Tag Archives: economy

Treasury Secretary Geithner: Puppet of Finance Capital

Tim Geithner and his Capitalist Cronies

Tim Geithner and his Capitalist Cronies

For all the progressives that drank Obama’s Kool-Aid: Who’s Obama’s real constituents?

The New York Times published a lengthy article recently with the following revelations about Obama’s Treasury Sectretary Timothy Geithner:

1. A year before he was elected Geithner shocked then-Treasury Sectretary Henry Paulson with a proposal “to give the president broad power to guarantee all the debt in the banking system”. Paulson was shocked by the proposal, seen as audacious and “politically untenable” because it would “put taxpayers on the hook for trillions of dollars”.

A year later, Geithner’s proposal has been implemented almost entirely.

2. As President of the New York Federal Reserve, The NYT reports, Geithner maintained “unusually close relationships with executives of Wall Street’s giant financial institutions.”

A look at the New York Federal Reserve’s former and present Board of Directors shows it staffed by CEO’s of such big capitalist firms as: General Electric, Citigroup, Goldman Sachs, JPMorgan Chase, Quandrangle Group (Investment Firm), etc. etc.

For those who thought Obama was going to usher in all this radical progressive change, one can only ask… What were you thinking?

Obama is not the “elected representative” of the people, he is the elected representative of Capital. After trillions in bailout money, its safe to say he’s served them well.

The only thing that can defeat the bankers is class struggle. The working class vs. Geithner, Obama and the rest of the Capitalist ruling class.


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Informal Economy

Here’s something from Revolutionary Autonomous Communities on the Informal Economy.

SUPPORT AND DEFEND THE WORKERS IN THE INFORMAL ECONOMY

At a time when many have lost their jobs and more cannot find them;

At a time when donations to food banks, missions and charities are drying up;

At the same time more and more people find themselves in dire need of assistance;

At such a time we must all pull together lest we all fall apart.

Let us face it.

The system of capitalism is failing the majority of the people. Because profits can no longer be made, workers are laid off:

In March of this year, 742,000 people joined the ranks of the official 6,000,000 laid off workers receiving unemployment compensation. Many more are receiving the pitiful benefits of general relief and welfare payments. Many, many more get no benefits at all.

Workers terminated from their positions find that there are no jobs to be found. Yet we still have bills to pay, rent to cover and the mouths of our families to feed. Having been expelled from what is called the formal economy, an economy that has failed, we humans struggle to find ways to keep our families together, to keep themselves sane.

RAC says

“Hands off the Workers of the Informal Economy”

“Living-wage Jobs for All”

New methods of making a living are and will continue to arise in the informal economy:

Day Laborers: skilled plumbers, masons and carpenters who can find no regular work stand in front of Home Depot hoping for jobs that pay a fraction of their just wage; Urban Miners: collect aluminum cans, glass bottles and plastic from trash cans; Concessionaires: cook hot dogs, tacos and burritos, and pupusas, etc; Street Vendors: sell jeans, dresses, appliances, dishes, etc. at prices less than the stores charge.

At a time when workers’ efforts to generate and create work are more and more necessitated, the LAPD has increased its efforts against those whose only crime is to try to make a living. Day laborers are driven away from their posts; Urban Miners are given a ticket for having the shopping cart they must have; Concessionaires are given violations of a health code designed to ensure that only the well-off can start a business; and, Street Vendors are hassled with their goods confiscated and/or trashed.