FINANCIAL EXPERT WARNS OF ECONOMIC COLLAPSE
By Cliff Kincaid
August 26, 2010
In shocking news, the New York Times cites figures that investors withdrew $33.12 billion from domestic stock market mutual funds in the first seven months of this year when billions of dollars should have been expected to be flowing in.
The New York Times blames this unusual development on “economic uncertainty.” One explanation is that the financial reform bill pushed by President Obama and passed by Congressional liberals was a complete fraud. The bill failed to protect invested capital, did nothing to stop the devaluation of our homes, and didn’t reform Fannie Mae and Freddie Mac, the government-sponsored mortgage entities involved in the financial crisis.
As Accuracy in Media has consistently reported, the basic problem is that the regulations that protected investors and their capital were removed, beginning in 2007 under the George W. Bush Administration, and have not been restored.
Zubi Diamond, author of Wizards of Wall Street, has released a new YouTube video highlighting what needs to be done and how the nation got into this predicament. He has focused attention on the notorious hedge fund short sellers who brought on the 2008 economic and financial crisis that paved the way for Barack Obama’s election as president.
These short sellers, such as George Soros, made billions of dollars betting on the collapse of the subprime mortgage industry as ordinary Americans lost their savings.
“They subverted our capitalist system economy in order to achieve a regime change in America. They looted the country and visited financial violence on the American people. American families bear the brunt of the destruction of capitalism and the installation of socialism in their country with job losses, home foreclosures, and retirement portfolio wipe-outs,” Diamond charges.