16:23 GMT +3 hours01 July 2016
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This file photo taken on January 07, 2016 shows a street sign at the corner of Wall and Broad Street across from the New York Stock Exchange

'Best Buddy': American Politicians Bought and Paid for by Wall Street Banks

© AFP 2016/ TIMOTHY A. CLARY
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The relationship between Washington and Wall Street dates back decades, and American politicians are essentially paid agents of big banks, author and journalist Nomi Prins told Radio Sputnik's Brian Becker.

In an interview with Radio Sputnik's "Loud & Clear," Prins said the six largest US banks – JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley – operate as an "arm of the government."

Prins, a senior fellow at New-York based public policy firm Demos, said Wall Street executives responsible for the financial meltdown of 2007-2008 were able to avoid jail time because of their close ties to lawmakers in Washington.

"You wouldn't put your best buddy in jail," she said. "And you certainly wouldn't put your best buddy in jail if that buddy happened to help you get elected, put on fundraisers for you, lobby on behalf of items that might be supportive to your legacy."

Prins defined the modern US economy as "bankism," in which the government is an active collaborator and major banks receive the "lion's share" of capital that has been "injected" into the economy by Federal Reserve policy.

She insisted that reform "has to come from the bottom up – not just politically, but financially."

"It has to come from people going local, people supporting community, people doing small business relationships with each other and just finding ways to work outside of this very unhealthy system," she said.

Tags:
2008 Global Economic Crisis, financial crisis, US Federal Reserve, JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, Wall Street, Washington, DC, United States
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  • teddy j
    THESE are what I listed yesterday in some post in RUSSIA INSIDER..ABOUT the criminal organization complex that rules america:

    usa federal bank
    usa treasury
    usa internal revenue service
    usa congress
    usa judicial system
    usa pentagon/military/industrial complex
    usa big corporate industry chambers of commerce
    usa presidency
    usa media/hollywood propaganda machine


    heck -- that's literally -- big government, big business, big finance, big banks , big arms and war industry, big media,

    JUST LIKE GENERAL SMEDLY BUTLER, JR. said a hundred years ago about his own country:

    "WE ARE A NATION OF GANGSTERS AND RACKETEERS for WAR AND MONEY ...what we do is EVIL"

    put them together -- they constitute the world's greatest criminal ''corporation" . pretending to be ''government and nation".
  • Mitach2002
    Corrupt leaders and government never give up willingly.
  • michael
    is this tied in with the election?
  • tom.hanko
    Oh, a real surprise.Can this be true?
    politicans in the US bought by banks.
    No,not in my wildest dreams.
  • hans.schultz
    You never achieve anything bottom-up. Maybe the analysis is correct, but the solution is not!

    The controlling elite advocate bottom-up and green ideology.
  • Mother Gorillain reply toteddy j(Show commentHide comment)
    teddy j, and there is even too much government in that list, big business and banks are much more powerful, can topple whole countries with their ratings, sanctions, and austerity.
  • Thank-you so much Sputnik Team and Russia. Conspiracy Theory is becoming Conspiracy Fact!

    If one theorizes that similar corruption is spread through ALL of Western "Democracies".
    IE: Britain, France, Canada, Germany etc. Sounds like NATO or OTAN (Ancient High Germanic for Odin!) are Corrupt.......I guess that part isn't news.... 8-)
  • in reply toteddy j(Show commentHide comment)
    teddy j, Sadly my friend this is called Fascism.

    If the Political Spectrum is drawn out as a circle instead of a straight line then Fascism and Communism meet in the center....there is not much difference between them.

    -Fascism---Conservatism----Liberal----Socialist---Communist--
  • vendorin reply to (Show commentHide comment)
    Mystic-One, Thumbs up!
  • in reply tovendor(Show commentHide comment)
    vendor, A thumbs up for you too! Great minds often think alike.
  • wconell
    This we already know and have for a long time. The question is; "How do we fix it"?
    We don't! It is too big, and the only ones who can fix it (the people) won't organize, come together as a people in whole, to do anything.
    All we need to do is stop going to work until the changes are made. It would take only 1-5 days of at least 50% of the population to do this. The system would crash quickly and the bankers and the ones in control would fail. They would have to give in.
    Too bad Americans separate themselves by race, color, class and sex- they don't realize the power they have and never use it- they just complain.
  • Abinico Arts
    Yeah Sputnik, it is called capitalism.
  • zen.zenzin
    Just watched x-factor where a lady sings her heart out with a song dedicated to God and all of the crowd gave her a standing ovation, because of the feeling being connecting to God that the crowd felt for the song. John McCain a lost soul being controlled by the devil for greed, & killing of children around the world should be saved by life inspiration like this where he should stand up on stage & sing his heart out to God as now all people around the world and the true world peace loving American see is a dead soul that the devil have taken control of, to drive America and rest of the Countries around the world to hell with his world war3 ambiton. He, the banks CEO & other top heartless war mongers are ready to hide in their nuclear safe bunkers when war becomes nuclear war. A heartless, devil controlled soul is what making America look bad and true God loving American should do something to save America and rest of the world from driven down to hell.//
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