Bumpstick
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The Wall Street 'bank robbers' have enriched themselves many times over at the expense of working class and middle class people. Yet they now expect those same people, who are struggling in many cases to buy food and keep a roof over their head, to keep them living in luxury and to rescue the economy from the consequences of their excesses. There is widespread abhorrence and aversion to wealthy wheeler-dealer financiers and their instruments: hedge funds, private equity, futures markets and so on.
But the calls for regulation are like asking the bank robbers' gangs to keep a check on the bank robbers. What is urgently needed is popular control of the major banks and finance houses, not 'oversight' by unelected quangos and elected capitalist politicians, whose allegiance is to big business. The books of major US banks have been opened up to the US congress, what about opening them up to all American people?
LAST WEEK the Archbishop of York, John Sentanu, attacked many business people - at the Worshipful Company of International Bankers' annual dinner! He singled out those "who made £190 million deliberately underselling the shares of [the bank] HBOS... and drove it into the arms of Lloyds TSB." He called them "bank robbers and asset strippers." Some sensitive souls complained.
At the root of this volatility lies the fear that toxic debt levels are much deeper and more extensive than have been declared. Consequently the capitalists are forced to think the unthinkable; going to the state they have so despised in the glory days of globalization, and begging for handouts. But the virus continues to mutate as it leaps across countries and continents.
Banks are now viewed universally as unsafe and the entire global economy is tobogganing towards recession. Jeremy Warner, writing in the Independent, quoted the old saying: "It's always darkest just before the dawn", but then gave a warning by quoting a perversion of the saying: "It is always darkest before it is completely black".
The global crisis of the major banks has led top proponents of deregulation to completely change their tune. Many are now saying that voluntary regulation by private financial institutions does not work and so state regulation is necessary. Even the managing director of the International Monetary Fund has called for greater regulation of financial institutions and markets, a considerable departure from the 'liberalization' enforcement carried out by the IMF for a long period of time.
Major companies that increase the price of basic necessities and/or sack their employees should be immediately taken into full public ownership, with working class participation in controlling and managing them so that their anti-working class policies can be reversed. Compensation to shareholders should only be paid on the basis of proven need.
Open the books of companies, especially the big companies that dominate the economy, to determine their real costs, profits, executive pay and bonuses, etc.
Nationalize the banks and financial institutions, to provide cheap credit for the planned development of industry and services, and to provide cheap credit for housing and small business.
Electricity, gas and water utilities to be run as public companies under workers' control and management, to meet the needs of the majority of society.
But the calls for regulation are like asking the bank robbers' gangs to keep a check on the bank robbers. What is urgently needed is popular control of the major banks and finance houses, not 'oversight' by unelected quangos and elected capitalist politicians, whose allegiance is to big business. The books of major US banks have been opened up to the US congress, what about opening them up to all American people?
LAST WEEK the Archbishop of York, John Sentanu, attacked many business people - at the Worshipful Company of International Bankers' annual dinner! He singled out those "who made £190 million deliberately underselling the shares of [the bank] HBOS... and drove it into the arms of Lloyds TSB." He called them "bank robbers and asset strippers." Some sensitive souls complained.
At the root of this volatility lies the fear that toxic debt levels are much deeper and more extensive than have been declared. Consequently the capitalists are forced to think the unthinkable; going to the state they have so despised in the glory days of globalization, and begging for handouts. But the virus continues to mutate as it leaps across countries and continents.
Banks are now viewed universally as unsafe and the entire global economy is tobogganing towards recession. Jeremy Warner, writing in the Independent, quoted the old saying: "It's always darkest just before the dawn", but then gave a warning by quoting a perversion of the saying: "It is always darkest before it is completely black".
The global crisis of the major banks has led top proponents of deregulation to completely change their tune. Many are now saying that voluntary regulation by private financial institutions does not work and so state regulation is necessary. Even the managing director of the International Monetary Fund has called for greater regulation of financial institutions and markets, a considerable departure from the 'liberalization' enforcement carried out by the IMF for a long period of time.
Major companies that increase the price of basic necessities and/or sack their employees should be immediately taken into full public ownership, with working class participation in controlling and managing them so that their anti-working class policies can be reversed. Compensation to shareholders should only be paid on the basis of proven need.
Open the books of companies, especially the big companies that dominate the economy, to determine their real costs, profits, executive pay and bonuses, etc.
Nationalize the banks and financial institutions, to provide cheap credit for the planned development of industry and services, and to provide cheap credit for housing and small business.
Electricity, gas and water utilities to be run as public companies under workers' control and management, to meet the needs of the majority of society.
