[by Andrew Pollack]For months mainstream economists and politicians have been reassuring us that a recovery would begin later this year or at worst in 2010. But in February the most commonly-used phrase in economics reporting was “free fall,” as mutually-reinforcing downward trends left observers unable to say either when or how a recovery might take … Continue reading Global Economy in Free Fall
Category: Economy
The Struggle Against U.S. Imperialism at Home
Obama Throws Billions More to the Banks
[by Andrew Pollack]On Feb. 10, Treasury Secretary Timothy Geithner broadly outlined the Obama administration’s rescue package for U.S. banks. He said that the new program would require collecting as much as $2 trillion from the Treasury, the Federal Reserve, and private investors.Geithner acknowledged that people in the United States have “lost faith” in financial institutions … Continue reading Obama Throws Billions More to the Banks
Budget Crisis in New York
[by Marty Goodman]City and State governments have been squeezed financially for decades by Democratic and Republican administrations. Massive tax breaks for the rich alongside under-funding of public services used by working people has left many City and State budgets under funded. The Wall Street meltdown has brought it all to a head – with workers … Continue reading Budget Crisis in New York
The Economic Crisis Means We Need Radical Change!
New York Socialist Action's Answer to the Wall Street Crooks:-NOT ONE DIME FOR WALL STREET BAILOUTS! -MAKE THE RICH PAY FOR “BUDGET DEFICITS!” OPEN THEIR BOOKS!-FOR PUBLIC OWNERSHIP OF THE BANKS! -LET UNIONS AND CONSUMERS RUN THEM!-NO LAYOFFS, TUITION HIKES OR SERVICE CUTS!-MONEY FOR SCHOOLS, HOSPITALS AND MASS TRANSIT, NOT WAR!-30 HOURS WORK AT 40 … Continue reading The Economic Crisis Means We Need Radical Change!
The Take Over…
Nationalize the Banks! No More Bailouts for the Rich!
[by Andrew Pollack]US bankers had much to be thankful for this Thanksgiving. Citigroup, the country’s largest bank, got a package worth $306 billion in investment and guarantees from the government, and its rivals expect to be next in line. The Fed committed $800 billion more to try to revive the flow of credit. And Bloomberg … Continue reading Nationalize the Banks! No More Bailouts for the Rich!
What To Do With the Big Three
[by Bill Onasch]In the November issue of Socialist Action newspaper we wrote about a potential deal for General Motors to acquire Chrysler. That fell through because GM couldn’t put its hands on enough cash..It turned out their troubles were actually much deeper than previously acknowledged. Plunging sales, downgraded credit ratings, and tanking stock value, was … Continue reading What To Do With the Big Three
No Cuts in Philadelphia’s City Services!
No Cut Backs in City Services!Keep Our Libraries Open! The City administration is proposing major cut backs in city services; layoffs, the closing of pools and rec centers, the loss of essential fire services and the shutting down of 11 city library branches. The city is not only closing library branches, but will also cut … Continue reading No Cuts in Philadelphia’s City Services!
Scary October for the System’s Rulers and Victims
[by Andrew Pollack]The Great Depression of the 1930s is commonly said to have started with the stock market crash of Black Friday, October 24, 1929. Leaving aside the fact that the crash in fact had its roots in a decades-long crisis of the system, it’s ironic that this October has turned out to be an … Continue reading Scary October for the System’s Rulers and Victims
Trickle Down Economics
Massachusetts: Real Problems and Phony Solutions
[by Joe Auciello]Even before the banking and financial crisis erupted in September, hard times have become harder for more people in New England. Just “getting by” has become more difficult. This not a matter of a catastrophic event, like a stock market crash, but a series of smaller events that, step by step, make life … Continue reading Massachusetts: Real Problems and Phony Solutions
Crisis on Wall Street: Their solution and our solution…
A Workers’ Action Program to Confront the Economic Crisis
[by Andy Pollack]The liberals propose to tweak the Wall Street Bailout on behalf of the amorphous “taxpayers” living on a mythical “Main Street.” Revolutionary socialists, in contrast, start from the needs of flesh-and-blood workers, and rely on their class power to challenge ruling class attacks.For that reason our Action Program for this crisis begins with … Continue reading A Workers’ Action Program to Confront the Economic Crisis
No Bailout for Wall Street!
[by Jeff Mackler]One day in late September 2008, the top representatives of the tiny hereditary US ruling class, the trillionaires who really run the country and own and control its banks, insurance companies and major corporations, cloistered in a very private locale, most likely in Washington, to figure out how to deal with what everyone … Continue reading No Bailout for Wall Street!
Behind the Wall Street Bailout: Workers Need An Action Program to Confront the Crisis
[by Andy Pollack]In September the Federal government effectively took over, in order to protect the bosses’ profits, the two biggest mortgage holders and the biggest insurer in the country, and proposed to give bankers $700 billion to rescue the industry as a whole, a sum to be overseen by the dictates of the Treasury Secretary.The … Continue reading Behind the Wall Street Bailout: Workers Need An Action Program to Confront the Crisis
Obama’s Support for Wall Street Bailout & Other Attacks on Workers
[by Andy Pollack]The AFL-CIO, Change to Win, and virtually every individual union in the country is supporting Barack Obama for President. Yet as we’ll show below, he’s just another pro-corporate, pro-ruling class politician.First, a word about McCain’s economic platform, whose pro-corporate, pro-ruling class planks are so obvious that they need little exposure (it’s the job … Continue reading Obama’s Support for Wall Street Bailout & Other Attacks on Workers
Housing Crisis
Socialist Action Speech at a Health Care Rally in NYC
The Iraq War & the Economy
[by Andrew Pollack]The New York Times report on 5th-anniversary antiwar protests claimed that "while the banners and bullhorn rhetoric were strident, the mood among some was pessimistic. 'The war is not going to end,’ said Bob McGee. 'It doesn't matter who wins the election. The only thing that's going to stop it is the destruction … Continue reading The Iraq War & the Economy
What’s Behind the Economic Crisis?
by Andrew PollackAs we go to press, Bush and Congress appear headed toward agreement on a “stimulus package” of $146 billion centered on tax cuts of a few hundred dollars per individual. This measly amount is supposed to revive the economy and reassure the world’s stock markets. All presidential candidates left standing have endorsed the … Continue reading What’s Behind the Economic Crisis?
Why Mass Action?
The broad outlines of Socialist Action's views on the centrality of mass mobilizations in building an irresistible antiwar movement have been published in previous issues of this newspaper (see Jeff Mackler's article in our November 2007 issue). But some additional elaboration can be helpful at a time when activists are today discussing concrete measures to … Continue reading Why Mass Action?
Who Killed the Electric Car?
A complete copy of the "Who Killed the Electric Car?" documentary:http://video.google.com/googleplayer.swf?docId=5977085690337730430&hl=en
A Critique of Non-Profits
by Joan RoelofsThose who wish to promote change should look closely at what sustains the present system. One reason capitalism doesn't collapse despite its many weaknesses and valiant opposition movements is because of the "nonprofit sector." Yet philanthropic capital, its investment and its distribution, are generally neglected by the critics of capitalism. Most studies of … Continue reading A Critique of Non-Profits
Workers’ Last Ground: A Labor Day Sum-up
by Andrew Pollack / October 2006 issue of Socialist Action Every Labor Day there’s a flurry of reports on the state of the working class: income and benefits, employment prospects, views on the economy, etc. This year’s reports should be a wake-up call. Losses in wages, benefits, and jobs are happening despite the five-year-old economic … Continue reading Workers’ Last Ground: A Labor Day Sum-up