Holiday Gloom in Silicon Valley

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by Carl Bloice – A couple of days before Thanksgiving one of my downstairs neighbors matter of factly told me he had lost his job. He’d been abruptly laid off by a local information technology startup company. “They let go so many people I don’t know how they are going to get the work done,” […]

Slavery, American Style, Must Go!

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ho says there are no slaves in America? The greatest domestic issue facing President-elect Obama is not the bailout of the bankers and insurers but the task of lifting tens of millions of hard-working American wage-slaves out of dire poverty. These are the folks who hold one – and sometimes two or even three – […]

Bail Out the Big Three and Revitalize the Economy

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by John Paul Rossi – The other week, the appeal of the Big Three’’s executives for a $25 billion taxpayer bailout for their desperately ailing firms failed. Neither the fractious lame duck Congress, nor the Bush administration were willing to help.

Another Great Depression?

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The United States is in the midst of the worst financial crisis since the Great Depression. The question is: How close are we to another Great Depression? The answer is: Very close. Here’s why. The Great Depression was the result of the combination of the 1929 financial crisis and serious structural problems in the American […]

Mayor Villaraigosa, Please Help Our Neighbors

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In Los Angeles Zipcode 90042, there are 385 families that may be evicted before the holidays. Of these, 211 live in bank-owned properties, 59 have homes that up for auction, and 115 have homes in foreclosure. We encourage you to sign Motion 07-2438-69, which was proposed by City Council President Eric Garcetti, seconded by Councilmember […]

How Obama Is Already Taking Charge

by Robert Reich – Obama’s immediate challenge is to fill the leadership vacuum created by a lame-duck president with historically-low approval ratings who seems to have lost interest in his job (at this writing, he’s out of the country) and who’s disappeared from the media, and a Treasury chief who has all but punted on […]

Prescription for an “Ailing” Industry: Take It Over

by Carl Bloice – It is hemorrhaging fast and no end to the blood-letting seems to be in sight. No question, something has to be done about the auto industry. But what?

Keeping Jobs at Home: Give the Workers Control

by John Peeler – Robert Reich, writing on the LA Progressive (November 19, 2008), calls for a “Bottom-Up Bailout,” by which he means not aiding the auto manufacturers, but rather providing direct credit and loan guarantees to small businesses and individuals, and supporting those big companies whose managers and workers are willing to put up […]

It’s Time for Bush Appointees to “Spend More Time with Their Families”

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by Joseph Palermo – Forty-eight years ago, President-Elect John F. Kennedy thought it would be a good idea to show “bipartisanship” and continuity by keeping on Allen Dulles from the previous administration as Director of Central Intelligence. He found out after the Bay of Pigs fiasco of April 1961 that he had made a big […]

A Bottom-Up Bailout Rather Than Trickle-Down

Hank Paulson has just about burned through $300 billion, and it’s not clear what the public has got out of it. Perhaps things would be worse without the bailout but they’re certainly no better. Wall Street banks have not significantly stepped up their loans to small businesses, college students, car buyers, or distressed homeowners. Much […]

Bloomberg Sues The Fed For Disclosure

by Charley James – Lost in the wake of Henry Paulson’s announcement Wednesday that Treasury is “changing direction” in how it doles out money in the bank rescue plan is a little-noticed lawsuit filed last Friday by Bloomberg LP, the business news wire service. It is suing the Federal Reserve Board’s governors for public records […]

The Mini Depression and the Maximum-Strength Remedy

by Robert Reich – This is not the Great Depression of the 1930s, but nor is it turning out to be merely a bad recession of the kind we’ve experienced periodically over the last half century. Call it a Mini Depression.

Is Henry Paulson Channelling Chairman Mao?

by Charley James – One of Chairman Mao Tse Tung’s “sayings” immortalized in his Little Red Book deals with stealth in politics and war. “Make a noise in the east,” the Great Helmsman wrote, “and strike in the west.”

Now Greenspan Tells Us!

Whoops! My bad. Sorry. In effect, this is what former Fed chair Alan Greenspan is telling members of the House Committee of Government Oversight and Reform today by admitting he was wrong about unfettered free markets regulating themselves.

We’ve Invested in Wall Street, Now It’s Time to Invest in the Rest of America

The global economy has been put into the economic equivalent of a full nelson by a financial system threatening to collapse under the weight of a complicated pyramid scheme. The Bush administration sounded dire warnings and cobbled together a vaguely flushed-out rescue plan promising the injection of up to $700 billion of taxpayers’ dollars into […]

Proposition 7 – California, We Must Get Moving!

by Laurette Healey – Today I spent more time than I should have writing a response to Craig Noble of the NRDC who’s Guest Article on California ’s Progress Report was posted on October 18, 2008. I think that both Mr. Noble’s article and my commentary will give many of you a better understanding of […]

How Spreading the Wealth Rescued a Mother Thanks to CODEPINK and ANP

As corporate media reports obsessively on Joe The Plumber, who misrepresented himself to Barack Obama saying he’d be victimized by Obama’s tax plan, Americans more in need than Joe are being victimized for REAL everyday – not in hypothetical ways like Joe’s imagined fears of paying rich people’s taxes even though he isn’t rich. But […]

Pension, What Pension? — Workers Scale Back Contributions, Delay Retirement

go here for this article: http://www2.computer.org/portal/web/buildyourcareer/careerwatch/jt4

Herbert Hoover Redux

Herbert Hoover converted a mundane recession into the greatest economic disaster in modern history—the Great Depression. Unfortunately for all of us, George W. Bush is headed down that same path.

American Dream Kills Six, Nearly Seven, In One Day

The Karthik Rajaram family was living the American dream in Sorrento Pointe, a gated community in the foothills of the Santa Susana Mountains 23 miles northwest of downtown Los Angeles.

Free Trade, Cocaine, and Civil War

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The proposed Free Trade Agreement between the US and Colombia stalled in Congress this spring very rightly due to Colombia’s abysmal human rights record. But with civilians still being killed by the military and with a record 42 union leaders assassinated this year, the Bush and Uribe administrations brought 80 supporters to the US in […]

Deficit Shackles: Will January, 2009 Repeat January 1993?

Both presidential candidates have been criticized for failing to name any promises or plans they’re going to have to scrap because of the bailout and the failing economy. That criticism is unwarranted. The assumption that we are about to have a rerun of 1993 — when Bill Clinton, newly installed as president, was forced to […]

Taking in the Economic View from Lake and Colorado

It is tempting to view the current economic crisis as a problem for Wall Street and Washington, D.C. However, a local resident can learn all that’s needed about the impending financial meltdown simply by standing on the northeast corner of Lake Avenue and Colorado Boulevard in Pasadena, California. From there, the entire crisis can be […]

The New Deal, and the Era of Angry Populism

The Senate voted Wednesday night; the House is scheduled to vote today. Will the deal fly? Probably. Wall Street’s gyrations since Monday have scared the hell out of a number of holdouts, notwithstanding all the negative emails and phone calls they continue to receive from constituents.

Senate Plot-Plop, Fizz-Fizz

$700,000,000,000… oh what a relief, it is! With apologies to Alka-Seltzer, one chamber crawled out of the sandbox and reached an unpopular but bipartisan decision to save global credit markets last night as banks held a Russian Roulette pistol with six chambers full to our heads and yelled, “Stop me before I shoot.” Crisis over? […]

The Financial Meltdown: My Comrades in Journalism Are At Fault Too

Although the Senate is scheduled to vote tonight to save the financial rescue package, there is a massive amount of finger pointing about who was to blame for Monday’s failure in the House vote. Democrats blame Republicans, Republicans blame Democrats, dogs blame cats, and vice versa. Alas, my former brothers and sisters toiling in business […]

7-7-7 Jackpot! Whoops, Slot Machine’s Empty

$9,897,708,003,650.45 is the current national debt jackpot and we all lose! Our country’s real owners the Congress said to its pretend owners, the voters, then the one’s propping up the economy, the Chinese, Saudis and Japanese investors buying up our debt and the those controlling the purse strings, the bankers lending to our businesses to […]

Surprise, Tom Friedman, the World Is Wrinkled!

In “Green the Bailout,” (New York Times, September 28, 2008, WK 11) Thomas Friedman argues that, confronting the crisis on Wall Street, “we don’t just need a bailout. We need a buildup. We need to get back to making stuff, based on real engineering not just financial engineering.” Citing an Indian-American immigrant friend, he argues […]

Welcome To Next Great Depression

Buddy, can you spare a Prozac? Oh, wait. This kind of depression won’t be cured with a pill. And a dime doesn’t buy as much today as it did in 1930. Watching the House vote on a package to rescue the economy fall apart this afternoon was as traumatic as seeing Wall Street brokers leaping […]

Bush Bail-Out Plan Is an Insult

The Bush bail-out plan is nothing more than a slap in the face of all working families. As Peter Dreier notes, “we have been here before—in the 1930’s Depression, when the entire economy collapsed, and in the 1980’s, when the savings-and-loan industry imploded.” It has been said that the definition of insanity is doing the […]

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