Paulson plan - a kick in the face for capital Such was the indignation of ordinary Americans that yesterday the much trumpeted $700billion bailout was voted down in Congress, sending shockwaves around the world's financial institutions. Whatever they do now, a new package or no package will mean serious economic downturn and reveal the real nature of capitalism to all.
Britain: Bradford & Bingley nationalised – let's take the rest Bradford & Bingley has finally been put out of its misery. After months of cliff-hanging the government has been forced to nationalise the bank. In many respects the ‘rescue’ plan is a clone of the $700bn Paulson plan being pushed through in the USA. The basic idea is that the good stuff is sold off to the private sector while the taxpayer is lumbered with the bad debts, the toxins. Socialism for the rich and the rigours of free enterprise for the rest of us!
World capitalism in crisis – Part Two Let us compare the perspectives of the Marxists with those of the bourgeois. In contrast to the bourgeois economists who committed the grave error of believing their own propaganda, the Marxist tendency explained the reality of the situation long ago. The Marxists were laughed at then... not anymore. What we have been saying for years is now becoming reality for all to see.
