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| Socialist
Party USA: Statements |
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NO TO THE WALL STREET BAILOUT!
by the
Socialist Party USA, National Action Committee
The
current "financial crisis" is not just a temporary setback or because
of 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 this proposed
bailout have attempted to justify their “Washington consensus” of
decimating 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 call by those who continue to promote the
free market as the solution to everything. In demonstrating the cynical
facade behind the unwaivering economic ideology they've peddled for
decades, these 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.
Congressional
Democrats, through continuous pledges to reach a "bipartisan" solution
to the financial meltdown, have predictably fallen over themselves to
reaffirm their reliable role as one of the two great parties of
capital. As Democratic House Speaker Nancy Pelosi proclaimed on
September 26th, "We will not leave until legislation is passed that
will be signed by the president. The markets [sic] need a message from
us that we're acting." Barack Obama, whose $25 million dollars in
campaign contributions from the financial industry in this election has
exceeded the amount received by John McCain, has likewise urged
bipartisan passage of the bailout package, "in the spirit of
cooperation on behalf of the American people.
As
socialists, we understand that there can no longer be any rational
debate on the question of pursuing the "free market" as an alternative
to the compelling urgency for a socialist transformation of society.
The need of the largest capitalist firms to wipe out competition has
already led to the centralization of economic power, but in the form of
private ownership of an unaccountable ruling class of professional
speculators, not of working people.
If
we the people are now to publicly socialize the costs of our ruling
class' disastrous practices, as our corporate politicians demand, what
justification can be given for handing the very pillars of our economic
security back to their private and unaccountable ownership, once
resurrected?
The
Socialist Party rejects the bail-out plan. Instead, we propose that the
government take over the financial sector, and then delegate the
distribution of home loans to a decentralized network of non-profit
credit unions. These institutions are far less likely to push bogus
loans than the white-collar criminals which control the current
financial institutions.
While
opposing the bail-out we also call for programs which will provide
support to, and help empower individuals, families, and working people
as a whole to take power away from the corporate powers that be.
We
support building millions of units of low-density. high quality, and
low-cost housing.
We
support a federally funded socialized healthcare system which would
eliminate health insurance companies and be controlled by locally
elected community health committees.
We
support elimination of anti-workers laws and give all workers the right
to organize through card check off and the right to strike.
We
support laws that would encourage the creation of worker-owned/ run
institutions.
We
support massive investment into mass-transit and alternatives to fossil
fuels.
And
finally we call for the immediate withdrawal of all troops from Iraq
and Afghanistan (which includes thousands of national guard
troops which have been taken away from their families and jobs to fight
oversees), slashing our military budget by at least 50% and
establishing a steeply progressive federal income tax system.
The
above actions would improve working people’s lives, bring the thousands
of troops overseas home, raise hundreds of millions of dollars and take
the tax burden off of low and moderate income individuals and
families.
The
real solution to the vast majority of these problems would be to move
rapidly to a socialist society, one in which housing is provided to all
as a basic right, the financial sector and commanding heights of the
economy are made publicly accountable through social ownership and
worker control of the economy, and production is oriented toward the
needs of working people, rather than maximizing the profits of an
obsolete ruling class of multi-millionaires and billionaires. We, the
majority who work for a living, can no longer afford to produce and
relinquish all that maintaining the private profits for our
ruling class entails!
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