« Canada's best friend in Washington strikes again | Main | The world's biggest public transit fan -- and why he needs help »

07/19/2013

The hottest Washington video you'll never see

Elizabeth-Warren-CNBC-Glass-Stegall-
The link is dead now, sacrificed on the altar of copyright infringement. But its sudden disappearance just as the video had begun to go viral gives you a how intensely CNBC's ears were burning after a scorching on-air smackdown earlier this week by Massachusetts Sen. Elizabeth Warren.
Warren, you may know, is a rather lonely voice in Washington nowadays -- a full-throated champion of financial regulation with wolverine teeth. The sort of teeth that came with the gone-but-not-forgotten U.S. Glass-Steagall Act, adopted in 1933 during the Great Depression.
The Democratic senator's outspokenness on regulatory matters is well-chronicled on YouTube, from this popular campaign clip on the debt crisis and fair taxation to this instant classic from February, when Warren tore into the regulators themselves during a hearing on Capitol Hill.
But Friday, when she visited CNBC to debate her proposal to update and strengthen Glass-Steagall, Warren appears to have got her points across altogether too well. As the buzz over her appearance began to build, CNBC anchor Jim Cramer took to Twitter, dismissing the encouter as little more than moonbat daydreamery.
"There is some weird strain of thought that CNBC got beaten Senator Warren. I like the senator but she had NO impact. Sorry ...," wrote Cramer.
And then, poof -- the video not only vanished, it vanished from Warren's own YouTube account, after legal intervention from CNBC (and 700,000 views).
As Americablog, one of many U.S. outlets picking up on the story, observed, "Yeah, Elizabeth Warren had so little impact that CNBC filed a complaint against the YouTube account of a United States Senator in order to get the no-impact video pulled."
So, what did Warren actually say about banks that become too big to fail? Here's a transcript of the key passage from the video that CNBC doesn't want you to see:
ELIZABETH WARREN: From 1797 to 1933, the American banking system crashed about every 15 years. In 1933, we put good reforms in place, for which Glass-Steagall was the centerpiece, and from 1933 to the early 1980s, that’s a 50 year period, we didn’t have any of that – none. We kept the system steady and secure.

And it was only as we started deregulating, you start hitting the S&L crisis, and what did we do? We deregulated some more. And then you hit long-term capital management at the end of the 90s, and what did we do as a country, this country continued to deregulate more. And then we hit the big crash in 2008.

You are not going to defend the proposition that regulation can never work, it did work.

CNBC’s BRIAN SULLIVAN: I didn’t say regulation never worked, Senator. By far and away, and I agree, there were fewer bank failures in that time after Glass-Steagall.

ELIZABETH WARREN: “Fewer,” as in of the big ones, zero.

UPDATE: This may prove a limited-time offer, but as of 1:30 p.m. EST Friday, another copy of the contentious Warren video is viewable here. Other commenters on YouTube, meanwhile, are vowing to mirror the clip elsewhere to keep it accessible. H/T to reader Andrew Templeton for crowdsourced assistance.


Mitch Potter is the Toronto Star's Washington Bureau Chief, his third foreign posting after previous assignments to London and Jerusalem. Potter led the Toronto Star’s coverage of the wars in Iraq and Afghanistan, where he won a 2006 National Newspaper Award for his reportage. His dispatches include datelines from 33 countries since 2000. Follow him on Twitter: @MPwrites 

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

The World Daily

  • The Star's foreign desk covers the best stories from the around the globe, updated throughout the day.