No, not that Warren. We’re talking about Elizabeth Warren, the chairwoman for the Congressional Oversight Panel (COP) established by law in the TARP legislation to oversee the US banking bailout. She may not be the billionare and financier, but ignoring her may prove to be a death blow to your wealth.

Ms. Warren is a Hardvard Law Professor who was recently named Time Magazine’s 100 Most Influential People in the World. Some of you may also recognize her from the documentary Maxed Out, where she discussed, among other things,  the dangers of predatory-style lending practices in the credit card industry.

Elizabeth Warren was appointed to COP by Senate majority leader Henry Reid. The banking numbers Ms. Warren and her panel are looking at suggest that, not only are the toxic assets cited for the $750 Billion bailout last year still on the books at the banks, but a new wave of defaults is coming, and this time it will be in commercial real estate.  We heard this from a variety of analysts and commentators, including Gerald Celente, Bob Chapman and Peter Schiff . As Celente put it, “You’re going to have a commercial real estate collapse that is going to dwarf the sub prime problem.”

In addition to the CRE time bomb, set to detonate starting right about now, Ms. Warren says that we are still running the economy the same way as before the last bubble burst and that trying to reinflate a new bubble will fix nothing. We’re basically trying to build a new bomb, because the last one exploded.

Thanks to Rick for pointing us to Zero Hedge and Shanky’s Tech Blog

More on this topic: listen to trend forecaster Gerald Celente on real estate trends for 2009 and beyond.