imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

The Neediest Need Help Like the Banks

by Kolya Rudzio Friday, Oct. 24, 2008 at 4:07 AM

The same state haggles over every bowl of soup for welfare recipients. For banks, billions appeared overnight. There must also be money for higher wages and more social services.


State Intervention

By Kolja Rudzio

[This short article published on: Zeit Online 42/2008 is translated from the German on the World Wide Web. The state gives billions to bail out the banks. While that is right, the poor need support like bankers.]

Was this shining madness or unparalleled injustice? The state earmarks billions for rescuing the banks and protecting savings accounts. On the other hand, the same state haggles over every bowl of soup for Hartz IV welfare recipients. What is necessary for life can be identified exactly. The benefit amounts must change when the prices rise.

Both banks and Hartz IV recipients belong together. Things are not as simple as DGB (Federation of German trade Unions) chief Michael Sommer presents them. There must also be money for higher wages and more social services. This money has always been scarce, even without crisis. No one knows the extent the government will actually pay for its promises to banks and savers at the end. When the bailout billions are due, the state must finance them through higher taxes, new debts or reduced spending. This affects everyone, including the poor.

The state tries to save the banking system from a collapse that seems unavoidable. Still there is a massive incongruity – not only because lax oversight in the financial system made possible a debacle of billions while the private life of Hartz IV recipients is controlled meticulously. Many social benefits have been frozen for years. That is part of the incongruity or imbalance. When the German government now raises housing subsidies and children’s allowance, this is only a long overdue correction. The Hartz IV levels must be upgraded. This will not be easier through the financial crisis but is possible. A part of the everyday economic subsidies (annually 30 billion euro) could be eliminated. The welfare state should concentrate more on the neediest. They need help just like the bankers.


By Linkszeitung

[This article published 10/14/2008 is translated from the German on the World Wide Web,]

Berlin. “We warn against solving the financial market crisis at the expense of citizens and the welfare state,” declared Professor Gunnar Winkler, president of Volkssolidaritat (People’s Solidarity) in Berlin on the billions for the banks resolved by the German government. “It is amazing how quickly many billions appeared to bail out banks while there is no money for pensions, benefits for children and youth or the necessary upgrading of the Hartz IV benefit. The thesis propagated for years that we cannot afford the welfare state is refuted.”

People’s Solidarity advocates measures to ensure functioning financial systems for economic development, secure jobs and distribute burdens justly. But it opposes burdening the general public with state assistance for losses from financial market speculations, the association’s president emphasized. The crisis of the financial markets must have clear consequences. Mammoth assets based on speculation profits do not contribute or contribute little to financing public essentials. This is unacceptable.

Winkler said: “We need more solidarity in the social security systems, not privatization of social security open to the risks of the financial markets. The legal transfer-financed pension insurance must be strengthened as the most important guarantee of provisions for old age. This insurance could be expanded to insurance for employed persons. As our legal health insurance, we do not need a health fund that shifts the burdens more and more on the insured but rather a citizen insurance making impossible high quality of medical care for all the insured.

The welfare state may not be further cut and robbed of its financial foundations to help banks and financial companies, Winkler stressed. This is vital in view of a financial misery caused by those who speculated irresponsibly with their money and now are bailed out with tax funds by citizens. That would be another completely wrong track. For whom is policy really made in this country?


How capitalism became raging

By Spiegel staff writers

[This article is translated from the German in: Spiegel 42/2008.]

Enormous deficits, constantly increasing unemployment numbers, firm bankruptcies one after another, oppressive costs and an unpopular war marked the 1970s. In the 1970s America became meshed in an unbearably long decline.

Here are the roots of the Black Fall of 2008. Ronald Reagan in the White House sowed the long-term crisis at that time. A new age began, an age of unbridled turbo-capitalism. Up to today president George W. Bush and his would-be successor John McCain raved about that turbo-capitalism.

On Wall Street, terms like “junk bonds,” “derivatives” and “shareholder value” were popular, exotic, golden magic words that all conjured fantastic profit chances, the merciless pursuit of profit.

In Washington, Reagan did everything to unleash the forces of the free market: taxes knocked off, state spending cut and regulations cleared out. “Hands off” was the motto of the whole government machine.

One man later watched over the purity of the doctrine: Alan Greenspan, chairman of the Federal Reserve from 1987 to 2006. He successfully fought every attempt to craft clear rules for Wall Street’s new popular financial products. To Greenspan, derivatives were simply “useful instruments” for spreading risk. Where was the problem when creditors with derivatives secured themselves against losses from mortgage businesses? Regulating such securities “would be a mistake,” Greenspan told the US Senate in 2003.

Politicians followed the counsel of their admired “oracle” and gave free rein to the new super-complicated financial products of the 21st century. According to their logic, small investors who should be protected could not invest in hedge funds, “credit default swaps” and all the other hardly understandable Wall Street inventions. No mechanism was needed for the smart, so-called institutional investors. That was the disastrous calculus of Greenspan and his Republican Party friends in Washington.

“Nothing indicates state monitoring is superior to the self-control of the markets,” was the mantra of the head of the Federal Reserve.

That hedge-fund-star, George Soros, publically warned of derivative transactions (“because we don’t understand how they function”) or that “America’s most successful investor, Warren Buffet, saw potential deadly dangers in them did not derail Greenspan or the republican establishment.

As a result, the derivative market swelled up incredibly from 2 trillion in 2002 to 6 trillion by the end of 2007. Hedge funds grew into an uncontrollable financial giant. The investment banks speculated cheerfully with borrowed billions largely undisturbed by monitoring authorities.

Until just before the crash, the pure market doctrine of president Bush was the measure of all things.

In the boardrooms of Wall Street, the remnants of financial oversight were scornfully laughed at – above all the Securities and Exchange Commission (SEC). In 2004 the SEC generously allowed the five largest investment banks to expand their indebtedness. Voluntary self-control should ensure security in the branch.

The authority assigned 30 staff persons to monitor Bear Stearns, Goldman Sachs, Lehman Brothers, Morgan Stanley and Merrill Lynch. “The officials didn’t have a chance,” a top New York banker says about the control mandate of the SEC. “The crisis could not be prevented with such a small team.”

This insight first gained acceptance in Washington after the collapse of the proud branch. “Self-control does not function,” said SEC-chief Christopher Cox. The oversight program of the SEC board was wrongly aimed from the beginning.”

Report this post as:

Listed below are the 10 latest comments of 1 posted about this article.
These comments are anonymously submitted by the website visitors.

Local News

More Pix: "Families Belong Together," Pasadena J02 12:16PM

"Families Belong Together" March, Pasadena J02 12:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 4:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J10 11:58PM

Watch the Debate: Excluded Candidates for Governor of California M30 10:20PM

Change Links June 2018 posted M28 12:41AM

The Montrose Peace Vigil at 12 Years M22 1:01PM

Unity Archive Project M21 2:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 3:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 2:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 1:57PM

California police agencies violate Brown Act (open meetings) M02 1:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 4:47PM

Change Links May 2018 A27 1:40AM

Worker-Owned Car Wash on Vermont Closed A26 10:37PM


lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

More Local News...

Other/Breaking News

The System Question as a Survival Question J18 8:54PM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen J18 2:41PM

Nation's Largest Voting Machine Co., ESS, Admits Lying Re Having Installed Remote Control J18 11:55AM

Du pain et des jeux J18 9:53AM

Fbi joins with Facebook to remove this report J18 7:08AM

Paraphysique de martyrologie J17 8:00AM

Asian Countries:Cambodia, Vietnam, N. Korea do not permit unlawful immigration J16 8:06PM

Children Incorporated Earns 4-Star Rating on Charity Navigator J16 11:24AM

Democratic Socialists of America J14 4:57PM

Leonard Peltier Non Violent Native American Political Prisoner since 1970's J14 4:18PM

Paraphysique miscellanées de l'aggiornamento J14 12:54AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Cleanup J13 4:14PM

FBI Investigated LA County Sheriff Baca,Why Not Hank Skinner's Persecution? J13 3:52PM

Updated Partial List Of Famous Vegetarians, Vegans, & Fruitarians J13 2:59PM

The Shortwave Report 07136/18 Listen Globally! J12 4:36PM

Social Policy as Social Infrastructure J12 3:38AM

Vol I: 84 Varieties Of GOP Election Fraud J12 1:50AM

Texas Can Call it An Execution,But It is A State Sponsored Murder of Hank Skinner.. J11 6:48PM

June 2018 Honduras coup update J11 3:35PM

Maria Estrada doubles down on racist support J11 1:40PM

New York Women in Film & Television Announces 2018 NYWIFT Ha Phuong Scholarship Recipients J11 10:14AM

Trapps de la domination, trapps de l'aliénation J11 1:31AM

Please Work For The Defeat Of Brett Kavanaugh And Why J09 8:54PM

Change Links 2018 July posted J09 1:27PM

Transinhumanisme ( transe inhumanisme ) J09 12:44PM

Google, World's Biggest Censor, Was Founded By The CIA J09 10:25AM

For a World Free of Nuclear Risks J09 8:29AM

Corrupt CDC Ignores Meat Fish Recalls J09 4:55AM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy