Economy, social

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  • US & Finance: To Rein In Wall Street, Fix the Fed

    , by SANDERS Bernie

    WALL STREET is still out of control. Seven years ago, the Federal Reserve and the Treasury Department bailed out the largest financial institutions in this country because they were considered too big to fail. But almost every one is bigger today than it was before the bailout. If any were to (...)

  • USA: Detroit’s Foreclosure Disaster

    , by FEELEY Dianne

    DETROIT — WHERE 85% of the working class once owned homes — has been suffering a waterless hurricane. Predatory mortgage practices that disproportionately targeted African-American homeowners and inflated mortgages resulted in foreclosure on 25% of all residential buildings in the city between (...)

  • USA: The Budget/Deficit Deal

    , by FINKEL David

    SOME SERIOUS RULING class intervention finally presented John Boehner an instruction he couldn’t refuse: Get the Harry Reid-Mitch McConnell Senate deal to the House floor for a straight vote to reopen the government and raise the debt ceiling. Tell the Tea Party that you know where they’re coming (...)

  • A Brief Sketch of the Politics of Austerity

    , par Solidarity (USA)

    This document was prepared by the Solidarity Political Committee for a discussion of the National Committee.
    In view of the 2008-9 economic meltdown, some on the left felt that the global and neoliberal agenda dominant since the 1979-81 economic crisis would be jettisoned in order to stabilize (...)

  • USA : Inside the Capitalist Crisis

    , par POST Charles

    THE TALK PUBLISHED below was given in Spring 2012, and unfortunately its analysis stands the test of time. The bi-partisan austerity offensive — corresponding to the logical of capitalist profitability and accumulation — continues. We should not be confused by Obama’s refusal to lower federal (...)

  • A Marxist explanation of the crisis

    , by RESNICK Stephen, WOLFF Richard

    Originally published in 2010, this article provides a clear account of the differences between Marxism and mainstream economics, and their explanations of the current crisis. —PG [Socialist Worker — USA]
    Like most capitalist crises, today’s challenges economists, journalists, and (...)

  • USA. Detroit’s Crisis — Coming to You?

    , by FINKEL David

    THERE ARE TWO realities to grasp about the current plight of Detroit.
    Reality one: Detroit is caught in a set of interlocking crises, from the level of the world economy and national political gridlock down to the viciously reactionary Michigan state government and the yawning divide between (...)

  • California dreamin’ turns into a nightmare

    , par ALLEN Nick

    The world’s eighth-largest economy is ’fast becoming a post-industrial hell’ for many.
    It is less than 30 km from the pristine surfing beaches of the Californian coast to a scene of Third World deprivation.
    In Skid Row, a grimy pocket of downtown Los Angeles, homeless people lie strewn across (...)

  • USA: Three FTAs

    , by FEELEY Dianne

    Three “free trade” agreements (FTAs) were due to be signed into law before the summer congressional recess; now they are scheduled to sail through Congress within the next month. All are harmful to the people who live in the countries involved—whether the United States, Colombia, Panama or South (...)

  • USA: Debt Ceiling Doomsday?

    , by Against the Current, BAKER Dean

    IS THERE ANY ruling class in history that would sit by as its country went bankrupt, not by necessity but to serve the ideological agenda of a political fringe? It seems incredible, yet at face value it seems that this perspective is looming on August 2 – and not to just any country but to the (...)

  • The Ingrates of Wall Street

    , by ALTERMAN Eric

    My June 13 New York Times carries the sad and confusing tale of the trouble that the Obama campaign is encountering in pumping Wall Street for 2012 cash. Apparently, the president “enraged many financial industry executives a year and a half ago by labeling them ‘fat cats’ and criticizing their (...)

  • USA: Let Them Eat Cuts

    , by Against the Current

    THE GOOD TIMES are flowing again for Wall Street and bank executives, and U.S. corporate profits have rarely if ever looked so lush. But it’s a brutal moment for working people, with much worse possibly to come. These twin realities set the economic and political agenda heading into 2011-12. (...)

  • USA: Murfreesboro vs. Islamophobia

    , by SHORT Jase, WOLOSZYN Andy

    WHEN THE MUSLIM community in Murfreesboro, Tennessee sought a permit to build an expanded Islamic Center, local bigots saw an opportunity to exploit the same “moral panic,” invented by the Tea Party, the Christian Right and much of the corporate media, that would also emerge in New York around (...)