Elizabeth Warren: Deregulation put families at risk, so what happens now?

Updated

Massachusetts Democratic Senate candidate Elizabeth Warren continued hammering her opponent, incumbent Sen. Scott Brown, today over his record in the state. The latest polls show a tight race between the two.

Warren last joined the show in April at Fenway Park, and Scott Brown also appeared on the show in a segment following Warren.

“Scott Brown really doesn’t want to have to talk about the issues,” Warren said, referring to a months-long controversy over her Native American heritage. Warren said Brown’s voting against jobs bills as well as being named by Forbes magazine as one of “Wall Street’s favorite senators” was reason for not supporting the incumbent.

When asked about JPMorgan Chase CEO Jamie Dimon and his hearing in front of the Senate Banking Committee over the company’s $2B trading loss, Warren wondered if Dimon had a change of heart.

“After you managed to lose $3B in just a matter of weeks, does this make you change your view at all on all of the cheerleading you’ve done to fight against regulation and to weaken regulations?,” she asked. “Do you think maybe there’s just some place in here for stronger regulations to oversee the banks?”

Warren continued:

It was the deregulation of the financial services industry that broke the consumer credit market and put families at risk in mortgages, in credit cards and ultimately in student loans. This economy was broken one lousy mortgage at a time. And then when those big financial institutions had loaded up on all that mortgage risk and broke the economy, it cost people jobs, it cost people their homes, it cost people their pensions, it cost people their savings, it cost us this economy. Kids are graduating from college today and can’t get jobs. Why? Because the crisis that occurred in 2008 from the largest financial institutions, including JPMorgan Chase, loading up on risk, the bets going bad and then they broke the economy. And now the question is, what happens going forward?

Morning Joe regular Donny Deutsch then asked Warren her plan for creating jobs in Massachusetts.

Warren stated the short-term answer is passing a jobs bill, and the long-term answer is to make what she called the “basic investments.” “Education, infrastructure and scientific research. Those are the things that help us build a future.”

 

Elizabeth Warren: Deregulation put families at risk, so what happens now?

Updated