A Marxist Look at Capitalism's Meltdown
- Dear Friend:
Come add your two cents at a forum that gives the real low-down on
the economic crisis. Check out the statement on the bail-out that
follows this event notice.
A Marxist Look at Capitalism's Meltdown
-- The Origins of today's world financial chaos
-- Why foreclosures, layoffs, bailouts & budget cuts only deepen the
-- Labor vs. Wall Street: how can workers win?
-- A planned economy: the sensible, socialist solution
Thursday, December 11, 7:00pm
New Valencia Hall: 625 Larkin St., Ste. 202, San Francisco,
(at Eddy St. near Civic Center BART, on the #19 & #31 Muni bus lines)
Nancy Reiko Kato, author of "Women of Color: Front Runners for
Freedom" and delegate to the Alameda County Central Labor Council
Dr. Robert Price, economics analyst, chemistry professor and member
of the American Federation of Teachers, Local 2121
Door donation: $3.00
A Hearty Proletarian Supper is served at 6:15pm for a $7.00 donation
Vegetarian option available
Sliding scale & work exchanges available for students and low income
Sponsored by Radical Women & Freedom Socialist Party
For info, please call: 415-864-1278
Email: calradicalwomen@..., bafsp@...
Please bring donations of food for the homeless, and we'll deliver.
A socialist answer to corporate bailouts
Hell, yes, let's spread the wealth to working people!
Corporate crime pays. Just ask the automakers or insurance giant AIG.
They and other criminally mismanaged companies are being bailed out
with taxpayer dollars delivered by the Bush administration and
endorsed by Congress. This massive transfer of public funds into
private hands is supposed to resuscitate the economy.
But this is no cure for the crisis. As African American journalist
and political prisoner Mumia Abu-Jamal observed in a recent
column, "The problems are systemic, built into the rapacious nature
of the machinery humming all around us." To stimulate the economy, a
better use of the $700 billion-plus taxpayer giveaway would be to
pass it out to workers.
But wait! Why restore a system that feeds off war, the second-class
status of women, the brutality of racism, and the inhumanity of
xenophobia and homophobia? Working people, who have firsthand
experience at running things, are better qualified to manage society
than crooked, profit-driven CEOs.
The way things work: one big rip-off
Capitalism is legal theft. Workers are not paid for the value of the
products they make and the services they provide, but just enough to
live on. The owners pocket the profits and use them to create more.
Working people keep the whole social machinery going by raising
children, caring for each other, and producing life's necessities. So
why can't they get a break from the bosses when they're behind on
To increase profits, employers use every strategy they can find, no
matter how vicious. They pit workers against each other, paying
women, people of color and immigrants less which drives down
everyone's wages. With less money for necessities, workers rely on
credit. But as real wages continue to fall, people cannot pay their
debts and sink further into the quicksand. When they can't pay,
there's no bailout.
Big business, financial institutions, and the government also use
credit to survive. When bad loans reached a breaking point, banks
refused to extend each other any more credit. This set off the
current economic storm. The looters-with-license at the Federal
Reserve and in Congress readied bucket-loads of public cash for their
corporate buddies. Only the threat of massive rebellion gave them
pause, but not for long.
Working class power
How can working folks defend themselves? Bottom line: they must be
organized and fight around survival issues.
Labor unions once again need to step up and lead. Rank-and-filers can
push their officials to hold regional emergency meetings to discuss
solutions. Unions should also use their greatest tool the general
strike to end the bailouts. They could join in united fronts with
workers without unions, retirees, the unemployed, students, and hard-
pressed small-business owners to win immediate relief for everyday
people like a halt to local government budget cuts and reductions
What are some other goals? What would ease the pain on Main Street?
How about fighting for a moratorium on home foreclosures and
eliminating all mortgage debt for working-class households? Price
controls on food, rent, gas, and heating oil? A 30-hour workweek for
40 hours pay, to provide full employment while lifting the burden of
speed-up from overstressed jobholders? Real nationalization of the
banks: turning them permanently into public services under workers'
What's ultimately needed is a total reorganization of society so that
its purpose is not to generate gluttonous profits for a few, but to
meet the human needs of everyone internationally, with the working
majority democratically making the decisions and running the show.
Forget the McCain-Palin blather: this is what socialism is. Socialist
feminist pioneer Clara Fraser wrote, "The global order of competitive
trade and multi-currencies is absurd. It cries out to be replaced
with production for use, not for greed, so as to eliminate the
endless wars and hatreds spawned by dwindling markets and poverty."
There is no superhero who will come to the rescue of working people
not pro-corporate political parties, and certainly not the parasites
on Wall Street. Workers must solve this problem for themselves. They
will overcome their prejudices and fears by leaning on each other to
create a new reality for today and for future generations. The U.S.
working class is in the eye of the storm. With consciousness and
organization it has the opportunity to create a new world on the
ashes of the old.
Freedom Socialist Party
Bay Area office: New Valencia Hall
625 Larkin Street #202
San Francisco, CA 94109
415-864-1278 * bafsp@...