Leo Panitch and Sam Gindin (authors of The Making of Global Capitalism: The Political Economy of American Empire): As long as effective demand remains low and banks demand austerity to protect their assets, the crisis will deepen.
Part Two: The Crisis and Who Has the Power
Major structural change or effective short term reforms requires addressing democratic decision making starting with making banks a public utility.
Markus Stanley (Policy Director, Americans for Financial Reform): Derivative bets not a zero sum game, have far reaching real world consequences
A commentary by Jane D’Arista assessing the actions of the Federal Reserve in managing the economic crisis.
Second part of Jane D’Arista commentary on the role of the US Federal Reserve in managing the crisis of global capitalism .
Bill Black: Even though many on Wall Street understand need for regulation, most want a free-for-all and damn the consequences
from Democracy Now!
… the old-school industrialists, like Mitt Romney’s father, they were men and women who built communities. They had factory towns. They were very anxious to leave, you know, hard legacies that people could see: hospitals, churches, schools—you know, the Hersheys of the world, the Kelloggs. But these new owners have absolutely no allegiance to American workers, American places, American communities. Their only allegiance is to the investors and to themselves. And so, it’s not at all uncharacteristic to have these situations where people are pleading for their jobs or they’re saying, you know, “We’ll tighten our belts, if you just make this concession and keep us.” That’s irrelevant to the Mitt Romney/Bain Capital/Carlyle Groups of the world. They’re entirely about making profits. And if that means shipping jobs to China or eliminating jobs, that’s what they’re going to do. And that’s the new generation of corporate owners in this country. — Matt Taibbi
A new article by reporter Matt Taibbi in Rolling Stone sheds new light on the origin of Republican presidential candidate Mitt Romney’s fortune, revealing how Romney’s former firm, Bain Capital, used private equity to raise money to conduct corporate raids. Taibbi writes: “What most voters don’t know is the way Mitt Romney actually made his fortune: By borrowing vast sums of money that other people were forced to pay back. This is the plain, stark reality that has somehow eluded America’s top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time. In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.”
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from Democracy Now!
After repeatedly touting his business experience as an asset towards reviving the U.S. economy, Mitt Romney has been put on the defensive by Bain Capital workers who are fighting back against the outsourcing of their jobs. One hundred and seventy workers at a Sensata Technologies plant in Freeport, Illinois — of which Bain is the majority owner — are calling on Romney to help save their jobs from being shipped to China. The factory manufactures sensors and controls that are used in aircraft and automobiles, but has been dismantling and shipping the plant to China piece-by-piece — even as it requires the workers to train personally their Chinese replacements, who have been flown in by management. We’re joined by two workers from the Sensata plant in Freeport, Illinois: Tom Gaulrapp and Cheryl Randecker. Both worked at Sensata for 33 years and were told their jobs would be terminated by the year’s end.
from the Center for American Progress
The United States is the only developed nation that does not guarantee paid sick leave for workers when they are ill, or when they need to miss work in order to take care of a sick family member. Sarah Jane Glynn, a Policy Analyst at the Center for American Progress, explains why there is a need for paid sick days, who benefits and why guaranteed paid sick days for workers is good for the economy.
TIm A. Wise (Global Development and Environment Institute, Tufts University): US food reserves at an historic low as biofuels, climate change and speculation exacerbate food crisis.
from GRITtv with Laura Flanders
The latest book from Robert Pollin, economics professor at University of Massachusetts Amherst and director of the Political Economy Research Institute, is “Back to Full Employment.” If the title seems bold, the road map Pollin lays out behind it is hardly outlandish. In this conversation with Laura Flanders, Pollin explains how the Federal Reserve can grow employment tremendously, without the need for any legislation.
from PDA-IL
John Laesch of Northern Illinois Jobs With Justice (NIJWJ.org) speaks about austerity measures in Illinois.
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