you talking about classic Weberian bureaucracy? Are you talking about post NPR reinvention of government? Or are you saying only goods such as private goods are better produced by the "free market?" Sometimes government has to provide services where there is no market.

And above all the growing disparity between rich and poor must be addressed.

[scenethief]

Her quote: "The credit market is broken" does not address the basic problem. The flooding of the markets with TOO MUCH credit by the Federal Reserve. The Fed turned on the fire hydrant and STILL has not turned it back.

The other component of credit, risk, which usually keeps too much credit getting into the system, was mitigated by, again, Federal entities like Freddie Mac and Fannie Mae guaranteeing no credit check, no documents required mortgages.

[castano2001]

Its very simplistic to reduce problems just to government. Theres something to it but not all. Greenspan said that he found flaws in the critical functioning structure that defines how the world works" after going for 40 years or more with very considerable evidence that it was working exceptionally well. This is a disciple of A. Rand. Even Buffett called derivatives "financial weapons of mass destruction". You do have a point, but lets not stretch it.

[xXAkridXx]

I want Elizabeth Warren to be my mom

[sav74sac]

How about those 1000 page bills? Try & work on those instead why dont'cha!

[catobear1704]

too complicated? gosh, she is demeaning.

[kbr7171]

How many pages of "fine print" do we have to wade through to read the tax code Elizabeth?

[davincij15]

BTW: the Federal Reserve is a part government part private agency that caused this crisis.

The banks pretended to hate the Federal Reserve from coming into existence as well as the FDIC.

Foolish people, now we are all slaves and most love their slavery.

[thurstonkn]

This is one of the most intelligent remarks made. The effect of what the credit industry is doing is a symptom not the root of the problem. There are bigger things at play. This is like a shell game and we're all focused on which shell to pick while a thief picks our pockets from behind.

[wakauai7wsxedcrfvqaz]

It seems like an educated person would know that whatever solution you put in place will sooner or later be corrupted by the banks. You're putting a band-aid on a toe when the whole leg has gangrene and needs to be amputated.

We first need to get rid of the Federal Reserve and then get on to fixing the rest of the problems.

The international bankers are the source of all current social problems. They always enrich themselves off all social problems, especially the one called "war".

[borgbike]

Go Elizabeth! This is the good fight but in today's corporate-dominated world it will be a tough one.

[mel58109]

Yes, we'd be better off without a FEDERAL agency. If the states want to do it, that is a different story. The Constitution gives the FEDERAL government very few duties. It is up to the STATES to do everything and anything else it's citizens want it to do. Why is this such a difficult concept???

[5909south]

The states can't do this because the US Supreme Court allows the big banks to import the laws from states they prefer into your state. Why do you think so many banks are incorporated in South Dakota and Delaware?

[finefilth]

the money as debt system is the road to ruin .. slavery and disposession of the masses is a mathematical certainty

[finefilth]

abolish parasitism and nuke wall street

[rastaman39]

True True !!

[Enieh0008]

I have an idea.

If credit cards companies want the government out of their business practices then they can't use our Justice system when someone doesn't pay them.

They can't collect.

In reality, our tax dollars are working for credit card companies through our justice system to enforce debt.

[Enieh0008]

Yea,

Just like post office, police, firefighters, military, infrastructure...

You must be joking

[mel58109]

Police and firefighters are NOT FEDERAL AGENCIES

[Enieh0008]

They are not free market, for profit corporations either.

[tinmantreys]

MajAdventure,

What you said is totally false. Risk/reward does exist whether you think so or not. If any person (or bank) wants to invest money they can choose what to invest in. Credit cards are very risky but have a high rate of return.  Its not true that limiting the rates and fees of creditors will not have an effect on the availability of credit. If its risky and theres no money to be made, why would they lend credit? And who would that affect most?

[IndIka024]

thanks for your time professor! I agree with you 100%, these credit lenders are assholes, and they love making money for nothing.. I cant think of a lazier business than loaning money. They create a language and they try and make it seem complicated, and hard. but the reality is that its not complicated at all, and these companies are dog shit.

[tinmantreys]

Bring down risk and you bring down revenue. Force more rules on creditors and you will reduce the availability of affordable credit. These are not opinions these are facts. Best of luck mitigating these negative factors Ms. Warren.

[MajAdventure]

Hogwash. The old, quaint notion of risk/reward has been debunked by the new Wall Street elites who never have a downside. These large firms can no longer be considered "creditors" - as the proper term is vultures or robber barons. I only wish Warren was running the Treasury or the Federal Reserve.

[uruibu2]

A true American hero. I'm glad you are pounding away on this. Thanks!

[nirbija]

That this woman craves attention is written all over her. She needs a man, a real man, even though she might be on the old side. lol

At least she is trying to use the media attention constructively.

[KonstantinKogan]

I love you, Liza!

[weezer543]

Wow... someone advocating personal responsibility from all citizens, and ethical conduct from the financial sector.

Sit back and watch Conservatives, along with their corporate masters, demonize this woman, and portray her as the second coming of Lennin.... in 5, 4, 3, 2, 1.....

[airforce3572]

Amazing person. Perhaps Obama's best choice so far.

[inktri]

if only obama did choose her. she's congress' watchdog and has little influence in decisions.

[worthyproductions]

You make a lot of sense Professor Warren. Good points presented in a clear way.

Fabulous!

Thanks for your contributions!

[Adv2k169]

excellent video. Has it been put in front of congress already ?

[ben13piano]

Professor Warren is the bomb! Rock on, or should I say, Regulate on!

[mirabario]

Thank you for caring, Professor Warren! I have been listening to you ever since I saw you in Maxed Out.

Your dedication to this cause is clear, and although you are a Harvard professor, you present information in a way that is easy for the general public to understand. Thanks for your hard work.