Maracay, Venezuela – The Freedom Road Socialist Organization (FRSO) labor delegation toured a large printing factory on March 13 in Maracay, Venezuela, about two hours outside Caracas. As the delegates bus pulled up to the factory gates, a huge sign welcomed them, “We don't speak ill of Chavez here!” The head of the factory and a group of workers excitedly gathered around to greet the American members of the Teamsters union.
San José, CA – The fall in stock prices gained speed on Wall Street on Monday, March 16. By the closing bell, U.S. stocks had the largest drop since the crash in October 1987, with prices down almost 13%. The headline Dow Jones Industrial Average fell 3000 points to end just above 20,000, while the tech-heavy NASDAQ fell almost 1000 points. A circuit breaker kicked in within minutes of the market opening as the broad S&P 500 fell 7%. This led to a short-lived attempt to bounce back but in the end, stocks were just short of another trading halt at 13% down.
The following statement was written by the Labor Commission of the Freedom Road Socialist Organization (FRSO), representing trade unionists across the United States.
Chicago, IL – In a statement delivered to Lori Lightfoot. March 13, 31 law professors from the University of Chicago and Northwestern University law schools are calling on the mayor to pass the Civilian Police Accountability Council, or CPAC, ordinance. CPAC would give communities in Chicago the democratic right to elect police accountability representatives with the power to control the Chicago Police Department (CPD), including having final say over discipline in misconduct cases and setting department policy.
San José, CA – On Sunday, March 15, the Federal Reserve bank hit the panic button, dropping interest rates by a full percentage point to near zero. The last time that Fed did this was in December 2008 during the financial crisis. The Federal Reserve also pledged to restart the Quantitative Easing or QE program of longer-term bond buying, first started in November 2008. Trump’s Secretary of the Treasury Mnuchin also vowed to go to congress this coming week to restart emergency financial powers for the federal government in addition to the Fed’s actions.
San José, CA – From the corporate magic of Disneyland in California to the bright lights of Broadway in New York City, to the famous tourist sites of Paris, France and Rome, Italy, lights are literally going out as more and more businesses shut down, as of today, March 15. Meanwhile, in socialist China, where the COVID-19 pandemic initially hit first and hardest, the economy is starting to recover as enterprises start to reopen and more and more people go back to work. One is struck by the irony of Apple, one of the capitalist world’s most valuable corporations, shutting all of its retail stores around the world even as it reopens its stores in China.
St. Paul, MN – Schools were closed for three days this week as teachers and other educators, who are members of the St. Paul Federation of Educators, went on strike. Each day nearly 100% of the teachers spent from 7 to 11 a.m. on the picket lines in front of their schools, and held large rallies and marches in the afternoons in which thousands of educators, students, family members and community supporters turned out to show that they support the fight for access to good schools and mental health care for all students.
Dow down 10%, largest drop since October 1987 crash
San José, CA – U.S. stocks fell almost 10% Thursday, March 12, the day after President Trump called for a travel ban on Europe. This was the largest drop since the stock market crash of October 1987 and put the broader S&P 500 as well as the tech heavy NASDAQ stock market indices in bear market territory as all three major indices are down more than 20%.
Mass pressure and a mayor’s own greed stall a planned power grab
Chicago, IL – In true Chicago fashion, Mayor Lori Lightfoot had expected to easily ramrod through a police reform bill this week that would have affirmed her grip on power. If passed, the “Community Commission for Public Safety and Accountability” ordinance would have left the entire police accountability system in her control, rendering it at the discretion of the executive branch whether to hold itself accountable for abuses of power committed by its police department, rather than giving communities terrorized by police tyranny the power to defend their rights.
Caracas, Venezuela – The Freedom Road Socialist Organization (FRSO) labor delegation met today with Tibisay Lucena, president of the CNE (the National Electoral Council) to discuss the upcoming elections. Lucena spoke about this election as very important in the face of U.S aggression and the economic war.
Jacksonville, FL – Over 75 people gathered together to celebrate International Women's Day on March 8 in Jacksonville. The program was held in the union hall of the International Brotherhood of Electrical Workers (IBEW).
Caracas, Venezuela – The Freedom Road Socialist Organization (FRSO) labor delegation met with space program officials, March 11, at the Bolivarian Agency for Space Activities. Pictured are Adolfo Godoy, the president of ABAE; Mariano Imbert, the manager of Commercial Development; Salvador Lugo, the vice minister of Science and Technology, along with members of the FRSO delegation.
St. Paul, MN – Saint Paul educators are on strike, March 10. Their demands include multilingual staff, mental health supports for students, and special education services.
Tallahassee, FL – In honor of International Women’s Day, Tallahassee residents attended a panel discussion on the origins and impacts of the socialist holiday.