Is barking up her own private tree.  Elizabeth Warren’s Holy Crusade

The chair of a congressional oversight committee wages war on banks.

Elizabeth Warren is the Gottlieb professor of law at Harvard University and chair of the Congressional Oversight Panel (COP) charged by Congress with evaluating how effectively the TARP money is being used. The idea of a bipartisan panel auditing the use of the taxpayers’ funds is appealing. After all, we are talking about a huge sum of money being allocated very quickly to restore the financial system. Mistakes are inevitable, and we might as well know what they are.

From bipartisan auditor to socialist crusader:

…The report essentially argues for nationalization on the grounds that, under government reorganization, bad assets can be removed, failed managers can be ousted or replaced and business segments can be spun off from the institutions. “Depositors and some bondholders are protected, and institutions can emerge from government control with the same corporate identity but healthier balance sheets,” the report argues, parroting a position that has been staked out by many prominent economic pundits.

Clearly, this is Elizabeth Warren’s particular crusade against the banks, since a majority of panel members dissented from the direction the report took and two refused to sign off on it at all. Her letters to Secretary Geithner and Chairman Bernanke stop just short of attacking them for trying to restart the market for asset-backed securities…

Megan McArdleWe seem to have lost an oversight panel, and gained another voice shouting slogans at congress.

She should leave saving the world to the cast of “Heroes” and just do her job.

H/T Volokh Conspiracy

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