Wall Street and Washington

Monday, April 07, 2014

Nomi Prins, senior fellow at Demos, former investment banker and author of All the Presidents' Bankers: The Hidden Alliances that Drive American Power (Nation Books, 2014), looks back over the last century at the "symbiotic" relationship between American presidents and the banks.


Nomi Prins

Comments [16]

Alan MacDonald from Sanford, Maine US EMPIRE

Nomi Prins' discussion of her book, "All the Presidents' Bankers" provides a fantastic revelation (and reinforcement) that the 'financial sector' of the Disguised Global Empire, which IS the highly integrated (but hidden) 'six-sectored'; corporate, financial, militarist, media/propaganda, extra-legal, and dual-party Vichy-political Global Empire, that has 'captured' and now fully "Occupies" our former country --- just as surely as the earlier mere European Nazi Empire tried less successfully to hide its 'capture' and "Occupation" of France 74 years ago in WWII, behind it's crude and only single-party Vichy facade of the real EMPIRE!!

Interestingly (and thankfully) Nomi's disclosure and 'exposure' of the DGE's 'corporate banking sector' comes almost exactly at the same time that this weekend's "Meet the Press" accidentally 'exposed' BOTH the 'extra-legal sector' of the Disguised Global Empire's finger-prints on the unSupreme Court's extra-legal 2nd decision to allow the "Selling of democracy", and also the 'corporate/financial sector' of the DGE's "rigging of the Wall Street Market" by allowing Michael Lewis to discuss his new book, "Flash Boys" (about how the High Frequency Trading scam is 'looting' from all average Americans' investments in this disguised casino).

Additionally, just this morning Bloomberg Television’s DGE 'show' “Bloomberg Surveillance” made a mistake similar to NBC's "Meet the Press" in allowing Kevin Roberts, CEO at Saatchi & Saatchi Worldwide, to talk about how the 'media/propaganda sector' of the DGE provides the modern day advertising and how consumers get immersed. While the head of this largest media/advertising firm did not focus on the 'propaganda' aspect of this DGE sector, Bloomberg TV's slip-up was in accurately displaying a block title "The World's Most Reviled Industry" while Roberts was discussing the power and multi-platform power of the media in influencing peoples' opinions on everything including what they know (or don't know about the DGE), and how they should 'vote' (in elections for the next pre-selected 'Imperial President' (and faux-Emperor) of the 'disguised Global Empire'.

With any kind of luck and a serious public "wallofaction" and "Popular Resistance" in helping to reveal this Disguised Global Empire, that has our country and others by the throat, we Americans and other world citizens in the EU and elsewhere in OUR world may well be able to stop the DGE from again using/abusing the 'militarist sector' that it controls through its 'dual-party Vichy-political sector' from creating a new war conflagration in the now tinder dry Ukraine, or Syria, as it has done over the last several years in the Middle East.

Apr. 09 2014 12:02 PM
Charles from Downtown

The Newt Gingrich "Contract with America" congress and the republican led Senate deregulated banking. The Gramm–Leach–Bliley Act (named after the three Republican Senator co-sponsors) or Financial Services Modernization Act of 1999 was just one example of their handy work during Clintons 2nd term.

The Republicans were only able to get Clintons signatures by attaching welfare and environmental programs etc.

Remember, Newt Gingrich shut down the government.

The deregulated banking was followed by a anti oversight S.E.C. run by Christopher Cox (Bush appointed) who promptly disappeared during the meltdown.

Neither Clinton or Rubin wrote laws or controlled the oversight budget. Remember, the meltdown occurred years into the Bush administration.

It's not only easier to blame Clinton, it's lazy.

Apr. 08 2014 10:03 AM

Anyone hear of Timothy Geithner??

Apr. 07 2014 02:05 PM

@John from NYC

"The Fed has devalued the dollar by 90% since 1970"

I do not agree with your assertion. The FED has enabled the growth in GDP from $1T to $16T, it did not change how those dollars are (or are not) distributed. We did that in the form of tax policy.

Don't blame the Fed for a problem our political differences created.

Apr. 07 2014 11:47 AM

Anyone hear of Larry Lessig??

Apr. 07 2014 11:44 AM
Joe from nearby

Excellent segment.
Hope you invite her back as a commentator re: banking/finance issues.

Apr. 07 2014 11:44 AM

The banking industry and OUR government… the government of the great UNITED STATES OF AMERIKA™ colluding…?!?!?

AHHHhhh, C'MON!!!

Apr. 07 2014 11:43 AM
Robert from NYC

No Brian, there's a special place in HELL for Robert Rubin and Larry what's-his-name and the rest of the Goldman Sachs greedbags!

Apr. 07 2014 11:39 AM
Al from Westchester

We must battle the bankers, money changers, who are perverting humanity with unnatural fiscal policies.

Apr. 07 2014 11:39 AM

From 2001-2014, nominal US GDP grew by 50% - $10.6T to $16T. No other measure of American household income has changed by an equivalent percentage. How does that happen? Where does the money go? And what corrective action is possible to restore the average citizens capacity to demand goods and services from the economy without borrowing money?

Apr. 07 2014 11:36 AM
John from NYC

Here is the problem with the Fed.

In 1970:
My rent was $300, now it is $3,000
A car was $2,500, not it is $25,000
A medium fancy dinner was $4, now it is $40

The Fed has devalued the dollar by 90% since 1970

We will see another 90% in the next 10 years


Apr. 07 2014 11:36 AM
mb from ues

Have either of you ever heard of Elizabeth Warren???

Apr. 07 2014 11:30 AM
antonio from baySide

Did Ms. Prins look into banking in North Dakota? It's always used as an example as how public banks can be better...Forgive me if I am inaccurate, but I believe libertarians and liberals always use ND as an example of how banks should be run...

Apr. 07 2014 11:30 AM
John A

News Flash to the news flash: no amount of voter diligence can change the available candidates.

Apr. 07 2014 10:32 AM
Joe Mirsky from Pompton Lakes NJ

Wall Street was actually closed down by the government once upon a time.

In the summer of 1914, on the cusp of World War I, British and French investors were selling American securities for dollars to be converted into gold. The dollar was depressed on the prospect of this outflow of gold and it would have caused a depression due to the contraction of the money supply and might have forced the U.S. off the gold standard. It might also have caused a run on banks caused by customers spooked by the shortage of money.

The Federal Reserve wasn’t up and running yet so, alone among nations, the U.S. had no central bank to counteract that. Treasury Secretary William McAdoo prevented the liquidation of $4 billion ($93 billion in 2013 dollars) in railroad stocks and bonds held by foreigners by closing the New York Stock Exchange for four months, from July 31 to December 12, a bold and unprecedented move.* He then allowed banks to issue emergency currency authorized after the Panic of 1907 and made a show of armored trucks bringing gold and emergency currency to the New York subtreasury building across from the Stock Exchange on Wall Street.

McAdoo then got Congress to create the Bureau of War Risk Insurance that provided government backed insurance for wartime shipments of U.S. agricultural products, cotton especially, that helped reverse the gold outflow. He also helped establish the U.S. Shipping Board. (Created to ensure there would be enough merchant shipping during World War I. In 1917, the Shipping Board set up the Emergency Fleet Corporation to build the ships for a merchant fleet, owned and operated by the U.S. Government. 2247 ships were built or commandeered by the EFC.)

He is credited with establishing New York as the world financial center at the expense of London. McAdoo was President Wilson’s son-in-law. He went on to become a Senator and died in 1941 at 77.

* Of course, the capitalist spirit could not be that easily repressed. An informal market sprang up on the curb on New Street behind the New York stock Exchange building.

Copyright © 2014 Joseph Mirsky

Apr. 07 2014 09:41 AM

News flash: lazy voters allow corps to run nation.

Apr. 07 2014 08:12 AM

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