“We are in great danger”: Ex-banker details how mega-banks destroyed America

“It no longer matters who sits in the White House,” former Goldman Sachs managing director Nomi Prins writes in her new book “All the Presidents’ Bankers: The Hidden Alliances That Drive American Power.” “Presidents no longer even try to garner banker support for population-friendly policies, and bankers operate oblivious to the needs of national economies. There is no counterbalance to their power.”

Prins, who also worked for Bear Stearns, Lehman Brothers and Chase Manhattan Bank, is now a fellow at the think tank Demos and a member of Sen. Bernie Sanders’ Federal Reserve Advisory Council. Salon spoke with Prins about a century of presidential coziness with bankers; Barney Frank’s defense of big banks’ power; and how to “break the alliances” before they “break us.” A condensed version of our conversation follows.

via “We are in great danger”: Ex-banker details how mega-banks destroyed America – Salon.com.

2 thoughts on ““We are in great danger”: Ex-banker details how mega-banks destroyed America

  1. Pingback: Orpheus And Our Underworld | scottishmomus

  2. I don’t think much of that article surprises me although it is quite something to have an ex-banker study the history and reveal the facts he has garnered. It is truly depressing to think that policies are directed by those whose agenda is, by nature of the institution, separate from what may be beneficial to communities and a nation as a whole.
    Banks have become too big to fail. In the UK too there have been bail outs of banks by government and thereby by taxpayers. If there is no will on the part of politicians to effectively reform or regulate I don’t see where change is possible. Corporations in many guises, and some of those not too discrete, have taken the reins of power and anyone who cries foul is seen as a conspiracy theorist.
    How long indeed before the danger is widely known and positive action taken to forestall collapse of democracy? And who may be trusted to do so? When politicians promise one thing and do another or, worse still, say nothing of it and let the status quo ride. Or, worse again, allow further interference because the reins of power are already out of their hands. Politics has become a nonsense game. And we are the pawns.
    Thanks for sharing this article. Although it has depressed the hell out of me on this lovely Spring Wednesday morning.

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