I am not much for talking about elections like they are sporting events with losers and winners. But, Elizabeth Warren on the Banking Committee is a win. BostonMagazine blogger Janelle Nanos tells the story of what she sees as a great bout coming, now that Dr. Warren is on the Banking Committee. I have long been a fan of Elizabeth Warren and Amelia Warren Tyagi. In 2010, I did a “virtual book club” on the Boston.com real estate site on their book The Two Income Trap.
Since then, Dr. Warren took her knowledge of how economic trends are affecting regular people to Washington. Her brainchild, The Consumer Financial Protection Bureau, began the work of taking on the institutions of consumer debt. No wonder Wall Street hates her. They are going to hate her more if she is effective in her new position on the Banking Committee.
I believe that consumer debt, in the form of credit card debt and student loan debt, is hurting regular people. Both the institutions and the way children are taught about math and money needs to be improved. As a landlord, I see the credit reports of people applying to live in my unit. The amount of debt that young, marginally employed young people are carrying is astounding. Since I know that they are carrying the credit card balances with 12-25% interest, I fear for their financial futures.