Is the Obama Administration treating Wall Street with kid gloves?

Back in late October, consumer advocate and former presidential candidate Ralph Nader appeared on MSNBC's The Ed Show, and warned that another financial meltdown and Wall Street bailout could be coming, due to reckless derivative speculation that is still being practiced. Nader cites a former managing director of Goldman Sachs, Nomi Prins, her new expose book It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street, and her analysis that everything is in place for another financial meltdown. Nader also maintains that U.S. Secretary of the Treasury Timothy Geithner, National Economic Council Dirctor Larry Summers, and U.S. Federal Reserve Chairman Ben Bernanke are not making the necessary reforms, nor pushing for the proper regulations to secure financial and economic security. Nader then prescribes his own practical prescriptions for Wall Street's and Washington's ills.



Nomi Prins recently appeared on Democracy Now!, and advocated the creation of a strong Consumer Financial Protection Agency, as well as the reaffirmation of the Glass-Steagall Act: