Getting to know Elizabeth Warren
In July 2019, Elizabeth Warren was part of a debate with a former congressman named John Delaney
Delaney was also running for president, and he criticized Warren for being unrealistic. Delany said, "I think democrats win when we run on real solutions, not possible promises when we run on useful things, not fairy tale economics. If you want to understand Elizabeth Warren, her response to that question is a great place to start. Elizabeth Warren said as a counter-argument "I do not understand why anybody goes to all the trouble of running for the president of the United States just to talk about what we really can't do and shouldn't fight for" Elizabeth Warren wants to make massive changes to the way things work.
Elizabeth Warren always stated that "It's going to take a big structural change in America" It is a thread you can find through her career, from her years as a law professor to her creation of a new federal agency, to her time as a US Senator. Warren Doesn't want to Revert America back to a time before Trump. She wants to change something more fundamental about the country's institutions. Elizabeth has stated, "We cannot fix the broken system by only treating symptoms" it begs the question, where did Warren get that idea from? Is that what we want> Is she the best person for the job? In the early 2000s, Elizabeth Warren was not a politician yet. She was a law professor, and she was trying to figure out why so many Americans were filing for Bankruptcy, at the time when the economy seemed to look like it was booming. The thing that you have to understand about Warren's academic work is that it was counter conventional wisdom when it was happening. Most people agreed at the time that the US economy was strong. The unemployment rate was low, GDP was high, and global trade agreements like NAFTA had made tons of goods super cheap. However, Warren saw that underneath all of that rubble, something in American life had changed. It was the collapse of the middle-class families.
"Families live in a much more dangerous economic world than they did a generation ago" -Warren 2004. One thing Warren was doing was refocusing how we thought about the economy from what was happening to the families themselves. In specificity, she noticed that to cover necessary expenses, American families were taking more and more risky loans. Alan Greens was sworn in for fifth term as a chairman of the Fed, Most notable action or face you remember him is the economic recession of 2008. Alan Greenspan, our national economic leader, has stood up for the last four years and told the American people, "Take on more loans! It is ok!" It helped her realize before almost anyone else that something terrible might be coming in the economy. It was scary financial advice for someone to be giving American families. The advice is scary because Millions of American families have taken that financial advice. Four years later, what Elizabeth Warren has foreshadowed came to light. One in every five hundred homes defaulted on their mortgage, and economists worry the housing slump will plunge the broader economy into a recession. The federal government began pumping billions of dollars into U.S Banks. Citigroup and Wells Fargo are each getting $25 Billion.
"I think I alternate between furious and astounded. We bailed them out, and they kept all the profits and taxpayers picked up all the losses." There was this moment in 2009 where the recession is on full blast. We go 50 years without financial panic. Then what happened was regulations, it was hassle, too expensive and you see the threads of the regulatory fabric. There were two choices, we do not need regulation or putting in a more stable regulation and American prosperity. Something that has been through a line of Warren's Career is that complexity is the powerful wield against the powerless, and complexity is something that people use to shift blame. The 2008 financial crisis was too complicated for anybody to understand. Elizabeth Warren has many plans, but what is her plan to make those plans a reality?