Yesterday, United States President Barack Hussein Obama presented Richard Cordray, a former Ohio attorney general, as the new  head of the Consumer Financial Protection Bureau.

Per its former Obama-appointed leader and professional academician, Elizabeth Warren, in an article posted on the Bureau’s website, consumerfinance.gov:

One year ago, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created this new Consumer Financial Protection Bureau (the CFPB). This law establishes a single point of accountability to assure that markets for consumer financial products work for American consumers and for responsible providers of those products. On July 21, the CFPB starts this work, and it will be a cop on the beat to enforce the laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of financial products and services.

…The consumer bureau’s statutory obligations are designed to make markets for consumer financial products and services work in a fair, transparent, and competitive manner. This means, in part, creating a level playing field where all providers of consumer financial products and services are subject to meaningful oversight to ensure that they play by the rules. It also means creating a level playing field where both parties to the transaction – the customer and the lender – can understand the terms of the deal, where the price and the risk of products are made clear, and where direct comparisons can be made from one product to another.

Karl Marx would be so proud.

Mrs. Warren got booted out on her thesis when Obama declined to appoint her, a Harvard law professor, to a permanent position as head of the new Consumer Financial Protection Bureau, an agency she helped create to be a watchdog over mortgages, credit cards and other financial tools.

Warren, slighty to the left of Vladimir Lenin, would never have have passed her Senate confirmation hearings.

Yesterday, Professor Warren announced that she wants to get some rest and take a break from politics before deciding whether to run for the U.S. Senate in Massachusetts:

Massachusetts does beckon in the sense that it’s my home and I need to go home.

And when I go home, I’ll do more thinking then. But I need to do that thinking not from Washington.

Warren would have to win the race for the Democratic nomination in order to take on incumbent GOP Sen. Scott Brown.

CNBC’s Jim Cramer has weighed in about the new appointment.  Per Cramer:

[Banks] were thrilled because they feared the unflappable Warren, who had frequently expressed contempt and anger about the banks and their executives, would decimate bank earnings and serve as a nationally appointed nemesis of the financial industry.

But any the relief the banks are feeling right now is premature, according to the “Mad Money” host.  His record as Ohio AG shows that Cordray, took aim at the national banks and has been a big supporter of the rights of borrowers against the lenders.

Cramer said:

I think that Cordray will be both for cuts in both interest and principal, something that will annihilate the banks’ meager earning and stand the whole mortgage business on its ear.

Cramer went on to say that bank investors shouldn’t be so quick to come out of the fallout shelter, because Cordray’s going to be the defaulting borrower’s best friend.

The other little tidbit that’s traveling under the radar is the fact that Cordray, 52, is known as an ally of Elizabeth Warren. In fact, he has been working with her as director of enforcement for the agency.

Per Warren:

He will make a stellar director.

Uh oh.

Republicans fought tooth and nail against the creation of the bureau last year and since then, they have been trying to place all the restrictions on the agency that they possibly can.

In May, all of the Republicans in the Senate signed a letter to Obama threatening to withhold their support for any nominee to the position if the White House didn’t make significant changes to the agency.

Among the changes they suggested would be to replace a single director with a board and to make the bureau’s finances subject to congressional approval.

Imagine that…a system of checks and balances. Now, where have I heard of that before?

Anyway, Obama’s introduction of Cordray as the head of the Financial Section of the Politboro…err…I mean the CFPB, was not received as enthusiastically as the president thought that it would be.

From realclearpolitics.com:

“Back in the 80’s, Richard was also a five-time Jeopardy champion and a semi-finalist in the Tournament of Champions. Not too shabby,” President Obama said as he announced the nomination of Richard Cordray to run the consumer bureau on Monday.

“That’s why all his confirmation — all the answers at his confirmation hearings will be in a form of a question,” Obama said to silence.

“That’s a joke,” he reminded the audience.

So’s your presidency, Scooter.  That’s why no one is laughing.