economics

By Friedrich Engels

By Reihana Mohideen

The Wall Street crisis seems light years away from the side streets of Manila’s urban poor slums. For the labouring masses in the Philippines the capitalist system has been in crisis for some time now, unable to deliver life’s basic necessities: jobs and a living wage; affordable quality healthcare and education; and food security.

According to official National Statistics Office data poverty levels have increased between 2003 and 2006, and 2008 is expected to be the worst year since the 1998 Asian economic crisis. Between April 2007 and April 2008 the labour force grew by only 81,000, while the number of unemployed rose by 249,000, i.e. triple the increase in the labour force. In 2008 the number of employed persons fell by 168,000 and there was no employment generation in April of this year. Jobs were being lost at a time when prices and inflation were skyrocketing.

By Walden Bello, Focus on the Global South

[Read more on the capitalist economic crisis HERE.]

September 25, 2008 -- The Wall Street meltdown is not only due to greed and to the lack of government regulation of a hyperactive sector. It stems from the crisis of overproduction that has plagued global capitalism since the mid-seventies.

Many on Wall Street are still digesting the momentous events of the last ten days:

By Peter Boyle

September 26, 2008 -- "Rich people got it good in this country", said African-American comedian Wanda Sykes on the September 24 Tonight Show with Jay Leno. "We refuse to let them not be rich. Think about it. Broke people are about to bailout rich people. This is what is going on."

"And they want no oversight. $700 billion dollars and no oversight! No oversight? Why should we? I want receipts dammit! What do you mean no oversight? Because, oh, you're so good with the other money?"

"This is the biggest piece of garbage ever. You know what? It's welfare for the rich...