Obama folded and still loses


Opinion: July 21, 2011 at 12:00a.m.

Obama folded and still loses

Seattle Times: President Barack Obama’s willingness to abandon Elizabeth Warren as the head of the new Consumer Financial Protection Bureau raises a disturbing question. Will he ultimately cave in to Wall Street in the same way he is swooning before obstinate Republicans fighting him on the federal government’s debt ceiling?

Warren conceived of the regulatory framework intended to avoid repeating the financial sins of omission and commission that drove the economy into the ground.

Obama’s implosion produces no strategic advantage. Republicans say they will oppose the president’s nominee, Richard Cordray, with the same intensity, and, by the way, keep working to deny funding to the new agency.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.