Rep. Katie Porter on how capitalism is failing

The Gray Area with Sean Illing

Katie Porter is the Rep.-elect from California’s 45th District, which happens to be the district I grew up in. She’s part of the brigade of Democrats who turned Orange County blue for the first time since the Great Depression. But that’s not why I asked her on the show. I asked her on the show because she’s one of the most interesting members of the incoming House majority. Porter grew up on an Iowa farm, watching the debt crises of the ’80s devastate her family and her region. At Harvard Law, she took the class of a particularly charismatic professor whom you might have heard of: Elizabeth Warren. That class changed Porter’s life. Porter’s academic work explores how rarely markets work the way they’re supposed to, and how often banks and other lenders play by different rules than the law says they need to. In 2012, then-state Attorney General Kamala Harris appointed Porter to be California’s independent monitor of banks, where she saw the lengths they went to to avoid abiding by the settlements they’d signed. In this conversation, Porter and I talk about how all this informed her path to Congress, why she thinks Americans are losing faith in capitalism, whether the Obama administration failed homeowners in the aftermath of the subprime mortgage collapse, and why lenders are always making you fax them documents (the answer is, honestly, infuriating). I know, I know, interviews with politicians are often a bit bland. Trust me. This isn’t one of those. Recommended books: Evicted by Matthew Desmond Denial by Jessica Stern Lonesome Dove Larry McMurtry Notes from our sponsors:LEGO: In today's show you heard advertising content from The LEGO Store. With LEGO, every gift has a story. Start your story today at https://LEGO.build/EKS-Pop

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