Slow Down! Capitalism is not Dead

I am amazed by the number of frenzied, pre-mature "revelations" that global capitalism is dying. An article from the Independent Media Center headlines "US Capitalism is Dying: Beware the Ruling Class Attempts to Save It". {http://www.indymedia.org/en/2008/09/913653.shtml}. The UK Guardian asks "Is this the death of global capitalism?" {http://www.guardian.co.uk/news/blog/2008/sep/15/wallstreet.globalrecession}

Not exactly.

It is true that capitalism is in an incredibly advanced stage, and thus its contradictions seem to become more exposed and more extreme. But the latest financial crisis on Wall Street, and the follow up rejection of Bush's $700 billion bail out plan are by no means an overthrow of capitalism. The Treasury Department will still establish supplemental funds to help corporations, while the Fed has similar resources they can use to bail out others under laws established during the Great Depression. {http://www.nytimes.com/2008/09/30/business/30plan.html?ref=business "Treasury and Fed Looking at Options; Sept 30th NY Times}

i.e. Wall Street will be okay.

The current question isn't about how to finish the deal on capitalism this week. It's more about how we are going to guarantee the economic security of working people that have been impacted by this long before Wall Street noticed it. And young people will feel it for years to come. There is still a lack of discussion when it comes to bailing out those of us who have lost our homes, or those of us seeking credit to purchase our first home or car or a loan go to school.

This is the discussion the Left and the Center must continue to push.

If you are having a hard time wrapping your brain around all of the information circulating, check out the People's Weekly World's "Guide to the Financial Crisis" at http://www.pww.org/article/view/13771.

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Palin on the Spot

Katie Couric's latest interview with Sarah Palin was almost sad to watch. I wont bore you with my comments, as this clip here on the economy says enough by itself.

Palin's line at the end, for example, is destined to become a campaign classic. Trust me. It's a real doozy. And it certainly wont help to make anyone feel confident about Republican solutions for the current economic crisis.

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