Socialists Confront the Economic Crisis
A Socialist Party USA Statement
The current financial crisis is not just a temporary setback, nor is it caused primarily by the lack of regulation in the financial sector. The collapse of the financial sector is indicative of the total failure of the capitalist economy.
In recent years, the leading recipients of the recent bailout have attempted to justify their "Washington Consensus" of decimated social safety nets, massive cuts to wages and benefits, and privatization of public services in the name of mercilessly strict adherence to the "tough love" and "sacrifice" of the "free market". This deregulation and dismantling of any social protections was a logical step for the capitalists represented by the Republican and Democratic Parties.
The call now for regulation of the markets is a hypocritical action by those who continue to promote the "free market" as the solution to all ills. The same power brokers and politicians who demanded the near complete deregulation of the financial sector under "free market" principles, are now calling upon all tax-paying U.S. workers to "come together as Americans" and take "collective responsibility" for their boundless greed and ultimate financial failure under the very standards they themselves imposed...
Read the full statement here.
The current financial crisis is not just a temporary setback, nor is it caused primarily by the lack of regulation in the financial sector. The collapse of the financial sector is indicative of the total failure of the capitalist economy.
In recent years, the leading recipients of the recent bailout have attempted to justify their "Washington Consensus" of decimated social safety nets, massive cuts to wages and benefits, and privatization of public services in the name of mercilessly strict adherence to the "tough love" and "sacrifice" of the "free market". This deregulation and dismantling of any social protections was a logical step for the capitalists represented by the Republican and Democratic Parties.
The call now for regulation of the markets is a hypocritical action by those who continue to promote the "free market" as the solution to all ills. The same power brokers and politicians who demanded the near complete deregulation of the financial sector under "free market" principles, are now calling upon all tax-paying U.S. workers to "come together as Americans" and take "collective responsibility" for their boundless greed and ultimate financial failure under the very standards they themselves imposed...
Read the full statement here.
Labels: statements
posted by David Schaich at 3:27 PM
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