May 9, 2014 By Jack Jodell.
I have just begun a new book that I am finding incredibly interesting. I would like to recommend to all who are as disgusted with the Wall Street banking industry as I am. It is called All the Presidents’ Bankers: The Hidden Alliances that Drive American Power, and it is written by the very knowledgeable Nomi Prins.
Ms. Prins, a longtime advocate of reinstating the Glass-Steagall Act of 1933 which very effectively regulated the U.S. banking industry for many decades until its repeal in 1999 by Democratic President Bill Clinton at the urging of then-Texas Republican Senator Phil Gramm and several other like-minded, bought-out Senators (all of whom were big friends of the banking industry). The original Act banned commercial banks from engaging in risky, speculative investment banking, and prevented the world economy from slipping into another Great Depression for the next 75 years. Of course, once repealed, it only took Wall Street a mere 9 years to speculate itself to the brink of financial collapse with the disastrous Great Recession of 2008, the dire consequences of which we are still suffering through today…
Nomi Prins is a uniquely qualified person to write a book of this nature. Hardly a naïve, wild-eyed liberal, she is very experienced with the ways of Wall Street. Her financial credentials are impeccable, having herself served as managing director at Goldman-Sachs, a senior strategist at Lehman Brothers, an analyst for the Chase Manhattan Bank, and a Senior Marketing Director dor Bear Stearns. She knows the shenanigans employed by Wall Street mortgage and investment bankers, and she has busied herself exposing them through several books and a good number of television interviews. In a sense, she is like a modern-day muckraker, sifting through much of Wall Street’s dirt and corruption.
This book has been lauded far and wide as an entertaining and epic achievement. Even Ralph Nader has hailed it, calling it “…a gripping, historical story on the first corporate-staters – the handful of powerful bankers and their decisive influence over the White House and the Treasury Department from the inside and from the outside to the detriment of the people. All the Presidents’ Bankers speaks to the raw truth today of what Louis D. Brandeis said a hundred years ago: ‘We must break the Money Trust or the Money Trust will break us.’ ”
I can tell from even the first few chapters that this will end up becoming one of my most revealing, all-time favorite works of historical non-fiction. That is why I am strongly recommending it to all fair-minded, progressive persons.