27-8-2010 USA economic warnings .


By Cliff Kincaid
August 27, 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 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.

The major media, he said, have concealed the truth about what has happened from the American people.

He explained, “Most Americans cannot even imagine the fact that this calamitous crisis was deliberately engineered by enemies and traitors within our borders.”

Diamond urged the media to start educating the public about what is happening: “Most people do not know how capitalism works, in terms of the safeguard regulations which protected our capitalist economy. Once you unhinge and unscrew the nuts and bolts, and tear down the underpinnings and remove the safeguard regulations, you have succeeded in dismantling capitalism and killing the economic engine of growth. They are killing the goose that lays the golden egg.”

In response to the Times article about investors fleeing the market, Diamond said, “Who wouldn’t flee the market when you are being robbed every day by the hedge fund short sellers? They are targeting and preying on the small investors. The reality is beginning to sink in as more people and more people realize that the economy is in terrible shape, and it is not going to recover.”



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