Naomi Prins is a whose who in the world of Wonks. Meaning she is smart. Before becoming a journalist, Naomi worked on Wall Street as a managing director at Goldman Sachs, and ran the international analytics group at Bear Stearns in London. Which means she has been there and done that! In our previous post, Bank of America accused of BRAZEN Fraud, and so?, we talk about the Bull illusion the the government tries to create that they are actually going to hold anyone accountable for the travesty called "economic downturn" created by our banks. Here Ms. Prinz reveals that the games are still in full swing, emphasis ours:
Before the campaign contributors lavished billions of dollars on their favorite candidate; and long after they toast their winner or drink to forget their loser, Wall Street was already primed to continue its reign over the economy.
For, after three debates (well, four), when it comes to banking, finance, and the ongoing subsidization of Wall Street, both presidential candidates and their parties’ attitudes toward the banking sector is similar – i.e. it must be preserved – as is – at all costs, rhetoric to the contrary, aside.
Obama hasn’t brought ‘sweeping reform’ upon the Establishment Banks, nor does Romney need to exude deregulatory babble, because nothing structurally substantive has been done to harness the biggest banks of the financial sector, enabled, as they are, by entities from the SEC to the Fed to the Treasury Department to the White House.
In addition, though much is made of each candidates' tax plans, and the related math that doesn’t add up (for both presidential candidates), the bottom line is, Obama hasn’t explained exactly WHY there’s $5 trillion more in debt during his presidency, nor has Romney explained HOW to get a $5 trillion savings.