America's Dual Recession (tags)
There is every reason to expect that many of the lost jobs – perhaps as many as 40% – will never come back. In the short to medium term, the tragic paradox is that employment opportunities are both too few and pay too little.
The Bank Of Israel, Gold, And The Third Temple (tags)
BUY GOLD, GLOBAL DEPRESSION COMING!
The Consequences of a Trump Shock (tags)
Now is a good time to ask whether the global economy is in good enough shape to withstand another major negative shock. The answer, unfortunately, is that growth and employment around the world look fragile. A big adverse surprise – like the election of Donald Trump in the US – would likely cause the stock market to crash...
The State Should Rescue the Market Economy (tags)
A balance recession is more than a temporary slump of the economy. During a balance recession, private economic actors try to reduce their debts. The cheap money seeps out on the financial markets where it leads to new bubbles. The labor market does not function like other markets. Falling wages did not lead to more employment - as claimed for decades.
More Austerity Cuts Coming to the States (tags)
The Great Recession has quietly devastated public services on a state-by-state basis, with Republican and Democratic governors taking turns leading the charge. Public education has been decimated, as well as health care, welfare, and the wages and benefits of public sector workers. The public sector itself is being smashed. Since the recession began, states have made combined austerity cuts of at least $337 billion, according to the Center of Budget and Policy Priorities
The U.S. Labor Movement at the Crossroads, in the Crosshairs (tags)
The labor movement had better do some deep soul searching, and fast. Although the defeat in Wisconsin is the horrible end to a local drama, the corporate winners hope to turn their victory into the beginning chapter of a national novel.
Video: On the Brink: Fiscal Austerity Threatens a Global Recession (tags)
Dr. Heiner Flassbeck, Director, Division on Globalization and Development Strategies, UNCTAD: European austerity policies past the point of no return, driving global economy towards deep and lengthy recession
Grim 2012 Economic Outlook (tags)
class war
The Crisis, Trust and Homeowners (tags)
Capitalism cannot function any more without credit-financed debt on account of its increasing productivity. The recession will come because the indebtedness-dynamic can hardly be maintained with which the capitalist zombie-economy is kept alive in its pseudo-life.
Politics in the Crisis Trap (tags)
A discontinuance of debt-financed economic programs leads to an economic slack period resulting in stagnation and recession. Crisis policy finds itself in a philosophical paradox. The political class can only choose between more indebtedness up to state bankruptcy (with hyper-inflation) or harsh austerity programs.
Working America's Dismal State (tags)
depression
Videos on Debt and Recession: Michael Hudson, Richard Wolff and Dean Baker (tags)
We face a worldwide downward spiral and the capture and instrumentalization of the state by big capital. We face a repressed 40-year crisis of capital, a neoliberal counter-revolution of reduced corporate taxes, wage stagnation, language distortion and state indebtedness,
Economic Recessions in America (tags)
The US economy, and for that matter the global economy, is a living, breathing thing. With that analogy in mind, we find that the comparison is closer than most of us would normally think.
The Two Roads Out of Recession (tags)
Recent events in Washington, D.C. should provoke fear and outrage in the average American worker. As the jobs recession staggers on, politicians and labor leaders alike seem bizarrely distanced from reality, unable to advance any ideas that remotely correspond to the basic demands of those tens of millions of unemployed, under-employed, or poorly paid workers. Instead, what we get is President Obama's recent groveling to the corporate-dominated Chamber of Commerce, pleading with them to hire workers. The President's recent speech to the Chamber implied many dangers, which neither labor federation-- AFL-CIO and Change to Win -- bothered to point out. In fact, the AFL-CIO applauded sections of the speech, rather than condemning its sinister motives. If labor unions align themselves with the President's and the Chamber's pro-corporate path out of the recession, a workers’ road to recovery will be bypassed.
Seven Reasons Why the Economy Can't Recover (tags)
As the recession grinds on, politicians in most industrial countries have an incentive to make exaggerated claims about the supposed coming economic recovery. Some say the recession is over. Obama is in the group that claims we're on "the road to recovery,” while other nations can only spot recovery "on the horizon.” Below are seven important social phenomena that point to a more realistic economic and political outlook. 1) Central Banks are Dumbfounded. The usual tricks that U.S. and European central banks use to avoid recessions are long-exhausted. Interest rates cannot get any lower. And because cheap money wasn't working, the printing press was turned up a notch, into what the U.S. federal reserve calls quantitative easing -- injecting hundreds of billions of dollars into the world economy, escalating an emerging trade war.
VIDEO: Austerity Road to 19th Century (tags)
James Crotty is an emeritus professor of economics at U Mass in Amherst. Some economists are more worried about deficit than recession. Large financial institutions were rescued. Obama drank the Kool-Aid. Double-dip recession will lead to lower investment.
Jerry Brown's first time as governor (tags)
Jerry Brown's first time as governor and the taxpayer revolt
U.S. Socialist Alexander: NBER Offers Christmas Report Regarding U.S. Recession (tags)
Alexander says “Working people have not seen any signs of an economic recovery; as many as 22 million Americans are out of work. U.S. home sales plunged to the lowest level in 15 years, millions of working people are in jeopardy of losing their homes, and jobless claims have risen to the highest levels in 9 months. The U.S. is in the deepest recession in the past 80 years and there are no signs of a recovery.”
"Severe Austerity Programs will have Catastrophic Consequences" (tags)
"Instead of real growth, the financial sector has only promoted phantom growth. The state functions differently than a family. Less should be spent for unproductive purposes like the wars in Afghanistan and Iraq and unconditional bank bailout packages.."
If the U.S. economy eventually recovers and current trends continue, U.S. workers won’t be celebrating in the streets. The corporate establishment has made it clear that a “strong recovery” depends on U.S. workers making “great sacrifices” in the areas of wages, health care, pensions, and more ominously, reductions in so-called “entitlement programs” — Social Security, Medicare, and other social services. These plans have been discussed at length in corporate think tanks for years, and only recently has the mainstream media begun a coordinated attack to convince American workers of the “necessity” of adopting these policies. The New York Times speaks for the corporate establishment as a whole when it writes:
How Recessions Cause Wars and Revolutions (tags)
A quick glance around the globe reveals a ruined international economy, wars and more wars in the works, and revolutionary movements aplenty — all connected phenomena. No, the apocalypse is not coming; but the international economic system currently used to arrange the social order is crumbling, taking everyone down with it. The global capitalist system is in far worse shape than most people realize: it may only take the tiny economy of Greece to go bankrupt to break this camel’s back — and finally the word “recession” will be antiquated and “depression” will be in vogue.
The death of macho: The era of male dominance is over (tags)
The most enduring legacy of the Great Recession will not be the death of Wall Street. It will not be the death of finance. And it will not be the death of capitalism. These ideas and institutions will live on. What will not survive is macho.
Call to Action: Funk the War 9: Bad Romance (tags)
Come to Washington DC on March 19th to protest 7 years of war and occupation! Make a ruckus with DC SDS and Funk the War!
World Bankers Agree: The Recession is Over...Maybe (tags)
Few would consider the opinions of the world's central bankers to be unbiased or even accurate. These self-proclaimed wise men of international finance didn't see the recession coming until it blew up in their faces - a blast that destroyed their credibility. Nevertheless, it is interesting to hear them talk, not because they're fun to listen to, but because of "the messaging" that rich investors use religiously in placing their stock market bets, while the rest of us are given a calming sermon, so that the bankers' lackeys - the politicians - may continue ruining the country uncontested.
California Showing No Signs of Economic Recovery (tags)
It is important to note that most of California’s economic woes have less to do with the national recession; California has a leadership problem in Sacramento. Under the leadership of Governor Schwarzenegger, California’s economy has been suffering a continuous decline. Governor Schwarzenegger and the California Legislature have led California into a sea of red ink and have protected special interested groups over the public’s interest.
U.S. Taxpayers Should Not Be A Pawnshop to Guarantee California Bonds (tags)
How Will California/America Recover Economically If Gasoline Hits Four to Five Dollars A Gallon, As Predicted Yesterday By Major News?
The Big Lie of Recession Politics: 'Shared Sacrifice' (tags)
It’s everywhere you look and in every speech you listen to. Every time a politician or businessmen talks about the recession, an almost in-synch, repetitive mantra can be heard: “Shared sacrifice, equality of sacrifice, hard choices.” Oh my. There must be something to it, since EVERYBODY seems to be regurgitating the phrase in harmony.
The global crisis is a crisis of capitalism (tags)
It is time for the workers and the poor in the Philippines to prepare for the worse the moment its government keeps on repeating the mantra that the economic fundamentals remain good and thus there is little to worry about effects of the global recessionary trend. The world found itself in the present mess precisely because of such blind faith in neoliberal fundamentalism.
More from the Front Lines of the Financial Crisis (tags)
The worst is yet to come.
If It Quacks Like A Duck, Waddles Like A Duck And Looks Like A Duck, Then It's A DUCK !!! (tags)
With the collapse of major financial institutions of yesterday, the imminent collapse of AIG and WaMu on the horizon, and a new segment of the Housing Industry facing collapse, it is clear, this is not just another recession, or reagon-ession, this is a DEPRESSION.
Excesses of Supply Theory (tags)
In Germany, the competitiveness of businesses is still set above strengthening domestic demand. Therefore Germany could skid into a recession. In the US, trickle-down economics, tax cuts benefiting the top 1% and military Keynesianism make the economic future ominous.
ECONOMIC CRISIS AFFECTS ELDERLY (tags)
Recession whatever they call it, marches on! They called it “ jobless growth”, a “slowdown” an economic crisis and all politicians call it except by its true name. Why are they so afraid of this word? Although it affects everyone, politicians and bourgeois econimist refuse to call it by its name. But the hard facts tells the truth. Now, the seniors and older Americans are the latest victims of these recession.
Global Economic Meltdown (tags)
Financial Instability is Leading to an Economic Catastrophe
The greatest risks threaten through the crisis of the financial system, through further price increases for food, the sensitivity of global supply routes and the increasingly expensive sources of energy. 2008 could develop into a worldwide crisis year.
Recession and Repression (tags)
The real inflation rate including energy and food amounted to 7.4 percent in January. The number of purchased homes reached an historic low. The compulsory auctions by banks have nearly doubled compared to the preceding twelve months.
US Crisis Sends Europe's Housing Market into Free Fall (tags)
Investor George Soros sees the worst economic crisis since the Second World War as the aftermath of heavy debts and the credit crunch. Speculative greed for profits and contempt for whistle-blowers led to the crisis. Will there be system correction or only cosmetics?
CDIR Expects Surge Of Anti-Immigrant Scape-Goating (tags)
The Coalition In Defense of Immigrant Rights (CDIR)-USA expects a high tide or a surge of anti-immigrant scape-goating in the face of the current economic recession in the United States. The CDIR-USA coordinator Arturo P. Garcia also expressed alarm over the move of anti-immigrant lobbyist Ward Connelly, the author of the infamous Proposition 209 in California to put into ballot initiative in five states propositions about race and gender equality. The ballot measures will have better chances of winning in those states like Arizona, Missouri and Colorado with high anti-immigrant bias and forces.
Warnings of a US recession and global slowdown (tags)
Three commentaries published in the Financial Times over the past week have pointed to the increasing likelihood of a US recession that would have major implications for the global economy.
US Expert Sees Danger of World Recession (tags)
"The new administration elected in November 2004 must systematically reduce the deficits. Otherwise an inflation threatens. America within the next two years could lead into a recession.."
The Document Sean Hannity Doesn't Want You To Read (tags)
Fox News' Sean Hannity challenged American Progress CEO John Podesta to "defend and explain one example where I -- where I said something that was so false." -- here are fifteen examples:
Poverty and Unemployment in America (tags)
Poverty and Unemployment
34.6 Million In US In Poverty In 2002 (tags)
The wonders of Bushonomics unfold for all. Reverse Robin Hood Syndrome - take from the poor and give to the rich. Of course the Dems haven't a clue either - afterall they share the same bed. Buncha Whores.
"We celebrate the victory over the recession while several hundred thousand employees are dismissed every month', decried Calif congressman Pete Stark. `It would be almost hilarious if it weren't so sad.'..Employers prefer reducing personnel to save costs.."
More State Intervention (tags)
"The German economy has skidded into a recession.. In a recession, the state must take a leadership role in solving the main problem, inadequate demand.." Translated from the German
AS THE ECONOMY CRUMBLES - June 16, 2003 (tags)
Summarizing the crappy economic news of the week.
Will there be a next phase of the war on terrorism?
Shop Everyday As If It Were Your Last Shopping Day, America! (tags)
Economists, in an effort to curb a recession which some are calling inevitable, have urged that the American public–those still with jobs anyway–go back to their daily routines and reengage in normal consumer behavior....