The lead image is from Elizabeth Warren’s Biography. I added the caption.
Her biography omits one key thing. She’s running the country.
Let’s go over the evidence.
Biden Eyes Raskin as Top Fed Banking Regulator
The WSJ reports Biden Eyes Raskin as Top Fed Banking Regulator
President Biden is considering Sarah Bloom Raskin for a top role at the Federal Reserve as part of a slate of three nominees for central bank board seats, according to people familiar with the matter.
Ms. Raskin’s nomination could mollify progressive Democrats, some of whom opposed Mr. Biden’s decision in November to offer a second term to Fed Chairman Jerome Powell, a Republican first chosen for the top job by former President Trump. They have called for the Fed to take a tougher stance in regulating big banks and a bolder approach in addressing financial risks posed by climate change.
Mr. Biden is also considering two economists for other Fed board seats that will soon be vacant: Lisa Cook, a professor of economics and international relations at Michigan State University; and Philip Jefferson, a professor and administrator at Davidson College in North Carolina.
Sen. Elizabeth Warren (D., Mass.) has signaled to the White House she would support either Ms. Raskin or Richard Cordray, the Consumer Financial Protection Bureau’s first confirmed director, who also has been under consideration for the Fed’s banking-regulator post.
The potential nominations of Ms. Cook and Mr. Jefferson, both Black economists, would help Mr. Biden achieve his promise to improve diversity atop the central bank, which in its 108-year history has had only three Black board members, all of them men. The most recent was former Fed Vice Chairman Roger Ferguson, who left the board in 2006.
In a New York Times opinion article in May 2020, Ms. Raskin was critical of broad-based emergency-lending backstops enacted by the Treasury and Fed to assist businesses during the pandemic because she believed they should have taken steps to prevent lending to oil-and-gas concerns.
Ms. Cook expressed support for programs in Mr. Biden’s economic agenda during a recent Fed conference on gender and the economy. Asked on a Nov. 8 panel to identify three policies that would be most impactful in addressing discrimination and lack of opportunity, Ms. Cook cited child-care and elder-care support, paid family leave and infrastructure.
Signaled or Told?
Did Warren “signal” she was OK with these nominees or suggest them?
The question is moot because Biden would not have named them without her approval.
I am quite certain Ms. Cook meets Warren’s approval as well, at a minimum. More likely, Warren made the call.
What About Jerome Powell?
Warren opposed Powell whom Biden eventually nominated, but the key word is “eventually”.
Flashback November 21, 2021: Biden’s Has Twice Delayed His Fed Chair Nomination, What’s Going On?
Progressives want Brainard, but does Biden? I suggest yes, but other forces are in play.
One group of Democratic lawmakers, which includes Massachusetts Sen. Elizabeth Warren, has called on Mr. Biden to install a new Fed chair because they want the central bank to take a tougher approach on bank regulation and to use those supervisory powers more aggressively to address climate change. They are also eager to see more diversity at the senior ranks of the U.S. government.
Sen. Jon Tester (D., Mont.) said on Sunday that it would be a mistake for Mr. Biden not to renominate Mr. Powell. “I think he would be confirmed by a large margin if the president appointed him,” Mr. Tester said on NBC’s “Meet the Press,” arguing that Mr. Powell has a “proven track record.”
Biden twice delayed naming Fed chair. In the interim he was no doubt applying pressure to Tester and other.
Only when Tester would not go along did Biden re-nominate Powell.
Biden’s Bank Regulatory Nominee Espouses Helicopter Money and Praises the Old USSR
Also recall Biden’s Bank Regulatory Nominee Espouses Helicopter Money and Praises the Old USSR
Never Seen a More ‘Radical’ Regulatory Nominee
Senator Pat Toomey says I’ve Never Seen a More ‘Radical’ Regulatory Nominee Than Saule Omarova.
“Ms. Omarova doesn’t just want to nationalize banking . . . she also wants the banking regulators to run the whole economy.
Joe Biden’s nominee for the Comptroller of the Currency Saule Omarova on oil, coal and gas industries: “We want them to go bankrupt if we want to tackle climate change.”
The People’s Ledger: How to Democratize Money and Finance the Economy
Click on the link and Download the report. It’s a doozie. Straight out of the Marxist handbook.
She proposes ending banks and giving everyone a direct account at the Fed. Here are some of her ideas.
Helicopter Drop – QE for the People
In basic terms, the Fed will credit all eligible FedAccounts when it determines that it is necessary to expand the money supply in order to stimulate economic activity and ensure better utilization of the national economy’s productive capacity.
Warren’s Hand All Over This Nominee
No one should be surprised by this even though Biden is not bright enough to find these Marxist nut cases on his own.
The Progressive wing of the party led by Elizabeth Warren finds them and presents them to Biden.
And Omarova’s position on energy ties in perfectly with Warren’s Tweet yesterday.
More of Warren’s Hand
I discussed the above Tweet earlier today in Elizabeth Warren Claims Finance is an Enormous Greenhouse Gas Emitter
Also note Progressives Hound Biden to Build Back Better by Executive Order, Starting with Gas
Biden Wilts Under Progressive Pressure, Extends Student Loan Repayment Pause
On December 22, I noted Biden Wilts Under Progressive Pressure, Extends Student Loan Repayment Pause
Once again, president Biden collapses under pressure from AOC, Elizabeth Warren, and the Progressive Caucus.
Asked last week whether Biden intended to extend a payment freeze that’s poised to expire in February, White House press secretary Jen Psaki said the administration has no plans to do so and is instead focused on ensuring a “smooth transition back into repayment.”
And now, Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren want the Administration to discharge $50,000 per borrower, which would cost the government $1 trillion, according to the Brookings Institution.
Biden dismissed this as not constitutional, but under pressure from Warren is again looking into the idea.
What’s Next?
We already have EPA mandates, mask mandates, executive orders on student loans, and executive orders on evictions, with Warren, AOC and the Progressive Caucus Leader calling for still more executive orders.
Tell me what’s on Warren’s mind and I will tell you where Biden is headed. She is running the country.
If you voted for an allegedly moderate Biden, did you really want a radical Warren? If so, you should be pleased because that’s who you got.
Thanks for Tuning In!
Like these reports?
If so, please Subscribe to MishTalk Email Alerts.
Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.
If you have subscribed and do not get email alerts, please check your spam folder.
Mish
critical of broad-based emergency-lending backstops enacted by the
Treasury and Fed to assist businesses during the pandemic because she
believed they should have taken steps to prevent lending to oil-and-gas
concerns.”
No, they would not be supporting any of it. That is why BBB did not pass.
On the other hand, rich donors were in support of the BIF (infrastructure bill). That is why it passed quite comfortably in both chambers.