EXCERPT: The White House sees Weiss as a perfectly standard-issue Democrat who Democrats should support. Warren sees the mainstream Democratic Party approach to finance issues — both as practiced by Bill Clinton in the 1990s and by Obama more recently — as misguided and worth rejecting. The White House thinks its important to regulate the financial system to minimize the risk of a major new blowup. Warren thinks its important to regulate the financial system to re-order the role of banks in the American economy and reverse a multi-generational trend toward finance-led capitalism. This is a fundamental clash of ideological visions thats much bigger than disagreements about the role of the Undersecretary or the details of Weisss biography. Indeed, in many ways theres nothing Weiss or his friends could possibly say or do to assuage Warrens concerns. He has the misfortune of being the right person at the right time to serve as a foil for Warrens larger project. But the fight isnt about him, and regardless of what happens with this nomination, the battle is going to continue. Thats what makes the debate worth following.
Posted on: Mon, 12 Jan 2015 23:52:12 +0000
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