Archive for the ‘Economic Crisis’ Category

The GM-UAW Agreement and the G20 “Global Jobs Pact”

The role of the trade union movement is not to become a partner of the bosses, or to help make their corporations “more competitive” in the global economy.

The Geithner-Summers Plan: Even Worse Than We Thought

By Jeffrey Sachs, Huffington Post
Posted on April 8, 2009, Printed on April 8, 2009
Two weeks ago, I posted an article showing how the Geithner-Summers banking plan could potentially and unnecessarily transfer hundreds of billions of dollars of wealth from taxpayers to "high risk" merchant banks. The same basic arithmetic was later described by Joseph Stiglitz in the New [...]


Ten Principles for a Black Swan-Proof World

Published on Wednesday, April 8, 2009 by Financial Times

by Nassim Nicholas Taleb

1. What is fragile should break early while it is still small . Nothing should ever become too big to fail. Evolution in economic life helps those with the maximum amount of hidden risks – and hence the most fragile – become the biggest.

2. [...]

The Case for More Union Power

By Liza Featherstone

It was surreal, last month, to see Citigroup organizing the business community against the Employee Free Choice Act [1], a bill that would make it easier for workers to join unions by forcing employers to recognize a union after a majority of workers have signed cards. Here is a company whose CEO, Vikram [...]


Joseph Stiglitz: “It’s going to be bad, very bad”

In an interview, the Nobel Prize-winner and former chief economist
at the World Bank talks about the Great Depression, Obama’s stimulus
package and today’s financial crisis.


Labor Leaders Demand That ‘Single Payer’ Be Part Of Obama Healthcare Reform
Article Date: 05 Mar 2009 – 6:00 PST
The Obama administration’s plans to hold a “Health Care Summit” that excludes advocates of single-payer healthcare reform has drawn a sharp response from labor leaders around the country.
“President Obama has indicated that his administration is committed to the passage of a new ‘universal’ national health care program for [...]

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A.F.L.-C.I.O. to Support Nationalizing Banks

…The labor leaders also asserted that the Obama administration, like the Bush administration, had failed to obtain fair value for the tens of billions it had invested in distressed banks.

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Interview with Economics Prof. Jack Rasmus: “…the stimulus package: As I have stated repeatedly, it’s too little too late.”

An interview with Jack Rasmus, a professor of economics at St. Mary’s College and Santa Clara University in Northern California. Prof. Rasmus is a member of the newly formed National Steering Committee of the Workers Emergency Recovery Campaign (WERC). The interview was conducted on March 2, 2009, by Alan Benjamin, organizer for the WERC.

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Robert Kuttner and Michael Hudson on the Obama Administration’s $789 Billion Economic Stimulus Package and $2.5 Trillion Bank Recovery Plans

Part 1 of 6 of Democracy Now! presentation.
From Democracy Now February 13, 2009
Both the House and Senate are set to vote today on the $789 billion economic stimulus package. The vote follows weeks of political wrangling that culminated in compromise legislation struck on Wednesday. The final size of the package is less than what both [...]

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Trying to Revive the Bubble Economy: Obama’s Awful Financial Recovery Plan

The economy has lost the “virtual wealth” in higher-priced homes and the stock market, and must rely on after-tax earnings. But I see little concern for wage earners in the Treasury plan. Without debt relief, consumer spending and business investment will not recover.

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