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.
Tags: 2012 elections, austerity, banking, Barack Obama, capitalism, class, class struggle, Democrats, economic stimulus, economy, Federal Reserve Bank, finance, Leo Panitch, Mitt Romney, neoliberalism, public works spending, quantitative easing, Republicans, Sam Gindin, strategy and tactics, supply side, tax cuts, The Left, unemployment, unions
