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Monday, January 3, 2011
Boomer with Attitude / News Obama 'report card': Great for banks, not so much for you and me
Posted By John Grooms on Mon, Jan 3, 2011 at 3:55 PM
Nomi Prins is a journalist, author, a former managing director at Goldman Sachs, and head of the international analytics group at Bear Stearns in London. She has emerged as one of Wall Street’s most knowledgeable, and fiercest, critics. You can tell where she stands on economic issues by the title of her latest book, It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street.
Today, the Truthdig website features Prins’ two-year economic report card for the Obama administration. Prins is a very readable, and even occasionally humorous, writer — one of the very few finance and politics reporters about whom that can be said. Check it out. Here’s a sneak preview of her Obama Report Card:
There are two potential ways to measure the economic performance of a political leader. One is by the profitability, stock prices and executive bonuses of a nation’s corporations. The other is by the financial condition of the majority of its population. Since he came to power, President Obama and his economic team have propped up the former and failed miserably to aid the latter.
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