Sources are saying that Elizabeth Warren has won a seat on the Senate Banking Committee. Almost two years after Wall Street's successful campaign to keep the consumer advocate from running the Consumer Financial Protection Bureau, it seems that the incoming senator will be on the Banking Committee which would be a huge victory for progressives.
This clip is from the Majority Report, live Monday - Friday at 12 noon EST and via daily podcast at http://Majority.FM.
A central tenet of government finance is that money borrowed over the long term should be spent on projects that will outlast the debt – things like buildings, bridges or other essential infrastructure. That's not what upstate New York's Niagara County did with much of its money from tobacco bonds. Golf carts. Computers. Defibrillators. Portable radios. The money did not go toward the health care costs of smoking – as hoped by framers of the 1998 legal settlement with tobacco companies that has paid billions to states, counties and other governments.