News and Views from the People's Struggle
San Jose, CA – While layoffs mount and cities report more hunger and homelessness, Wall Street is expecting the economy to boom in 2002. This has sent stocks soaring since late September. Wall Street expects the Federal Reserve Bank's eleven interest rate cuts this year, along with more tax cuts for corporations and the wealthy being pushed by Republicans in Congress, to spark a recovery in corporate profits.
Economist Adam Price answers your questions on the deepening economic crisis.
San Jose, CA – Silicon Valley's boom is going bust. Hi-tech corporations that were once the darlings of Wall Street, such as Cisco, Hewlett Packard, and Juniper Networks are laying off thousands of workers. The unemployment rate here in Santa Clara County has doubled since the beginning of the year.
Laid off or your hours cut back? Falling behind on your loan payments or finding yourself with a bigger credit card balance each month? Or you just can't manage to save for emergencies or retirement? Think that your tax refund check will help out? Better think again.
Asheville, NC – One hundred students gathered on the steps of the University of North Carolina-Asheville’s (UNCA) Ramsey library today to protest against the administration cutting days out of the 2009-2010 academic calendar. With banners reading “Transparency now!” and chanting, “Let the students have your say, give us back our reading day!” students rallied for accountability, transparency and more student participation in decisions that affect them and the university community. The Coalition for Education Rights, made up of several campus organizations including Students for a Democratic Society, Student Government Association and HOLA (Hispanic Outreach for Learning and Awareness) organized the action.
Minneapolis, MN – The Hennepin County Sheriff's officers knocked on the door of Rosemary Williams on July 24, at 9:15 a.m. They handed her an eviction notice, stating that she and her family (including two grandbabies) had to be out of the house by Monday. Ms. Williams, along with the MN Coalition for People's Bailout the MN Poor People's Economic Human Rights Campaign were already prepared with a press conference to announce plans to resist the eviction.
San José, CA -On July 2, the Labor Department announced that another 467,000 jobs were lost in June as the official unemployment rate rose to 9.5%. This brings the total job loss during the recession to more than 7 million. This means that all the jobs gained under the Bush administration have now been wiped away by the recession. This is the first time since the Great Depression of the 1930s that all the job gains of an economic expansion have been lost.
On May 1, International Workers Day, millions upon millions will be marching against the capitalist economic crisis that has engulfed most of the world. Working people in Africa, Asia, Europe, Latin America, the Middle East and North America will hit the streets to protest the soaring unemployment, shorter hours and cuts in pay that are sweeping the world.
El primero de mayo, día internacional de los trabajadores, millones de personas marcharán en contra de la crisis económica capitalista que ha consumido la mayoría del mundo. Gente trabajadora en África, Asia, Europa, América Latina, el Medio Oriente y Norte América tomarán las calles para protestar contra el creciendo desempleo, los recortes en horas y los recortes en sueldos que están afectando al pueblo a nivel mundial.
Rock Island, IL – “Wells Fargo, shame on you!” chanted the crowd of over 125 as eleven brave protesters blocked the road outside Wells Fargo here, July 9.
Quad City Die Casting workers and their supporters marched and rallied here, June 11, in front of the office of Wells Fargo. They demanded that the bank restore the financing and save the 100 jobs of the Moline, Illinois company slated for closing on July 12. The Republic Window and Door workers were there in force to show support and pass on lessons learned in their battle with Bank of America . A national day of action has been called for Tuesday, June 23, where Wells Fargo will feel the pressure from all over as the campaign turns up the heat.
St. Paul, MN – Chanting, “Hey Pawlenty here’s the fix: Tax the rich, tax the rich,” more than 50 people rallied in front of the Governor’s Mansion here, June 30 to slam Governor Pawlenty’s plan to cut hundreds of millions from health care, education, local government aid and human services. The protest was organized by the Welfare Rights Committee and backed by the Minnesota Coalition for a People’s Bailout.
Asheville, NC – People from all over western North Carolina protested here in Pritchard Park, June 27, to demand a single payer system in which health care is provided to all people, with those able to paying their fair share.
Minneapolis, MN – On Thursday, June 25, friends and supporters gathered at the home of Rosemary Williams to plan for action after getting devastating news. That morning, in a conference call, Judge Lloyd Zimmerman sided with finance giant GMAC and against Ms. Williams, who has been engaged in an epic battle to save her home. Attorneys for Ms. Williams tried to appeal the judge’s earlier ruling which had denied a trial in the foreclosure related eviction. Judge Zimmerman ruled that for an appeal to take place, Rosemary Williams would have to come up with a $49,000 ‘bond’ in two days.
Commentary
No End in Sight for Working People
In the six months since the financial crisis exploded with the collapse of New York investment bank Lehman Brothers, the world economy has been gripped by the greatest economic crisis since the Great Depression of the 1930s. U.S. and European banks have admitted a trillion dollars in losses, while the banking system of Iceland totally collapsed. Almost all of the major economies of the world, with the exception of China, have started to contract, with millions of workers losing their jobs and businesses going bankrupt right and left. Hardest hit for now are the new capitalist economies of eastern Europe, who are being slammed by their dependence on borrowing from foreign bankers, falling exports and plunging currencies.
St. Paul, MN – Leaders of the Minnesota Coalition for a People’s Bailout responded to the state budget forecast, March 3. The forecast anticipates a $4 billion deficit, despite the billions that will flow in from the federal stimulus.
San Jose, CA – Latest figures from the Federal Reserve show that the basic measure of the country’s money, or M-1, rose by $100 billion in the last three months of 2008. M-1 includes coins, paper money and checking deposits, which are all used to buy goods and services and also serve as a store of wealth. This increase in money in only three months comes to an almost 25% annual rate of increase in money.
San Jose, CA – On Jan. 29 the IRS released a report on the country’s 400 richest taxpayers in 2006. The report found that this group paid only 17.2% of their adjusted gross income in federal income taxes, despite making an average of more than $263 million each that year. This was the lowest rate for the entire time (15 years) that there are records.
When the House of Representatives bowed to popular anger and defeated the Bush administration’s $700 billion bailout bill on Sept. 29, 2008, Wall Street was dealt a stunning defeat. The next day, the Senate took the same bill and loaded it up with $100 billion dollars of tax breaks (including one for makers of wooden arrows). The Senate passed the bill the next day, which went on to pass in the House on Oct. 3.