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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Secret History of How Banks Assumed Control of the U.S. Economy{interview}
http://www.alternet.org/economy/secret-history-wall-st-washington-collusion***SNIP
AMY GOODMAN: What were the most famousor not as well known, but you uncovered thembromances between top bankers and presidents?
NOMI PRINS: Right, so thisone of them was Tom Lamont, who, I mentioned, was around in 1929. But he started his life moving up the chain of Morgan after the panic in 1907 in things called the Pujo trials, which were in 1912, which, at the time, looked at what bankers had done to cause the panic of 1907. He was a young lawyer at the time. He had gone to Harvard with FDR. But as a young man, he was also hanging outliving in the house of FDR up on 65th Street, renting it for several years while FDR was the assistant Navy secretary under Woodrow Wilson. They chose Tom Lamont to go with Wilson to France for six weeks. Wilson was in France. It was the longest time a U.S. president was outside of U.S. soil and the first time a U.S. president was outside of U.S. soil. But the banker that was by his side was Tom Lamont. He was a Republican. He went across his party lines to come back with Woodrow Wilson to fight for the League of Nations to try to preserve peace after World War I, which was defeated.
But Tom Lamont and Woodrow Wilson developed this relationship. And their letters are crazy. Theyre liketheyre like so full of gratuity and love and just, you know, "thank you for being there by my side, and I couldnt have done it without you," because when Woodrow Wilson then got a stroke and it was difficult for him to go around the country to, after the war, fight for the League of Nations, which the Senate didnt want to pass and ultimately did not pass, Tom Lamont took it up in his newspapers that he owned, the Saturday Review, went beforeyou know, backdoors in terms of the senators that he knew, and really tried to push it. And the two of them really worked very closely together and had this bromance. And, of course, Woodrow Wilson ultimately did die from complications of those strokes.
AARON MATÉ: If we look back on the Great Depression, its understood that Wall Street was hostile in many ways to the New Deal, but how did Wall Street work with Roosevelt, and why?
NOMI PRINS: So, one of the men, Winthrop Aldrich, who I mentioned before was the son of the founder of the Fed, one of the founders of the Fed, Senator Nelson Aldrich, was also friends with the Roosevelts. He was friends with FDR. And he also knew, from a business perspective, he wanted to outdo the Morgans. So he said, you know, Chase has some trading, some speculation, that went miles wrong in the crash of 1929, and he believed that for the stability of the economy and for his bank going forward, so he could sort of walk and chew gum at the same timesee the public interest as well as his banks interestworked with FDR to pass the Glass-Steagall Act, which separated the speculative activities from the depositors that had their money entrusted to banks at the time, including at Chase. And, actually, Carter Glass, whose name is on that act, wanted a slightly weaker version of the act than Winthrop Aldrich pushed inside of Washington with the alliance of FDR. So that was a very, very different time. You cannot imagine today Jamie Dimon pushing with President Obama to separate his bank in such a way that it decreases its risk to depositors and taxpayers. Its just unimaginable.
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The Secret History of How Banks Assumed Control of the U.S. Economy{interview} (Original Post)
xchrom
Apr 2014
OP
nationalize the fed
(2,169 posts)1. 1913
The Fed was born
And so was the income tax
On 4/15 how much money will go towards the actual running of the government and how much to interest on the debt.
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money,[1] or money earned by deposited funds