Women of the Apocalypse: Brooksley Born and Nomi Prins
Friday/March/05 2010 Filed in: Philosophy / World View
Stop Reading This Post Now!
If you haven't seen the PBS Frontline program, "The Warning," you should view it as soon as possible. I mean right now.
It tells the amazing and agonizing story of how, in the late 1990's, one woman stood tall against the Robber Barons of investment banking.
Brooksley Born, head of the Commodities Futures Trading Commission, went toe-to-toe with the White House, the Congress and the Fed in an epic battle.
She fought to let the world know that financial derivatives were a nuclear ticking timebomb stashed in the shadows of Wall Street boardrooms.
Her Cassandra-like call was a prophesy of the coming global financial disaster.
Ms. Born never blinked. But against a withering onslaught of attacks by such insider titans as Alan Greenspan, Robert Rubin, Lawrence Summers, Tim Geithner and a phalanx of richly-paid lobbyists, she was dismissed, discredited and ultimately swept aside.
In the ongoing aftermath of the Great Recession of 2008, it was more than clear that Ms. Born was right and Greenspan and his corporate cronies were wrong.
We should have listened to Brooksley Born then, but we didn't.
But in ten years will we be asking ourselves why we didn't listen to Nomi Prins?
If Brooksley Born was the voice-of-reason then, Nomi Prins carries her torch now.
She's a former Wall Street insider who understands the shell-game that has become -- and continues to be -- the biggest heist in human history.
To put the true cost of the Great Bailout in perspective, according to Ms. Prins, the total $14-trillion collapse of the economy (Yes $14-TRILLION) is three times the cost of all American wars going back to the 1776 Revolution.
From citizens to serfs
One of Ms. Prins' fears is that the large too-big-to-fail banks that have been gobbling up the smaller financial institutions may start to gorge on each other.
If that kind of one-left-standing-cage-match happens the ugly result could be one behemoth banking monopoly, subsidized by US taxpayers.
Take the time to view this YouTube clip.
In 24 minutes, Ms. Prins provides clear and frightening testimony of what has unfolded in Washington and on Wall Street over the last two years.
Brooksley Born and Nomi Prins have been smart enough -- and brave enough -- to sound the alarm.
Are we finally ready to listen?