This page is an independent historical archive of mainstreetbrigade.org. It is not affiliated with the original organisers and does not speak on their behalf.
Main Street versus Wall Street
In the aftermath of the 2008 financial crisis, the phrase "Main Street, not Wall Street" became shorthand for a simple grievance: banks had been bailed out through TARP, while households faced foreclosures, subprime mortgage fallout, predatory lending, layoffs and shrinking credit. Consumer advocates argued that no federal agency had been truly responsible for protecting borrowers from toxic loans, hidden fees and fine print.
The Main Street Brigade grew out of that climate. It presented itself as a nationwide rapid response team, ready to be activated to defend communities hurt by layoffs, financial failures and economic hardship.
The fight over the Consumer Financial Protection Bureau
The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed in July 2010, created a new Consumer Financial Protection Bureau (CFPB), first discussed as the CFPA. The idea for such a watchdog was closely associated with Elizabeth Warren, then a Harvard Law School professor and chair of the Congressional Oversight Panel monitoring TARP and the bank bailouts.
That summer, the question in Washington was whether President Obama would nominate Warren to lead the new bureau. The banking lobby opposed her; consumer groups, bloggers and progressive activists campaigned for her.
"Sheriff Warren": the rap that went viral
In August 2010, the Main Street Brigade released a Western-themed music video, "Got a New Sheriff", performed by rapper Ryan Anthony Lumas. Its message was blunt: Wall Street should watch out, because Sheriff Warren was coming to town.
The clip spread quickly. It was covered by CNBC, NPR, The New York Times, The Harvard Crimson, Bloomberg TV, The Wall Street Journal, The Huffington Post, Business Insider and Salon, and relayed by Americans for Financial Reform. Few candidates for a federal post had ever been the subject of a rap song.
Timeline
- 2008Subprime mortgage crisis, collapse of Lehman Brothers, TARP bank bailout; Elizabeth Warren chairs the Congressional Oversight Panel.
- July 2010Dodd-Frank Act signed, creating the Consumer Financial Protection Bureau.
- August 2010The Main Street Brigade releases the "Sheriff Warren" rap video; national media coverage follows.
- September 2010President Obama names Warren Assistant to the President and Special Adviser to the Treasury Secretary to set up the CFPB.
- July 2011The CFPB officially opens its doors.
- January 2012Richard Cordray becomes the first CFPB director.
- November 2012Warren is elected U.S. Senator for Massachusetts.
Keywords of the era
Wall Street reform, financial reform, consumer financial protection, CFPA, CFPB, Dodd-Frank, TARP, bailout, too big to fail, subprime mortgages, foreclosure crisis, predatory lending, payday loans, credit card fees, Main Street, grassroots campaign, viral video, Sheriff Warren, consumer watchdog.
Legacy
The Main Street Brigade was a small, short-lived campaign, but it captured something durable: the belief that financial products sold to ordinary people deserve plain rules, disclosure and a referee. The debates it joined, over hidden commissions, conflicts of interest and who a financial intermediary really works for, did not end in 2010. They now extend to algorithmic credit decisions and automated systems.
Frequently asked questions
- What was the Main Street Brigade?
- A 2010 grassroots group describing itself as a nationwide rapid response team for communities hit by the financial crisis, best known for its "Sheriff Warren" rap video.
- Did Elizabeth Warren become director of the CFPB?
- No. She was appointed to set up the bureau in 2010, but Richard Cordray was named its first director. Warren went on to the U.S. Senate.
- Is this the original organisation's website?
- No. This is an independent archive documenting its history.