Dow Jones Industrial Average falls More than 1000 points

San José, CA – U.S. stocks got a reality check on Monday, February 24, with the Dow falling more than 1000 points, or 3.5%. The NASDAQ index, with a heavy representation of technology company stocks, fell a bit more, while the broadest measure of the stock market, the S&P 500 fell a bit less.

San José, CA – On Friday, December 21, stock prices fell again, capping the worst week on Wall Street in ten years. Typically, stock prices go up in December, in what many call a “Santa Claus rally.” But not this year. The NASDAQ stock index, which includes many big technology companies, fell 3%, to end 22% below its August high, putting it in bear market territory for only the second time in the last 20 years. The NASDAQ joined the Russell 2000, a stock index of smaller corporations, which went into bear territory earlier in the week. The headline Dow Jones Industrial Average (DJIA) of 30 large companies, and the broader S&P 500 of 500 major corporations also declined to levels just short of a bear market.

Wall Street likes the news

San José, CA – On Monday, November 26, General Motors announced that it was cutting 15,000 jobs. Their plans include closing five auto and auto parts plants in the United States and Canada. Wall Street liked the news, and GM’s stock rose almost 5%, three times as much as the broader stock market. But for thousands of GM workers, the holidays suddenly became much bleaker.

Irvington, NJ – The Coalition to Save Our Homes held Save Public Schools Night here on March 11. An outstanding panel spoke to a full room. There are many reasons why an organization dedicated to the struggle against predatory lending would give a program to oppose the destruction of public schools and their replacement by charter schools (private schools run with public school money).

Newark, NJ – Another mortgage ‘settlement’ between the government and 14 Wall Street banks is being pulled out of the hat. The little that the ‘settlement’ does for homeowners is on terms set by the banks. A few objections, among others, are:

Newark, NJ – A protest against predatory lending took place here, Sept. 15, at the Broad Street branch of Wells Fargo Bank. It was the joint effort of the People’s Organization for Progress (POP) and the Coalition to Save Our Homes (C2SOH).

Another reason to march on the RNC

San Francisco, CA – While millions of retired Americans are struggling to make ends meet and millions more working people who have been laid off don’t know how or if they can ever afford to retire, laid-off corporate executives are living in another world. Take General Electric Vice-Chairman John Krenicki, who is 50 years old and retiring at the end of 2012 because of GE’s restructuring plans. GE will be paying him $89,000 a month for the next ten years (about a million dollars a year, or $10 million total), after which he can receive GE’s executive pension. In addition, Krenicki is getting stock options and stock valued at almost $15 million, and a bonus of almost $3 million, for a total golden parachute worth almost $28 million. In exchange, Krenicki promised GE that he wouldn’t work for a competitor for three years.

Another reason to march on the RNC

San Francisco, CA – While millions of retired Americans are struggling to make ends meet and millions more working people who have been laid off don’t know how or if they can ever afford to retire, laid-off corporate executives are living in another world. Take General Electric Vice-Chairman John Krenicki, who is 50 years old and retiring at the end of 2012 because of GE’s restructuring plans. GE will be paying him $89,000 a month for the next ten years (about a million dollars a year, or $10 million total), after which he can receive GE’s executive pension. In addition, Krenicki is getting stock options and stock valued at almost $15 million, and a bonus of almost $3 million, for a total golden parachute worth almost $28 million. In exchange, Krenicki promised GE that he wouldn’t work for a competitor for three years.

Irvington, NJ – A march and rally against foreclosures was held here on July 21. It was sponsored by the Coalition to Save Our Homes and the People’s Organization for Progress (POP). The event tied the suffering of homeowners directly to the predation of Wall Street. The demands were: end robo-signing; reduce mortgage principals to current value; prosecute banksters; make banks obey the rule of law.

**Spoiler alert: This review is full of spoilers**