San José, CA -Mientras que se amontonan los cesos y las ciudades reportan cada vez mas hambrientes y desamparados, Wall Street espera que la economía sea muy positiva en 2002. Esto ha producido el resultado de que los precios de las acciones en la bolsa de valores han ido subiendo desde el fin de Septiembre. Wall Street espera que los once recortes de intereses impuestos por el Banco Federal de Reserva produzcan una recuperación de ganancias, con la ayuda de los recortes de impuestos para las corporaciones y los ricos que los Republicanos Congreso pretenden otorgar.
On April 10, more than 35,000 people marched through San Jose to protest against House Resolution 4437. The bill would criminalize the undocumented, build 700 miles of walls along the U.S.-Mexico border and force local and state police to help enforce immigration laws. As the overwhelmingly Chicano and Latino crowd assembled, cars, trucks and semis drove by honking and waving Mexican flags. Marching through the barrio of east San Jose to the city hall downtown, the marchers chanted “Si Se Puede!” (Yes, we can!) and “Se ve, se siente, la raza esta presente!” (We’re seen, we’re felt, La Raza (Latinos) are here!). Contingents of students from high schools marched in with signs and banners and many youth were handing out cards advertising May 1 as a day to walk out of school, to not go to work and to boycott business.
San José, CA – Hotel worker Ana Diaz, whose son is in the military in Iraq, speaks out against the war at a rally here, March 19, marking the 5th anniversary of the U.S. invasion and occupation of Iraq. The rally was sponsored by the South Bay Peace and Justice Center. Speakers included an Iraq war veteran, the Nihonmachi Outreach Committee, Women’s International League for Peace and Freedom and South Bay Mobilization. After the rally there was a march to a nearby mosque where there was an interfaith program.
San Jose, CA – On June 2, members of the San Jose Japanese American community met at the Yu-Ai-Kai (Japanese American Seniors' Center). They were there to learn more about the attacks on Arab Americans, Muslims and civil liberties following Sept. 11. Susan Hayase moderated the program on behalf of the Nihonmachi Outreach Committee. In her introduction, Hayase said, “It is happening again,” and pointed the connection between the mass arrests of Japanese Americans following Pearl Harbor and the detention of Arab and Muslim Americans today.
San José, CA – The United States is now in its longest recession since the Great Depression of the 1930s. At the end of April, the recession that officially began in December of 2007 reached 17 months in length, passing the deep 1981-82 and 1974-75 recessions. The economy has lost almost 6 million jobs, or 4.1% of total jobs at the beginning of the recession, the worst downturn since the recession of 1948. Unemployment in the African American community hit a depression-level 15% in April, while unemployment for Asian Americans has risen the fastest, more than doubling over the last year.
San José, CA – On Friday, April 10, the U.S. Department of the Treasury reported that the federal government budget deficit for the first six months of Fiscal Year 2009 (which runs from October to September) was $957 billion. This was more than three times as large as the deficit was at the same time last year and is on track to a record $1.8 trillion ($1800 billion) deficit as projected by the Congressional Budget Office. This is the largest federal government budget deficit relative to the size of the economy since 1944 at the height of World War II.
San José, CA – On April 3 the monthly jobs report by the Department of Labor showed that the official unemployment rate jumped from 8.1% in February to 8.5% in March, while the economy lost another 663,000 jobs. In addition, the number of jobs lost in January was increased by 90,000, to 741,000, which was the worst one-month job loss in 60 years. So far the economy has lost 5.1 million jobs since the recession began, making this the worst recession in terms of jobs lost in more than 50 years.
San Jose, CA – On Monday, March 30, President Obama took a tough line with General Motors and Chrysler, which had asked for billions more in aid from the government. GM CEO Wagner was forced to resign, and GM has 60 days to submit a new business plan with more cost cutting. Chrysler was given 30 days to sell a stake to Italy’s Fiat. Otherwise, said Obama, the car companies will go into bankruptcy. To help the companies through this restructuring, the government will be guaranteeing car warrantees and payments to parts suppliers.
Fed to Inject $1.15 Trillion More into Credit Markets
San José, CA – On March 18, the Federal Reserve announced that it would inject an additional $1.15 trillion into credit markets. With short-term interest rates already close to zero percent, the Federal Reserve will try to lower long-term interest rates in an effort to boost the economy. The Fed will buy another $750 billion in bonds backed by mortgages guaranteed by Fannie Mae and Freddie Mac, $300 billion in long-term U.S. government treasury bonds and another $100 billion in bonds issued by Fannie Mae and Freddie Mac.
San José, CA – On March 6, the Labor Department reported that the economy lost 650,000 more jobs in February. The report also said that the number of jobs lost in December and January was revised upwards by 150,000. This brought the total job losses since the recession began to 4.4 million, more than half lost in the last four months alone. The total number of jobs has shrunk by 3.2% since the recession began, the most in more than 50 years.
