Elizabeth Warren Sides with the Banks Again

Has Elizabeth Warren ever really found a bank she doesn’t love?

audit report

I know she talks loudly against the banks, but so far she has had two real opportunities to oppose a bank and make it accountable. These were not “private” banks (if there is such a thing) but rather government or quasi-government entities.

First, despite a liberal-conservative alliance opposed to the Export Import Bank, because it is a corrupt subsidy of businesses at taxpayer expense, Warren came out in defense of the Ex-Im Bank. Taxpayer-backed cronyism “helps create American jobs and spur economic growth.”

Now, Elizabeth Warren is offered a chance to advocate that a much bigger quasi-government bank be held accountable: the Federal Reserve. Robby Soave writes in the Reason.com Hit & Run blog, “Elizabeth Warren Won’t Back Rand Paul’s Audit the Fed Bill.”

Sen. Elizabeth Warren—that beloved populist and bank-busting champion of the little guy—has long vowed to bring accountability to the government, stop reckless corporate malfeasance, and rescue the economy from the hands of our shadowy overlords.

She does not support Sen. Rand Paul’s “Audit the Fed” bill, however.

The Federal Reserve was created by the kind of business interests that Warren constantly attacks with her mouth and pen (assuming she doesn’t use a ghostwriter). Once again, when she is confronted with a real opportunity to try to reform the system, she defends it instead.

Soave writes:

This news will not surprise anyone who has paid attention to the discrepancies between Warren’s deceptively populist rhetoric and her partisan actions. She talks a good game bringing a modicum of fair play to the mega corporations and their allies in Washington, but when push comes to shove, she reliably supports their cronyist practices.

This illustrates a larger political reality. While the Left pretends to want to “occupy Wall Street,” it is in fact the Tea Party that really opposes the corruption of government by business interests (as well as the other way around). The media will even acknowledge that the Tea Party has opposed big-business, big-government alliances, but it describes this as a problem with the Tea Party! The same people who glorify Occupy Wall Street denigrate the Tea Party for doing the same thing—albeit in a much more targeted and economically literate manner.