Tales from the Trail

An eerie calm has descended over the blogosphere after the feeding frenzy that broke out earlier this week on whether President Barack Obama was poised to name Elizabeth Warren to lead the new consumer financial agency.

The week started with an avalanche of stories and blogs speculating on the possibility of Obama naming Warren, a Harvard law professor, as an interim director of the Consumer Financial Protection Bureau.

The move would have allowed Obama to avoid what would likely be a heated confirmation battle.

Senators Chris Dodd, Olympia Snowe and Susan Collins expressed reservations about the temporary appointment on Tuesday, urging Obama not to bypass the Senate confirmation process.

But today, there has been little grist for the mill when it comes to public comments on Warren. Sometimes in Washington, silence means something is brewing.

Consumer advocate Elizabeth Warren is among a handful of candidates President Barack Obama is considering to become the first chief of the Consumer Financial Protection Bureau. Some ardent supporters clearly think the Harvard law professor (and chief of a panel monitoring the government’s $700 billion bailout of the financial system)  is up for the task of heading the independent agency created under the  financial reform bill signed into law last month.

A group called The Main Street Brigade, which supported creating the consumer agency, really wants Warren to be the boss.  The group has taken its case to YouTube  in a western-themed music video,  “Elizabeth Warren Rap Video – Got a new Sheriff.”

The new consumer financial protection agency will regulate a range of consumer financial businesses from mortgage lending to payday loans and check cashing businesses. Its mission — to protect ordinary borrowers from abuses by lenders.