By Zubi Diamond, Accuracy in Media
June 28, 2010
If the financial reform bill passes, the bad Wall Street will win, the good Wall Street will not. And investors and American families will lose.
As I explained in my article, The Dodd “Financial Reform” Bill Lets Obama Off the Hook, the bad Wall Street consists of the hedge fund short sellers, the predators who loot investment capital and slow down economic growth.
New home sales have dropped by 33 percent. The unemployment picture is not improving. The stimulus bill did not work. What is happening to our economy?
I wrote in my book, Wizards of Wall Street, that we will never recover from this crisis until the 7-point action plan is implemented.
My recommendations include restricting short sale transactions, ending mark-to-market accounting completely, restoring the old financial market circuit breakers, and restoring the old uptick rule without any modification. These changes will protect invested capital and save the capitalist system.
You cannot solve a problem unless you know correctly and truthfully what caused the problem.
The elected officials and the big media lent deaf ears to my analysis and forecasts. But everything I predicted is unfolding before our very eyes.
But brace yourself: the worst is yet to come unless my recommendations are implemented completely.
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