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Tag: Capitalism


AP photo / Craig Ruttle

Why I Am a Socialist

The free market and globalization, promised as the route to worldwide prosperity, have been exposed as a con game. We will either find our way out of this mess by embracing an uncompromising democratic socialism or we will continue to be fleeced and impoverished by our bankrupt elite.

Posted on Dec 29, 2008 READ MORE


Caracas Shopping
thewe.cc

Chavez to Mall: Váyase!

Nothing says full of yourself like ordering a Venezuelan mayor to halt construction of a near-complete shopping mall after passing by it in a car. Obviously, President Hugo Chavez has a bit of a ego, though his suggestion to use the facility as a university or hospital, not as a monument to consumption and capitalism, does seem a bit more just.

Posted on Dec 24, 2008 READ MORE


Generic Unemployment
connectedmichigan.com

Unemployment Filings at 26-Year High

With American jobs being steadily peeled away, hundreds of thousands of people are being forced to seek unemployment benefits for the first time. The number of first-time claims rose 5.4 percent last week, to their highest level in more than a quarter-century.

Posted on Dec 24, 2008 READ MORE


Bush Bailed Out
The New York Times / Doug Mills

To the Bailoutmobile!

In an avowed effort to save capitalism from itself, President Bush announced Friday that he would throw the Big Three failing auto companies a $17.4 billion lifesaver, siphoning that money from the initial $700 billion bailout slush fund authorized by Congress in October.

Posted on Dec 19, 2008 READ MORE


Latino Leaders
AP photo / Andre Penner

Latin Leaders Rebuke U.S.

In a summit that celebrated the absence of the U.S. on its guest list, Latin American leaders met in Brazil to discuss a post-U.S. hegemonic world. The talks, which centered on the “demise” of the capitalist model, also snubbed former colonizing nations Portugal and Spain in a further demonstration of the increasing political autonomy of the region.

Posted on Dec 17, 2008 READ MORE


Blundering U.S. Should Spare the World Any More Nation Building

According to a new report, the U.S. has accomplished little more in Iraq than restoration of the basic services destroyed by the American invasion and the looting that followed. This is after killing or wounding—how many, a half million?—Iraqi civilians in order to liberate them. No wonder the Iraqi journalist threw his shoes at George W. Bush.

Posted on Dec 16, 2008 READ MORE


ENTER_ALT_TEXT
New York Times / Stephen Crowley

Bailout to Jump-Start Detroit

Agreement has been reached between the White House and congressional Democrats to offer the U.S. auto industry a $14 billion emergency package aimed at keeping the Big Three going until spring. Also, in the grand tradition of state socialism, the deal includes a new auto “czar” to oversee the restructuring of Detroit.

Posted on Dec 10, 2008 READ MORE


Unemployment Chart
U.S. Department of Labor

A Dark November for Jobs

The news continues to get worse after the government finally put the “official” stamp on the current recession. The Labor Department has announced that 533,000 jobs were lost in November, the biggest monthly cut in 34 years—with analysts fearing that the 11-month trend of increasing job losses will deepen even further.

Posted on Dec 5, 2008 READ MORE


Big Three
aolcdn.com

Poll: Auto Bailout Low on Fuel

With a bailout of the Big Three hovering over our political landscape, popular opinion has signaled a considerable voice against any federal support for the failing auto industry. A poll shows 61% of Americans oppose a bailout, believing any government assistance would be both unfair and ineffective in fixing the economy.

Posted on Dec 3, 2008 READ MORE


WalMart
Patrick E. McCarthy

A Casualty of Black Friday

What does the post-Thanksgiving shopping rush dubbed Black Friday really symbolize in the U.S.? The death of a Long Island worker after a mob of shoppers rushed into a Wal-Mart certainly shows the worst of American consumerism and excess, but where do we position such exuberance in a time of economic downturn?

Posted on Nov 28, 2008 READ MORE


Unions for Obama
my.barackobama.com

Where’s Labor?

Not only is Barack Obama packing his inner circle with neo-liberal Clinton stalwarts, he’s also avoiding the question of labor by not including any representative of workers in the economic policy team he announced Monday. What gives?

Posted on Nov 26, 2008 READ MORE


ENTER_ALT_TEXT
washingtonpost.com

Running on Empty

Republican Sen. Richard Shelby seems to be one of the only real capitalists left on Capitol Hill. The Alabaman argued Wednesday that U.S. auto firms should be left to the realities of the market, letting companies like Ford, GM and Chrysler go bankrupt and forcing the failing industry to carry out what Shelby believes are much-needed reforms.

Posted on Nov 19, 2008 READ MORE


Deflation
telegraph.co.uk

Deflation Dangers Daunt the Economy

Analysts believe the economy is already in “horrific shape”—with news this month of record-breaking drops in the cost of living and new home construction—and is inching closer to a dangerous deflationary period, which could worsen the current economic crisis by making debts even harder to repay.

Posted on Nov 19, 2008 READ MORE


Bush

‘Daily Show’: Bush Valiantly Defends Free Market

Good thing President Bush was there to remind attendees at last weekend’s G-20 summit that capitalism isn’t all bad; after all, it gave us Hot Wheels and iPods!

Posted on Nov 18, 2008 READ MORE


Some Blame Must Follow the Financial Collapse

“What am I going to tell the public,” one French official asked, “when there are 3 million people marching in the streets of Paris? That ‘we all made mistakes’? That no one was really responsible?”

Posted on Nov 11, 2008 READ MORE


Unemployment
wfxl.com

Jobless Rate Hits 14-Year High

As if to prevent surplus national exuberance over the electoral defeat of John McCain on Tuesday, the Labor Department announced that the country’s unemployment rate has hit a 14-year high of 6.5 percent, with 240,000 jobs lost in October as joblessness continues to increase in the face of economic turmoil.

Posted on Nov 7, 2008 READ MORE



us.penguingroup.com

Nicholas von Hoffman on Kevin Phillips’ ‘Bad Money’

An insightful book discloses how a confidence game combined pride and cunning and stupidity to bring America to the brink of catastrophe.

Posted on Oct 31, 2008 READ MORE


McCain’s Socialist Delusion

Wherever John McCain appears on the stump in these waning days of the presidential campaign, he is always accompanied by his imaginary friend “Joe the Plumber,” but it is the specter of Karl Marx that lurks just offstage.

Posted on Oct 22, 2008 READ MORE


Bush Waving
usatoday.com

Bush’s Farewell Gala

As if there was no better way to conclude the past eight years of the current administration, President Bush will host his own personalized going-away party: the world’s first “global financial summit,” where leaders will discuss the current global economic troubles and hopefully ways to prevent such crises from recurring.

Posted on Oct 22, 2008 READ MORE



AP photo / Henny Ray Abrams

The Idiots Who Rule America

Our oligarchic class is incompetent at governing, managing the economy, coping with natural disasters, educating our young, handling foreign affairs, providing basic services like health care and safeguarding individual rights. They have no concept, thanks to the educations they have received, of the common good.

Posted on Oct 20, 2008 READ MORE


Bank
spiegel.de

Otto Von Bailout

If you thought the United States’ $700-billion bailout would quell the global financial crisis, think again. The German parliament just approved a $675-billion bailout of Germany’s financial markets, a plan that is part of a coordinated European response to volatile global and regional markets.

Posted on Oct 17, 2008 READ MORE


Palin and McCain
AP photo / Gerald Herbert

The Hoover-Palin Ticket

And the winner is … Franklin Delano Roosevelt. Remember him—the great Democratic president who saved capitalism from the capitalists by reining in their exorbitant greed? Forget the Reagan Revolution heralding a new era of small government, which turned out to be nothing more than a fig leaf for legalized corporate crime. The hero of the hour is FDR.

Posted on Oct 14, 2008 READ MORE



AP photo / Gerald Herbert

America’s Political Cannibalism

It is no longer our economy but our democracy that is in peril. Financial collapses lead to political extremism. The rage bubbling up from our impoverished and disenfranchised working class, glimpsed at John McCain rallies, presages a looming and dangerous right-wing backlash.

Posted on Oct 13, 2008 READ MORE


IMF Building
foxnews.com

IMF Warns of Pending Global Downturn

With all the negativity in the ether regarding the stability of the world economy, it’s surprising that the International Monetary Fund took so long to throw its two cents into the fray. Never the fund to disappoint, the IMF issued a report Wednesday that warns of a pending global downturn following the U.S. credit crisis, as confidence falters in finance and credit markets around the world.

Posted on Oct 8, 2008 READ MORE



news.bbc.co.uk

Europe Catches Bailout Fever

European leaders decided against a joint bailout of the Continent’s financial system, but that hasn’t stopped individual governments from trying to save failing and financially shaky institutions. The German government, which has been highly critical of U.S. economic mismanagement, just backed a $68-billion deal to save one of its biggest banks.

Posted on Oct 5, 2008 READ MORE


Unemployment Rate
bls.gov

How Can These Fundamentals Be Called Strong?

A government report released Friday morning leaves little room for any defense of the failed policies of the Bush administration or any belief in the economic wisdom of John McCain, whose erroneous assertion that the “fundamentals of the economy are strong” failed to mention a 6.1 percent unemployment rate, up nearly two percentage points since 2007.

Posted on Oct 3, 2008 READ MORE


Saying ‘No Deal’ to This New Deal

The marriage of American capitalism and democracy has always been a Pamela Anderson and Tommy Lee affair—stormy and erratic since its hasty wedding. But during the debate over a Wall Street bailout this week, we watched that matrimonial knot unwind into a tangled tale of terror.

Posted on Oct 2, 2008 READ MORE


Making the Bailout Less Toxic

The initial failure to pass bailout legislation reflected a political system as bereft of confidence as the financial markets.

Posted on Oct 1, 2008 READ MORE


Machado at the UN
AP photo / Seth Wenig

Latin Leaders Blast Bailout

The most explicit anti-capitalist analysis of the U.S.‘s proposed bailout of major finance firms is not domestic, but rather international. A cadre of left-leaning leaders in Latin America is ramping up criticism of Bush’s crony capitalism, arguing that the U.S. economic crisis was caused by the driving logic of American imperialism: fast money at the expense of the poor.

Posted on Sep 25, 2008 READ MORE


BBT
finfacts.ie

Hustling Toward a Bailout Compromise

Following days of hype-work by the Bush administration to scare taxpayers into paying for Wall Street’s failures, support for the $700-billion bailout seems to be gaining steam. Analysts believe the final bailout plan, expected in a day or two, may look eerily similar to Bush’s initial proposal, with some slight changes.

Posted on Sep 25, 2008 READ MORE


Brokers and Bankers First

Share
Posted on Sep 23, 2008 READ MORE


Getting the Bailout Right

Unless something very strange happens, Congress will pass a massive bailout of the financial system by the end of this week simply because every other option is worse. But the content of the bailout package matters enormously.

Posted on Sep 22, 2008 READ MORE


So Much for the ‘Masters of the Universe’

Let’s be clear about why we’re facing a crisis that could pull down the global financial system. The irresponsibility of individuals who bought houses they couldn’t quite afford pales in comparison to the irresponsibility of the financial wizards who built on those shaky mortgages a towering edifice of irrational faith.

Posted on Sep 22, 2008 READ MORE


Paulson Congress
AP photo / Lauren Victoria Burke

Paulson Bailout Plan Could Reach $1 Trillion

If you thought the Iraq war was expensive, the Bush administration is also throwing an estimated $1-trillion bailout of major finance firms to prevent a meltdown of the U.S. economy. President Bush and Treasury Secretary Henry Paulson outlined such a “bold approach” Friday morning, yet detailed plans still remain forthcoming.

Posted on Sep 19, 2008 READ MORE



commons.wikimedia.org / Manfred Brückels

Reality Catches Up to the Free Market

Karl Marx, were he still about, would surely be interested in the report that unregulated free-market capitalism has died in a flash, by its own hand; whereas it took 70 years and a Cold War to bring down the Marxist economy established in the Soviet Union following the Bolshevik Revolution.

Posted on Sep 18, 2008 READ MORE


Zell Chair
richsamuels.com

‘Class Act’-ion at the L.A. Times

Former reporters from the L.A. Times and at least one current star columnist have filed a class-action suit against Sam Zell. The billionaire’s reign over the paper beginning in late 2007 has not been pretty, and the lawsuit contends that recent violations of federal financial rules have “diminished the value of the employee-owned company to benefit himself and his fellow board members.”

Posted on Sep 17, 2008 READ MORE


Markets Respond to Fannie, Freddie Takeover

Investors have been throwing money at stock markets the world over following the news that Fannie Mae and Freddie Mac have been placed under federal conservatorship. Some analysts are confident that the move will stabilize the mortgage giants and, in turn, a tanking housing market. With hundreds of billions of taxpayer dollars on the line, let’s hope they’re right.

Posted on Sep 8, 2008 READ MORE


Making Goliath Walk

In the imminent confrontation over the Employee Free Choice Act, an almost embarrassingly modest proposal, corporations are actually billing themselves as the underdog—the poor, overmatched peasant David against the Philistine monster Goliath.

Posted on Sep 4, 2008 READ MORE


ENTER_ALT_TEXT
wikimedia.org

China Gets the (Sooty) Gold in Power Emissions

China’s unceasing economic growth has always worried environmentalists, and a new report by the Center for Global Development may put those concerns on a new level. After increasing power-plant emissions by a third this year, China’s coal-based power sector is poised to be the most polluting in the world ... even worse than that of the United States.

Posted on Aug 27, 2008 READ MORE


ENTER_ALT_TEXT
Wiki Commons/Andy Miah

Beijing 2008: Are You Ready for McCommunism?

Naomi Klein points out that while repression in China is nothing new, Police State 2.0 has nothing to do with Communist ideological purity and everything to do with creating “the ultimate consumer cocoon for Visa cards, Adidas sneakers, China Mobile cell phones, McDonald’s happy meals, Tsingtao beer, and UPS delivery—to name just a few of the official Olympic sponsors. But the hottest new market of all is the surveillance itself ... an entirely for-profit affair that is the latest frontier for the global Disaster Capitalism Complex.”

Posted on Aug 7, 2008 READ MORE


Mauritana Military and Police
javno.com

Bloodless Coup Leaders Arrest Mauritania’s President

The government of President Sidi Ould Cheikh Abdellah came to an end Wednesday in the West African state of Mauritania, as military officers arrested both Abdellah and the prime minister in a coup against a government denounced for its “corruption and ineptitude in handling rising food prices and oil revenues.” Sound familiar at all?

Posted on Aug 6, 2008 READ MORE


South Africa Strike
guardian.co.uk

2 Million South Africans on Strike

A national strike left South Africa’s streets largely deserted Wednesday as 2 million people refused to work in protest of soaring food and fuel prices. The action, led by a coalition of trade unions, was symbolic and precautionary, suggesting additional strikes if the government and business remained inept at managing the national economy.

Posted on Aug 6, 2008 READ MORE


China’s Quest for Olympic Glory

The Chinese authorities’ anxiety that the Olympic Games will be a success reflects their need to find international confirmation of their general political and economic policies of the past 20 years.

Posted on Aug 6, 2008 READ MORE



AP photo / Hasan Sarbakhshian

A War of Self-Destruction

An attack on Iran, which Israeli and Bush administration officials appear set to carry out if Iranian uranium enrichment is not halted, would ignite a regional war in the Middle East and lead to economic collapse and political upheaval in the United States.

Posted on Aug 4, 2008 READ MORE


Elaine Chao
flickr.com

Unemployment at a Four-Year High

A government report released Friday signals worsening economic tides as the U.S. tries to navigate through its highest level of unemployment in four years. The seven-month-long trend of net job losses is likely to persist, with few signs of a turnaround on the horizon.

Posted on Aug 1, 2008 READ MORE


Pascal Quiet
boston.com

New World Trade Treaty Plowed Under

The World Trade Organization talks in Geneva finally imploded Wednesday, as negotiations over farm subsidies and labor standards collapsed into an immovable standstill between wealthy and poorer countries. The talks, defended heavily by the “developed world,” are seen by critics as an instrument to serve corporate interests.

Posted on Jul 30, 2008 READ MORE


Detroit Homeless Shelter
Detroit News / Ankur Dholakia

Chronically Homeless Numbers Down 30%, U.S. Claims

In the face of a U.S. housing crisis and a troubled economy, Bush administration officials claim that the past two years have seen a 30 percent drop in the levels of chronically homeless people, crediting the decrease to a strategy of finding permanent shelter for the long-ignored disabled and addicted.

Posted on Jul 30, 2008 READ MORE


Hong Kong Protest WTO
flickr.com

Second Wind for WTO Talks?

While supporters of the much troubled Doha Round of the World Trade Organization believe talks may have found their second wind, only the world’s largest economies seem to be breathing. The form of capitalism supported by these countries is resisted by poorer nations, which rightly fear WTO deregulations would disproportionately benefit the wealthy.

Posted on Jul 25, 2008 READ MORE


Nam Theun 2 Dam
namtheun2.com

World Bank Finds Itself Wanting

The World Bank is being criticized for a persistent lack of environmental focus in an internal review of its lending activities. The new report rails against the environmental degradation caused by many bank-funded projects in poor countries that harm local communities in the name of “development.”

Posted on Jul 23, 2008 READ MORE


book cover

William Pfaff on General Motors

Are workers to blame for the fix that General Motors (along with many other corporations) is in? A new book by Roger Lowenstein argues that they are. He couldn’t be more wrong.

Posted on Jul 18, 2008 READ MORE


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