Elizabeth The First

Elizabeth Warren got the appointment many have hoped she would get, the job of starting up the new Consumer Financial Protection Bureau. Her record in protecting the little guy from unscrupulous lenders and credit card companies has been seen as being essential to establishing a sense of integrity to the new bureau, as well as putting real teeth into it and giving it the momentum it needs to get up and running and enforce the new provisions of the financial reform law.

President Obama appointed her on an advisory basis to avoid a Senate confirmation, in which Republicans - who mostly opposed the law on the grounds of government overreach - would have surely blocked her. Warren has eighteen months - plenty of time - to get things moving. The move delighted liberals, who have been wanting in things to cheer about, but this appointment alone won't get the Democratic party base to the polls to offset Republican gains. Obama has shown signs that he's only beginning to fight, but time is of the essence. Nevertheless, Warren's appointment to this job is a big morale boost.