REPUBLICANS PLAY INTO OBAMA’S HANDS
By Cliff Kincaid
August 31, 2010
Financial expert Zubi Diamond, author of Wizards of Wall Street, says that Republican proposals to fix the economy are deficient because they fail to protect invested capital in the stock market from the hedge fund short sellers.
Republican Representatives Paul Ryan and John Boehner, who voted for the $700 billion big bank bailouts that began under President Bush, have put forward much-publicized proposals to solve the economic crisis.
But Diamond says he has had no luck in getting Boehner—or other top Republicans—to pay any attention to his detailed and specific plan to save the economy by reinstating the safeguard regulations that protect invested capital and shareholder rights.
He argues that, until and unless the hedge fund short sellers are prohibited from looting the publicly traded companies, real economic growth cannot take place. It is this capital, he notes, that funds the loans for borrowers, the day-to-day operations of the corporations, their payrolls and the funds they needed for growth and expansion. “This is the money needed for job creation and employment,” he asserts.