Friday, October 9, 2009

Elizabeth Warren: "The Middle Class Is Under Terrific Assault"

WASHINGTON - JUNE 09:  Elizabeth Warren, Chair...

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Jason Linkins

The Washington Post features an interview today with Elizabeth Warren, who chairs the Congressional Oversight Panel, which makes her your last, best -- maybe only -- hope at getting the TARP money back and ensuring that something will be done to prevent the cascade of systemic financial sector cock-ups that cratered the economy from ever happening again.

It's a wide-ranging interview with reporter Lois Romano, and Warren touches on several areas that should be of enormous interest to you, dear readers. These include her take on how the TARP money basically vanished into thin air ("When Secretary Paulson first put this money out into the banks, he didn't ask, 'What are you going to do with it?' He didn't put any restrictions on it. He didn't put any tabs on where it was going to go; in other words, he didn't ask. And if you don't ask, no one tells.") and what's been done about too-big-to-fail banking institutions ("A year later, the big are bigger than they were.") But I'd like to highlight her take on the way the financial crisis is transforming the middle class for the worse, because this is Warren's primary driver:

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