Elizabeth Warren and the Oncoming Disaster

Elizabeth Warren, who believes that almost all financial companies are crooks designed to "rip off" consumers and used to say so regularly, is the new "most powerful bureaucrat" in the U.S. She wasn't confirmed by the Senate and was not elected - and therefore is accountable to no one. As George Mason professor Todd Zywicki says,

The head of the Consumer Financial Protection Bureau is one of the most powerful bureaucratic positions ever created in the American political system. It can regulate or ban almost every consumer credit product in the country, yet it is beyond Congress's power of the purse because its budget is guaranteed as a percentage of the Fed's annual revenues. Under normal circumstances, the Senate would have the opportunity to ask Ms. Warren to explain the way in which she has sometimes interpreted data in her research before entrusting her with control of the agency.

Expect consumers and financial companies alike to pay a very, very high price as a result of Ms. Warren's personal and ideological preferences.