We Need Public Banks
by Nomi Prins @nomiprins
Nomi Prins is a former managing director at Goldman Sachs and author of All the Presidents’ Bankers and Collusion: How Central Bankers Rigged the World, due to be released in paperback on May 7. She served on Sen. Bernie Sanders’s Federal Reserve Reform Advisory Council.
https://truthout.org/authors/nomi-prins/
I’ve Seen Goldman Sachs From the Inside. We Need Public Banks. ~ Nomi Prins
“For far too long, Wall Street has wreaked havoc on people’s personal financial stability and our economy as a whole. I should know. As a managing director at Goldman Sachs in the early 2000s, I witnessed firsthand how the banking industry lined their pockets at the expense of customers.
Not much has changed since then. After the mortgage fraud crisis of 2007-08, the biggest banks were slapped with $216 billion in fines – a drop in the bucket for firms that raked in a cool $237 billion last year alone. Infamously, not a single banker went to jail. Today, Wall Street banks continue to commit fraud, enjoy front-row lobbying seats in Washington, write legislation on their own behalf, and maintain easy access to credit courtesy of the Federal Reserve. <snip>
How Central Bankers Rigged the World 🔥Former Goldman Sachs MD, Nomi Prins
Feb. 14, 2021 Man is the Measure of All things 1:46:15
Nomi Prins starts speaking 27:00
Pubic Banks
The Bank of North Dakota (BND) is a state-owned, state-run financial institution based in Bismarck, North Dakota.It is the only government-owned general-service bank in the United States.
Bank of North Dakota
Three of the Biggest Banks on Wall Street Have $7.4 Trillion In Off-Balance Sheet Exposures
Public Comment by April 1 2020 needed to keep the Volcker Rule in place
Fed’s Powell Says Real Jobless Rate Is 10%—With Big Policy Implications
“The pandemic has led to the largest 12-month decline in labor force participation since at least 1948.”
The Fed’s new stress test is for a scenario easier than last year’s actual events