Tag Archives: Economic Crisis

Obama’s Vision versus Economic Reality

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Shamus Cooke

It took less than 24 hours for Obama’s “inspiring” convention speech to be smothered by the reality of the job crisis. The August national jobs report showed that the U.S. economy failed to create enough new jobs to keep up with population growth. More importantly, in August 368,000 Americans completely dropped out of the labor […]

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Alessio Rastani’s Extrordinary Candor

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Mark Vorpahl

Though it is likely that some of our readers are already familiar with the following video, since it has gone viral, it merits comment. The BBC interview with financial trader Alessio Rastani on the Eurozone rescue plan reveals far more than an “expert’s opinion” on this one topic alone. Unrestrained by any concern for dressing […]

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Capitalism’s New Era

Shamus Cooke

“Karl Marx got it right, at some point capitalism can destroy itself,” said Mr. Roubini, in an interview with the Wall Street Journal. “We thought markets worked. They’re not working.” The world economy is in shambles and about to get worse, according to even mainstream economists. How bad is anybody’s guess. Some things, however, are […]

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The Jobs Crisis Demands Attention

Shamus Cooke

When the big banks screamed “crisis,” they were instantly rewarded with trillions of taxpayer money. Likewise, when rich bondholders — some of them bailout beneficiaries — yelled “crisis” at the U.S. debt, they were immediately rewarded with trillions of dollars taken from social programs for the poor. The jobs crisis, however, staggers on with no […]

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Fake Debt Crisis Strikes Blow at Safety Net

Shamus Cooke

The debt crisis has been averted and people across the globe are breathing sighs of relief. But in the back rooms of Congress politicians are celebrating for a different reason. It’s the kind of celebration that erupts when a group executes a complicated plan to perfection. The objective in this case was to strike the […]

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The Two Roads Out of Recession

Shamus Cooke

Recent events in Washington, D.C. should provoke fear and outrage in the average American worker. As the jobs recession staggers on, politicians and labor leaders alike seem bizarrely distanced from reality, unable to advance any ideas that remotely correspond to the basic demands of those tens of millions of unemployed, under-employed, or poorly paid workers. Instead, […]

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Who’s Behind The Deficit Crisis?

Shamus Cooke

But who exactly are the bondholders that working people must sacrifice their social programs for? The media would like us to focus exclusive attention on China, and other “foreign” investors. But, as usual, the enemy is closer to home. …… The biggest holder of U.S. debt is the U.S. Federal Reserve. The amount of money […]

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Superman is Already in the Classroom

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Workers Action

Kyle Cooke As a 4th and 5th grade teacher, I was told to watch an episode of the Oprah Winfrey show that dealt with the controversial documentary Waiting for Superman (September 20, 2010). One comment from the show really stood out to me: “… We set them [the students] up for failure.” I completely agree, […]

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Obama’s Delusions: The Economy And Iraq

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Shamus Cooke

If you’ve listened to recent speeches the President has given about the economy and the Iraq war, you’d think that two of the biggest social issues facing working Americans are improving. But facts are stubborn things. (more…)

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A Permanent Housing Collapse?

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Shamus Cooke

Sometimes these basic rights must be demanded. The right to decent housing, a job that pays a living wage, health care, and peace could all be easily achieved in the United States if the economy were arranged with this purpose in mind. Sadly, it is not. It will take a mass movement of working people […]

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Obama’s “Job Program” One-Two-Three More Free Trade Agreements!

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Mark Vorpahl

The fact that these trade deals are being pushed during hard times for U.S. workers is another example of how the U.S. political establishment is captive to corporate and Wall Street big money interests as opposed to the aspirations of the majority who voted for Obama in hopes of change. What U.S. workers need is […]

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The European and U.S. Economics: Falling Dominoes

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Shamus Cooke

To pay for these corporate policies, U.S. workers are being told that Social Security and Medicare will need to be reduced, as will social services and public education. This policy is already underway on a state-by-state level, and wages for all public workers are already under attack as a result. Obama’s Race to the Top […]

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The Criminalization of Wall Street: Lynching Bankers Is Not The Solution; THE REAL ECONOMY HAS BEEN DECIMATED

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Finian Cunningham

What we are witnessing is not just the sins of errant bankers, but the historic exhaustion of capitalism as a system of economic production and organisation. The long decline in working conditions (pay etc) for most workers in the US and Europe, including the middle class, can be traced back to the 1970s when western […]

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Will Obama’s Corporate Tax Break Create Jobs?

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Shamus Cooke

The core of Obama’s “bold plan” to create jobs does not create a single job. Rather, it encourages corporations to hire workers by giving them a variety of tax credits or tax breaks — the same solution proposed by the previous two Bush’s and Reagan; a building block of Conservative Ideology.

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Wall Street Under Obama: Bigger and Riskier

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Shamus Cooke

Like every other promise of substance, Obama’s pledge to “rein in” the banks has fallen by the wayside; the well-timed rhetoric smoothed over public tensions and now business is back to usual.

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World Bankers Agree: The Recession Is Over… Maybe

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Shamus Cooke

Few would consider the opinions of the world’s central bankers to be unbiased or even accurate. These self-proclaimed wise men of international finance didn’t see the recession coming until it blew up in their faces a blast that destroyed their credibility. Nevertheless, it is interesting to hear them talk, not because they are fun to […]

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Goldman Sachs The Dark Wizards of Capitalism

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Tobias Michaels

There are two points that undermine Goldman Sachs’ credibility regarding their claim of successful repayment of TARP funds. The first is the 10 billion dollars that was given to Goldman Sachs came directly from the government. What about the money that was paid to Goldman Sachs from other bailed out firms, in particular, A.I.G.? This […]

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The Laws of Capitalism Maul an American Icon

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Brad Forrest

Brad Forrest GM has been in business since 1908, 101 years, but has just buckled under the pressure of the current economic crisis. GM filed for Chapter 11 on June 1 with the help of the federal government. The government has already thrown $50 billion of our tax dollars at the ailing automaker, but that’s […]

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The Economy’s Search For New Normal

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Shamus Cooke

For example, households are rapidly getting rid of expenses they can no longer afford, either due to joblessness, low wages or lack of credit. They are thus saving more than they are spending. For an economy that depends on 70 percent consumer spending, this is a huge problem, not only for the U.S., but for […]

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Why Bailing Out Banks Doesn’t Work

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Shamus Cooke

Ultimately a conundrum is created: the economy cannot function unless the banks are forced to lend, but if the banks are taken over, the super rich may flee, taking with them the money needed to restore the economy.

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The End Of Capitalism?

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Ann Robertson

Hence, capitalism is a system that embraces greed; its defenders insist that to do otherwise would be hopelessly naive and utopian. But, they continue, by placing certain restrictions on greed, such as rules of ownership and regulations governing production, distribution and exchange of property, capitalism succeeds in harnessing greed in order to maximize its effectiveness. […]

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State Budget Crisis Deepens: Humanitarian Crisis Emerges

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Shamus Cooke

Social catastrophes are poorly expressed by statistics. A recent study by The Center on Budget and Policy Priorities revealed that 41 states are facing severe budget shortfalls for 2009. Some states are worse off than others, with California ($31.7 billion) and Florida ($5.1 billion) leading the deficit pack. In all, the 41 states are currently […]

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The Bailout Intensifies

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Shamus Cooke

Protecting the social gains of the past generation will require the working class to mobilize itself in a way not seen since the 1930s. If we are to be successful, a broad coalition is needed, one that cuts across racial, gender, sexuality, documented citizen and undocumented, organized and unorganized, working and unemployed.

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The Real Reason The Big Three Are Failing!

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Bill Leumer

he failure of a particular industry is consequently not entirely rooted in the industry itself. Given the competitive nature of the system, when the economy turns bad, some industries will fail regardless of the quality of their management. So while one can blame the Big Three for various decisions, these missteps were only bad in […]

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What the Economic Crisis Means for Us and How to Defend Ourselves

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Workers Action

A Statement by Workers Action Gloom and Doom The pillars of the U.S. capitalist economy are crumbling and falling all around us while the federal government frantically races from one crisis to another, throwing money at them as if throwing water on a fire. It could well turn out that the money represents only a […]

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