The prison industry in the United States: big business or a new form of slavery?
by Vicky Pelaez
Global Research
...
HISTORY OF PRISON LABOR IN THE UNITED STATES
Prison labor has its roots in slavery. After the 1861-1865 Civil War, a system of "hiring out prisoners" was introduced in order to continue the slavery tradition. Freed slaves were charged with not carrying out their sharecropping commitments (cultivating someone else's land in exchange for part of the harvest) or petty thievery - which were almost never proven - and were then "hired out" for cotton picking, working in mines and building railroads. From 1870 until 1910 in the state of Georgia, 88% of hired-out convicts were Black. In Alabama, 93% of "hired-out" miners were Black. In Mississippi, a huge prison farm similar to the old slave plantations replaced the system of hiring out convicts. The notorious Parchman plantation existed until 1972.
During the post-Civil War period, Jim Crow racial segregation laws were imposed on every state, with legal segregation in schools, housing, marriages and many other aspects of daily life. "Today, a new set of markedly racist laws is imposing slave labor and sweatshops on the criminal justice system, now known as the prison industry complex," comments the Left Business Observer.
Who is investing? At least 37 states have legalized the contracting of prison labor by private corporations that mount their operations inside state prisons. The list of such companies contains the cream of U.S. corporate society: IBM, Boeing, Motorola, Microsoft, AT&T, Wireless, Texas Instrument, Dell, Compaq, Honeywell, Hewlett-Packard, Nortel, Lucent Technologies, 3Com, Intel, Northern Telecom, TWA, Nordstrom's, Revlon, Macy's, Pierre Cardin, Target Stores, and many more. All of these businesses are excited about the economic boom generation by prison labor. Just between 1980 and 1994, profits went up from $392 million to $1.31 billion. Inmates in state penitentiaries generally receive the minimum wage for their work, but not all; in Colorado, they get about $2 per hour, well under the minimum. And in privately-run prisons, they receive as little as 17 cents per hour for a maximum of six hours a day, the equivalent of $20 per month. The highest-paying private prison is CCA in Tennessee, where prisoners receive 50 cents per hour for what they call "highly skilled positions." At those rates, it is no surprise that inmates find the pay in federal prisons to be very generous. There, they can earn $1.25 an hour and work eight hours a day, and sometimes overtime. They can send home $200-$300 per month.
Thanks to prison labor, the United States is once again an attractive location for investment in work that was designed for Third World labor markets. A company that operated a maquiladora (assembly plant in Mexico near the border) closed down its operations there and relocated to San Quentin State Prison in California. In Texas, a factory fired its 150 workers and contracted the services of prisoner-workers from the private Lockhart Texas prison, where circuit boards are assembled for companies like IBM and Compaq.
[Former] Oregon State Representative Kevin Mannix recently urged Nike to cut its production in Indonesia and bring it to his state, telling the shoe manufacturer that "there won't be any transportation costs; we're offering you competitive prison labor (here)."
PRIVATE PRISONS
The prison privatization boom began in the 1980s, under the governments of Ronald Reagan and Bush Sr., but reached its height in 1990 under William Clinton, when Wall Street stocks were selling like hotcakes. Clinton's program for cutting the federal workforce resulted in the Justice Departments contracting of private prison corporations for the incarceration of undocumented workers and high-security inmates.
Private prisons are the biggest business in the prison industry complex. About 18 corporations guard 10,000 prisoners in 27 states. The two largest are Correctional Corporation of America (CCA) and Wackenhut, which together control 75%. Private prisons receive a guaranteed amount of money for each prisoner, independent of what it costs to maintain each one. According to Russell Boraas, a private prison administrator in Virginia, "the secret to low operating costs is having a minimal number of guards for the maximum number of prisoners." The CCA has an ultra-modern prison in Lawrenceville, Virginia, where five guards on dayshift and two at night watch over 750 prisoners. In these prisons, inmates may get their sentences reduced for "good behavior," but for any infraction, they get 30 days added - which means more profits for CCA. According to a study of New Mexico prisons, it was found that CCA inmates lost "good behavior time" at a rate eight times higher than those in state prisons.
IMPORTING AND EXPORTING INMATES
Profits are so good that now there is a new business: importing inmates with long sentences, meaning the worst criminals. When a federal judge ruled that overcrowding in Texas prisons was cruel and unusual punishment, the CCA signed contracts with sheriffs in poor counties to build and run new jails and share the profits. According to a December 1998 Atlantic Monthly magazine article, this program was backed by investors from Merrill-Lynch, Shearson-Lehman, American Express and Allstate, and the operation was scattered all over rural Texas. That state's governor, Ann Richards, followed the example of Mario Cuomo in New York and built so many state prisons that the market became flooded, cutting into private prison profits.
After a law signed by Clinton in 1996 - ending court supervision and decisions - caused overcrowding and violent, unsafe conditions in federal prisons, private prison corporations in Texas began to contact other states whose prisons were overcrowded, offering "rent-a-cell" services in the CCA prisons located in small towns in Texas. The commission for a rent-a-cell salesman is $2.50 to $5.50 per day per bed. The county gets $1.50 for each prisoner.
STATISTICS
Ninety-seven percent of 125,000 federal inmates have been convicted of non-violent crimes. It is believed that more than half of the 623,000 inmates in municipal or county jails are innocent of the crimes they are accused of. Of these, the majority are awaiting trial. Two-thirds of the one million state prisoners have committed non-violent offenses. Sixteen percent of the country's 2 million prisoners suffer from mental illness.
To Read the Entire Article
Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts
Monday, December 12, 2011
Monday, December 5, 2011
Sunday, December 4, 2011
scott crow: Black Flags and Windmills -- Hope, Anarchy and the Common Ground Collective
PM Press link for the book
'Black Flags and Windmills' TRAILER from Louisiana Lucy on Vimeo.
also a full presentation by scott crow on the ideas and experiences in the book
This is a response by Michael B. to Sara P. on the Edu email list. Sara asked him to define in greater detail his understanding of Anarchism (I will proofread and link the addresses when I have more time). There is a lot of confusion about what anarchism is, mostly because of the disnformation propagated by the corporate media--so I wanted to provide an explanation here:
Sara, :) remember this all on the fly here (no revisions) and I can explain in more detail.....
First, "libertarian" has many meanings -- are you talking about right - libertarian (think of tea party or Rand Paul: traditional american version that wants to remove drown government and privatize everything) or left - libertarian (these are traditional anarchists: earlier european version that branched off from cadre socialism and sought to bring more autonomy into individual/collective lives while realizing the potential of liberated communities). There are also many, many types of anarchism, but let me lay out some basics (I would also encourage you to watch scott crow's presentation in the video I provided http://olkyeducation.blogspot.com/2011/12/scott-crow-black-flags-and-windmills.html -- he/Common Grounds is a great example of anarchist direct action ... also notice he doesn't cap his name (why would that be?). Also I would suggest going to see April Browning's screening of Howard Zinn's The People Speaks at Natasha's. For the record Howard Zinn and Noam Chomsky both claim they are left-libertarians
Short descriptions:
Anarchists do not seek complete absence of government. There is a need for basic communal structures to facilitate needed materials -- water for a large community is a good example. What anarchists do want is leadership, not leaders -- in other words a society in which we cultivate the ability of all to step up and work for the greater collective good. They also demand, yes demand, transparency of actions/processes (our occupy movement processes are coming out of anarchist collective principles) and that leadership always be held accountable. They are also opposed to privatization of basic necessities (at the least) and corporate oligarchies -- basically these types of relations rest upon infantilization and dependence of target populations, as well as the creation of elite syncophants in the government. We believe democracy doesn't come from the top, that it can only come from the people. That democracy demands the resistance to illegitimate authority (like our current two part, coroporate capitalist oligarchy)
Anarchists do not believe in complete freedom for the individual. In fact we have a lot of problem with the word "freedom" which has its origins in slave societies. Also consider what is means to be free in our consumer society -- freedom is often an illusion. Anarchists seek "liberty", for individuals and communities. They rests upon the development of "autonomy". For me, I think of autonomy in this way: autonomy = individual liberty + collective responsibility + creative learning + participatory economics. At every step of this formula is the development of individual liberty in tandem with collective responsibility. Anarchists believe that communities are best served by autonomous individuals (and this is the polar opposite of the "radical individualism" of consumer capitalism) and that autonomous individuals are best cultivated in liberated, participatory collectives/communities. If anything, Anarchists are truly the most concerned with community and the individual's role is those communities. Responsibility = ability to respond (why we hold such much value on the creative development of individuals). Capitalism seeks fragmented, alienated, anxious individuals/communities because these are people that are the most easily exploited for profits.
Anarchists are not opposed to profits. There is nothing wrong with co-ops, local markets, exchange of goods with ones neighbors. We just don't want to worship at the altar of profits or genuflect to a mythical corporate free market (we should do some readings sometime on this term).
While Chomsky http://www.chomsky.info/interviews/19760725.htm and Zinn would call themselves left-libertarians/anarcho-syndicalists and I call myself an anarchist -- we are talking about the same thing (and there are videos of both claiminbg themselves as anarchists) -- and we can see what Zinn thought of anarchists in the People Speak http://youtu.be/6hUQ657XR7Y
I also view anarchism as a personal philosophy. Here is my take on it:
Anarchism is a person-centered philosophy. Its focus is on autonomy amidst the social and economic pressures of mass society for superficiality and conformism. It is our responsibility, as free and conscious beings, to create meaning out of life and to develop an authentic existence. It is also, in my opinion, in this regard, our duty to help others develop their response-ability to do the same (for me as a teacher this is the core of an anarchist pedagogy). In this anarchism is radically collective in orientation. We are cultivating autonomous, ethical and responsible individuals who care about their community. Anarchism does not discount other beings in this world... it is holistic, in the sense of recognizing that humans are just one set of beings that live and share in the development and continuation of the broader environment.
Freedom = Responsibility. Anarchism is a philosophy of freedom. It requires that we step back and reflect/reassess on what we have been doing and what effect our thoughts/actions have on the world. In this sense we are more than just individuals, we are members of larger collectives and our personal ethics always extend beyond ourselves (anarchism is not vulgar egotism). In this we can only be as "responsible" as we are "free." Response-ability, the ability for people to respond to the problems of their society and the impetus for them to care beyond themselves, is only realized by free, authentic and ethical beings. Where there is mindless conformism, shallow consumerism, or brutal oppression, you will see a breakdown in the development of response-ability (both in the ruled/rulers... or, manipulated/manipulators).
Ethical considerations are the primary questions. We all understand ethics and freedom differently, this is a given, and thus we must bring each of our understandings into play and sharpen our ideas through open/free public discourse. In this we, as individuals, as a community, as a society, and as a global ecosystem, should consider ethical questions as primary steps to building a better world. An autonomous individual is responsible to develop and consider the authenticity of their own personal lives in relation to their society. My authenticity should not be at the expense of your opportunity to realize yourself (for example, we are not bloated ticks that feed off the misery of others in order to realize some twisted sense of self).
-------------------------------------------------------------------------
I realize I am a deeply flawed and difficult person. This is always a work in progress and I struggle as an individual.
To realize true liberty, autonomous citizens, participatory economics, and liberated communities .... that is all I have ever dreamed of since I was a little kid.... seriously -- it is all summed up in the usage of the word: "solidarity"
Here is a great discussion of current anarchist thought (esp. cindy milstein) in relation to the Occupy Movement http://www.againstthegrain.org/program/493/id/451547/mon-11-07-11-anarchism-thought-and-streets
and once again to circle back again to scott crow -- why does the government/media/corporations fear anarchist so much?
http://www.nytimes.com/2011/05/29/us/29surveillance.html?_r=1
Thursday, December 1, 2011
Wednesday, November 30, 2011
Noah Adams: Hard Times Inspire Ky. College Students To Action
Hard Times Inspire Ky. College Students To Action
by Noah Adams
NPR
NPR's Hard Times series features stories of economic hardship and also stories of hope. We asked for ideas from listeners, and Emily Nugent of Berea College in Kentucky responded, writing: "With a student body composed entirely of students from low socio-economic backgrounds, Berea students know about the challenges Americans are facing." Noah Adams went in search of Emily and the Berea College story.
This school was started six years before the Civil War. It was to be both integrated and coeducational. And the poor students became part of the mission. The small college town, Berea, is right at the edge of the Bluegrass region. There's a rise of mountains to the east. It's where Appalachia begins.
By 1931, University of Chicago President Robert Hutchins was able to say Berea was in a "different class."
"It does what no other college can do; what it does must be done," he said.
This year, the Washington Monthly ranking of 100 liberal arts colleges has Berea at No. 1.
The school has 1,600 students, most of them from southern Appalachia, but there's someone here from every state. And at Berea, their tuition is free — all four years are paid for through the college's $931 million endowment. It might be the only way these students could go to college. On average, they come from families with household incomes of about $25,000.
Emily Nugent, a sophomore at Berea, is a political science major from Lapeer, Mich. She recalls coming with her mother for her first visit to the campus.
"I finished my tour, and my mom turned to me and said, 'If you choose this school or any school, I want you to be as proud of what you're doing as these students seem to be. I don't care what school you choose, but this is the only one I've seen where people seem to love what they're doing,' " Nugent remembers.
Choi, a senior majoring in Spanish and political science from Bergen County, N.J., came to this country from South Korea. After four years at Berea, he graduates next month. Soon he'll go to San Francisco and walk across America to call attention to the plight of immigrants.
"Especially in these hard times, I feel that people are placing blame on the other people who look a little different from everyone else. I've lived in this country for more than half my life, and I'm still undocumented," Choi says. "I feel that Berea has empowered me to go back to my own community, which is the immigrant community, and try to find ways I can fill my role in."
In October, about 40 Berea students rode a bus to New York City for the Occupy Wall Street rallies. Senior Kurstin Jones, from Cincinnati, was with them.
To Read the Rest of the Story or Listen to it in its entirety
by Noah Adams
NPR
NPR's Hard Times series features stories of economic hardship and also stories of hope. We asked for ideas from listeners, and Emily Nugent of Berea College in Kentucky responded, writing: "With a student body composed entirely of students from low socio-economic backgrounds, Berea students know about the challenges Americans are facing." Noah Adams went in search of Emily and the Berea College story.
This school was started six years before the Civil War. It was to be both integrated and coeducational. And the poor students became part of the mission. The small college town, Berea, is right at the edge of the Bluegrass region. There's a rise of mountains to the east. It's where Appalachia begins.
By 1931, University of Chicago President Robert Hutchins was able to say Berea was in a "different class."
"It does what no other college can do; what it does must be done," he said.
This year, the Washington Monthly ranking of 100 liberal arts colleges has Berea at No. 1.
The school has 1,600 students, most of them from southern Appalachia, but there's someone here from every state. And at Berea, their tuition is free — all four years are paid for through the college's $931 million endowment. It might be the only way these students could go to college. On average, they come from families with household incomes of about $25,000.
Emily Nugent, a sophomore at Berea, is a political science major from Lapeer, Mich. She recalls coming with her mother for her first visit to the campus.
"I finished my tour, and my mom turned to me and said, 'If you choose this school or any school, I want you to be as proud of what you're doing as these students seem to be. I don't care what school you choose, but this is the only one I've seen where people seem to love what they're doing,' " Nugent remembers.
Choi, a senior majoring in Spanish and political science from Bergen County, N.J., came to this country from South Korea. After four years at Berea, he graduates next month. Soon he'll go to San Francisco and walk across America to call attention to the plight of immigrants.
"Especially in these hard times, I feel that people are placing blame on the other people who look a little different from everyone else. I've lived in this country for more than half my life, and I'm still undocumented," Choi says. "I feel that Berea has empowered me to go back to my own community, which is the immigrant community, and try to find ways I can fill my role in."
In October, about 40 Berea students rode a bus to New York City for the Occupy Wall Street rallies. Senior Kurstin Jones, from Cincinnati, was with them.
To Read the Rest of the Story or Listen to it in its entirety
Sunday, November 27, 2011
Best of the Left: Compilations of Reports on the Occupy Movement, Pts. 1-7 (September - November)
[A great collection of reports on the Occupy Movement -- thanks Jay Tomlinson! Check back at Best of the Left for future reports and for compilations on other subjects/themes]
#538 The 99 Percent Wakes Up (Occupy Wall St Part 1)
Act 1: Congrats to Wall St. Protesters – The Progressive Air Date: 9-27-11 Song 1: Hi – The Only Thing I Ever Wanted
Act 2: Irony of Police Attacks on Protestors – Jimmy Dore Air Date: 9-27-11
Song 2: Pumped Up Kicks – Torches
Act 3: World Economy Going to Hell – Dan Carlin Air Date: 9-28-11
Song 3: Eleanor Rigby (Strings Only) – Anthology 2
Act 4: Fox News Gives Wall Street Protesters the “Fair & Balanced” Treatment – Media Matters Air Date: 10-3-11
Act 5: Keith Olbermann reads first collective statement of Occupy Wall Street – Countdown
Song 5: The Times They Are A-Changin’ – The Essential Bob Dylan
Act 6: Protesting is a Priviledge? – Majority Report Air Date: 9-28-11
Song 6: Turtle (Bonobo Mix) – One Offs… Remixes & B Sides
Act 7: Fox Host says Tea Party was Organic, Occupy Wall Street is Not – Media Matters Air Date: 10-5-11
Act 8: Michael Moore says We oppose the way our economy is structured – Countdown
#539 We are the other 99 percent (Occupy Wall St Part 2)
Act 1: Police Are On The Wrong Side At The Occupy Wall Street Protests – Lee Camp Air Date: 9-25-11
Song 1: All These Things That I’ve Done – Hot Fuss
Act 2: Romney Would Complain About Class Warfare – The Progressive Air Date: 10-5-11
Song 2: Revolution – I Am Sam (Music from and Inspired By the Motion Picture)
Act 3: The Screaming Majority song on Occupy Wall St – Majority Report Air Date: 10-7-11
Song 3: Up nights – Amsterband
Act 4: The TRUTH About The Occupy Wall Street Protests – Lee Camp Air Date: 9-27-11
Song 4: Free to Decide – Stars – The Best of 1992-2002
Act 5: Panic of the plutocrats – Green News Report Air Date: 10-11-11
Song 5: Take ‘Em Down – Going Out In Style
Act 6: CNNs Erin Burnett informs viewers about protesters – Counterspin Air Date: 10-06-11
Song 6: I’m a Worried Man – Countryman
Act 7: Erin Burnett’s horrible Occupy Wall St report – Majority Report Air Date: 10-7-11
Song 7: We’re Simple Minds – Spring Came, Rain Fell
Act 8: Occupy DC Event Infiltrated By Conservative from American Spectator –Young Turks Air Date: 10-10-11
Song 8: Solidarity Forever – If I Had a Hammer: Songs of Hope and Struggle
Act 9: Purge the agitators at Occupy Wall St – David Feldman Show Air Date: 10-9-11
Song 9: The World Has Turned and Left Me Here – Weezer
Act 10: How staying peaceful means we will win – Citizen Radio Air Date: 10-11-11
#541 Unite like an Egyptian (Occupy Wall St Part 3)
Act 1: A Detailed Plan On How To Decrease Corporate Power – Lee Camp Air Date: 9-21-11
Song 1: What we’ve got (Live) – Emilyn Brodsky & Anthony da Costa
Act 2: News Coverage Numbers of the Occupy Protests vs Tea Party protests – On the Media
Song 2: Fake Plastic Trees – The Best of Radiohead
Act 3: Bill O’Reilly Rips Occupy Wall Street Protesters – Young Turks
Song 3: You Can’t Always Get What You Want (Glee Cast Version) – Glee: The Music, Vol. 2
Act 4: What the Occupy Wall St movement wants Part 1 – Planet Money
Song 4: Union strike song – Lisa Simpson
Act 5: What the Occupy Wall St movement wants Part 2 – Planet Money
Song 5: Rinse Me Down – Flaws
Act 6: President’s Approval Rating Soars After Punching Wall Street Banker in Face – The Onion
Song 6: Fighting Song (feat. Tom Morello) – Eyes On Fire – EP
Act 7: Chris Hedges speech at Occupy DC – Chris Hedges
Song 7: You’re The Best (Theme From The Karate Kid) [Originally Performed by Joe Esposito] – You’re The Best
Act 8: Are We The Modern Day Pompeii – Lee Camp Air Date: 10-02-11
Song 8: Golden Slumbers – I Am Sam (Music from and Inspired By the Motion Picture)
Act 9: Then Meets Now – Mark Fiore Air Date 10-19-11
#542 Greed is no longer good (Occupy Wall St Part 4)
Act 1: Occupy Wall Street Is A Thought Revolution – And It Won’t Be Minimized – Lee Camp Air Date: 10-10-11
Song 1: Bathroom Girl – Virgin Suicides (Original Motion Picture Score)
Act 2: The Occupation – Mumia Abu-Jamal Air Date: 10-10-11
Song 2: Late Afternoon (Live) – Theo Bard
Act 3: False reporting about Soros connection to Occupy Wall St – Counterspin
Song 3: Run Screaming (Live) – Stockdale and Shapiro
Act 4: Round-table discussion of Occupy Wall St. – Jimmy Dore Air Date: 10-13-11
Song 4: The Walls Are Coming Down – Reservoir
Act 5: Tom Hayden offers extraordinary insight into evolution of Occupy Wall Street movement – Countdown Air Date: 10-13-11
Song 5: Cat Faces – Sharpen Your Teeth
Act 6: The Numbers Behind Occupy Wall Street – Lee Camp Air Date 10-20-11
Song 6: Take Me Out – Franz Ferdinand
Act 7: This Is the Movement We’ve Been Waiting For – The Progressive Air Date: 10-14-11
Song 7: I Shall Not Be Moved – The Gospel Album
Act 8: Round up of Sunday morning news on Occupy Wall St – Counterspin Air Date: 10-13-11
Song 8: Serre-moi – Tryö
Act 9: Obama, Occupy Wall Street, 2012 Campaign – Young Turks Air Date: 10-17-11
Song 9: Never Again – Fourth Circle
Act 10: Knee jerks defend Wall Street – Jim Hightower Air Date: 10-17-11
Song 10: United We Stand – Sing the 70′s
Act 11: Tonight at Liberty Plaza ‘The American People Agree with Us’ – Michael Moore Air Date: 10-20-11
Song 11: Stand by me – Playing For Change
Act 12: Wall Street Is Dirtier Than Occupy Wall Street – Lee Camp Air Date: 10-17-11
Song 12: Clean Up – Clean Up EP
Act 13: OWS-Hating CBC Anchor Destroyed By Chris Hedges – Young Turks Air Date 10-17-11
#546 The whole world is, in fact, watching and taking part (Occupy Wall St Part 5)
Act 1: Thanks for Nothin’ – Mark Fiore Air Date 10-27-11
Song 1: I’m Looking Through You – I Am Sam (Music from and Inspired By the Motion Picture)
Act 2: Erroneous reporting on the Occupation – Counterspin Air Date: 10-27-11
Song 2: Down the Line – Down the Line – Single
Act 3: Prophetic article calling for the occupation Part 1 – Majority Report 10-25-11
Song 3: Generation – Emerson Hart
Act 4: Why Don’t The Occupy Protesters Stop Whining, Just Work Hard – Lee Camp Air Date: 10-28-11
Song 4: Have you had enough? – Rickie Lee Jones & The Squirrel Nut Zippers
Act 5: Prophetic article calling for the occupation Part 2 – Majority Report 10-25-11
Song 5: I Can Help – The Best of Billy Swan
Act 6: Comparing the Occupation to the Bonus Army encampment – Rachel Maddow Air Date: 10-26-11
Song 6: Down the Drain – Torrent, Vol. 1 & 2: Will Dailey
Act 7: Protest update and thoughts on tear gas – The Bugle Air Date: 11-3-11
Song 7: Touch of Grey – The Very Best of Grateful Dead
Act 8: Poll Americans Distrust Government – Young Turks Air Date: 10-26-11
Song 8: I didn’t fuck it up – Katie Goodman
Act 9: Missing Howard Zinn, Oracle of OWS – The Progressive Air Date: 10-31-11
Song 9: Back to Life – Keep On Movin’
Act 10: Shockupy Wall Street Fad – Colbert Report Air Date: 10-27-11
Song 10: Ave Maria (Pavarotti / O’Riordan) – To the Faithful Departed (The Complete Sessions 1996-1997)
Act 11: The world is, in fact, watching the Oakland Occupation – Matthew Filipowicz Air Date: 10-27-11
#547 Then they fight you (Occupy Wall St Part 6)
Act 1: The Top 1 percent Vs YOU – Young Turks Air Date 10-31-11
Song 1: Give a Damn – Greatest Hits
Act 2: Occupy Wall Street Says “Stop, Thief!” – The Progressive Air Date: 10-28-11
Song 2: Stop Thief – Fabian’s 16 Fabulous Hits
Act 3: What’s in a name at Occupy Wall St? – Jim Hightower Air Date: 10-31-11
Song 3: Liberty Square – Liberty Square
Act 4: NYPD Reportedly Sending Drunks Criminals to Occupy Wall Street – Majority Report Air Date: 11-2-11
Song 4: Out of My Mind – Back to Bedlam
Act 5: The general strike in Oakland – Rachel Maddow Air Date: 11-2-11
Song 5: If it weren’t for the union – Robin Roberts
Act 6: Occupy Wall Street and Amend the Constitution to Overturn Citizens United – The Progressive Air Date: 11-2-11
Song 6: Ride of the Valkyries – Classical For The New Age
Act 7: The dignity of the Occupation and the coverage of it – Matthew Filipowicz Air Date: 11-3-11
Song 7: Dignified and Old – The Modern Lovers
Act 8: Occupation teach-ins on environmental issues – Green News Report Air Date: 11-3-11
Song 8: Return to Sender – The Essential Elvis Presley (Remastered)
Act 9: Giant Protest Puppet Kills Dozens Of Peace Drummers – The Onion
Song 9: Night of the Dancing Flame – Ruby Blue
Act 10: Who Are The 1 Percent? – Young Turks Air Date: 11-9-11
Song 10: What Are Their Names – If I Could Only Remember My Name
Act 11: Economics inequality and journalism ethics called into question – Counterspin Air Date: 11-4-11
Song 11: The Sound of Silence – Sounds of Silence
Act 12: What Do They Want? – Mumia Abu-Jamal Air Date: 11-6-11
Song 12: Too Much Information – The Singles Box 1986-1995
Act 13: Occupy Oakland Protester Shot With Rubber Bullet – Young Turks Air Date: 11-9-11
Song 13: Still Fighting It – Rockin’ the Suburbs
Act 14: Adam Gabbatt on second U.S. veteran injured by Oakland police – Countdown Air Date: 11-8-11
Song 14: Sorrow – The Process of Belief
Act 15: Occupy Wall Street Has Proven We Don’t Have Free Speech – Lee Camp Air Date: 10-31-11
#551 The police are the 99 percent too (Occupy Wall St Part 7)
Act 1: Police Let Vehicular Assault Slide at Occupy Oakland General Strike –Majority Report Air Date: 11-4-11
Song 1: Go Your Own Way (Box Set Bonus Track) – The Treasure Box for Boys and Girls
Act 2: Who are the one percent – Robert Greenwald – Thom Hartmann Air Date: 11-3-11
Song 2: We are the many – Makana
Act 3: Don’t just salute veterans, rally with them – Jim Hightower Air Date: 11-14-11
Song 3: Veterans – The Clips
Act 4: Kim Kardashian, Occupy Wall Street, Credit Default Swaps – Lee Camp Air Date 11-14-11
Song 4: Clowns (Can You See Me Now?) – 200 KM/H in the Wrong Lane
Act 5: Police Need to Back Off on Occupy Wall Street – The Progressive Air Date: 11-14-11
Song 5: Stop the Madness – Versatile Roots
Act 6: Protesting at Berkley, past and present – Rachel Maddow Air Date: 11-15-11
Song 6: This fickle world – Theo Bard
Act 7: Shooting and clubbing veterans is not a solution – Jim Hightower Air Date: 11-15-11
Song 7: Shake It Out – Ceremonials (Deluxe Version)
Act 8: Workers Protest Over-Ventilation Of U.S. Factories – The Onion
Song 8: Seasons In the Sun – Have a Ball
Act 9: Occupy Wall Street Brings on a “Which Side Are You On” Moment – The Progressive Air Date: 11-15-11
Song 9: All You Fascists – Mermaid Avenue, Vol. II
Act 10: Keith’s Special Comment: Why OWS needs Michael Bloomberg – Countdown Air Date: 11-16-11
Song 10: So I Need You – The Better Life
Act 11: Occupy Wall St protest has been hosed – The Bugle Air Date: 11-17-11
Song 11: A Change Is Gonna Come – Learning to Bend
Act 12: Occupy Wall Street Media Blackout, Police State – Young Turks Air Date: 11-15-11
#538 The 99 Percent Wakes Up (Occupy Wall St Part 1)
Act 1: Congrats to Wall St. Protesters – The Progressive Air Date: 9-27-11 Song 1: Hi – The Only Thing I Ever Wanted
Act 2: Irony of Police Attacks on Protestors – Jimmy Dore Air Date: 9-27-11
Song 2: Pumped Up Kicks – Torches
Act 3: World Economy Going to Hell – Dan Carlin Air Date: 9-28-11
Song 3: Eleanor Rigby (Strings Only) – Anthology 2
Act 4: Fox News Gives Wall Street Protesters the “Fair & Balanced” Treatment – Media Matters Air Date: 10-3-11
Act 5: Keith Olbermann reads first collective statement of Occupy Wall Street – Countdown
Song 5: The Times They Are A-Changin’ – The Essential Bob Dylan
Act 6: Protesting is a Priviledge? – Majority Report Air Date: 9-28-11
Song 6: Turtle (Bonobo Mix) – One Offs… Remixes & B Sides
Act 7: Fox Host says Tea Party was Organic, Occupy Wall Street is Not – Media Matters Air Date: 10-5-11
Act 8: Michael Moore says We oppose the way our economy is structured – Countdown
#539 We are the other 99 percent (Occupy Wall St Part 2)
Act 1: Police Are On The Wrong Side At The Occupy Wall Street Protests – Lee Camp Air Date: 9-25-11
Song 1: All These Things That I’ve Done – Hot Fuss
Act 2: Romney Would Complain About Class Warfare – The Progressive Air Date: 10-5-11
Song 2: Revolution – I Am Sam (Music from and Inspired By the Motion Picture)
Act 3: The Screaming Majority song on Occupy Wall St – Majority Report Air Date: 10-7-11
Song 3: Up nights – Amsterband
Act 4: The TRUTH About The Occupy Wall Street Protests – Lee Camp Air Date: 9-27-11
Song 4: Free to Decide – Stars – The Best of 1992-2002
Act 5: Panic of the plutocrats – Green News Report Air Date: 10-11-11
Song 5: Take ‘Em Down – Going Out In Style
Act 6: CNNs Erin Burnett informs viewers about protesters – Counterspin Air Date: 10-06-11
Song 6: I’m a Worried Man – Countryman
Act 7: Erin Burnett’s horrible Occupy Wall St report – Majority Report Air Date: 10-7-11
Song 7: We’re Simple Minds – Spring Came, Rain Fell
Act 8: Occupy DC Event Infiltrated By Conservative from American Spectator –Young Turks Air Date: 10-10-11
Song 8: Solidarity Forever – If I Had a Hammer: Songs of Hope and Struggle
Act 9: Purge the agitators at Occupy Wall St – David Feldman Show Air Date: 10-9-11
Song 9: The World Has Turned and Left Me Here – Weezer
Act 10: How staying peaceful means we will win – Citizen Radio Air Date: 10-11-11
#541 Unite like an Egyptian (Occupy Wall St Part 3)
Act 1: A Detailed Plan On How To Decrease Corporate Power – Lee Camp Air Date: 9-21-11
Song 1: What we’ve got (Live) – Emilyn Brodsky & Anthony da Costa
Act 2: News Coverage Numbers of the Occupy Protests vs Tea Party protests – On the Media
Song 2: Fake Plastic Trees – The Best of Radiohead
Act 3: Bill O’Reilly Rips Occupy Wall Street Protesters – Young Turks
Song 3: You Can’t Always Get What You Want (Glee Cast Version) – Glee: The Music, Vol. 2
Act 4: What the Occupy Wall St movement wants Part 1 – Planet Money
Song 4: Union strike song – Lisa Simpson
Act 5: What the Occupy Wall St movement wants Part 2 – Planet Money
Song 5: Rinse Me Down – Flaws
Act 6: President’s Approval Rating Soars After Punching Wall Street Banker in Face – The Onion
Song 6: Fighting Song (feat. Tom Morello) – Eyes On Fire – EP
Act 7: Chris Hedges speech at Occupy DC – Chris Hedges
Song 7: You’re The Best (Theme From The Karate Kid) [Originally Performed by Joe Esposito] – You’re The Best
Act 8: Are We The Modern Day Pompeii – Lee Camp Air Date: 10-02-11
Song 8: Golden Slumbers – I Am Sam (Music from and Inspired By the Motion Picture)
Act 9: Then Meets Now – Mark Fiore Air Date 10-19-11
#542 Greed is no longer good (Occupy Wall St Part 4)
Act 1: Occupy Wall Street Is A Thought Revolution – And It Won’t Be Minimized – Lee Camp Air Date: 10-10-11
Song 1: Bathroom Girl – Virgin Suicides (Original Motion Picture Score)
Act 2: The Occupation – Mumia Abu-Jamal Air Date: 10-10-11
Song 2: Late Afternoon (Live) – Theo Bard
Act 3: False reporting about Soros connection to Occupy Wall St – Counterspin
Song 3: Run Screaming (Live) – Stockdale and Shapiro
Act 4: Round-table discussion of Occupy Wall St. – Jimmy Dore Air Date: 10-13-11
Song 4: The Walls Are Coming Down – Reservoir
Act 5: Tom Hayden offers extraordinary insight into evolution of Occupy Wall Street movement – Countdown Air Date: 10-13-11
Song 5: Cat Faces – Sharpen Your Teeth
Act 6: The Numbers Behind Occupy Wall Street – Lee Camp Air Date 10-20-11
Song 6: Take Me Out – Franz Ferdinand
Act 7: This Is the Movement We’ve Been Waiting For – The Progressive Air Date: 10-14-11
Song 7: I Shall Not Be Moved – The Gospel Album
Act 8: Round up of Sunday morning news on Occupy Wall St – Counterspin Air Date: 10-13-11
Song 8: Serre-moi – Tryö
Act 9: Obama, Occupy Wall Street, 2012 Campaign – Young Turks Air Date: 10-17-11
Song 9: Never Again – Fourth Circle
Act 10: Knee jerks defend Wall Street – Jim Hightower Air Date: 10-17-11
Song 10: United We Stand – Sing the 70′s
Act 11: Tonight at Liberty Plaza ‘The American People Agree with Us’ – Michael Moore Air Date: 10-20-11
Song 11: Stand by me – Playing For Change
Act 12: Wall Street Is Dirtier Than Occupy Wall Street – Lee Camp Air Date: 10-17-11
Song 12: Clean Up – Clean Up EP
Act 13: OWS-Hating CBC Anchor Destroyed By Chris Hedges – Young Turks Air Date 10-17-11
#546 The whole world is, in fact, watching and taking part (Occupy Wall St Part 5)
Act 1: Thanks for Nothin’ – Mark Fiore Air Date 10-27-11
Song 1: I’m Looking Through You – I Am Sam (Music from and Inspired By the Motion Picture)
Act 2: Erroneous reporting on the Occupation – Counterspin Air Date: 10-27-11
Song 2: Down the Line – Down the Line – Single
Act 3: Prophetic article calling for the occupation Part 1 – Majority Report 10-25-11
Song 3: Generation – Emerson Hart
Act 4: Why Don’t The Occupy Protesters Stop Whining, Just Work Hard – Lee Camp Air Date: 10-28-11
Song 4: Have you had enough? – Rickie Lee Jones & The Squirrel Nut Zippers
Act 5: Prophetic article calling for the occupation Part 2 – Majority Report 10-25-11
Song 5: I Can Help – The Best of Billy Swan
Act 6: Comparing the Occupation to the Bonus Army encampment – Rachel Maddow Air Date: 10-26-11
Song 6: Down the Drain – Torrent, Vol. 1 & 2: Will Dailey
Act 7: Protest update and thoughts on tear gas – The Bugle Air Date: 11-3-11
Song 7: Touch of Grey – The Very Best of Grateful Dead
Act 8: Poll Americans Distrust Government – Young Turks Air Date: 10-26-11
Song 8: I didn’t fuck it up – Katie Goodman
Act 9: Missing Howard Zinn, Oracle of OWS – The Progressive Air Date: 10-31-11
Song 9: Back to Life – Keep On Movin’
Act 10: Shockupy Wall Street Fad – Colbert Report Air Date: 10-27-11
Song 10: Ave Maria (Pavarotti / O’Riordan) – To the Faithful Departed (The Complete Sessions 1996-1997)
Act 11: The world is, in fact, watching the Oakland Occupation – Matthew Filipowicz Air Date: 10-27-11
#547 Then they fight you (Occupy Wall St Part 6)
Act 1: The Top 1 percent Vs YOU – Young Turks Air Date 10-31-11
Song 1: Give a Damn – Greatest Hits
Act 2: Occupy Wall Street Says “Stop, Thief!” – The Progressive Air Date: 10-28-11
Song 2: Stop Thief – Fabian’s 16 Fabulous Hits
Act 3: What’s in a name at Occupy Wall St? – Jim Hightower Air Date: 10-31-11
Song 3: Liberty Square – Liberty Square
Act 4: NYPD Reportedly Sending Drunks Criminals to Occupy Wall Street – Majority Report Air Date: 11-2-11
Song 4: Out of My Mind – Back to Bedlam
Act 5: The general strike in Oakland – Rachel Maddow Air Date: 11-2-11
Song 5: If it weren’t for the union – Robin Roberts
Act 6: Occupy Wall Street and Amend the Constitution to Overturn Citizens United – The Progressive Air Date: 11-2-11
Song 6: Ride of the Valkyries – Classical For The New Age
Act 7: The dignity of the Occupation and the coverage of it – Matthew Filipowicz Air Date: 11-3-11
Song 7: Dignified and Old – The Modern Lovers
Act 8: Occupation teach-ins on environmental issues – Green News Report Air Date: 11-3-11
Song 8: Return to Sender – The Essential Elvis Presley (Remastered)
Act 9: Giant Protest Puppet Kills Dozens Of Peace Drummers – The Onion
Song 9: Night of the Dancing Flame – Ruby Blue
Act 10: Who Are The 1 Percent? – Young Turks Air Date: 11-9-11
Song 10: What Are Their Names – If I Could Only Remember My Name
Act 11: Economics inequality and journalism ethics called into question – Counterspin Air Date: 11-4-11
Song 11: The Sound of Silence – Sounds of Silence
Act 12: What Do They Want? – Mumia Abu-Jamal Air Date: 11-6-11
Song 12: Too Much Information – The Singles Box 1986-1995
Act 13: Occupy Oakland Protester Shot With Rubber Bullet – Young Turks Air Date: 11-9-11
Song 13: Still Fighting It – Rockin’ the Suburbs
Act 14: Adam Gabbatt on second U.S. veteran injured by Oakland police – Countdown Air Date: 11-8-11
Song 14: Sorrow – The Process of Belief
Act 15: Occupy Wall Street Has Proven We Don’t Have Free Speech – Lee Camp Air Date: 10-31-11
#551 The police are the 99 percent too (Occupy Wall St Part 7)
Act 1: Police Let Vehicular Assault Slide at Occupy Oakland General Strike –Majority Report Air Date: 11-4-11
Song 1: Go Your Own Way (Box Set Bonus Track) – The Treasure Box for Boys and Girls
Act 2: Who are the one percent – Robert Greenwald – Thom Hartmann Air Date: 11-3-11
Song 2: We are the many – Makana
Act 3: Don’t just salute veterans, rally with them – Jim Hightower Air Date: 11-14-11
Song 3: Veterans – The Clips
Act 4: Kim Kardashian, Occupy Wall Street, Credit Default Swaps – Lee Camp Air Date 11-14-11
Song 4: Clowns (Can You See Me Now?) – 200 KM/H in the Wrong Lane
Act 5: Police Need to Back Off on Occupy Wall Street – The Progressive Air Date: 11-14-11
Song 5: Stop the Madness – Versatile Roots
Act 6: Protesting at Berkley, past and present – Rachel Maddow Air Date: 11-15-11
Song 6: This fickle world – Theo Bard
Act 7: Shooting and clubbing veterans is not a solution – Jim Hightower Air Date: 11-15-11
Song 7: Shake It Out – Ceremonials (Deluxe Version)
Act 8: Workers Protest Over-Ventilation Of U.S. Factories – The Onion
Song 8: Seasons In the Sun – Have a Ball
Act 9: Occupy Wall Street Brings on a “Which Side Are You On” Moment – The Progressive Air Date: 11-15-11
Song 9: All You Fascists – Mermaid Avenue, Vol. II
Act 10: Keith’s Special Comment: Why OWS needs Michael Bloomberg – Countdown Air Date: 11-16-11
Song 10: So I Need You – The Better Life
Act 11: Occupy Wall St protest has been hosed – The Bugle Air Date: 11-17-11
Song 11: A Change Is Gonna Come – Learning to Bend
Act 12: Occupy Wall Street Media Blackout, Police State – Young Turks Air Date: 11-15-11
Saturday, November 26, 2011
Media Roots: Wells Fargo Profits from Private Prisons
Wells Fargo Profits from Private Prisons
Media Roots
As big banks inject record amounts of cash into lobbying this year, largely aimed at access to financial regulators, Wells Fargo, in particular, stands out because of its added rapacious dimension of investments in for-profit prisons and immigrant detention centres. Certainly, legal wrangling over deportation policies is politicised. Yet, whereas pre-9/11, undocumented immigrants were summarily deported to their country of origin by border patrol agents along the border, post-9/11 for-profit detention centres are hugely profiting from the detention of scores of immigrants apprehended throughout the country, not just along the border at the point of entry.
Meanwhile, one of Wells Fargo’s biggest investors, the for-profit prison firm GEO Group, Inc., invests millions in lobbying for ever more draconian anti-immigrant legislation, as Eric Dolan (in the article below) and Hyun-Mi Kim (in the interview below) explain. Kim notes, the racist anti-immigrant SB 1070 Bill in Arizona was shaped in large part by the nation's top-two for-profit prison firms GEO Group, Inc. and Corrections Corporation of America. The two firms, says Kim, raked in a whopping $2.9 Billion in profits in 2010.
As regressive policies, such as NAFTA, create economic refugees forced to migrate from Latin America to the U.S. in search of employment, predatory anti-immigrant policies, shaped by for-profit prison firms, incentivise prolonged detentions, such as at the notorious T. Don Hutto Detention Center in Texas, as Davey D notes (below).
Kim correctly points out the complete betrayal by Obama to his campaign promises of compassion towards immigrant communities. Not only have record numbers of immigrants been imprisoned under Obama’s support for the regressive policies of I.C.E. and S-Comm, but Obama has even run defence on behalf of for-profit detention centres by exempting them from the Prison Rape Elimination Act of 2003. As Frontline has reported, immigrants “held in U.S. immigration detention facilities filed more than 170 allegations of sexual abuse over the last four years, mostly against guards and other staff at the centers, according to government documents obtained by FRONTLINE and the American Civil Liberties Union (ACLU).” Thus, not only must immigrants endure economic abuse, class-warfare, and arbitrary detention, but torture as well.
To Read the Rest of the Reports
Media Roots
As big banks inject record amounts of cash into lobbying this year, largely aimed at access to financial regulators, Wells Fargo, in particular, stands out because of its added rapacious dimension of investments in for-profit prisons and immigrant detention centres. Certainly, legal wrangling over deportation policies is politicised. Yet, whereas pre-9/11, undocumented immigrants were summarily deported to their country of origin by border patrol agents along the border, post-9/11 for-profit detention centres are hugely profiting from the detention of scores of immigrants apprehended throughout the country, not just along the border at the point of entry.
Meanwhile, one of Wells Fargo’s biggest investors, the for-profit prison firm GEO Group, Inc., invests millions in lobbying for ever more draconian anti-immigrant legislation, as Eric Dolan (in the article below) and Hyun-Mi Kim (in the interview below) explain. Kim notes, the racist anti-immigrant SB 1070 Bill in Arizona was shaped in large part by the nation's top-two for-profit prison firms GEO Group, Inc. and Corrections Corporation of America. The two firms, says Kim, raked in a whopping $2.9 Billion in profits in 2010.
As regressive policies, such as NAFTA, create economic refugees forced to migrate from Latin America to the U.S. in search of employment, predatory anti-immigrant policies, shaped by for-profit prison firms, incentivise prolonged detentions, such as at the notorious T. Don Hutto Detention Center in Texas, as Davey D notes (below).
Kim correctly points out the complete betrayal by Obama to his campaign promises of compassion towards immigrant communities. Not only have record numbers of immigrants been imprisoned under Obama’s support for the regressive policies of I.C.E. and S-Comm, but Obama has even run defence on behalf of for-profit detention centres by exempting them from the Prison Rape Elimination Act of 2003. As Frontline has reported, immigrants “held in U.S. immigration detention facilities filed more than 170 allegations of sexual abuse over the last four years, mostly against guards and other staff at the centers, according to government documents obtained by FRONTLINE and the American Civil Liberties Union (ACLU).” Thus, not only must immigrants endure economic abuse, class-warfare, and arbitrary detention, but torture as well.
To Read the Rest of the Reports
Monday, November 21, 2011
Nathan Brown: Five Theses on Privatization and the University of California Struggle
Five Theses on Privatization and the UC Struggle
Reclaim UC
The following speech by Nathan Brown was delivered at the UC system-wide strike rally held at UC Davis on November 15:
Hello Everyone!
It’s beautiful to see so many of you here today. On four day’s notice, this is an incredible turnout. Let’s remember how much we can do in so little time.
I’m an English professor, and as some of you know, English professors spend a lot of our time talking about how to construct a “thesis” and how to defend it through argument. So today I’m going to model this way of thinking and writing by using it to discuss the university struggle. My remarks will consist of five theses, and I will defend these by presenting arguments to support them.
THESES
1. Tuition increases are the problem, not the solution.
2. Police brutality is an administrative tool to enforce tuition increases.
3. What we are struggling against is not the California legislature, but the upper administration of the UC system.
4. The university is the real world.
5. We are winning.
THESIS ONE: Tuition increases are the problem, not the solution.
In 2005 tuition was $6,312. Tuition is currently $13,218. What the Regents were supposed to be considering this week — before their meeting was cancelled due to student protest — was UC President Yudof’s plan to increase tuition by a further 81% over the next four years. On that plan, tuition would be over $23,000 by 2015-2016. If that plan goes forward, in ten years tuition would have risen from around $6,000 to around $23,000.
What happened?
The administration tells us that tuition increases are necessary because of cuts to state funding. According to this argument, cuts to state funding are the problem, and tuition increases are the solution. We have heard this argument from the administration and from others many times.
To argue against this administrative logic, I’m going to rely on the work of my colleague Bob Meister, a professor at UC Santa Cruz and the President of the UC Council of Faculty Associations. Professor Meister has written a series of important open letters to UC students, explaining why tuition increases are in fact the problem, not the solution to the budget crisis. What Meister explains is that the privatization of the university—the increasing reliance on tuition payments (your money) rather than state funding—is not a defensive measure on the part of the UC administration to make up for state cuts. Rather, it is an aggressive strategy of revenue growth: a way for the university to increase its revenue more than it would be able to through state funding.
This is the basic argument: privatization, through increased enrollments and constantly increasing tuition, is first and foremost an administrative strategy to bring in more revenue. It is not just a way to keep the university going during a time of state defunding. What is crucial to this argument is the way that different sources of funding can be used.
State funds are restricted funds. This means that a certain portion of those funds has to be used to fund the instructional budget of the university. The more money there is in the instructional budget, the more money is invested in student instruction, in the quality of your education. But private funds, tuition payments, are unrestricted funds. This means there are no restrictions on whether those funds are spent on student instruction, on administrative pay, or anything else.
What Professor Meister uncovered through his research into the restructuring of UC funding is that student tuition (your money) is being pledged as collateral to guarantee the university’s credit rating. What this allows the university to do is borrow money for lucrative investments, like building contracts or “capital projects” as they are called. These have no relation to the instructional quality of the institution. And the strong credit rating of the university is based on its pledge to continue raising tuition indefinitely.
Restricted state funds cannot be used for such purposes. Their use is restricted in such a way as to guarantee funding for the instructional budget. This restriction is a problem for any university administration whose main priority is not to sustain its instructional budget, but rather to increase its revenues and secure its credit rating for investment projects with private contractors.
So for an administration that wants to increase UC revenues and to invest in capital projects (rather than maintaining the quality of instruction) it is not cuts to public funding that are the problem; it is public funding itself that is the problem, because public funding is restricted.
To Read the Rest of the Speech
Reclaim UC
The following speech by Nathan Brown was delivered at the UC system-wide strike rally held at UC Davis on November 15:
Hello Everyone!
It’s beautiful to see so many of you here today. On four day’s notice, this is an incredible turnout. Let’s remember how much we can do in so little time.
I’m an English professor, and as some of you know, English professors spend a lot of our time talking about how to construct a “thesis” and how to defend it through argument. So today I’m going to model this way of thinking and writing by using it to discuss the university struggle. My remarks will consist of five theses, and I will defend these by presenting arguments to support them.
THESES
1. Tuition increases are the problem, not the solution.
2. Police brutality is an administrative tool to enforce tuition increases.
3. What we are struggling against is not the California legislature, but the upper administration of the UC system.
4. The university is the real world.
5. We are winning.
THESIS ONE: Tuition increases are the problem, not the solution.
In 2005 tuition was $6,312. Tuition is currently $13,218. What the Regents were supposed to be considering this week — before their meeting was cancelled due to student protest — was UC President Yudof’s plan to increase tuition by a further 81% over the next four years. On that plan, tuition would be over $23,000 by 2015-2016. If that plan goes forward, in ten years tuition would have risen from around $6,000 to around $23,000.
What happened?
The administration tells us that tuition increases are necessary because of cuts to state funding. According to this argument, cuts to state funding are the problem, and tuition increases are the solution. We have heard this argument from the administration and from others many times.
To argue against this administrative logic, I’m going to rely on the work of my colleague Bob Meister, a professor at UC Santa Cruz and the President of the UC Council of Faculty Associations. Professor Meister has written a series of important open letters to UC students, explaining why tuition increases are in fact the problem, not the solution to the budget crisis. What Meister explains is that the privatization of the university—the increasing reliance on tuition payments (your money) rather than state funding—is not a defensive measure on the part of the UC administration to make up for state cuts. Rather, it is an aggressive strategy of revenue growth: a way for the university to increase its revenue more than it would be able to through state funding.
This is the basic argument: privatization, through increased enrollments and constantly increasing tuition, is first and foremost an administrative strategy to bring in more revenue. It is not just a way to keep the university going during a time of state defunding. What is crucial to this argument is the way that different sources of funding can be used.
State funds are restricted funds. This means that a certain portion of those funds has to be used to fund the instructional budget of the university. The more money there is in the instructional budget, the more money is invested in student instruction, in the quality of your education. But private funds, tuition payments, are unrestricted funds. This means there are no restrictions on whether those funds are spent on student instruction, on administrative pay, or anything else.
What Professor Meister uncovered through his research into the restructuring of UC funding is that student tuition (your money) is being pledged as collateral to guarantee the university’s credit rating. What this allows the university to do is borrow money for lucrative investments, like building contracts or “capital projects” as they are called. These have no relation to the instructional quality of the institution. And the strong credit rating of the university is based on its pledge to continue raising tuition indefinitely.
Restricted state funds cannot be used for such purposes. Their use is restricted in such a way as to guarantee funding for the instructional budget. This restriction is a problem for any university administration whose main priority is not to sustain its instructional budget, but rather to increase its revenues and secure its credit rating for investment projects with private contractors.
So for an administration that wants to increase UC revenues and to invest in capital projects (rather than maintaining the quality of instruction) it is not cuts to public funding that are the problem; it is public funding itself that is the problem, because public funding is restricted.
To Read the Rest of the Speech
Communiqué from an Absent Future: On the Terminus of Student Life
(This is from 2009 and rose out of the California student occupations and protests against the privatization of the state university system. In this it was a predecessor for the current Occupy movements at Berkeley, UC Davis, and other campuses.)
Communiqué from an Absent Future: On the Terminus of Student Life
Research and Destroy
WE LIVE AS A DEAD CIVILIZATION. We can no longer imagine the good life except as a series of spectacles preselected for our bemusement: a shimmering menu of illusions. Both the full-filled life and our own imaginations have been systematically replaced by a set of images more lavish and inhumane than anything we ourselves would conceive, and equally beyond reach. No one believes in such outcomes anymore.
The truth of life after the university is mean and petty competition for resources with our friends and strangers: the hustle for a lower-management position that will last (with luck) for a couple years rifted with anxiety, fear, and increasing exploitation—until the firm crumbles and we mutter about “plan B.” But this is an exact description of university life today; that mean and petty life has already arrived.
Just to survive, we are compelled to adopt various attitudes toward this fissure between bankrupt promises and the actuality on offer. Some take a naïve romantic stance toward education for its own sake, telling themselves they expect nothing further. Some proceed with iron cynicism and scorn, racing through the ludicrous charade toward the last wad of cash in the airless vault of the future. And some remain committed to the antique faith that their ascendingly hard labor will surely be rewarded some day if they just act as one who believes, just show up, take on more degrees and more debt, work harder.
Time, the actual material of our being, disappears: the hours of our daily life. The future is seized from us in advance, given over to the servicing of debt and to beggaring our neighbors. Maybe we will earn the rent on our boredom, more likely not. There will be no 77 virgins, not even a plasma monitor on which to watch the death throes of the United States as a global power. Capitalism has finally become a true religion,wherein the riches of heaven are everywhere promised and nowhere delivered. The only difference is that every manner of crassness and cruelty is actively encouraged in the unending meantime. We live as a dead civilization, the last residents of Pompeii.
Romantic naïvete, iron cynicism, scorn, commitment. The university and the life it reproduces have depended on these things. They have counted on our human capacities to endure, and to prop up that world’s catastrophic failure for just a few more years. But why not hasten its collapse? The university has rotted itself from the inside: the “human capital” of staff, teachers, and students would now no more defend it than they would defend a city of the dead.
Romantic naïvete, iron cynicism, scorn, commitment: these need not be abandoned. The university forced us to learn them as tools; they will return as weapons. The university that makes us mute and dull instruments of its own reproduction must be destroyed so that we can produce our own lives. Romantic naïvete about possibilities; iron cynicism about methods; scorn for the university’s humiliating lies about its situation and its good intentions; commitment to absolute transformation — not of the university, but of our own lives. This is the beginning of imagination’s return. We must begin to move again, release ourselves from frozen history, from the igneous frieze of this buried life.
We must live our own time, our own possibilities. These are the only true justifications for the university’s existence, though it has never fulfilled them. On its side: bureaucracy, inertia, incompetence. On our side: everything else.
I
LIKE THE SOCIETY TO WHICH IT HAS PLAYED THE FAITHFUL SERVANT, THE UNIVERSITY IS BANKRUPT. This bankruptcy is not only financial. It is the index of a more fundamental insolvency, one both political and economic, which has been a long time in the making. No one knows what the university is for anymore. We feel this intuitively. Gone is the old project of creating a cultured and educated citizenry; gone, too, the special advantage the degree-holder once held on the job market. These are now fantasies, spectral residues that cling to the poorly maintained halls.
Incongruous architecture, the ghosts of vanished ideals, the vista of a dead future: these are the remains of the university. Among these remains, most of us are little more than a collection of querulous habits and duties. We go through the motions of our tests and assignments with a kind of thoughtless and immutable obedience propped up by subvocalized resentments. Nothing is interesting, nothing can make itself felt. The world-historical with its pageant of catastrophe is no more real than the windows in which it appears.
For those whose adolescence was poisoned by the nationalist hysteria following September 11th, public speech is nothing but a series of lies and public space a place where things might explode (though they never do). Afflicted by the vague desire for something to happen—without ever imagining we could make it happen ourselves—we were rescued by the bland homogeneity of the internet, finding refuge among friends we never see, whose entire existence is a series of exclamations and silly pictures, whose only discourse is the gossip of commodities. Safety, then, and comfort have been our watchwords. We slide through the flesh world without being touched or moved. We shepherd our emptiness from place to place.
But we can be grateful for our destitution: demystification is now a condition, not a project. University life finally appears as just what it has always been: a machine for producing compliant producers and consumers. Even leisure is a form of job training. The idiot crew of the frat houses drink themselves into a stupor with all the dedication of lawyers working late at the office. Kids who smoked weed and cut class in high-school now pop Adderall and get to work. We power the diploma factory on the treadmills in the gym. We run tirelessly in elliptical circles.
It makes little sense, then, to think of the university as an ivory tower in Arcadia, as either idyllic or idle. “Work hard, play hard” has been the over-eager motto of a generation in training for…what?—drawing hearts in cappuccino foam or plugging names and numbers into databases. The gleaming techno-future of American capitalism was long ago packed up and sold to China for a few more years of borrowed junk. A university diploma is now worth no more than a share in General Motors.
We work and we borrow in order to work and to borrow. And the jobs we work toward are the jobs we already have. Close to three quarters of students work while in school, many full-time; for most, the level of employment we obtain while students is the same that awaits after graduation. Meanwhile, what we acquire isn’t education; it’s debt. We work to make money we have already spent, and our future labor has already been sold on the worst market around. Average student loan debt rose 20 percent in the first five years of the twenty-first century—80-100 percent for students of color. Student loan volume—a figure inversely proportional to state funding for education—rose by nearly 800 percent from 1977 to 2003. What our borrowed tuition buys is the privilege of making monthly payments for the rest of our lives. What we learn is the choreography of credit: you can’t walk to class without being offered another piece of plastic charging 20 percent interest. Yesterday’s finance majors buy their summer homes with the bleak futures of today’s humanities majors.
This is the prospect for which we have been preparing since grade-school. Those of us who came here to have our privilege notarized surrendered our youth to a barrage of tutors, a battery of psychological tests, obligatory public service ops—the cynical compilation of half-truths toward a well-rounded application profile. No wonder we set about destroying ourselves the second we escape the cattle prod of parental admonition. On the other hand, those of us who came here to transcend the economic and social disadvantages of our families know that for every one of us who “makes it,” ten more take our place—that the logic here is zero-sum. And anyway, socioeconomic status remains the best predictor of student achievement. Those of us the demographics call “immigrants,” “minorities,” and “people of color” have been told to believe in the aristocracy of merit. But we know we are hated not despite our achievements, but precisely because of them. And we know that the circuits through which we might free ourselves from the violence of our origins only reproduce the misery of the past in the present for others, elsewhere.
If the university teaches us primarily how to be in debt, how to waste our labor power, how to fall prey to petty anxieties, it thereby teaches us how to be consumers. Education is a commodity like everything else that we want without caring for. It is a thing, and it makes its purchasers into things. One’s future position in the system, one’s relation to others, is purchased first with money and then with the demonstration of obedience. First we pay, then we “work hard.” And there is the split: one is both the commander and the commanded, consumer and consumed. It is the system itself which one obeys, the cold buildings that enforce subservience. Those who teach are treated with all the respect of an automated messaging system. Only the logic of customer satisfaction obtains here: was the course easy? Was the teacher hot? Could any stupid asshole get an A? What’s the point of acquiring knowledge when it can be called up with a few keystokes? Who needs memory when we have the internet? A training in thought? You can’t be serious. A moral preparation? There are anti-depressants for that.
Meanwhile the graduate students, supposedly the most politically enlightened among us, are also the most obedient. The “vocation” for which they labor is nothing other than a fantasy of falling off the grid, or out of the labor market. Every grad student is a would be Robinson Crusoe, dreaming of an island economy subtracted from the exigencies of the market. But this fantasy is itself sustained through an unremitting submission to the market. There is no longer the least felt contradiction in teaching a totalizing critique of capitalism by day and polishing one’s job talk by night. That our pleasure is our labor only makes our symptoms more manageable. Aesthetics and politics collapse courtesy of the substitution of ideology for history: booze and beaux arts and another seminar on the question of being, the steady blur of typeface, each pixel paid for by somebody somewhere, some not-me, not-here, where all that appears is good and all goods appear attainable by credit.
Graduate school is simply the faded remnant of a feudal system adapted to the logic of capitalism—from the commanding heights of the star professors to the serried ranks of teaching assistants and adjuncts paid mostly in bad faith. A kind of monasticism predominates here, with all the Gothic rituals of a Benedictine abbey, and all the strange theological claims for the nobility of this work, its essential altruism. The underlings are only too happy to play apprentice to the masters, unable to do the math indicating that nine-tenths of us will teach 4 courses every semester to pad the paychecks of the one-tenth who sustain the fiction that we can all be the one. Of course I will be the star, I will get the tenure-track job in a large city and move into a newly gentrified neighborhood.
To Read the Rest of the Essay
Communiqué from an Absent Future: On the Terminus of Student Life
Research and Destroy
WE LIVE AS A DEAD CIVILIZATION. We can no longer imagine the good life except as a series of spectacles preselected for our bemusement: a shimmering menu of illusions. Both the full-filled life and our own imaginations have been systematically replaced by a set of images more lavish and inhumane than anything we ourselves would conceive, and equally beyond reach. No one believes in such outcomes anymore.
The truth of life after the university is mean and petty competition for resources with our friends and strangers: the hustle for a lower-management position that will last (with luck) for a couple years rifted with anxiety, fear, and increasing exploitation—until the firm crumbles and we mutter about “plan B.” But this is an exact description of university life today; that mean and petty life has already arrived.
Just to survive, we are compelled to adopt various attitudes toward this fissure between bankrupt promises and the actuality on offer. Some take a naïve romantic stance toward education for its own sake, telling themselves they expect nothing further. Some proceed with iron cynicism and scorn, racing through the ludicrous charade toward the last wad of cash in the airless vault of the future. And some remain committed to the antique faith that their ascendingly hard labor will surely be rewarded some day if they just act as one who believes, just show up, take on more degrees and more debt, work harder.
Time, the actual material of our being, disappears: the hours of our daily life. The future is seized from us in advance, given over to the servicing of debt and to beggaring our neighbors. Maybe we will earn the rent on our boredom, more likely not. There will be no 77 virgins, not even a plasma monitor on which to watch the death throes of the United States as a global power. Capitalism has finally become a true religion,wherein the riches of heaven are everywhere promised and nowhere delivered. The only difference is that every manner of crassness and cruelty is actively encouraged in the unending meantime. We live as a dead civilization, the last residents of Pompeii.
Romantic naïvete, iron cynicism, scorn, commitment. The university and the life it reproduces have depended on these things. They have counted on our human capacities to endure, and to prop up that world’s catastrophic failure for just a few more years. But why not hasten its collapse? The university has rotted itself from the inside: the “human capital” of staff, teachers, and students would now no more defend it than they would defend a city of the dead.
Romantic naïvete, iron cynicism, scorn, commitment: these need not be abandoned. The university forced us to learn them as tools; they will return as weapons. The university that makes us mute and dull instruments of its own reproduction must be destroyed so that we can produce our own lives. Romantic naïvete about possibilities; iron cynicism about methods; scorn for the university’s humiliating lies about its situation and its good intentions; commitment to absolute transformation — not of the university, but of our own lives. This is the beginning of imagination’s return. We must begin to move again, release ourselves from frozen history, from the igneous frieze of this buried life.
We must live our own time, our own possibilities. These are the only true justifications for the university’s existence, though it has never fulfilled them. On its side: bureaucracy, inertia, incompetence. On our side: everything else.
I
LIKE THE SOCIETY TO WHICH IT HAS PLAYED THE FAITHFUL SERVANT, THE UNIVERSITY IS BANKRUPT. This bankruptcy is not only financial. It is the index of a more fundamental insolvency, one both political and economic, which has been a long time in the making. No one knows what the university is for anymore. We feel this intuitively. Gone is the old project of creating a cultured and educated citizenry; gone, too, the special advantage the degree-holder once held on the job market. These are now fantasies, spectral residues that cling to the poorly maintained halls.
Incongruous architecture, the ghosts of vanished ideals, the vista of a dead future: these are the remains of the university. Among these remains, most of us are little more than a collection of querulous habits and duties. We go through the motions of our tests and assignments with a kind of thoughtless and immutable obedience propped up by subvocalized resentments. Nothing is interesting, nothing can make itself felt. The world-historical with its pageant of catastrophe is no more real than the windows in which it appears.
For those whose adolescence was poisoned by the nationalist hysteria following September 11th, public speech is nothing but a series of lies and public space a place where things might explode (though they never do). Afflicted by the vague desire for something to happen—without ever imagining we could make it happen ourselves—we were rescued by the bland homogeneity of the internet, finding refuge among friends we never see, whose entire existence is a series of exclamations and silly pictures, whose only discourse is the gossip of commodities. Safety, then, and comfort have been our watchwords. We slide through the flesh world without being touched or moved. We shepherd our emptiness from place to place.
But we can be grateful for our destitution: demystification is now a condition, not a project. University life finally appears as just what it has always been: a machine for producing compliant producers and consumers. Even leisure is a form of job training. The idiot crew of the frat houses drink themselves into a stupor with all the dedication of lawyers working late at the office. Kids who smoked weed and cut class in high-school now pop Adderall and get to work. We power the diploma factory on the treadmills in the gym. We run tirelessly in elliptical circles.
It makes little sense, then, to think of the university as an ivory tower in Arcadia, as either idyllic or idle. “Work hard, play hard” has been the over-eager motto of a generation in training for…what?—drawing hearts in cappuccino foam or plugging names and numbers into databases. The gleaming techno-future of American capitalism was long ago packed up and sold to China for a few more years of borrowed junk. A university diploma is now worth no more than a share in General Motors.
We work and we borrow in order to work and to borrow. And the jobs we work toward are the jobs we already have. Close to three quarters of students work while in school, many full-time; for most, the level of employment we obtain while students is the same that awaits after graduation. Meanwhile, what we acquire isn’t education; it’s debt. We work to make money we have already spent, and our future labor has already been sold on the worst market around. Average student loan debt rose 20 percent in the first five years of the twenty-first century—80-100 percent for students of color. Student loan volume—a figure inversely proportional to state funding for education—rose by nearly 800 percent from 1977 to 2003. What our borrowed tuition buys is the privilege of making monthly payments for the rest of our lives. What we learn is the choreography of credit: you can’t walk to class without being offered another piece of plastic charging 20 percent interest. Yesterday’s finance majors buy their summer homes with the bleak futures of today’s humanities majors.
This is the prospect for which we have been preparing since grade-school. Those of us who came here to have our privilege notarized surrendered our youth to a barrage of tutors, a battery of psychological tests, obligatory public service ops—the cynical compilation of half-truths toward a well-rounded application profile. No wonder we set about destroying ourselves the second we escape the cattle prod of parental admonition. On the other hand, those of us who came here to transcend the economic and social disadvantages of our families know that for every one of us who “makes it,” ten more take our place—that the logic here is zero-sum. And anyway, socioeconomic status remains the best predictor of student achievement. Those of us the demographics call “immigrants,” “minorities,” and “people of color” have been told to believe in the aristocracy of merit. But we know we are hated not despite our achievements, but precisely because of them. And we know that the circuits through which we might free ourselves from the violence of our origins only reproduce the misery of the past in the present for others, elsewhere.
If the university teaches us primarily how to be in debt, how to waste our labor power, how to fall prey to petty anxieties, it thereby teaches us how to be consumers. Education is a commodity like everything else that we want without caring for. It is a thing, and it makes its purchasers into things. One’s future position in the system, one’s relation to others, is purchased first with money and then with the demonstration of obedience. First we pay, then we “work hard.” And there is the split: one is both the commander and the commanded, consumer and consumed. It is the system itself which one obeys, the cold buildings that enforce subservience. Those who teach are treated with all the respect of an automated messaging system. Only the logic of customer satisfaction obtains here: was the course easy? Was the teacher hot? Could any stupid asshole get an A? What’s the point of acquiring knowledge when it can be called up with a few keystokes? Who needs memory when we have the internet? A training in thought? You can’t be serious. A moral preparation? There are anti-depressants for that.
Meanwhile the graduate students, supposedly the most politically enlightened among us, are also the most obedient. The “vocation” for which they labor is nothing other than a fantasy of falling off the grid, or out of the labor market. Every grad student is a would be Robinson Crusoe, dreaming of an island economy subtracted from the exigencies of the market. But this fantasy is itself sustained through an unremitting submission to the market. There is no longer the least felt contradiction in teaching a totalizing critique of capitalism by day and polishing one’s job talk by night. That our pleasure is our labor only makes our symptoms more manageable. Aesthetics and politics collapse courtesy of the substitution of ideology for history: booze and beaux arts and another seminar on the question of being, the steady blur of typeface, each pixel paid for by somebody somewhere, some not-me, not-here, where all that appears is good and all goods appear attainable by credit.
Graduate school is simply the faded remnant of a feudal system adapted to the logic of capitalism—from the commanding heights of the star professors to the serried ranks of teaching assistants and adjuncts paid mostly in bad faith. A kind of monasticism predominates here, with all the Gothic rituals of a Benedictine abbey, and all the strange theological claims for the nobility of this work, its essential altruism. The underlings are only too happy to play apprentice to the masters, unable to do the math indicating that nine-tenths of us will teach 4 courses every semester to pad the paychecks of the one-tenth who sustain the fiction that we can all be the one. Of course I will be the star, I will get the tenure-track job in a large city and move into a newly gentrified neighborhood.
To Read the Rest of the Essay
Sunday, November 20, 2011
Behind the News with Doug Henwood: Recent Reports on the Occupy Movement and Related Issues of Concern
Behind the News with Doug Henwood
November 12, 2011 Yanis Varoufakis on the latest developments in the Eurocrisis • Ramsey Kanaan, co-founder of PM Press, on the theory and practice of anarchism
November 5, 2011 Erica Seifert of Greenberg Quinlan Rossner Research on the public mood: pissed off about Wall Street and inequality • Dorian Warren of Columbia’s School of International and Public Affairs on Occupy Wall Street as politics and social movement
October 28, 2011 back after three-week fundraising hiatus! sociologist Alex Vitale on cops and protest • journalist Sarah Jaffe on OWS, mostly
September 24, 2011 I visit the Occupy Wall Street demos (my report in words and pictures is here) • Rohit Malpani, Oxfam advisor, on land grabs (see here for report) • Steve Keen, author of Debunking Economics, debunks economics
November 12, 2011 Yanis Varoufakis on the latest developments in the Eurocrisis • Ramsey Kanaan, co-founder of PM Press, on the theory and practice of anarchism
November 5, 2011 Erica Seifert of Greenberg Quinlan Rossner Research on the public mood: pissed off about Wall Street and inequality • Dorian Warren of Columbia’s School of International and Public Affairs on Occupy Wall Street as politics and social movement
October 28, 2011 back after three-week fundraising hiatus! sociologist Alex Vitale on cops and protest • journalist Sarah Jaffe on OWS, mostly
September 24, 2011 I visit the Occupy Wall Street demos (my report in words and pictures is here) • Rohit Malpani, Oxfam advisor, on land grabs (see here for report) • Steve Keen, author of Debunking Economics, debunks economics
Sarah Jaffe and Joshua Holland: Which Bank Is the Worst for America? 5 Behemoths That Hold Our Political System Hostage
Which Bank Is the Worst for America? 5 Behemoths That Hold Our Political System Hostage
by Sarah Jaffe and Joshua Holland
AlterNet
We've ranked the banks based on how shamelessly they game the political process through lobbying, revolving door politics and campaign donations.
The economic crash led to the loss of 9 million jobs and the biggest drop in American home-ownership since the Great Depression. Long-term unemployment, poverty and hunger have increased dramatically. People are angry. The Occupy Wall Street movement, a stand against Wall Street's greed, excess and criminality, has captured the imagination and participation of millions across the nation and the globe.
The giant mortgage bubble and the irresponsible and corrupt practices that caused the catastrophic economic crash didn't emerge out of thin air. They were a consequence of decades of pay-to-play politics rife with conflicts of interest; a political system awash in cash and legal pay-offs, designed to undermine the checks and balances that could have prevented the meltdown.
Many of these checks and balances were implemented during the Great Depression. How they were eroded and eventually abandoned is the story of a small group of banks, financial companies and elites involved in major conflicts of interest, revolving-door politics and backroom deal-making -- all to protect the interests of the global elite at the expense of the American public.
Big Finance has a long history of working hard to deregulate the American economic system on behalf of global capitalism run amok. One of its biggest coups was the overturning of the Glass-Steagall Act, a Depression-era law that created a firewall between investment banking and the commercial banks that hold deposits and make loans.
The first victory in the quest to overturn this major protection came in 1986. Under intense pressure from Wall Street, the Federal Reserve reinterpreted a key section of Glass-Steagall, deciding that commercial banks could make up to 5 percent of their gross revenues from investment banking. After the board heard arguments from Citicorp, J.P. Morgan and Bankers Trust, it loosened the restrictions further: in 1989, the limit was raised to 10 percent of revenues, and in 1996, they hiked it up to 25 percent.
Then, according to a report by PBS' Frontline, “In the 1997-'98 election cycle, the finance, insurance, and real estate industries (known as the FIRE sector), spen[t] more than $200 million on lobbying and [made] more than $150 million in political donations” – most of which were “targeted to members of Congressional banking committees and other committees with direct jurisdiction over financial services legislation.”
The following year, after 12 unsuccessful attempts, Glass-Steagall, which would have made the crash of 2007-2009 impossible, was finally repealed. And it was only then that the explosion of shaky mortgage-backed securities began. “Subprime” loans, which made the mortgage system so vulnerable, made up 5 percent of all mortgages in the U.S. the year before repeal, but had skyrocketed to 30 percent of the total at the time of the crash.
The Glass-Steagall act was killed by financial interests seeking to maximize deregulation. The result was a casino-like environment that almost destroyed the U.S. and global economy. The giants of Wall Street enjoyed a massive bailout courtesy of American taxpayers, and they're still hard at work gaming the system, lobbying hard against new regulations that might avert the next bubble-led crash.
AlterNet, in partnership with the Media Consortium, looked at the five banks that exert the most influence on our democracy. Based on their size, the amount of money they spend on campaign donations and lobbying, and the number of employees who’ve gone through the revolving door into public service, or vice versa, we determined which banks have had the worst impact on the country. We’ll rank each one based on our research, and come up with the worst of the worst--the big bank that’s done the most damage to America's economy and society.
A word of caution is in order. This report is based only on what the banks are forced to disclose. It doesn't include lobbying by corporate front-groups like the Chamber of Commerce, and it doesn't include the “independent” campaign spending that has exploded in the wake of the Supreme Court's Citizens United decision, which corporations are no longer required to disclose to the public. This is a classic story of American political corruption writ large.
Meet the Big Banks and Read the Rest
by Sarah Jaffe and Joshua Holland
AlterNet
We've ranked the banks based on how shamelessly they game the political process through lobbying, revolving door politics and campaign donations.
The economic crash led to the loss of 9 million jobs and the biggest drop in American home-ownership since the Great Depression. Long-term unemployment, poverty and hunger have increased dramatically. People are angry. The Occupy Wall Street movement, a stand against Wall Street's greed, excess and criminality, has captured the imagination and participation of millions across the nation and the globe.
The giant mortgage bubble and the irresponsible and corrupt practices that caused the catastrophic economic crash didn't emerge out of thin air. They were a consequence of decades of pay-to-play politics rife with conflicts of interest; a political system awash in cash and legal pay-offs, designed to undermine the checks and balances that could have prevented the meltdown.
Many of these checks and balances were implemented during the Great Depression. How they were eroded and eventually abandoned is the story of a small group of banks, financial companies and elites involved in major conflicts of interest, revolving-door politics and backroom deal-making -- all to protect the interests of the global elite at the expense of the American public.
Big Finance has a long history of working hard to deregulate the American economic system on behalf of global capitalism run amok. One of its biggest coups was the overturning of the Glass-Steagall Act, a Depression-era law that created a firewall between investment banking and the commercial banks that hold deposits and make loans.
The first victory in the quest to overturn this major protection came in 1986. Under intense pressure from Wall Street, the Federal Reserve reinterpreted a key section of Glass-Steagall, deciding that commercial banks could make up to 5 percent of their gross revenues from investment banking. After the board heard arguments from Citicorp, J.P. Morgan and Bankers Trust, it loosened the restrictions further: in 1989, the limit was raised to 10 percent of revenues, and in 1996, they hiked it up to 25 percent.
Then, according to a report by PBS' Frontline, “In the 1997-'98 election cycle, the finance, insurance, and real estate industries (known as the FIRE sector), spen[t] more than $200 million on lobbying and [made] more than $150 million in political donations” – most of which were “targeted to members of Congressional banking committees and other committees with direct jurisdiction over financial services legislation.”
The following year, after 12 unsuccessful attempts, Glass-Steagall, which would have made the crash of 2007-2009 impossible, was finally repealed. And it was only then that the explosion of shaky mortgage-backed securities began. “Subprime” loans, which made the mortgage system so vulnerable, made up 5 percent of all mortgages in the U.S. the year before repeal, but had skyrocketed to 30 percent of the total at the time of the crash.
The Glass-Steagall act was killed by financial interests seeking to maximize deregulation. The result was a casino-like environment that almost destroyed the U.S. and global economy. The giants of Wall Street enjoyed a massive bailout courtesy of American taxpayers, and they're still hard at work gaming the system, lobbying hard against new regulations that might avert the next bubble-led crash.
AlterNet, in partnership with the Media Consortium, looked at the five banks that exert the most influence on our democracy. Based on their size, the amount of money they spend on campaign donations and lobbying, and the number of employees who’ve gone through the revolving door into public service, or vice versa, we determined which banks have had the worst impact on the country. We’ll rank each one based on our research, and come up with the worst of the worst--the big bank that’s done the most damage to America's economy and society.
A word of caution is in order. This report is based only on what the banks are forced to disclose. It doesn't include lobbying by corporate front-groups like the Chamber of Commerce, and it doesn't include the “independent” campaign spending that has exploded in the wake of the Supreme Court's Citizens United decision, which corporations are no longer required to disclose to the public. This is a classic story of American political corruption writ large.
Meet the Big Banks and Read the Rest
Friday, November 18, 2011
The End of Poverty (USA: Philippe Diaz, 2008: 106 mins)
The aphorism "The poor are always with us" dates back to the New Testament, but while the phrase is still sadly apt in the 21st century, few seem to be able to explain why poverty is so widespread. Activist filmmaker Philippe Diaz examines the history and impact of economic inequality in the third world in the documentary The End of Poverty?, and makes the compelling argument that it's not an accident or simple bad luck that has created a growing underclass around the world.
Diaz traces the growth of global poverty back to colonization in the 15th century, and features interviews with a number of economists, sociologists, and historians who explain how poverty is the clear consequence of free-market economic policies that allow powerful nations to exploit poorer countries for their assets and keep money in the hands of the wealthy rather than distributing it more equitably to the people who have helped them gain their fortunes.
Diaz also explores how wealthy nations (especially the United States) seize a disproportionate share of the world's natural resources, and how this imbalance is having a dire impact on the environment as well as the economy. The End of Poverty? was an official selection at the 2008 Cannes Film Festival.
Diaz traces the growth of global poverty back to colonization in the 15th century, and features interviews with a number of economists, sociologists, and historians who explain how poverty is the clear consequence of free-market economic policies that allow powerful nations to exploit poorer countries for their assets and keep money in the hands of the wealthy rather than distributing it more equitably to the people who have helped them gain their fortunes.
Diaz also explores how wealthy nations (especially the United States) seize a disproportionate share of the world's natural resources, and how this imbalance is having a dire impact on the environment as well as the economy. The End of Poverty? was an official selection at the 2008 Cannes Film Festival.
All Watched Over By Machines of Loving Grace (United Kingdom: Adam Curtis, 2011)
(Description from Top Documentary Films)
A series of films about how humans have been colonized by the machines they have built. Although we don’t realize it, the way we see everything in the world today is through the eyes of the computers. It claims that computers have failed to liberate us and instead have distorted and simplified our view of the world around us.
1. Love and Power. This is the story of the dream that rose up in the 1990s that computers could create a new kind of stable world. They would bring about a new kind global capitalism free of all risk and without the boom and bust of the past. They would also abolish political power and create a new kind of democracy through the Internet where millions of individuals would be connected as nodes in cybernetic systems – without hierarchy.
2. The Use and Abuse of Vegetational Concepts. This is the story of how our modern scientific idea of nature, the self-regulating ecosystem, is actually a machine fantasy. It has little to do with the real complexity of nature. It is based on cybernetic ideas that were projected on to nature in the 1950s by ambitious scientists. A static machine theory of order that sees humans, and everything else on the planet, as components – cogs – in a system.
3. The Monkey in the Machine and the Machine in the Monkey. This episode looks at why we humans find this machine vision so beguiling. The film argues it is because all political dreams of changing the world for the better seem to have failed – so we have retreated into machine-fantasies that say we have no control over our actions because they excuse our failure.
Adam Curtis is a documentary film maker, whose work includes The Power of Nightmares, The Century of the Self, The Mayfair Set, Pandora’s Box, The Trap and The Living Dead.
Beth Connors Manke: Ciudad Juárez -- Reckoning with Feminicide, part 2
Ciudad Juárez: Reckoning with feminicide, part 2
By Beth Connors-Manke
North of Center
Editor’s note: In part 1 of this series, Beth wrote about the exhibit Wall of Memories: The Disappeared Señoritas of Ciudad Juárez by Lexington artist Diane Kahlo. Here, Beth reports more on the feminicide in Ciudad Juárez.
In 1993, young women began disappearing in Ciudad Juárez, Mexico, which sits across the border from El Paso, Texas. The young women, often workers at the assembly plants along the border, are found around the city or in the desert, tortured and mutilated. Many believe that the murders are partially the result of neoliberal economic policies, drug trafficking, and governmental corruption. One can only say ‘partially’ because the murders have never been solved and the situation in Juárez is a confusing web of violence, drugs, conspiracies, and fear. While many news reports put the number at 350, scores more women are believed to have been killed under similar circumstances.
The murders in Juárez have haunted me for more than ten years. In the last few months, as I spoke with Diane Kahlo about her exhibit, looked at her portraits of the murdered girls and women, researched the situation in Juárez, the haunting has become more acute. Once one knows that brutality like the feminicide exists in the world, it becomes harder to believe that the civil society we enjoy here in the U.S. sits on an unshakable foundation. What we have here is not indelible; it exists only as long as we demand a just body politic and a safe community. When we relinquish safety and justice, society unravels—and very quickly.
This is the case with Juárez. Charles Bowden, who has reported on the city for years, calls it a “black hole in the body politic.” A black hole destabilizes everything around it.
Bowden’s view on Juárez is bigger than the feminicide: it encompasses the murders related to the drug trafficking—just as torturous as the women’s murders—and the economic shift that is slowly, like a cannibal, eating everything in it’s path. The environment. Governments. The social contract. Men, women, children. As Bowden sees it, what is happening in Juárez (and in other borderlands) is a new beast, a new war:
“[T]his war I speak of cannot be understood with normal political language of right and left or of capitalism and socialism. It is not postcolonial or precolonial or even colonial. It is life against death. For the poor moving north, it is their life against death. For the ground and the sky and the rivers, it is slow death as human hungers outstrip the earth’s ability to feed them.”
These hungers exceed the simple need for a full belly. These hungers are vicious, cruel, careless, and they have created a shadow world with its own rules. “There is a new order in the wind,” Bowden writes in Dreamland: The Way Out of Juárez, “and it looks like chaos but it is not. There is a new order in the wind and it sidesteps government, or, if pressed, steps on government. There is a new order in the wind and it cannot be discussed because any discussion might threaten the old order now rolling in the dirt.”
Altogether different
I sat in a sparsely populated room watching the 2001 documentary Señorita Extraviada by Lourdes Portillo. Señorita Extraviada tells the story of Juárez in a way that is now relatively common: a new economic order has made poor women targets of sinister violence. As much as I already knew about the feminicide, the film was still a blow. Portillo’s documentary presents terrifying and gut-wrenching testimony from the families of disappeared women. We meet mothers who investigate and demand justice. We see a government that will not or—worse yet—cannot intercede.
To Read the Rest of the Essay
By Beth Connors-Manke
North of Center
Editor’s note: In part 1 of this series, Beth wrote about the exhibit Wall of Memories: The Disappeared Señoritas of Ciudad Juárez by Lexington artist Diane Kahlo. Here, Beth reports more on the feminicide in Ciudad Juárez.
In 1993, young women began disappearing in Ciudad Juárez, Mexico, which sits across the border from El Paso, Texas. The young women, often workers at the assembly plants along the border, are found around the city or in the desert, tortured and mutilated. Many believe that the murders are partially the result of neoliberal economic policies, drug trafficking, and governmental corruption. One can only say ‘partially’ because the murders have never been solved and the situation in Juárez is a confusing web of violence, drugs, conspiracies, and fear. While many news reports put the number at 350, scores more women are believed to have been killed under similar circumstances.
The murders in Juárez have haunted me for more than ten years. In the last few months, as I spoke with Diane Kahlo about her exhibit, looked at her portraits of the murdered girls and women, researched the situation in Juárez, the haunting has become more acute. Once one knows that brutality like the feminicide exists in the world, it becomes harder to believe that the civil society we enjoy here in the U.S. sits on an unshakable foundation. What we have here is not indelible; it exists only as long as we demand a just body politic and a safe community. When we relinquish safety and justice, society unravels—and very quickly.
This is the case with Juárez. Charles Bowden, who has reported on the city for years, calls it a “black hole in the body politic.” A black hole destabilizes everything around it.
Bowden’s view on Juárez is bigger than the feminicide: it encompasses the murders related to the drug trafficking—just as torturous as the women’s murders—and the economic shift that is slowly, like a cannibal, eating everything in it’s path. The environment. Governments. The social contract. Men, women, children. As Bowden sees it, what is happening in Juárez (and in other borderlands) is a new beast, a new war:
“[T]his war I speak of cannot be understood with normal political language of right and left or of capitalism and socialism. It is not postcolonial or precolonial or even colonial. It is life against death. For the poor moving north, it is their life against death. For the ground and the sky and the rivers, it is slow death as human hungers outstrip the earth’s ability to feed them.”
These hungers exceed the simple need for a full belly. These hungers are vicious, cruel, careless, and they have created a shadow world with its own rules. “There is a new order in the wind,” Bowden writes in Dreamland: The Way Out of Juárez, “and it looks like chaos but it is not. There is a new order in the wind and it sidesteps government, or, if pressed, steps on government. There is a new order in the wind and it cannot be discussed because any discussion might threaten the old order now rolling in the dirt.”
Altogether different
I sat in a sparsely populated room watching the 2001 documentary Señorita Extraviada by Lourdes Portillo. Señorita Extraviada tells the story of Juárez in a way that is now relatively common: a new economic order has made poor women targets of sinister violence. As much as I already knew about the feminicide, the film was still a blow. Portillo’s documentary presents terrifying and gut-wrenching testimony from the families of disappeared women. We meet mothers who investigate and demand justice. We see a government that will not or—worse yet—cannot intercede.
To Read the Rest of the Essay
Monday, November 14, 2011
Stephen Resnick: Economics 305 - Marxian Economics
This course addresses the central themes of Marxian social theory and economics: an understanding of the class process as the organization of surplus value; an analysis of the relationship between class and non-class processes using the concept of overdetermination; the epistemological foundations of Marxian theory (including a discussion of empiricism, rationalism, and dialectics); and other topics. The course ends with application of Marxian concepts to understand the stress and strain of US capitalism over the last four decades.
Course developed with Richard D. Wolff
Course developed with Richard D. Wolff
Saturday, November 12, 2011
David Harvey: Reading Capital
Reading Capital
by David Harvey
A close reading of the text of Karl Marx’s Capital Volume I in 13 video lectures by Professor David Harvey. Links to the complete course:
To Access Videos of the Lectures
by David Harvey
A close reading of the text of Karl Marx’s Capital Volume I in 13 video lectures by Professor David Harvey. Links to the complete course:
To Access Videos of the Lectures
Danny Mayer: How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared
How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared
By Danny Mayer
North of Center; AlterNet
On July 1, JP Morgan Chase became the Commonwealth’s bank. As the state’s official depository, JP now receives all deposits, writes all checks and makes all wire transfers on the $12-15 billion that flow through Kentucky state government in the course of a fiscal year. It will cut payroll checks, receive federal and other funds earmarked for the state, and disburse educational or transportation or any other funds to their appropriate monetary endpoints. For its trouble, the bank will receive $1.3 million in state fees and the ability to re-lend idle state funds out to customers for private gain.
Yes, you should be worried.
JP's decade
A global corporation with more than $2 trillion in assets and operations in 60 countries, JP Morgan Chase has been a major figure in the ongoing global financial crisis. As one of the largest private banks in the U.S., the bank made incredible amounts of money by underwriting many of the questionable loans (sub-prime, zero down, adjustable rate) that fueled the American housing bubble. It then made even more money by packaging hundreds of these shitty loans into a single “product,” a mortgage backed security, which it sold like Twinkies to pious religious non-profits, filthy-rich hedge fund managers, municipal fire-fighters, retired auto-workers, and the like, each security effectively putting these groups on the hook—and not JP—for the shitty loans that it had helped create.
When, inevitably, individual homeowners began to default on their loans, thereby triggering the stock market collapse of 2008, JP Morgan found a way to make money on that, too, by buying insurance (known as credit default swaps) on the shitty securities of shitty mortgages that it had sold to unwitting investors. For good measure, the U.S. government handed the corporation $25 billion in TARP funds, $30 billion in U.S. treasury backing to purchase bankrupt Bear Stearns (previously a global leader in mortgage backed securities), and the biggest chunk of the $129 billion of taxpayer-provided money earmarked for creditors of bankrupt credit default swaps provider AIG.
Since 2002, the bank has turned its attention to another easy revenue source: city, state and national government debt. Along with other large banks like Goldman Sachs, it began selling a new type of complicated loan to countries like Greece, states like Connecticut and Mississippi, and cities as far-flung as Birmingham, Alabama, and Milan, Italy. Even the Delaware Port Authority and the Pennsylvania school system have gotten caught in the JP trap.
These derivative packages, named “swaps” to ensure they do not get officially counted as debt on government balance sheets, essentially act as second and third and fourth-mortgages on public infrastructure projects like airports and highways. Loaded with adjustable rates and a slew of fees and “trigger points” that ensure rapid debt growth, the swaps essentially ensure the privatization of public government assets. In the case of Birmingham, Alabama, for example, Rolling Stone journalist Matt Taibbi has reported how a city sewer project initially estimated to cost $250 million generated “a total of $1.28 billion just in interest and fees on the debt,” most of which went into the private coffers of J.P. Morgan. The result for Birmingham? “Between 2008 and 2009,” Taibbi notes, “the annual payment on Jefferson County’s debt jumped from $53 million to a whopping $636 million.” The debt now stands at $4800 per resident.
This is the corporation that our state leaders have chosen to safeguard and disperse public state money.
Local first
In the most recent of a slew of fraud-related lawsuits targeting JP Morgan’s financial transactions, the corporate giant has been forced to pay $228 million in damages for rigging bids on municipal bonds—public debt incurred to pay for expensive infrastructure projects. The lawsuit accused JP Morgan of insider dealings that inflated the taxpayer cost on over 90 projects spanning 31 states. As is standard in these cases, the money the bank was forced to pay back reflected only a percentage of what they made off the deals, quarters on the dollar. What’s more, because the settlement did not require the bank to admit guilt, it has been effectively insulated from any future litigation on behalf of the specific localities that were defrauded.
One of these states, it should be known, is Kentucky. A small blurb appearing in the July 13 Herald-Leader, less than 2 weeks after state leaders made JP Morgan Chase our Commonwealth bank, cited two separate bid-rigging schemes that had made their way onto the 31-state lawsuit: Western Kentucky’s Henderson County received $224,000 from the lawsuit, while the University of Kentucky stood to recoup $66,000 as part of the settlement.
“The issue with UK,” the Herald-Leader blurb reported, “involved a series of bonds totaling $18.695 million dating to May 2001” for the Peter H. Bosomworth Health Sciences Research Building (described by UK as “the Medical Center’s marquee research facility”) and its utility infrastructure.
To Read the Rest of the Essay
By Danny Mayer
North of Center; AlterNet
On July 1, JP Morgan Chase became the Commonwealth’s bank. As the state’s official depository, JP now receives all deposits, writes all checks and makes all wire transfers on the $12-15 billion that flow through Kentucky state government in the course of a fiscal year. It will cut payroll checks, receive federal and other funds earmarked for the state, and disburse educational or transportation or any other funds to their appropriate monetary endpoints. For its trouble, the bank will receive $1.3 million in state fees and the ability to re-lend idle state funds out to customers for private gain.
Yes, you should be worried.
JP's decade
A global corporation with more than $2 trillion in assets and operations in 60 countries, JP Morgan Chase has been a major figure in the ongoing global financial crisis. As one of the largest private banks in the U.S., the bank made incredible amounts of money by underwriting many of the questionable loans (sub-prime, zero down, adjustable rate) that fueled the American housing bubble. It then made even more money by packaging hundreds of these shitty loans into a single “product,” a mortgage backed security, which it sold like Twinkies to pious religious non-profits, filthy-rich hedge fund managers, municipal fire-fighters, retired auto-workers, and the like, each security effectively putting these groups on the hook—and not JP—for the shitty loans that it had helped create.
When, inevitably, individual homeowners began to default on their loans, thereby triggering the stock market collapse of 2008, JP Morgan found a way to make money on that, too, by buying insurance (known as credit default swaps) on the shitty securities of shitty mortgages that it had sold to unwitting investors. For good measure, the U.S. government handed the corporation $25 billion in TARP funds, $30 billion in U.S. treasury backing to purchase bankrupt Bear Stearns (previously a global leader in mortgage backed securities), and the biggest chunk of the $129 billion of taxpayer-provided money earmarked for creditors of bankrupt credit default swaps provider AIG.
Since 2002, the bank has turned its attention to another easy revenue source: city, state and national government debt. Along with other large banks like Goldman Sachs, it began selling a new type of complicated loan to countries like Greece, states like Connecticut and Mississippi, and cities as far-flung as Birmingham, Alabama, and Milan, Italy. Even the Delaware Port Authority and the Pennsylvania school system have gotten caught in the JP trap.
These derivative packages, named “swaps” to ensure they do not get officially counted as debt on government balance sheets, essentially act as second and third and fourth-mortgages on public infrastructure projects like airports and highways. Loaded with adjustable rates and a slew of fees and “trigger points” that ensure rapid debt growth, the swaps essentially ensure the privatization of public government assets. In the case of Birmingham, Alabama, for example, Rolling Stone journalist Matt Taibbi has reported how a city sewer project initially estimated to cost $250 million generated “a total of $1.28 billion just in interest and fees on the debt,” most of which went into the private coffers of J.P. Morgan. The result for Birmingham? “Between 2008 and 2009,” Taibbi notes, “the annual payment on Jefferson County’s debt jumped from $53 million to a whopping $636 million.” The debt now stands at $4800 per resident.
This is the corporation that our state leaders have chosen to safeguard and disperse public state money.
Local first
In the most recent of a slew of fraud-related lawsuits targeting JP Morgan’s financial transactions, the corporate giant has been forced to pay $228 million in damages for rigging bids on municipal bonds—public debt incurred to pay for expensive infrastructure projects. The lawsuit accused JP Morgan of insider dealings that inflated the taxpayer cost on over 90 projects spanning 31 states. As is standard in these cases, the money the bank was forced to pay back reflected only a percentage of what they made off the deals, quarters on the dollar. What’s more, because the settlement did not require the bank to admit guilt, it has been effectively insulated from any future litigation on behalf of the specific localities that were defrauded.
One of these states, it should be known, is Kentucky. A small blurb appearing in the July 13 Herald-Leader, less than 2 weeks after state leaders made JP Morgan Chase our Commonwealth bank, cited two separate bid-rigging schemes that had made their way onto the 31-state lawsuit: Western Kentucky’s Henderson County received $224,000 from the lawsuit, while the University of Kentucky stood to recoup $66,000 as part of the settlement.
“The issue with UK,” the Herald-Leader blurb reported, “involved a series of bonds totaling $18.695 million dating to May 2001” for the Peter H. Bosomworth Health Sciences Research Building (described by UK as “the Medical Center’s marquee research facility”) and its utility infrastructure.
To Read the Rest of the Essay
Wednesday, November 9, 2011
Doug Henwood: Wall Street, Populism, and the Left
Wall Street, Populism, and the Left
Against the Grain (Berkeley, CA: KPFA)
Moving your money out of the big banks that have helped create the deepest economic crisis since the Great Depression may seem like an excellent idea. But leftwing journalist Doug Henwood believes such actions -- along with community currencies and attempts to abolish corporate personhood -- are misguided. Henwood discusses the long, and problematic, history of American populism, and what a radical approach to finance might look like.
To Listen to the Episode
Against the Grain (Berkeley, CA: KPFA)
Moving your money out of the big banks that have helped create the deepest economic crisis since the Great Depression may seem like an excellent idea. But leftwing journalist Doug Henwood believes such actions -- along with community currencies and attempts to abolish corporate personhood -- are misguided. Henwood discusses the long, and problematic, history of American populism, and what a radical approach to finance might look like.
To Listen to the Episode
Sunday, November 6, 2011
Thursday, November 3, 2011
Wall Street vs. Greece: G20 Opens as Greek PM Pushes for Referendum on Bailout and Austerity Measures
Wall Street vs. Greece: G20 Opens as Greek PM Pushes for Referendum on Bailout and Austerity Measures
Democracy Now
World leaders are gathering in Cannes for the opening of the Group of 20 summit today. On the top of the agenda is the Greece bailout and the European debt crisis. On Monday, Greek Prime Minister George Papandreou angered many European leaders by announcing his support for a popular referendum—allowing the Greek people to decide if they want to accept the conditions of the $179 billion European Union bailout. After days of increasing criticism from European leaders, Greek Prime Minister George Papandreou is now facing calls from within his party to resign. The Greek debt scandal has also pitted U.S. banking interests against France, Germany and other European powers. "The Americans are putting immense pressure on Europe, saying, 'We will wreck your economy, if you don't wreck Greece’s economy,’" says economic analyst Michael Hudson. President Obama is "basically telling Europe, ’Don’t go the democratic route. Support Wall Street.’"
Democracy Now
World leaders are gathering in Cannes for the opening of the Group of 20 summit today. On the top of the agenda is the Greece bailout and the European debt crisis. On Monday, Greek Prime Minister George Papandreou angered many European leaders by announcing his support for a popular referendum—allowing the Greek people to decide if they want to accept the conditions of the $179 billion European Union bailout. After days of increasing criticism from European leaders, Greek Prime Minister George Papandreou is now facing calls from within his party to resign. The Greek debt scandal has also pitted U.S. banking interests against France, Germany and other European powers. "The Americans are putting immense pressure on Europe, saying, 'We will wreck your economy, if you don't wreck Greece’s economy,’" says economic analyst Michael Hudson. President Obama is "basically telling Europe, ’Don’t go the democratic route. Support Wall Street.’"
Subscribe to:
Posts (Atom)