Nomi Prins, former Wall Street trader and author of It Takes a Pillage, says that the current financial reform legislation is like throwing your extra junk in the attic and pretending that your house is clean. She says that it allows banks to keep all sorts of securities off their balance sheets--that it does nothing to prevent, in short, the kind of shady dealings that helped land us in this financial mess to begin with.
Together with Roosevelt Institute Fellow and blogger Mike Konczal, Nomi joins Laura in studio to discuss the financial reform legislation, its chances of passage, and what it would do--and wouldn't.
[...] Institute Fellow Mike Konczal joined Demos’s Nomi Prins and GRITtv host Laura Flanders last week to discuss the state of financial reform, whether the current bill [...]
By Mike Konczal Talks FinReg on GRITtv: Taxpayers Are on the Hook for Wall Street’s Recklessness » New Deal 2.0 on July 9th, 2010 at 1:39 pm
Hi Laura, Do you remember the law that broke up Ma Bell-because they were too powerfull one. that they had too much control on the phone industry and that it was too big to fail? At the time of their break to smaller phone companies, most of which have merged with each other, the phone comanies are getting to big again. Why can’t the banks be broken up and taken out of the cassino business and returned to the old fashion business of banking and loaning money to small business and to people in general? thanks for the time to spout off. Al in Lincoln City, OR
By Allan on July 10th, 2010 at 3:16 pm