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| The Candidates: Elizabeth Warren | The Candidates: Elizabeth Warren |
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| Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher | Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher |
| In Part 3 of our series on pivotal moments in the lives of the 2020 Democratic presidential contenders, we spoke with Elizabeth Warren about how she came to be known as the blow-it-up candidate. With help from Andrew Ross Sorkin, a financial columnist at The Times and founder of DealBook; Harry Reid, a former Senate majority leader; and David Axelrod, a former Obama adviser, we explore Ms. Warren’s rise to prominence as an advocate for overhauling the financial system — and why those beliefs can help us understand her run for president now. | In Part 3 of our series on pivotal moments in the lives of the 2020 Democratic presidential contenders, we spoke with Elizabeth Warren about how she came to be known as the blow-it-up candidate. With help from Andrew Ross Sorkin, a financial columnist at The Times and founder of DealBook; Harry Reid, a former Senate majority leader; and David Axelrod, a former Obama adviser, we explore Ms. Warren’s rise to prominence as an advocate for overhauling the financial system — and why those beliefs can help us understand her run for president now. |
| Elizabeth Warren was studying the right thing at the right time. A professor in bankruptcy law at Harvard, Ms. Warren was one of the few Americans for whom the financial crisis of 2008 offered a career break. | Elizabeth Warren was studying the right thing at the right time. A professor in bankruptcy law at Harvard, Ms. Warren was one of the few Americans for whom the financial crisis of 2008 offered a career break. |
| Before Lehman Brothers filed for bankruptcy and global financial markets entered free-fall, Ms. Warren studied more mundane and insidious examples of financial ruin — a bankruptcy crisis in the middle class. | Before Lehman Brothers filed for bankruptcy and global financial markets entered free-fall, Ms. Warren studied more mundane and insidious examples of financial ruin — a bankruptcy crisis in the middle class. |
| “When I first started the research,” she said, “I thought, well, my family was in a lot of financial trouble, but we never declared bankruptcy. So I was willing initially to kind of accept this notion that the people who end up bankrupt, the people who end up broke, did something wrong.” | “When I first started the research,” she said, “I thought, well, my family was in a lot of financial trouble, but we never declared bankruptcy. So I was willing initially to kind of accept this notion that the people who end up bankrupt, the people who end up broke, did something wrong.” |
| Ms. Warren got on a plane and crisscrossed the country, looking for evidence that the defendants in local bankruptcy courts were “profligates.” Instead, she said, she encountered the devastation of a country without safety nets — one where people were ruined by predatory fine print, trapped in debt after just one job loss or hospital visit. | Ms. Warren got on a plane and crisscrossed the country, looking for evidence that the defendants in local bankruptcy courts were “profligates.” Instead, she said, she encountered the devastation of a country without safety nets — one where people were ruined by predatory fine print, trapped in debt after just one job loss or hospital visit. |
| “These are people who look like my neighbors. They look like folks in my family,” she said. “That was the part that hit me the hardest.” | “These are people who look like my neighbors. They look like folks in my family,” she said. “That was the part that hit me the hardest.” |
| Soon, she changed her party identification from Republican to Democrat. | Soon, she changed her party identification from Republican to Democrat. |
| “And boy, that’s when I got in the fight.” | “And boy, that’s when I got in the fight.” |
| Ms. Warren made the financial crisis her classroom — both for herself and her students. | Ms. Warren made the financial crisis her classroom — both for herself and her students. |
| “I’m going in literally every morning and teaching my bankruptcy class, and I end up not teaching the day’s lessons — I end up teaching all of the things that were in the headlines the day before,” she said. Soon, her lessons spilled outside of working hours. | “I’m going in literally every morning and teaching my bankruptcy class, and I end up not teaching the day’s lessons — I end up teaching all of the things that were in the headlines the day before,” she said. Soon, her lessons spilled outside of working hours. |
| One Thursday night, late in the fall of 2008, Ms. Warren invited her students to her home for dinner. | One Thursday night, late in the fall of 2008, Ms. Warren invited her students to her home for dinner. |
| “And the guy is delivering the barbecue. Our golden retriever is doing big circles around me, you know, is in heaven smelling this barbecue,” she said. “And the phone rings and it’s this soft-spoken man who says, ‘This is Harry Reid.’ But I said, ‘Who?’ And he said, ‘Harry Reid. I’m the majority leader in the United States Senate.’” | “And the guy is delivering the barbecue. Our golden retriever is doing big circles around me, you know, is in heaven smelling this barbecue,” she said. “And the phone rings and it’s this soft-spoken man who says, ‘This is Harry Reid.’ But I said, ‘Who?’ And he said, ‘Harry Reid. I’m the majority leader in the United States Senate.’” |
| Mr. Reid had put Ms. Warren on a short list of candidates to lead “a task force to take a look at what was going on with the financial meltdown,” he said. | Mr. Reid had put Ms. Warren on a short list of candidates to lead “a task force to take a look at what was going on with the financial meltdown,” he said. |
| After meeting with the majority leader, Ms. Warren said yes. | After meeting with the majority leader, Ms. Warren said yes. |
| Within months, Ms. Warren was charged with overseeing new, arcane regulations, “arresting the free-fall and trying to save the economy.” Her independent task force of five was writing extensive monthly reports and holding public hearings which probed the genesis of the crash — and outlined what they felt needed to change on Wall Street. | Within months, Ms. Warren was charged with overseeing new, arcane regulations, “arresting the free-fall and trying to save the economy.” Her independent task force of five was writing extensive monthly reports and holding public hearings which probed the genesis of the crash — and outlined what they felt needed to change on Wall Street. |
| Following the paper trail of a $700 billion bailout made Ms. Warren enemies in both the Obama administration and inside the banks deemed “too big to fail.” | Following the paper trail of a $700 billion bailout made Ms. Warren enemies in both the Obama administration and inside the banks deemed “too big to fail.” |
| “They saw her as a relentless opponent of the financial industry at a time that they were trying to prop the financial industry up,” David Axelrod, former senior adviser to Barack Obama, said. | “They saw her as a relentless opponent of the financial industry at a time that they were trying to prop the financial industry up,” David Axelrod, former senior adviser to Barack Obama, said. |
| Still, Ms. Warren says she wasn’t in Washington to make friends. Instead, she tried to find new ways to reach the general public to explain the import of her committee’s work. By making digital videos and appearing on television, Ms. Warren was able to test what messages resonated, uncovering what stories made the crisis comprehensible. | Still, Ms. Warren says she wasn’t in Washington to make friends. Instead, she tried to find new ways to reach the general public to explain the import of her committee’s work. By making digital videos and appearing on television, Ms. Warren was able to test what messages resonated, uncovering what stories made the crisis comprehensible. |
| On “The Daily Show,” she finally cracked the code. | On “The Daily Show,” she finally cracked the code. |
| Ms. Warren knew what she was getting into when she agreed to be interviewed by Jon Stewart. | Ms. Warren knew what she was getting into when she agreed to be interviewed by Jon Stewart. |
| Speaking of the night, she said, “I’ve been watching [the show] for a long time and frankly taken real delight in watching Jon Stewart skewer one guest after another. And all of a sudden it’s like realizing, ‘Whoa! I may be the turkey at this Thanksgiving dinner.’” | Speaking of the night, she said, “I’ve been watching [the show] for a long time and frankly taken real delight in watching Jon Stewart skewer one guest after another. And all of a sudden it’s like realizing, ‘Whoa! I may be the turkey at this Thanksgiving dinner.’” |
| Sitting in a “tiny, tiny” green room surrounded by snacks, Ms. Warren’s anxiety took over at the sound of the crowd. | Sitting in a “tiny, tiny” green room surrounded by snacks, Ms. Warren’s anxiety took over at the sound of the crowd. |
| “And I thought, what am I doing here? This is, this is a really bad idea. And I went in the bathroom and threw up.” | “And I thought, what am I doing here? This is, this is a really bad idea. And I went in the bathroom and threw up.” |
| Washing up, she wondered if anyone would notice she had gotten sick. Soon, she was sitting across from Mr. Stewart — eyes wide and mind blank as she was peppered with questions. | Washing up, she wondered if anyone would notice she had gotten sick. Soon, she was sitting across from Mr. Stewart — eyes wide and mind blank as she was peppered with questions. |
| “I choked. I choked. I choked big time.” | “I choked. I choked. I choked big time.” |
| She forgot the name of a key Treasury Department program, which Mr. Stewart made light of. | She forgot the name of a key Treasury Department program, which Mr. Stewart made light of. |
| “I thought well, that’s it! I’ll call Leader Reid tomorrow, Harry Reid, the head of the Senate, and resign politely for having so humiliated myself and the Congressional Oversight Panel and I will resign and he can put someone in who at least can remember the names,” she said. | “I thought well, that’s it! I’ll call Leader Reid tomorrow, Harry Reid, the head of the Senate, and resign politely for having so humiliated myself and the Congressional Oversight Panel and I will resign and he can put someone in who at least can remember the names,” she said. |
| Then, at the end of the segment, Mr. Stewart surprised both his staff and Ms. Warren when he said she would be back after the break. A show producer came over and asked her what she was had been trying to say. This time, she said, she managed to deliver her response in a single sentence. | Then, at the end of the segment, Mr. Stewart surprised both his staff and Ms. Warren when he said she would be back after the break. A show producer came over and asked her what she was had been trying to say. This time, she said, she managed to deliver her response in a single sentence. |
| Back from the break, Ms. Warren was transformed. | Back from the break, Ms. Warren was transformed. |
| “So this is really the moment for Elizabeth Warren when she learns how to tell a story with a narrative arc about big, complicated ideas,” Andrew Ross Sorkin, a financial columnist for The Times, said. “And she figures out how to make those stories resonate with a large audience.” | “So this is really the moment for Elizabeth Warren when she learns how to tell a story with a narrative arc about big, complicated ideas,” Andrew Ross Sorkin, a financial columnist for The Times, said. “And she figures out how to make those stories resonate with a large audience.” |
| It was also, he said, the moment when “the financial world looks up and says, ‘Who is that? And where did she come from?’” | It was also, he said, the moment when “the financial world looks up and says, ‘Who is that? And where did she come from?’” |
| On today’s episode: | On today’s episode: |
| Elizabeth Warren, the senator from Massachusetts and candidate for the 2020 Democratic presidential nomination. | Elizabeth Warren, the senator from Massachusetts and candidate for the 2020 Democratic presidential nomination. |
| Andrew Ross Sorkin, a financial columnist for The New York Times and founder of DealBook. | Andrew Ross Sorkin, a financial columnist for The New York Times and founder of DealBook. |
| Harry Reid, the former Senate majority leader and Nevada senator. | Harry Reid, the former Senate majority leader and Nevada senator. |
| David Axelrod, a former top adviser to President Barack Obama. | David Axelrod, a former top adviser to President Barack Obama. |
| Robert Wolf, former chairman of UBS Americas. | |
| Background reading: | Background reading: |
| The New York Times Magazine spoke to Ms. Warren in June, discussing the double standards that can confront professional women — and female presidential candidates. | The New York Times Magazine spoke to Ms. Warren in June, discussing the double standards that can confront professional women — and female presidential candidates. |
| Ms. Warren has lots of plans. Together, they would remake the economy. | Ms. Warren has lots of plans. Together, they would remake the economy. |
| We asked 21 candidates the same 18 questions. Hear Ms. Warren’s answers. | We asked 21 candidates the same 18 questions. Hear Ms. Warren’s answers. |
| Tune in, and tell us what you think. Email us at thedaily@nytimes.com. Follow Michael Barbaro on Twitter: @mikiebarb. And if you’re interested in advertising with “The Daily,” write to us at thedaily-ads@nytimes.com. | Tune in, and tell us what you think. Email us at thedaily@nytimes.com. Follow Michael Barbaro on Twitter: @mikiebarb. And if you’re interested in advertising with “The Daily,” write to us at thedaily-ads@nytimes.com. |
| “The Candidates: Elizabeth Warren” was hosted by Michael Barbaro, produced by Rachel Quester and Eric Krupke, and edited by Paige Cowett and Lisa Tobin. Andrew Ross Sorkin contributed reporting. | “The Candidates: Elizabeth Warren” was hosted by Michael Barbaro, produced by Rachel Quester and Eric Krupke, and edited by Paige Cowett and Lisa Tobin. Andrew Ross Sorkin contributed reporting. |
| “The Daily” is made by Theo Balcomb, Andy Mills, Lisa Tobin, Rachel Quester, Lynsea Garrison, Annie Brown, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Larissa Anderson, Wendy Dorr, Chris Wood, Jessica Cheung, Alexandra Leigh Young, Jonathan Wolfe, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, Adizah Eghan, Kelly Prime, Julia Longoria, Sindhu Gnanasambandan, Jazmín Aguilera, M.J. Davis Lin, Dan Powell, Austin Mitchell, Sayre Quevedo, Monika Evstatieva, Neena Pathak and Dave Shaw. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Mikayla Bouchard, Stella Tan, Julia Simon and Lauren Jackson. | “The Daily” is made by Theo Balcomb, Andy Mills, Lisa Tobin, Rachel Quester, Lynsea Garrison, Annie Brown, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Larissa Anderson, Wendy Dorr, Chris Wood, Jessica Cheung, Alexandra Leigh Young, Jonathan Wolfe, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, Adizah Eghan, Kelly Prime, Julia Longoria, Sindhu Gnanasambandan, Jazmín Aguilera, M.J. Davis Lin, Dan Powell, Austin Mitchell, Sayre Quevedo, Monika Evstatieva, Neena Pathak and Dave Shaw. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Mikayla Bouchard, Stella Tan, Julia Simon and Lauren Jackson. |