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Nomi Prins: Wall Street and Washington Carousel Continues

Tuesday, February 21, 2017 13:29
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This post Nomi Prins: Wall Street and Washington Carousel Continues appeared first on Daily Reckoning.

Nomi Prins, bestselling author and former Wall Street insider, joined Max Keiser on the Keiser Report to discuss Donald Trump’s cabinet and the advisers of Goldman Sachs who have only filled up the swamp in Washington further.

When asked about the rise of the banking class, debt and the rise of Wall Street by Keiser she responded, “In the crash of 1929 it was Sidney Weinberg, who was the head of Goldman Sachs at the time, who had trusts created on selling securities based on value that they did not actually have. Being at the epicenter of the crash, he decided to turn his mind toward politics. In fact, FDR in his bid to follow Herbert Hoover into the White House it was Sidney Weinberg who raised money for him… As many Goldman Sachs people have done since then. It was Weinberg who actually got a position as an advisor, while he was still working at Goldman Sachs, and that has changed since.”

Nomi Prins is a former Managing Director at Goldman Sachs and worked previously for various major Wall Street banking institutions.  She is currently working on her next book titled Artisans of Money that explores the relationships between central banks and the power influenced from these institutions. Nomi Prins’ work has appeared on The Guardian, Bill Moyers, New York Daily News and more.

“Now they actually leave the company in order to be advisors. Back then, he was actually doing both roles. That was the start of the opening of Goldman Sachs connections into the White House. There has been a history of the White House turning to Wall Street to help “fix” the mess that it makes. In the 1970’s there was a prime example of where after decades of regulation that followed FDR’s enactment of the Glass-Steagall Act in 1933, there was less danger coming from this financial system. There were certainly policy intrusions. There were certainly people going in and out from Washington, the White House and Wall Street. The danger had been tempered by Glass-Steagall.”

Nomi Prins Keiser

“What happened in the 1970’s is that there started to be swipes at that form of regulation (it did not get repealed until 1999 under Clinton). In the 1970’s, when New York needed money while facing a major problem economically, and threatened to strain into the rest of the economy, the big banks at the time said “no, we won’t help New York or the real economy” but we will help bankers like Donald Trump. Anyone who uses the financial system in a manipulative manner is associated with the banking class… regardless of what they say during campaign time.”

When asked about the Wall Street “Since then, that opened the door for their power to reassert itself. The rise of Goldman Sachs, Citigroup (then National City Bank) and others were able to affect fiscal policy, affect economic policy, affect financial policy and crater economies.”

“By time we get to Greece, after the recent economic crisis, Gary Cohn who is now the National Economic Council advisor – is responsible for creating domestic and international policy. He was one of the bankers that went to Greece when it was having its initial problems in the wake of the financial crisis. It was not caused by Greece, or the Greek people – it was caused by the leverage that the bankers put upon Greece in order to extract wealth, speculate on performance and in order to take out whole chunks of its economy.”

Nomi Prins went on to elaborate for what that means to the current administration saying, “Gary Cohn led bankers to Greece, in the wake of the financial crisis, in order to crucify them even more. What is going to happen now between Steve Mnuchin and Gary Cohn and whoever else they bring in from Goldman Sachs who have that ideology where they will continue.”

“It will now resurface at the national policy level even more acutely than it has in the past. There is now two of them in positions of creating and implementing policy.  This will create an even more dangerous situation than before.”

To catch the full interview with Nomi Prins on the Keiser Report CLICK HERE.

Thank you for visiting The Daily Reckoning.


Craig Wilson, @craig_wilson7
for the Daily Reckoning

The post Nomi Prins: Wall Street and Washington Carousel Continues appeared first on Daily Reckoning.

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