Elizabeth Warren Allies with Banks – Trustnodes

Elizabeth Warren, once an anti-bank crusader even as she had oversight of their bailout, may now be revealed more as a theatre actor, a distractor of the public, and in the end a shielder of those same banks.

While the United States, 15 years on, witnesses the collapse of three banks with some $400 billion in deposits, as well as $600 billion in the Swiss bank, the anti-bank crusader says nothing.

She can’t, because she presided in 2008 and hence over the reforms and lack of reforms that were meant to prevent such bank crisis, and that they didn’t is proof of her failure.

So she does what she does best: distract by trying to rile up the public and make it angry towards crypto, the only industry that offers an alternative to banks and can keep them accountable through competition.

In a tweet on Wednesday on her ‘personal’ account with 5.9 million followers, she poses as shown above in a short video under the banner of “Elizabeth Warren is Building an Anti-crypto Army.”

In her Senator twitter account, 7 million followers, she is more focused on keeping up appearances. There she blames Powell and Trump for the failure of three major US banks under the watch of a Democrats administration.

She might have forgotten, but we have not forgotten the fact that Democrats have been in power 11 out of the past 15 years. She can not shift blame.

While overseeing the bailout of the banks in 2008 and thereafter, her government body, the Congressional Oversight Panel, did not recommend the prosecution of any banking executive, of any rank whatever.

Instead, she has contributed to the establishment of a regulatory regime that we now call a cost of business and a slap on the wrist. Useless regulations.

And there are reasons for that. Elizabeth Warren is less anti-banks and more pro fattening lawyers’ pockets.

Her answer to everything is regulations, regardless of what it is, its effectiveness, or whether it makes sense, because it means more business for lawyers.

Lawyers and Law Firms ‘donated’ $3 million to Warren’s failed run for President in 2020. In her Senate race, they always seem to donate $1.3 million each run, no more nor less.

Her relationship with the legal industry is extensive as she was a Law Professor at the Harvard Law School before becoming a Senator in 2012. She remains Emeritus Professor as of at least 2019.

Her answer to the banking crisis therefore was to set up a Consumer Financial Protection Bureau (CFPB), which deals with complaints by the public. Minute irrelevances in this context.

Needles to say this CFPB has done nothing to address the inherent risks in banking, and in now 11 years as Senator neither has Warren.

Instead she talks about making banking ‘boring,’ presumably thinking she’s talking to children or the other sort of children, the retired old grandmas and pas that have no clue about banking.

They happen to contribute $4 million in every run for Senator, with it unclear just how this category is established exactly.

They have kept the 73 year old in power, talking about making things boring and regulating, while in fact making sure that nothing is done except increase business for law firms.

Because the regulation that applies to deposits being used to buy bonds is that of the criminal law known as theft.

That is what ‘boring’ means, not more business for law firms. You can’t touch the deposits, full stop, which is the ‘regulation’ that we apply in the crypto space.

In banking however it is legal to take risk with customer’s deposits, and no regulation is going to change that nor the inherent risks within such setup.

But that Warren cares nothing about the substance, and only cares to do the bidding of the law firms that keep donating to her, is shown by the fact that she proudly cites a Politico article that says she is trying to ally with banks against crypto.

That article makes clear that Warren and her backers are “hoping to have support from bankers.”

Those same banks that are collapsing, at a $22.5 billion cost to FDIC so far, are finding a champion in their supposedly arch enemy to stifle competition and delay innovation so that they can keep acting as recklessly as they please while holding the public to ransom.

But, what does Warren care. She speaks of the middle class while having a net worth of $5 million, that is known, and has an election to win so has to pay back the donors with all the useless regulations that address none of the problems except how to enrich lawyers.

That she has kept up this ruse for more than a decade speaks to just how little attention the previous generation has paid to politics, but the millennials have learned those lessons.

And while she keeps condescendingly talking to the clueless about ‘we gotta make banking boring,’ like some nurse soothing a patient, it is that millennials generation that now more and more decides elections.

The time for this 73 year old sophist is therefore up, by age if nothing else. And she leaves behind a wasted decade. With that record she comes to the public, now a new public and a new generation, to play the same game of distraction to not look at the real problems but the soothsaying words of this failed Senator.

Alas, we are very busy here. There’s pods and nodes on kubernetes with OpenAI bots bringing to life an industrial revolution, and except for the last two words she didn’t understand any of it.

There’s a war at the edges of Europe and a dictatorship further down trying to spread autocracy which ultimately can only be prevented by us, as only we can provide a cultural victory, and there is no other victory.

Not to mention much else, simply to point that like many others that have been able to fool the previous generation, and have paraded through this crypto space one by one to their disgrace like Roubini, she too can’t fool.

Because to us she is fully transparent in her real aims and what actually drives her, and it is of course not any care for the public in those Harvard towers of the elite that had her as the highest paid professor, nor any conviction that sees this lifelong conservative claim she is a progressive, but a distraction at best for those foolish enough to fall for it so that the problems are not addressed, but directed off to lawyer checks and slaps on the wrist and business costs so that the fleecing can continue with more bank recklessness at the taxpayers’ cost.

And now she wants to make it all open, she wants to protect those very banks, as clearly she has successfully done for the past decade, proven by the fact those banks are just as reckless and not ‘boring’ as when she first entered the Senate under the promise she would change it.

All she changed instead, in 11 years, is her face. Now it’s an anti-crypto one. Another complex topic that can potentially fool some of the public to hide her real agenda of fattening lawyer pockets while protecting the banks.

Those poor banks, that for once are seeing competition. To them and Warren, the new invention of code of course, and the trustless code based finance, is what is harming the public.

Even though it doesn’t make banking ‘boring’ in just words, but in effect as in decentralized finance you can’t touch the deposits. Even though it doesn’t rely on regulation to ensure appropriate behavior but in the code enforcing it.

And for someone like Warren that’s the problem. Where will her Law Firms get business if this code needs less of them? We need more dusty ‘laws’ to pay for those towering offices, not efficient code.

That’s the anti crypto ‘army.’ The sophists, the deceivers, the ransomers of the public, arguing this shiny new technological innovation that improves all things is unfair because it competes with reckless banking.

How out of touch. But enough of her, get up the code and lets see what these bots are doing. We have an industrial revolution to run here, not womeny chats.