dannno
12-15-2011, 01:55 PM
Nomi Prins is an opponent of the Dodd–Frank Wall Street Reform and Consumer Protection Act and believes that our financial institutions have been given even more leeway since 2008. She is no fan of Obama or Democrats.
Amy Goodman: Has anything changed since 2008, since the fall?
Nomi Prins: With respect to how banking operates it has only gotten worse. For example...Goldman Sachs, the relationship with how many derivatives they are trading relative to how many assets they have has grown by something like 30%...since supposedly this crisis was contained and we got the Dodd-Frank Act which is completely useless...The Dodd Frank Act was supposed to be this sweeping great overhall that President Obama and Treasury Secretary Tim Geithner and everybody signed off on... it doesn't protect consumers and it didn't reform Wall St. So you can call it anything you want to call it, but the fact is that these banks that were big before the sub-prime component of what is now a global crisis are bigger than they were, they have more derivative exposure than they did, they are taking more risks than they did, they are getting away with more than they did and they are doing it with more reliance on federal subsidies than they did before 2008. So everything by every standard with respect to risk and coddling of Wall St. is worse than it was before 2008 and there is no opposition in Washington, you talk about the Occupy Movement, that is about the only opposition right now.
...
Amy Goodman: President Obama is adopting some of the language of the Occupy Wall St. Movement and yet he is receiving more money from Wall St. than any President in History.
Nomi Prins: Right, exactly, which is why nothing will happen that will hurt his relationship with the Wall St. Community...He's really acted more than he has spoken.
Nomi Prins also gets into a fascinating discussion about Black Tuesday of the 1929 stock market crash and comparing it to the crash of 2008. Who the players were, how they played the system, and how the big bankers used the same maneuvers back in 1929 to steal the wealth from the 99%.
Nomi Prins and the discussion of Jon Corzine begins around 29:00, discussion of our banking/financial system and OWS begins around 38:30
https://store.democracynow.org/2011/12/14/stream
I highly recommend downloading the mp3 if you have to to get to the 38:30 mark and listen for about 5 minutes or so.
Nomi Prins is an American author, journalist... She has worked as a director at Goldman-Sachs and as an analyst at Bear Stearns. Prins is known primarily for her whistleblower book, It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street, for her views on the U.S. economy,[2] [3] for her published spending figures on federal programs and initiatives related to the 2008 bailout,[4] and for her advocacy for the reinstatement of the Glass–Steagall Act and regulatory reform of the financial industry.[5]
-Wikipedia
These are the types of discussions I am personally hearing out of the OWS Movement which is why I really believe this group will be highly receptive to Ron Paul if he ends up going up against Obama. He is talking about EVERYTHING THEY ARE TALKING ABOUT. I don't hear jack shit about socialism or communism at these events, which I attend and I am friends with many who are highly involved with these groups. I hear stuff like this about our financial institutions, and I see people who are ready for Ron Paul's message.
I highly recommend we stop writing off OWS. You don't have to agree with everything every OWS protester does to support OWS, you certainly don't have to agree with big government solutions. You don't have to agree with shutting down commerce to agree that the financial institutions in this country are screwing us over and it is time people stand up and stop the madness.
We are the 99%, everybody here is the 99%.
Amy Goodman: Has anything changed since 2008, since the fall?
Nomi Prins: With respect to how banking operates it has only gotten worse. For example...Goldman Sachs, the relationship with how many derivatives they are trading relative to how many assets they have has grown by something like 30%...since supposedly this crisis was contained and we got the Dodd-Frank Act which is completely useless...The Dodd Frank Act was supposed to be this sweeping great overhall that President Obama and Treasury Secretary Tim Geithner and everybody signed off on... it doesn't protect consumers and it didn't reform Wall St. So you can call it anything you want to call it, but the fact is that these banks that were big before the sub-prime component of what is now a global crisis are bigger than they were, they have more derivative exposure than they did, they are taking more risks than they did, they are getting away with more than they did and they are doing it with more reliance on federal subsidies than they did before 2008. So everything by every standard with respect to risk and coddling of Wall St. is worse than it was before 2008 and there is no opposition in Washington, you talk about the Occupy Movement, that is about the only opposition right now.
...
Amy Goodman: President Obama is adopting some of the language of the Occupy Wall St. Movement and yet he is receiving more money from Wall St. than any President in History.
Nomi Prins: Right, exactly, which is why nothing will happen that will hurt his relationship with the Wall St. Community...He's really acted more than he has spoken.
Nomi Prins also gets into a fascinating discussion about Black Tuesday of the 1929 stock market crash and comparing it to the crash of 2008. Who the players were, how they played the system, and how the big bankers used the same maneuvers back in 1929 to steal the wealth from the 99%.
Nomi Prins and the discussion of Jon Corzine begins around 29:00, discussion of our banking/financial system and OWS begins around 38:30
https://store.democracynow.org/2011/12/14/stream
I highly recommend downloading the mp3 if you have to to get to the 38:30 mark and listen for about 5 minutes or so.
Nomi Prins is an American author, journalist... She has worked as a director at Goldman-Sachs and as an analyst at Bear Stearns. Prins is known primarily for her whistleblower book, It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street, for her views on the U.S. economy,[2] [3] for her published spending figures on federal programs and initiatives related to the 2008 bailout,[4] and for her advocacy for the reinstatement of the Glass–Steagall Act and regulatory reform of the financial industry.[5]
-Wikipedia
These are the types of discussions I am personally hearing out of the OWS Movement which is why I really believe this group will be highly receptive to Ron Paul if he ends up going up against Obama. He is talking about EVERYTHING THEY ARE TALKING ABOUT. I don't hear jack shit about socialism or communism at these events, which I attend and I am friends with many who are highly involved with these groups. I hear stuff like this about our financial institutions, and I see people who are ready for Ron Paul's message.
I highly recommend we stop writing off OWS. You don't have to agree with everything every OWS protester does to support OWS, you certainly don't have to agree with big government solutions. You don't have to agree with shutting down commerce to agree that the financial institutions in this country are screwing us over and it is time people stand up and stop the madness.
We are the 99%, everybody here is the 99%.