Earlier this week, Democratic Senator Elizabeth Warren (D-MA) went on CNBC last Friday to debate the Glass-Steagall banking regulations that were adopted in 1933, and her proposal to update and strengthen the law in a way that would likely force the big banks to spin off some of their business and stop being so damn big.
As you can imagine, CNBC is no fan of Glass Steagall, regulating banks, or Elizabeth Warren.
During her appearance on CNBC, Warren basically kicked ass, the video went viral, with over 700,000 views in a matter of days, so CNBC pulled it.
Here’s what sits in place of the video now:
And where did CNBC pull the video from? They filed a complaint with YouTube and had the video yanked from the Senator’s official YouTube account - but only after it had accumulated over 700,000 views in a matter of days.
Apparently, the buzz over Warren’s appearance got so great, that CNBC anchor Jim Cramer had to try to shoot it down on Twitter (h/t to HuffPo for that point):
There is some weird strain of thought that CNBC got beaten by Senator Warren. I like the senator but she had NO impact. Sorry..
— Jim Cramer (@jimcramer) July 17, 2013
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.
Here’s a quick transcript of the best part, and below is the actual video, if it’s still live when this article goes up:
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.
Damn she is good. Below is the video: