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I reported earlier on a speech by Elizabeth Warren, the Obama administration's new consumer finance adviser. Warren is considered polarizing, but that reputation has less to do with Warren's views -- she espouses a common-sense approach to regulatory capitalism -- and more to do with the beholder's ideology. For instance, here's Bloomberg News, a top business publication, playing it straight: "Warren Reaches Out to Bankers, Says U.S. Consumers Need Clarity on Risks."
Elizabeth Warren, the Harvard Law School professor appointed to help set up a new U.S. consumer watchdog, told Wall Street executives she wants to work with them to create clearer contracts for financial products.Ok, makes sense. Then there's Fox Business News: "In Speech to Bankers, Warren Minces No Words."
President Obama’s new consumer financial protection advocate kicked off her agenda Wednesday in a tough speech to bankers, comparing them to “snakes” and their lending practices to “garbage.”While both versions are technically accurate, only one comes close to reporting the substance and tone of her speech as it was delivered. Conservatives like to criticize identity politics, but they love to practice it: In Washington, it doesn't matter what you say, but who you are when you say it.
-- Tim Fernholz
