president obama wanted to head the new bureau created by the dodd/frank wall street reform bill. the original plan was to nominate, well, elizabeth warren, herself, to head the bureau. since the entire idea was hers to begin with. >> this is an idea i've worked on for a long time, and i can tell you why in five blunt words. the credit market is broken. the broken credit market caused the current crisis, is perpetuating the crisis, and will cause more crises in the future. unless we fix it. >> it was not to be, however. thanks largely to a republican temper tantrum and elizabeth warren's decision to pursue another line of work. joining me now to discuss today's news, as well as her proposal for new ways to rein in wall street is senator elizabeth warren, democrat from massachusetts, and senator, first i want to have you explain to me the following. richard cordray has been running this bureau. it's been up for two years since dodd/frank was passed. tomorrow he's going to go run the bureau again. what changes from yesterday to tomorrow in the fact that he is now officially confirmed to head this position?
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