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Chaggaris writes: "Massachusetts Senate candidate Elizabeth Warren slammed Wall Street, talked about economic issues and took the opportunity to sharply criticize Mitt Romney during her speech to the Democratic National Convention Wednesday night."

Elizabeth Warren delivered a blistering attack on Wall Street on Wednesday night at the DNC.  (photo: Getty Images)
Elizabeth Warren delivered a blistering attack on Wall Street on Wednesday night at the DNC. (photo: Getty Images)

Elizabeth Warren: "The System Is Rigged"

By Steve Chaggaris, CBS News

06 September 12


assachusetts Senate candidate Elizabeth Warren slammed Wall Street, talked about economic issues and took the opportunity to sharply criticize Mitt Romney during her speech to the Democratic National Convention Wednesday night.

Warren, the Harvard professor who's locked in a tight battle with Republican Sen. Scott Brown, said she and President Obama are on the side of small business owners.

"People feel like the system is rigged against them. And here's the painful part: they're right," she said.

"Oil companies guzzle down billions in profits. Billionaires pay lower tax rates than their secretaries. And Wall Street CEOs--the same ones who wrecked our economy and destroyed millions of jobs--still strut around Congress, no shame, demanding favors, and acting like we should thank them."

As for small business owners, Warren added, "Not one of them--not one--made big bucks from the risky Wall Street bets that brought down our economy."

"I talk to nurses and programmers, salespeople and firefighters--people who bust their tails every day. Not one of them--not one--stashes their money in the Cayman Islands to avoid paying their fair share of taxes," Warren continued, alluding to Democratic accusations that Romney is stashing some of his wealth in offshore accounts.

She also accused Romney of wanting "to give tax cuts to millionaires and billionaires...but for middle-class families who are hanging on by their fingernails? His plans will hammer them with a new tax hike of up to $2,000."

"Mitt Romney wants to give billions in breaks to big corporations - but he and Paul Ryan would pulverize financial reform, voucher-ize Medicare, and vaporize Obamacare," she added.

"After all, Mitt Romney's the guy who said corporations are people. No, Governor Romney, corporations are not people. People have hearts, they have kids, they get jobs, they get sick, they cry, they dance. They live, they love, and they die. And that matters. That matters. That matters because we don't run this country for corporations, we run it for people," Warren said.

Warren's high-profile, prime time appearance at the convention just prior to former President Bill Clinton serves two purposes: to fight back against Republican attacks, especially their continued use of the president's "you didn't build that" line, and to boost her profile for the final stretch of her Senate campaign.

"President Obama believes in a level playing field," she said. "He believes in a country where nobody gets a free ride or a golden parachute.

"A country where anyone who has a great idea and rolls up their sleeves has a chance to build a business, and anyone who works hard can build some security and raise a family," she added.

"President Obama believes in a country where billionaires pay their taxes just like their secretaries do." your social media marketing partner


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+70 # WestWinds 2012-09-06 22:15
I really like Elizabeth Warren. I like what she has to say. She makes a lot of sense.

I only hope that We the People can make DC a whole lot less corrupt by cleaning out the Congress of the troublemakers so she doesn't end up getting swept under the carpet, or having to go along to get along.

I'm really sick of the last thirty years.
In 2016, I hope the Green Party has enough teeth to throw the Right and Left arms of the Corporate Party under the bus.
+53 # brux 2012-09-06 22:41
I am really impressed with Elizabeth Warren. Her life, her beliefs, he ethics and her energy and ambition!

She knows what is going on and is not afraid and is competent to talk about it, and if she gets elected I think she knows how to fix it.

What bothered me was when the flipped the camera to some of the Democratic big-wigs during her speech they were chattering to each other and seeming to not pay attention to Liz Warren.

I honest to God would love to see Warren up there running for President. Another bold fighting woman was Brooksley Born who chaired the Commodity Futures Trading Commission Confédération and tried to raise the red flag on the credit default swap problem long before there was a problem.

There are a lot of good women out there at a time when it seems most of the men in our political system are all out for themselves. It's really bizarre how this is polarized around old white rich men and their efforts to keep the rest of the country down.
+1 # HowardMH 2012-09-07 10:22
Brux, I'm with you all the way, and here is the BUT: Without Obama the WIMP who has no Back Bone or Stones and without his backing Super Woman Elizabeth Warren doesn’t have much of a chance in getting anything of significance done on Capital Hill. What a shame -- what is really needed is 59 more senators with her smarts, ethics and ambition and get Obama the Wimp a spine and a few things might actually get accomplished.
+5 # doneasley 2012-09-07 17:49
Quoting brux:
It's really bizarre how this is polarized around old white rich men and their efforts to keep the rest of the country down.

And just why, brux, do you think that is? Do you think that - with the help of the Supreme Court, and Grover Norquist and the Right Wing crazies - they're trying NOW to squeeze as much out of this economy as possible because they see the handwriting on the wall - THE DEMOGRAPHICS OF THIS COUNTRY ARE CHANGING!

The thought process: With 29 states controlled by GOP governors, control of the Supreme Court, control of the House, and filibuster control of the Senate, we'll never have as much control in the future as we currently have. So let's strike while the iron is hot and funnel ALL the money into our overloaded coffers. We'll take as much as possible away from the 99%... RIGHT NOW!

My question always is this: Why do the enablers in Congress and their Right Wing voters think they're going to be included when the 1% walks away with the loot?
+4 # dovelane1 2012-09-08 01:45
Enablers is a term used in connection to addictive behaviors. All addictive people need to be in denial in order for the addictions to maintain their control over a person. So, I think the main reason is they are in denial, and are afraid to see the truth, because "the truth keeps staring back at them just like a loaded gun." (from a song I wrote.)(copyrig ht 2003)

As I keep mentioning, if you want to control people you must first make them afraid. I'm guessing they are probably afraid they miss out on the big paycheck, and all the power and extras that come with it. And they are probably correct in their fear. But the desire keeps them hanging on.
+4 # Christopher Warren 2012-09-08 12:39
Hey doneasley, I see the reality of the Tea Party Republicans but why'd they get power? Because Status Quobama did not rise to the Leadership role America was hoping was part of the change thing.
We'd hoped for a return to some rule of Law and some responsibility for the Bushies that broke it and so we "Look Forward" and Eric "Wall Street" Holder gets to protect his clients' benafactors!
It seems the power of big money runs much of the avoidance of the Democrats and the only way for change is from us people as a movement to first make all Campaigns short and publicly funded, and make Corporations not people and money not speech, or we're screwed and the right wing morons won't admit it until their kids are starving, but ours will be, too.
+2 # doneasley 2012-09-08 15:11
Quoting Christopher Warren:
... or we're screwed and the right wing morons won't admit it until their kids are starving, but ours will be, too.

We've got a bunch of dunderheads in control of our kids' future, Christopher, and it ain't a pretty picture.
+13 # Hey There 2012-09-06 22:43
He can believe what he wants but actions speak louder than words.When he raises taxes to where they were in Kennedy's presidency, rescind the requirement that welfare mothers MUST work, lifts the freeze on federal workers,stops speeding time and money on enforcing marijuana laws on states that have made it legal for medical purposes,increa se payroll contributions to social security back to what they were, put back in place the Glass-Steagall Act, then I will believe that he has rolled up his sleeves to bring about more social equality like some European have managed to do.
+29 # reiverpacific 2012-09-06 23:05
Only problem with Eliz' Warren is that she in very smart and speaks in clear, factual sentences, paragraphs and dialogue. Tut-tut: you'll have to do worse than that!
D'is is Am'r'ca y'know!
+38 # unitedwestand 2012-09-06 23:22
What a great speech. Warren is an angel of the people and for the people. I so hope the voters of Massachusetts get out there and vote for her and the only real, sane choice for President, Barack Obama. The alternative is unthinkable.
+26 # brenda 2012-09-06 23:42
I love you, Elizabeth Warren. You're fantastic. So fantastic enough to hope you'll be the next Vice President in 2016.
+16 # WolfTotem 2012-09-07 14:53
Why Veep in 2016?

+26 # Rick Levy 2012-09-07 00:00
The country is long overdue for a great populist. I think the wait is over.
+6 # brux 2012-09-07 13:14
hope you are right
+31 # angelfish 2012-09-07 00:12
I am SO envious of the folks in Massachusetts! They will have one of the BEST Senators in Congress after Election Day when she is elected! Unfortunately, I live in a "right to work" State in the South, overseen by Psycho-phants and ME Firsters who don't give a damn about the people of this State and have grown Fat and Lazy sitting on their hands in Washington for FAR too long! Hopefully, CHANGE IS coming! In the meantime, fellow Citizens, Register, help friends, family and acquaintances to do the same, get proper I.D. for your State and GET to the Polls on Election Day and never, EVER Vote ReTHUGlican!
+11 # jerry6665 2012-09-07 07:58
"Hopefully, CHANGE IS coming! In the meantime, fellow Citizens, Register, help friends, family and acquaintances to do the same, get proper I.D. for your State and GET to the Polls on Election Day and never, EVER Vote ReTHUGlican!"

ABSOLUTELY! Talk is cheap. Those of us who can, get voters to registration, drive them to the polls, make sure they have whatever their State needs as I.D. to vote. Work a phone bank in your State or work a phone bank in a State that needs you and that you are familiar with. Blog. Get that personal touch to help where you can. In other words, this election is ours to win or lose. If we do not do our part to help, we WILL lose! And, we'll have no one but ourselves to blame.
+3 # VivaldiCO 2012-09-08 17:28
"Right to work" would more properly be called "Right to Fire" and "Right to Exploit." It is a sickness of our society that we let the criminals define the language we use.
+32 # janie1893 2012-09-07 01:01
Ms warren would make a good President.
+17 # TROB 2012-09-07 02:51
Warren speaks with clarity, facts, and most important--passion.
She seems to be the perfect antidote to the pseudo "passion" of the snide blatherers of the "others." I suppose those of the "others" would say the very same about their "speakers," but-- they would be WRONG.

They couldn't be MORE wrong; even they must see this.
+16 # JetpackAngel 2012-09-07 04:13
My first thought when seeing the title of this article: "No $#!+."

After reading? Nice, concise, article. Thank you for sharing. "Just like their secretaries," AMEN TO THAT!
+15 # Mike Farrace 2012-09-07 05:24
"alluding to Democratic accusations that Romney is stashing some of his wealth in offshore accounts."

I believe this is a fact, not merely an accusation. What is also a fact is that the second I read it, I knew it was published by a major corporate news source.
+8 # cordleycoit 2012-09-07 05:36
Of course the system's rigged. Warren is smart enough to have known this in school.
She is well intentioned like so many. What does she do when they take her to the mountain top? I am supposed to believe in a woman who cannot see the SEAL teams roving the earth killing at her bosses order and whim. Of course the Mormon alternative is a guy who wants to nuke any opposition to the Empire.
+20 # Barbara K 2012-09-07 05:56
Elizabeth gave a spectacular, and insightful speech. She verified what we suspected and some just knew was true. The system is definitely rigged. I'm so glad that they started the Consumer Protection Agency, it was so sorely needed. Now for making some arrests. They can collect enough fines to pay for the agency. Let's see some arrests and jail times soon. Go Elizabeth, you are really needed in the Senate!
+3 # jcdav 2012-09-07 21:37
I agree with all you have said. My doubt/regret is/was that BO caved on her appointment as head of CPA....I also wish she were running for VP NOW...mayhap Pres on a populist ticket 2016 (if we last that long).
+14 # Glen 2012-09-07 05:59
Of course, it's rigged. Everything in the U.S. is rigged, including these conventions. Hearing the truth, however, does not equate to the truth being acted upon. There are powers influencing the country beyond any good intentions on the part of up and coming politicians.

The media and the parties do provide that bit of Panem et Circenses to keep the unhappy masses occupied.
+1 # David Starr 2012-09-08 14:32
Regarding its' negatives, the U.S. has been quite a sophisticated beast over the years, thus, potentially more dangerous than a simple, brutal empire; because the former can use its' sophistication on such a "professional" level to hide beyond too-good-to-be- true moralizing and thus attempts to more get away with "murder," or murder.
+2 # Glen 2012-09-10 17:48
And somehow the U.S. is still afloat.
+10 # tswhiskers 2012-09-07 09:47
I would agree that political conventions today no longer serve the purposes that they once did. But there is one thing they still accomplish: they tell the American public what the party agendas are. As usual the Reps. worked hard to fuzz their agenda, while also trying to defame Obama's accomplishments and agenda. The Dems., having more of the truth on their side, had a much better convention and laid out a realistic picture of their past accomplishments and future goals. I thought Clinton's retake on Reagan's question, "Are you better off than you were 4 years ago" was brilliant. He said the question should be "Are WE better off than we were 4 years ago." And of course, we are. If the Democratic Party can retain talents like Elizabeth Warren, Bill Clinton and Barack Obama, truth-tellers all, and fact-checkers like Rachel Maddow, Martin Bashir and Chris Matthews, then I hope the Democratic Party will again be the party of working people and a bulwark against the forces of greed and power.
-8 # Celeste 2012-09-07 11:33
Most people are NOT better off now then they were 4 or 5 years ago. Both parties have been forced, by the power and taint of big money, to do the corporations' bidding. Where the Dems get the backing of Wall Street, the Repugs attract other deep pocket interests. The net result is that neither the public, nor the Greater Good gets served.

It's been statistically documented that vast sums of wealth have accrued to the nation's 1%. At the same time, the minimum wage (added to salaries brought down to "compete" with 3rd world labor markets) is not keeping up with cost of living increases, primarily those impacting food, fuel, medical and housing* costs.

*Millions have lost massive home equity due to the mortgage crisis and its impact on home values. Little was done to offset the metrics of this crisis apart from bailouts--well in excess of the publicized sum of $700 billion (it's into the trillions) made to banksters.

No. WE, in the sense of the vast majority of the 99% are NOT better off today; and being forced at virtual gunpoint to purchase insurance with no caps on those costs factored into this devil's bargain is hardly an "accomplishment " that Mr. Obama can be proud of.
+2 # Glen 2012-09-07 15:48
You are right, Celeste. Certainly there are folks working, but does that make the amount needed for subsistence? Those who have lost jobs are competing with sometimes a couple of hundred people applying for the same job opening.

Due to the upper middle class doing OK, that translates into ALL doing OK. Nope. It ain't happening. The wealthy have always done just fine.

"Creating" jobs is not that simple, and a president cannot do that, especially in light of the numbers of good jobs being moved overseas. The U.S. is faltering and failing and the government continues to wage war, build drones, kill, spending billions. They are not spending billions to further improve U.S. citizen conditions.
+1 # David Starr 2012-09-08 14:39
Yes, this is ideally to the point. I tire of this political vicious circle of Repub and Dem; voting how long for the "lesser of two evils." Tragically, we are still at a point where the Repubs are a bigger threat. Their agenda harkens back to potentially the worst negatives of the U.S. past. BUT the Dems have frustrated the hell out of me sometimes. For example, when I hear or see Nancy Pelosi's name, I immediately think of her infamous phrase, "Impeachment is off the table." And when it was so obvious it was necessary, despite whatever odds; this despite whatever positive points she has.
+15 # lark3650 2012-09-07 10:06
Elizabeth Warren is absolutely correct. The system is rigged. It is obvious she is a stateswoman more than a politican. Statesmen/women do what they can to do somethng for the people. Politicians do what they can to get the people to o something for them. The only person that comes to mind who knew that crucial balance between being a statesman and a politician was Abraham Lincoln.....and now Elizabeth Warren...refres hing!!!
+10 # video4315 2012-09-07 14:12
I heard yesterday that Elizabeth is behind in the polls in MA. Those polls may have been before the Convention, but it concerns me that the people of MA may not see the obvious and best choice for their votes. If the people of MA don't elect her, we'll all be the losers. Massachusetts needs her but the country needs her more! I have never been a fan of Timothy Geithner, but when I heard that he opposed her being named to head the Consumer Agency, it reinforced my opinion that Geithner is not in the administration to help the majority of Americans.
+2 # John Steinsvold 2012-09-07 20:59
An Alternative to Capitalism (since we cannot legislate morality)

Several decades ago, Margaret Thatcher claimed: "There is no alternative". She was referring to capitalism. Today, this negative attitude still persists.

I would like to offer an alternative to capitalism for the American people to consider. Please click on the following link. It will take you to an essay titled: "Home of the Brave?" which was published by the Athenaeum Library of Philosophy:

John Steinsvold

“Insanity is doing the same thing over and over and expecting a different result."~ Albert Einstein
+1 # David Starr 2012-09-08 14:27
“'Insanity is doing the same thing over and over and expecting a different result."'~ Albert Einstein." This is a worthy quote. Just for info: Albert Einstein was a socialist; and I mean that as a complement. Article: "Why Socialism," by Albert Einstein, Monthly Review, 1949.
0 # David Starr 2012-09-08 14:24
To quote Warren: "People feel like the system is rigged against them. And here's the painful part: they're right." YES, but it's been that way, in varying degrees, for years. And, yes, especially over the last 30 years with the Reagan Reaction, i.e., the empire strikes back. It's nice to read of Warren's grit. But we have to head to an inevitable moment in time when we see, and participate, in something that will go beyond tinkering, "band aid" reforms, and what has really been a one party system that's been in power in the U.S. for over 100 years: The two "parties" which are two tendencies of the same party, ideologically-s peaking. I realize there are Dems who are progressive and sincere. The problem is they are few I beleive. Another is this politcal vicious circle of Repub and Dem, and visa versa. Overall the United States has to evolve further, thus abandoning the likes of neoconservatism and neoliberalism, and their "fraternal twins" of exceptionalism, an empire of capital, grandiose illusions, etc. It's more than clear that these characteristics of "greatness" have been many times a threat to humantity, or most of it; whether in antiquity, the Middle Ages, coinciding with the Age of Enlightenment (I'm not implying this in itself was a problem.), the Industrial Revolution (Depsite its' dynamics.), the Cold War, the War on "Terror," and on and on. Elizabeth Warren is of course an alternative to Repub regressiveness, for today's political climate. But we need more.
+3 # hillwright 2012-09-08 14:43
Our greatest threat is that the fascists among us (and those coming along) now know that they have the financial support if and when they want it.
Just as the German rearmament in the 1930's could not have happened without the banks and corporations. Hitler had no money. Where do we think it came from?
-6 # Joe Hobby 2012-09-08 22:20
Elizabeth Warren is a moron. As is anybody that truly believes the lies of Obama and the Dems.

Can’t you guys see thru all those lies? Can’t you see what Obama and the New Left Wing are doing to gain total and permanent power? And converting our United States America to the Un-United Socialists States of America!

Obama has doubled the welfare roll and food-stamp recipients (to “buy more votes”) with your tax dollars.

Obama didn’t “save” GM and Chrysler. Just ask any previous GM stockholder! Their stock is now worthless.
He destroyed GM and Chrysler by forcing them into bankruptcy, then giving the companies to the Labor Unions. (to “buy more votes”) with your tax dollars. GM still owes us over 30 billion$.

Obamacare will go down in history as the biggest boondoggle in American history. He rammed it down our throats without our vote, and with 60-70% against it. And why did he do this? To control us even further. And to destroy the jobs market.

Obama doesn’t want the unemployed to get back to work. He and the EPA have created so many stiff regulations against our American businesses that they now must move their factories overseas in order to operate with a profit.

Obama wants you to think profit is a dirty word. And successful people are our enemies. Well, how many of you have ever gotten a job from a poor man?
+2 # David Starr 2012-09-09 12:58
So you appear to make a hobby out of being a political moron. Your post is yet another, obvious example of Right-wing (assuming you are) accusations that have no content and are simply appeals to some kind of primal emotionalism. You show me again by these arguments that you, and others of your "ilk," merely have the potential of cognisence, of intelligence. No wonder there's an inability to form intelligent, content-laden, political prose. WISE UP, goober.

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