Governments run deficits because of drying up of the tax base. Populists brought Greenspan and Paulson before congressional committees.

Crisis is systemic to capitalism and part of its dynamic and evolution. Capitalism has developed with contradictions.

As capitalism spread to become today's global capitalism involving globalization of production, investment and trade, financial capital has become important in spreading and hedging risk.

Capitalism deepens itself socially by integrating the mass of the people in the financialization of everyday life.

The state has facilitated this process and is central to its happening. Corporations do not sign free trade agreements.

to hear this November 26, 2008 TSCI event with Sam Girdin and Leo Panitch, click on

http://www.tsci.ca/audio/Grasping_the_Financial_Crisis.mp3