Elizabeth Warren Is Just What This Country Needs
I love this lady. Elizabeth Warren is just a little ol' gal who was born in Oklahoma in 1950, the youngest child of parents who had endured the hardships of the Dustbowl and the Great Depression.
From those humble roots, she has risen to become a respected Harvard Law professor, a best-selling author, one of the top authorities on bankruptcy law in the United States, and now, chair of the Congressional Oversight Panel for the $700 billion bailout fund, or TARP.
Elizabeth Warren is one person who may be able to save the American dream. She is a woman of rare passion, intelligence, conviction and intellectual honesty who forms her opinions based not on what she would like to believe, what would be convenient, or politically expedient to believe, but based on what the facts in front of her reveal.
Her focus is the American middle class family, the institution that has been the backbone of our prosperity since Henry Ford had the insight to raise his workers pay to that of a living wage, understanding that his business would thrive if and when everyone had the wherewithal to buy one of his cars. According to Lee Iacocca, "Henry Ford shocked the world with what probably stands as his greatest contribution ever: the $5-a-day minimum-wage scheme. The Wall Street Journal called the plan 'an economic crime,' and critics everywhere heaped 'Fordism' with equal scorn."
Elizabeth Warren's is a voice of common sense and responsibility speaking up for the little guy in a world where well-heeled banks, insurance, and credit card companies have for years been getting the best legislation money can buy from the supposed representatives of "the American people": the U.S. Congress.
Elizabeth Warren's NOW on PBS Interview, Nov. 12, 2009
She is clearly not amused
In this excerpt, Elizabeth Warren explains how and why credit card companies are currently milking their customers for every last dollar they can get. You can see the full Elizabeth Warren interview here.
Elizabeth Warren, interviewed on NOW on PBS, describes the credit cards endless tricks to get every dollar out of you, and how there are no regulations that prevents them from doing so. See full interview and more of NOW on PBS at http://www.pbs.org/now/shows/546/index.html
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Elizabeth Warren on Morning Joe, Oct. 22
The two watch words when dealing with Wall St. are "arrogant" and "cozy"
"You know, arrogance is exactly the right word, because what we're really talking about is not just people who can get it, they are in the legal position where they can get it until someone like the pay czar smacks them and tells them no. We're talking about people who think they deserve it. And think they deserve it after they effectively bankrupted their companies and nearly bankrupted the country. Had it not been for taxpayer bailouts, these people would be on the streets. They wouldn't have their CEOs and keys to the fancy jets and perks...The first word is arrogance, the second watch word in understanding this crisis is cozy, and that is, who did you get on the board, you got your buds on the board. And then what did you do? You sat on their boards."
Elizabeth Warren Can't Believe Bank Bonuses
Elizabeth Warren's Oct. 19 Interview with Yahoo Tech Ticker
"I do not understand how it is that financial institutions could think that they could take taxpayer money and then turn around and act like it's business as usual. I don't understand how they can't see that the world has changed in a fundamental way, that it is not business as usual when you take taxpayer dollars."
She also asks:
"Has the game truly become...the business model for a large financial institution: 'Come investors, give me your money and I'll take it to Las Vegas. I'll put it all on 22 red, and if it pays off, we'll be rich...and if not, we'll talk to our friends the taxpayers.' I mean, that can not be the business model."
Elizabeth Warren Makes Her Case
October 8, 2009: Click on the link to watch a wide ranging interview with Elizabeth Warren by Lois Romano of the Washington Post in which the "heroine of Michael Moore's Capitalism: A Love Story" gives her take on how the TARP money basically vanished into thin air, what's been done about too-big-to-fail banking institutions, and how the financial crisis is doing even more damage to the American middle class.
Professor Elizabeth Warren speaks about the Consumer Financial Protection Agency
Professor Elizabeth Warren explains why America needs a Consumer Financial Protection Agency. July 16, 2009. Cambridge, Massachusetts, U.S.A.
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Get to know Elizabeth Warren
Professor Warren talks about her background, her book, The Two-Income Trap, and the reasons for the enormous increase in the number of middle class Americans who are ending up in bankruptcy court. She has an engaging personality, and despite her education and erudition expresses her ideas in terms any layman can understand. Every now and then a Midwestern twang creeps into her conversation, sometimes she can be down right folksy--she says she "took to law school like a pig takes to mud"--but she is one of the few people of influence in America today who understands the momentousness of the crossroads at which we now find ourselves.
Conversations with History: Elizabeth Warren
Conversations host Harry Kreisler welcomes Harvard Law Professor Elizabeth Warren for a discussion of the economic pressures confronting the two income middle class family as it struggles to pay mortgages, health care, and education costs. Professor Warren offers surprising answers to "Who goes bankrupt and why?" and explores the role of banks and credit card companies in tightening the squeeze on the average American family. The interface between politics and the law in addressing these problems is explored. Series: "Conversations with History" [5/2007] [Public Affairs] [Show ID: 12490]
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Here's my favorite link:
Do you hear that great sucking sound?
That's the sound of the American middle class going down the drain
This is an excerpt from the interview:"...I began to see that there were a lot of people who really just didn't care one way of another who the people were who were in bankruptcy. They'd taken a lot of money from the banks and the banks had said, the credit card companies had said, "This is the piece of legislation we want, we find it helpful." Well, in a democratically elected Congress how on earth are you going to pass legislation to benefit two dozen already powerful multi-billion dollar corporations at the expense of all the people who are your constituents? Because this is straight wealth transfer. Is it going to go to the credit card companies or is the money going to stay with these million and a half little families that are filing for bankruptcy every year?
So, they would make these assertions about who these people were, and at first I believed these were assertions made out of ignorance because frankly, I'd made the same assertions ten years earlier, before I'd studied, before I'd worked on this. And so, I'd come in with the data and say, "Well, actually, let me show you how this works," and "Here's a random sample of 1,250 families and here's how they were chosen and here's what we know about them, and look at what happened to them." And people just didn't want to hear it.
Finally, it was senators themselves who said, "Professor, you don't understand. So-and-so over here has taken $300,000 from credit card companies and financial services industry over the last so many years and this is something that industry wants, they hire lobbyists, I see two lobbyists in here a day from the financial services industry to make this happen." And so, the reality of these families' lives had to be reshaped to tell a politically acceptable story. "We need to pass this legislation." All the arrows run the wrong way. Right? It's that the credit card companies wanted a piece of legislation to cut their losses and boost their profits. And so, the story had to be told that this is the fault of these families who are in financial trouble. And you know, I wish that story were true, but the data are not just close on this question, the data are just overwhelming on this question, that that is just simply not the truth.
It's part of a whole larger story of "we don't have to provide health insurance for folks because decent people who worked hard and got an education and therefore got good jobs already have health insurance," and there's an undertone that those who don't have it probably either made the choice not to spend the money on it or have made other bad life choices that caused them to be in a place where they don't get it. If that means they don't get much health service, or they lose their homes if they get sick, it's all their choices, it's all them. I sure don't need to tax myself to build a social safety net for things that may go wrong to any of us because it didn't happen to me, it's their fault. We all have a lot of control over this."
"You're talking about narratives, and which narrative dominates. There's some irony here because especially the conservative forces in this country talk about values, they talk about preserving the family, they talk about all sorts of things that would suggest that they would want a narrative like the one that you're telling. But the end result is that the lobbyists and the financing of campaigns lead the politicians to embrace a narrative that is inconsistent with the data, and then pass laws -- and let's point this out -- the laws would then change the rules about the interest rates that would be charged on credit cards. So, it's little pieces of detail that ..."
"... That's right. Very technical, very hard for the popular press to write about. The changes to the bankruptcy bill, to take that example (but there have been other changes) -- the bill was 1,100 pages long of impenetrable text, and it was deliberately written in a way that if you weren't a specialist -- look, I'm a professor of law at Harvard, I've taught this stuff now for more than twenty years. I couldn't read the thing! I had to keep one finger in the statute and one finger on the amendment. And the bill ultimately passed in 2005. I wrote -- adjusted, readjusted my case book, so I've written a book about the changes, and to this day I'm still finding surprises in it. Someone will call me about something and I'll pull the provision out and I'll look at it and I'll say, "Oh, my gosh, when did that one slip in?" This is a case in which literally, the lobbyists wrote the bill. I'm not being metaphoric here. They, in fact, have bragged about it in the American Bankers Association newsletter. The lobbyists wrote the bill, the credit industry paid for it, the campaign contributions then paved the highway for the bill to get passed, and ordinary families just lost out."
The Two-Income Trap
The Two-Income Trap
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A Sobering But Worthwhile Read
Review by magellan (Santa Clara, CA) February 2, 2008
Back in the mid to late 60s, average real income in the U.S., which is just economic terminology for income adjusted for inflation, started to decline for the first time. Once that trend gets started in a country, for whatever reason, it's almost impossible to reverse, as any economic historian will tell you.
Now, forty years later, the impact of that dire trend is here for all to see. The American middle class is moribund and on the verge of extinction, if it isn't already. And in the last 15 years, the middle class has suffered through the worst of it, with job flight overseas in the late 90s, and the corporate restructurings of the early 90s. What is not well known is that most of the increase in profitability that drove the great bull market of the 90s was widespread and extensive corporate downsizings, restructurings, and layoffs during that period, which made companies leaner and and meaner. It wasn't that American companies were now better managed or were producing better products, although there were a few exceptions.
That's the sad macroeconomic backstory to the current situation. In this book, Prof. Warren examines the personal toll this economic sea change has produced, and how it has affected the families themselves. And her claims are backed up with massive amounts of data. And at this point, no one, even conservatives, denies it. Liberals and conservatives just disagree on the reasons for it.
Warren provides convincing evidence that it isn't frivolous spending that is driving most Americans into debt, which is the conservative view, but needed fixed expenses such as a mortgage, medical insurance, education, and so on, all of which have climbed precipitously in recent years, much more than the level of inflation, and more importantly, of average income... read more
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Two weeks into the job
Elizabeth Warren talks about the importance of bailing out families first
Maddow: Elizabeth Warren - The Bailout 12_10_08
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On Smart Regulation
Elizabeth Warren talks about how we can shape a better future for the American financial system
Elizabeth Warren Introduces the COP Special Report on Regulatory Reform
The Congressional Oversight Panel released a report on January 29, 2009: Modernizing the American Financial Regulatory System. This is a Special Report on Regulatory Reform required under Section 125(b)(2) of Title I of the Emergency Economic Stabilization Act of 2008; Pub.L.-110-343.
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Will The Future Be Different?
Rachel Maddow Show - Elizabeth Warren, Congressionally-appointed TARP oversight Chair 03_10_09 visit: http://firedoglake.com
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Elizabeth Warren on Google Blog Search
Fetching RSS feed... please stand byWhat do you think of Elizabeth Warren?
Books by Elizabeth Warren
As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America
Landmark Study of Consumer Bankruptcy in the U.S.
Review by Susan Nunes (Reno, NV) May 16, 2000
As We Forgive Our Debtors is a result of a landmark study of bankrupt debtors in the 1980s. The authors, three of the leading experts on bankruptcy in the United States, focus on who files for bankruptcy. Contrary to widespread myth, most bankrupts are not irresponsible spendthrifts who could afford to pay their debts. Instead, they cross all income and occupational levels. What they do have in common is they have insurmountable financial problems resulting from crises in their lives, including divorce, job loss, and medical problems.
What is perhaps most disturbing is that single women have been and are increasingly filing for bankruptcy, thanks to their much lower salaries to begin with. It is this group who would suffer most from any kind of so-called bankruptcy reform.
This book, while it is geared for an academic market, is actually highly readable, with copious footnotes at the end of each chapter. The book, while originally published in 1989, is more timely than ever as Congress is considering a fatally flawed bankruptcy reform bill which would be devasting to the vast majority of people filing for bankruptcy but a boon to the credit card industry.
I highly recommend this book and its sequel, The Fragile Middle Class.
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The Fragile Middle Class: Americans in Debt
Not Only Fragile but Vulnerable, October 10, 2000
Review by Thomas J. Yerbich "tjyerbich" (Anchorage, AK)
As a 20-year bankruptcy practitioner,I believe this book is a "must read" for any one whose income is less than seven-figure. It could happen to you! The factors leading to bankruptcy are varied, but have a common thread: an over extension of credit and a "hiccup" in life that makes it unduly burdensome or impossible to shoulder the debt. The seductive siren call of "For everything else there is MasterCard" and "VISA, everywhere you want to be" or "nothing down, no interest, and no payments for a year" is for many irresistible. Credit cards can be very convenient but also, as the authors point out, hazardous to one's economic health. Credit cards should come with a warning similar to the Surgeon General's warning for tobacco. While the explosion in bankruptcy filings during the past decade is fairly spread over the various age groups, it is the under 30 group that is the most vulnerable in the future. With almost limitless student loan availablility and multiple multi-purpose credit cards, i.e., VISA and MasterCard (even to high schoolers), the ability to incur indebtedness far beyond any reasonable realistic expectation of ability to repay is pandemic. When a person can leave college saddled with $50,000 or more in student loan obligations and incur an additional $50,000, or more, in "small bite at a time" debt in the span of less than 5 years, it does not take much of a "hiccup" in life to bring the house of cards down. As the authors so well illustrate, consumer finance education and teaching fiscal discipline at the high school level is an absolute must. Those who practice "immediate gratification," like Humpty Dumpty, are headed for a major fall and bankruptcy can not put them back together again.
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All Your Worth: The Ultimate Lifetime Money Plan
Great Book To Help People Get Their Finances In Order ,
By Peter Hupalo (MN United States) April 13, 2005
"All Your Worth: The Ultimate Lifetime Money Plan," written by the bestselling authors of "The Two-Income Trap," is a solid book about the basics of financial planning.
The authors tell us there are many good financial planning books on the market, if you already have a great deal of money and are looking to make more, but there are few books written for the majority of Americans who are struggling financially and who worry about money.
"All Your Worth: The Ultimate Lifetime Money Plan" helps average people get their finances in order. Harvard law professor and consumer advocate Elizabeth Warren is America's leading expert about the causes of personal bankruptcy in America.
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Bankruptcy (Law School Legends Series)
Product Description:
We found the truly gifted law professors most law students can only dream about - the professors who draw rave reviews, not only for their scholarship, but for their ability to make the law easy to understand. We asked these select few professors to condense their courses into a single lecture. And it's these lectures you'll find in the Law School Legends Series. With Law School Legends, you'll get a brilliant law professor explaining an entire subject to you in one simple, dynamic lecture. The Law School Legends make even the most difficult concepts crystal clear. You'll understand the big picture, and how all the concepts fit together. You'll get hundred of examples and exam tips, honed over decades in the classroom. But best of all, you'll get insights you can only get from America's greatest law professors!
Chapter 11: Reorganizing American Businesses (Essentials)
From the publisher:
Chapter 11: Reorganizing American Businesses, The Essentials is part of Aspen's new Essentials series, which takes a "forest rather than the trees" approach to teaching. This concise paperback concentrates on the fundamentals of business bankruptcy law and uses an informal, essay-like style to explain them. In addition to developing the important ideas in business bankruptcy, the author also takes a look at some of the more important operational elements in order to bring the material to life. Suitable for use with any casebook, this text clarifies the important topics and bridges the gap of understanding for the student.
Among the features that make this text an outstanding resource:
*Written by Elizabeth Warren, the leading authority in the country on bankruptcy law. Warren is widely published in the field and is known for her keen ability to write about complex issues with great lucidity
*Warren concentrates on making the elements of business reorganization (Chapter 11) easily accessible to students
the text is concise and user-friendly, hitting the main points of business bankruptcy without getting lost in the details
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Vote for your favorite Elizabeth Warren books
The Two-Income Trap by Elizabeth Warren, Amelia Warren Tyagi
In this revolutionary expos%u017D, Harvard Law Sch more...0 points
The Fragile Middle Class: Americans in Debt by Teresa A. Sullivan, Elizabeth Warren, Jay Westbrook
More than a million American families now file for more...0 points
All Your Worth: The Ultimate Lifetime Money Plan by Elizabeth Warren, Amelia Warren Tyagi
You work hard and try to save money, so why is the more...0 points
As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America by Teresa A. Sullivan, Elizabeth Warren, Jay Lawrence Westbrook
A major contribution to the study of bankruptcy an more...0 points
July 16, Elizabeth Warren on the Rachel Maddow Show
Discussing the credit card industry's lobbying efforts
MADDOW: "Are you worried that the industry's going to be about to kill [credit card reform legislation] in the crib? Reporting is that it's their top priority to get rid of it."
WARREN: "My gosh! I have to tell you, it's like they're stampeding in the halls already in Washington. the Gucci loafers. These guys have built up a huge war chest, they've been interviewing public relations firms to see who can come up with the next Harry And Louise ad to explain to the American people why they're better off with credit cards that nobody can read, hundreds of pages of mortgage documents that nobody can read...the idea is you're better off with how things are...forget all that stuff the happened over the last few years. And we promise to keep things up just like we did before. I just can't believe theyr'e trying to sell that to the American people."
Rachel Maddow - TARP Admin Liz Warren: Consumers first, please.
Warren makes a strong case that the focus of financial industry bailouts should be to protect consumers first. Visit: http://firedoglake.com
curated content from YouTube
Here's my favorite link:
Middle Class Squeeze: the deep roots of an economic and social transformation
How We Got into this Fine Mess
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Shout Out For Elizabeth Warren!
Share your stories, sightings, thoughts, rants, raves...
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- oliviabrooks123 oliviabrooks123 Jul 18, 2009 @ 5:13 am
- Excellent lens!
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- mulberry mulberry Jun 7, 2009 @ 8:28 am
- Interesting topic and lady. I was laughing. She majored in Speech Language Pathology in order to work with brain injured kids. That's what I did as well. Of course, I didn't move on to law etc, etc.
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- tdove tdove May 21, 2009 @ 11:38 am
- Thanks for joining G Rated Lense Factory!
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- k8company k8company May 20, 2009 @ 9:36 pm
- Excellent lens! And welcome to the Liberal-Minded Thinkers group!
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- papawu papawu May 19, 2009 @ 6:07 pm
- She seems to be an incredibly intelligent woman with great insight into this economic clusterbuck we are currently working to finagle our way out of. As a matter of fact, I was just watching her on Bill Maher's show last night. However, as many great ideas as she might have, I think it will take the collective effort of all of us in order to extricate ourselves from the current funk. It took years to guess us to this juncture and I figure it will take us just as long to get ourselves out. Great lens on Miss Waren though. Let's just keep our fingers crossed and hope that che can work miracles.
Links
- Elizabeth Warren, Leo Gottlieb Professor of Law
- Elizabeth Warren's Harvard Law School faculty profile.
- The COP's Official Website
- The Conressional Oversight Committee, chaired by Elaizabeth Warren, is empowered to hold hearings, review official data, and write reports on actions taken by Treasury and financial institutions and their effect on the economy.
- Elizabeth Warren On Wall Street In Denial
- Elizabeth Warren, chair of the Congressional Oversight Panel overseeing the bailouts and a Harvard Law professor, tells Tech Ticker today that bankers still don't get it. Bottom line: They're taking taxpayer money, and there will be consequences. Her ire is refreshing.
- The Debt Crusader
- Interesting Newsweek article on Elizabeth Warren
- You're Getting Burned
- An op-ed by Elizabeth Warren. Here's an excerpt:
"It is difficult to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street - and the mortgage won't even carry a disclosure of that fact to the homeowner.
Similarly, it's impossible to change the price on a toaster once it has been purchased. But long after the papers have been signed, it is possible to triple the price of the credit used to finance the purchase of that appliance, even if the customer meets all the credit terms, in full and on time. Why are consumers safe when they purchase tangible consumer products with cash, but when they sign up for routine financial products like mortgages and credit cards they are left at the mercy of their creditors?
The difference between the two markets is regulation. Although considered an epithet in Washington since Ronald Reagan swept into the White House, the "R-word" supports a booming market in tangible consumer goods." - Mortgage Brokers' Sleight of Hand
- Another insightful op-ed by Elizabeth Warren
- Sick and Broke
- Elizabeth Warren on the connection between America's broken health care system and bankruptcy
- Secret History of the Credit Card
- Elizabeth Warren explains why she studies bankruptcy:
"Because bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We're a nation of debtors. Why do you think people left Europe to come to the United States? They left because they were in debt. We like to describe it as, "Oh, it was about religious freedom." No, it was about debt. They were looking for a way to escape their debts." - Warren Consumer Protection Agency: from article to near law
- From the Huffington Post:
"In the summer of 2007, Professor Elizabeth Warren, then of Harvard, penned a piece for Democracy: A Journal of Ideas. She led with what is now a famous analogy..." - Elizabeth Warren on the Daily Show
- Elizabeth Warren schools Jon Stewart on the TARP
- Conversations with history
- Transcript of the Conversations With History interview at Berkley with program host Harry Kreisler
- Elizabeth Warren on Zimbio
- Zimbio says: "Welcome to our wikizine about Elizabeth Warren. Wikizines are interactive magazines that anyone can create or edit - and this one is about Elizabeth Warren. Here you can find fresh voices and respond in real time."
- Interview with Charlie Rose, brought to you by Americans For Fairness in Lending
- "Let's be Clear, there is no one who is helped by a 31 page credit card document that you can't understand except the people who wrote the document."
- Time Magazine Article
- Elizabeth Warren has been named one of 2009's 100 most influential people by Time Magazine.
- The full interview with Adam Davidson on NPR
- Prof. Warren's famous slapdown of the NPR interviewer who couldn't help but stick up for the poor banks and other financial institutions that Elizabeth Warren was maligning in her misguided "advocacy" for the rapacious middle class.
- Real Change: Turning Up the Heat on Non-bank Lenders
- Sept. 3, 2009 article: "The big banks are storming Washington, determined to kill the Consumer Financial Protection Agency (CFPA). They understand that a regulator who actually cares about consumers would cause a seismic change in their business model: No more burying the terms of the agreement in the fine print, no more tricks and traps. If the big banks lose the protection of their friendly regulators, the business model that produces hundreds of billions of dollars in revenue - and monopoly-size profits that exist only in non-competitive markets - will be at risk. That's a big change..."
- Why Was Detroit Bailout Treated Differently Than Wall St. Bailout?
- Elizabeth Warren's latest interview. (Sept. 13, 2009)
- Elizabeth Warren 2012
- Elizabeth Warren for Senate?
Some are pushing to draft the Harvard professor, consumer advocate and head of the committee overseeing the Wall Street bailout to take the seat vacated by the death of Massachusetts Senator Edward Kennedy.
Elizabeth Warren on Twitter
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- Barack_On_Blast
- Americans Are Not Here To Serve The Banks. The Banks Are Here To Serve Us" Elizabeth Warren http://tinyurl.com/lyjpy4 #progressive #topprog
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- randyching
- PBS NOW video: Elizabeth Warren on the economy and the bailout. http://bit.ly/8qrulC
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- matttbastard
- One of Pittman's last pieces (shared byline w/ Bob Ivry) was this profile of Elizabeth Warren. Highly recommended http://is.gd/56819 #p2
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- lawlibnewbooks
- Chapter 11: reorganizing American businesses: essentials by Elizabeth Warren KF1544 .W37 2008
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- ccommack
- RT @UltraNurd: Thanks to @andrewa121, I am enlightened: You can become a fan of Elizabeth Warren on Facebook :oD http://bit.ly/7YMB8P
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- danaheng74
- t r u t h o u t | Elizabeth Warren Warns: Taxpayers Are ... http://bit.ly/4PHCnZ
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- ContentAction
- t r u t h o u t | Elizabeth Warren Warns: Taxpayers Are ...: The remaining money could be used explicitly for s.. http://bit.ly/5NVj7n
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- UltraNurd
- Thanks to @andrewa121, I am enlightened: You can become a fan of Elizabeth Warren on Facebook :oD http://bit.ly/7YMB8P
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- UltraNurd
- Is there a Prof. Elizabeth Warren fan club? She's like my favorite professors and my mom combined into one financial regulator!
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- thesethings
- Who knows how to holiday party? @muckp knows how to holiday party! Frontline/Ayn Rand/Elizabeth Warren/Charlie Rose, what?!

















