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Economy

"Capitalism has degenerated into a casino"

Muhammad Yumus | Greed has destroyed the world's financial system. Spiegel Online spoke with Nobel Laureate Yumus about the profit motive, social consciousness and what should be done to end the financial crisis. Profit should not be the only reason that businesses exist. more...  1 Comments

Building Bridges Radio: Capitalism's Crisis; Indigenous People's Day

Mimi Rosenberg and Ken Nash | WBAI Radio's Building Bridges: Your Community & Labor Report
Produced & Hosted by Mimi Rosenberg & Ken Nash
Monday, October 13, 2008, 7 – 8 PM EST, over 99.5 FM
or streaming live at  http://www.wbai.org
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Alan Greenspan Today

Thomas Riggins | Greenspan's Ayn Rand inspired economic theories have bit the dust! more...  0 Comments

Who is Henry Paulson? Or The Fox Runs the Hen House

Tom Eley | "Paulson, according to a celebratory 2006 BusinessWeek article entitled “Mr. Risk Goes to Washington,” was “one of the key architects of a more daring Wall Street, where securities firms are taking greater and greater chances in their pursuit of profits.” Under Paulson’s watch, that meant “taking on more debt: $100 billion in long-term debt in 2005, compared with about $20 billion in 1999. It means placing big bets on all sorts of exotic derivatives and other securities.”
According to the International Herald Tribune, Paulson “was one of the first Wall Street leaders to recognize how drastically investment banks could enhance their profitability by betting with their own capital instead of acting as mere intermediaries.” Paulson “stubbornly assert[ed] Goldman’s right to invest in, advise on and finance deals, regardless of potential conflicts.” more...  0 Comments

Public forum in NYC: Are we reliving a crash like 1929?

Beltov | What lies behind the financial crisis? Can the bailout save American capitalism? What does this all mean for the working class? more...  0 Comments

The sinking ship of American Capitalism

Eduardo Smith | or over a year now American capitalism has gone through a protracted economic malaise of proportions unseen since the Great Depression of 1929-35. There isn't a month that passes without a dramatic new event in the life of the system, from head-spinning gyrations in the stock markets, to the widespread failure of the most reputable financial institutions, yesterday's symbols of capitalism's alleged vitality. And things have just gotten worse since the summer! What lies behind the financial crisis? Can the bailout save American capitalism? What does this all mean for the working class? more...  0 Comments

Economic Fascism and The United States

Kenn Spacefield | If I do not believe in, trust, or support the US Federal Government, my home should not be in jeopardy. The Federal Government, whenever they choose, through the IRS, will take your home if you do not support them. This confiscation of property by the Federal Government is absolutely and unequivocally wrong, and it is illegal.

For the Federal Government to threaten me with stealing my home because I want them to fail, is economic FASCISM.
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The Broken Pact with the People

Dirk Kurbjuweit | Trust capitalism and shun government interferences we were told. But irresponsible bankers saw the chance to get rich quick and went for it. Their failure has become ours-and the promise of a common good has evaporated along with faith in democratic capitalism.
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PANIC DECLARED Empty store shelves, gas pumps, ATMs ahead.

Clayton Hallmark | We know capitalism is a goner when neocons like Bush switch from privatization to nationalization -- and when everything we tried since the 1930s Depression has failed. We would still be in it if not for WWII. After the war we relied on Interstates and suburb evelopment, then the service economy, especially finance (see chart). Well the finance economy is failing -- esp. important to NYC -- and there is no leg left to stand on. more...  0 Comments

"The Market is not a Safe Bank": Helmut Schmidt

Helmut Schmidt | The fact that American investment banks are not subject to any normal bank supervision is scandalous. Financial transactions must be subject to rules and security standards. The heavier the traffic, the more rules and regulations are needed. (Translator's note: To do nothing for homeowners facing foreclosure or the real economy would be to promote "minority consumption, Robert Kurz' euphemism for corruption, solipsism, agorophobia. Rightwing extremism shuts down debate and analysis while confusing Wall Street with the real economy and corporate profits with community health.) more...  0 Comments

MIRABAL CENTER ANNOUNCES CONVENTION OF TENANTS IN HARLEM AND WASHINGTON HEIGHTS

Jennifer Jo Janisch | Mirabal Sisters Cultural and Community Center announces a Harlem and Washington Heights tenant convention, naming Pinnacle Group, Vantage Properties, and Columbia University as the main agents of displacement and gentrification in Upper Manhattan. more...  0 Comments

"We are at an epoch shift": Peter Bofinger

Peter Bofinger | Free markets became wild markets. The post-socialist blessing became the turbo-capitalist curse. The state allowed the monitoring of banks to be de facto privatized. Politics allowed the markets to run wild. In turbo-capitalism, contracting debts was trendy and saving was Philistine. more...  0 Comments

"Nationalize the Banks!"

Counterhegemonic | Even if partial nationalization steadies credit markets, it will do little to change the fundamentals of the US economy. What is most needed at this moment is a change in both form and content.
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Wall Street Bailout May Hammer Tenants

Bennett Baumer | Wall Street’s mortgage and credit crisis will have a huge price tag and tenant advocates fear one casualty could be a swath of New York’s affordable housing stock. Call it Wall Street stabilization over rent stabilization. more...  2 Comments

BOOK REVIEW ON BOB DYLAN

Sam Urquhart | A book review of a collection of essays on the politics of Bob Dylan. more...  2 Comments

The Demise of Neoliberal Globalization

Immanuel Wallerstein | The capitalist world economy follows an anti-social logic. The replacement of neoliberalism is necessitated by a cyclical swing. Will the world economy return to a balance or sink in violent chaos? Wallerstein's article could stimulate fruitful academic and political discussions. more...  1 Comments

Sudden outbreak of democracy baffles US pundits

Andrew Orlowski | Conservatives, libertarians and lefties all raised objections to the Bailout for very sound reasons of their own. The idea that the state should bail out feckless private enterprises offended both conservatives and libertarians who take moral responsibility seriously. The media had done all it could to keep awkward questions off the air. The result has left us disenfranchised. more...  0 Comments

Help displaced children in Haiti with toys,color pencils and books

Samantha Mascary | Together we can help them smile again and be children in this time of sadness more...  1 Comments

Building Bridges Radio: NYC Financial Disaster; Afro-Colombian Workers Repressed

Ken Nash and Mimi Rosenberg | WBAI Radio's Building Bridges: Your Community & Labor Report
Produced & Hosted by Mimi Rosenberg & Ken Nash
Monday, October 6, 2008, 7 – 8 PM EST, over 99.5 FM
or streaming live at  http://www.wbai.org
**************************************** more...  0 Comments

Images from Tenants Rally for Affordable Housing

Michael Gould-Wartofsky | Tenants and allies from across New York City gathered in Harlem on a rainy Wednesday, October 1 to demand "Real Rent Reform" amid the housing crisis. October 1 was Day 1 of new rent hikes for over 1 million rent stabilized apartments, at a time when New Yorkers face rising prices, falling wages, cutbacks and layoffs. Tenant activists came with 4 demands: Reinstate Home Rule over Rent & Eviction Rules. Repeal Vacancy Decontrol. Reform the Rent Guidelines Board. Save Affordable Housing in the Mitchell-Lama and Section 8 Projects. Following are images from October 1. more...  2 Comments

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