The whole world is watching

No End in Sight for Working People

In the six months since the financial crisis exploded with the collapse of New York investment bank Lehman Brothers, the world economy has been gripped by the greatest economic crisis since the Great Depression of the 1930s. U.S. and European banks have admitted a trillion dollars in losses, while the banking system of Iceland totally collapsed. Almost all of the major economies of the world, with the exception of China, have started to contract, with millions of workers losing their jobs and businesses going bankrupt right and left. Hardest hit for now are the new capitalist economies of eastern Europe, who are being slammed by their dependence on borrowing from foreign bankers, falling exports and plunging currencies.

The tens of thousands of RNC protesters who hit the streets of Saint Paul Sept. 1 – 4 did something that was truly great. The demonstrations sent a powerful message that was heard around the world: The people of the United States reject the war on Iraq and the Republican agenda. We insist on peace, justice and equality. This message was heard by the rich and powerful, who responded with repression. And it was heard by hundreds of millions of people. Reports of the protests were carried by thousands of media outlets ranging from network TV in the U.S. to Al Jazeera to the New China News Agency. The Sept. 1 rally against the war was carried live on C-SPAN.

We condemn Israel's murderous bombings and attacks in Gaza. Each and every Palestinian killed or wounded by Israel is an outrage to the peoples of the world. The Israeli state is punishing Palestinians and their leaders for demanding democracy and power in their own country. Israel is a colonial settler state ruled by war criminals. Israel exists on stolen land and borrowed time.

When the House of Representatives bowed to popular anger and defeated the Bush administration’s $700 billion bailout bill on Sept. 29, 2008, Wall Street was dealt a stunning defeat. The next day, the Senate took the same bill and loaded it up with $100 billion dollars of tax breaks (including one for makers of wooden arrows). The Senate passed the bill the next day, which went on to pass in the House on Oct. 3.

In January, both Fannie Mae and Freddie Mac will stop evicting tenants in foreclosed homes. Instead tenants will be able to stay on as renters. Both Fannie and Freddie were taken over by the government last year and have changed some policies to help slow the tidal wave of foreclosures and evictions. By allowing tenants to stay on, the blight of abandoned foreclosed homes will be lessened, and families who rent will not be uprooted from their schools and communities.

San Jose, CA – Representatives of the U.S. Senate and House of Representatives agreed upon a compromise economic package Feb. 11 totaling $789 billion in federal spending and tax cuts over the next two years. The bill is expected to quickly pass the House and Senate and be signed into law by President Obama within the next week.