US: Historic swindle against working people
SP Newsletter No.232
“If Wall Street gets away with this, it will represent an historic swindle of the American public - all sugar for the villains, lasting pain and damage for the victims.†This is how William Greider described the Wall Street bailout.
The whole capitalist system is in chaos as the financial implosion now threatens to become a depression. For working people, this comes on top of years of stagnant wages, the loss of millions of good jobs, a wave of home repossessions and price gouging for petrol and food.
The crisis was caused by the capitalists themselves. Their greed for profit has destabilised the entire system. All the arguments about the market “solving problems” are now exposed as Wall Street begs for more taxpayer bailouts.
The hypocrisy of the Washington political establishment is breathtaking. With elections looming, yesterday’s cheerleaders of financial deregulation and tax cuts have suddenly transformed into the defenders of “Main Street†against the criminals elites of Wall Street.
Every time working people, unions or community groups demand better wages, benefits or social services, these corporate politicians have told us: “We can’t afford it.†Now the government is authorising up to a trillion dollars (maybe much more) to buy up the bad debts of Wall Street “banksters.†This money should instead be used to guarantee healthcare, housing, childcare, education, and living wage for everyone.
They claim bailing out the financial elite is necessary to prevent economic disaster for working people. However, even Congressional Democrats are demanding nothing more than token reforms on Wall Street in return for the largest corporate welfare handout in US history. Wall Street and the big banks have been exposed as a den of speculation and corruption. They are the most powerful lobby in Washington, and have financed the careers of countless politicians, Obama and McCain among them.
In reality, this bailout plan has nothing to do with ensuring the economic security of working people, and everything to do with propping up their system of exploitation and profiteering at our expense. Even the cheerleaders for the bailout acknowledge that it won’t prevent millions of families having their homes repossessed. They also admit it won’t stop rising unemployment and inflation.
That is why big business and the politicians they fund refuse to spend taxpayer money where it would really benefit the economy; on cancelling the debts of homeowners, students, and working people generally; on job creating public works programs to build schools, hospitals, clean energy infrastructure, and other social needs. We need to fight back. Working people have the power to stop this massive swindle.
We can win our demands, but we have to organise. We can’t depend on corporate politicians, be they Democrat or Republican. McCain has been a supporter of unregulated markets for decades. Obama’s failure to put forward a concrete program shows that he too is tied to Wall Street and to the capitalist system rather than trying to deal with the problems of ordinary people.
Many commentators have correctly called the Wall Street bailouts “socialism for the rich.” But this has nothing to do with genuine democratic socialism which is the real alternative to the crisis-ridden capitalist system. Democratic socialism is a system that would put the interests of the majority of working people before the interests and obscene profits of the financial oligarchy.
SP National Conference - The crisis facing world capitalism
SP will be holding our 2008 National Conference in Melbourne on Friday October 10 & Saturday October 11. On the opening night of the Conference we will host a public meeting featuring Kevin McLoughlin, the General Secretary of the Socialist Party in Ireland. The meeting will discuss the international situation and the crisis facing world capitalism.
The conference will continue on Saturday with members discussing the situation in Australia, New Zealand, party building and business. On the Saturday night we will close the Conference with a social event that will also double as the launch of our Yarra Council election campaign. All supporters of SP are invited to both of these public events.
The details are: Public meeting - The crisis facing world capitalism
7pm Friday October 10th, 2008 @ Trades Hall, Corner of Lygon & Victoria Streets Carlton South.
SP election campaign in Yarra
All Victorian Councils will go to the polls on November 29. SP will be running a strong campaign in the City of Yarra. We will be defending Stephen Jolly’s seat in the Langridge ward and we will also be standing Denise Dudley in the Melba ward and Anthony Main in the Nichols ward.
We will need help letterboxing, staffing the pre polling booths and on election day. We also need to raise money to pay for the campaign. We will also be launching our campaign with a big social event that will coincide with our National Conference. The details are: Yarra Council election launch - 7pm Saturday October 11th 2008 @ The Old Colonial Hotel, 125 Brunswick Street Fitzroy.
If you can help our campaign in any way, contact our National Office on 0396399111. For more information about our work in Yarra visit.
http://www.socialistpartyaustralia.org/council
SP financial appeal
SP needs $20,000 to pay for our election campaign and National Conference. Please read this important appeal letter and donate now! Thanks to all those who have already donated.
http://www.socialistpartyaustralia.org/archives/1446
News links
Northern Ireland: Back to the Future?
http://www.socialistworld.net/eng/2008/09/23northa.html
European Social Forum: Union rights at forefront
http://www.socialistworld.net/eng/2008/09/22europa.html
Nigeria: Activists protest against Channels TV closure
http://www.socialistworld.net/eng/2008/09/22nigera.html
Join the Socialist Party
If you agree with what you have read in our newsletter or on our website you should consider joining SP. The Socialist Party has branches in Melbourne, Sydney, Newcastle and Perth as well as members and supporters in all other states.
We are involved in trade union work and student work. We also run community, anti-war and environmental campaigns. But most of all we want to build a party that will fight to get rid of the capitalist system, the system that is at the root of all of these problems. We fight for socialism - a system that will bring an end to wars, poverty and environmental destruction. To join SP contact our National Office on 03 9639 9111 and we will send you a membership application form.
Subscribe to ‘The Socialist’ newspaper!
Support the Socialist Party by subscribing to our monthly newspaper ‘The Socialist’. Subscription rates are only $10 per year or $20 solidarity price. You will receive 11 copies per year delivered to your door every month. You will also receive our email newsletter every week and you will know that you are supporting an organisation that is at the fore of fighting against the capitalist system. To subscribe to ‘The Socialist’ contact our National Office on 03 9639 9111 and we will send you a subscription form.
Socialist Party contact details
Melbourne: Phone Anthony on 0396399111.
Sydney: Phone Gary on 0297287727.
Newcastle: Phone Samantha on 0249681545.
Perth: Phone John on 0894020728.
Rest of Australia: Phone our National Office on 0396399111.
Rest of the world: Phone our International Office on ++ 44 20 8988 8760.
The Socialist Party is the Australian section of the Committee for a Workers’ International (CWI). The CWI is organised in over 40 countries across the world.
http://www.sp.org.au
http://www.socialistworld.net
http://www.myspace.com/socialistpartyaustralia
http://www.facebook.com/group.php?gid=20461960776
