This video is called Brits Saw Economic Downturn Coming.
From British daily The Morning Star:
How it all came to this(Monday 08 September 2008)
PAMPHLET: The Politics of Britain’s Economic Crisis by John Foster
(CPB, £2)MARTIN GRAHAM looks deeper at the economic crisis.
The capitalist press is full of superficial explanations of the current economic crisis.
They are not necessarily wrong in identifying the immediate trigger for problems in the British economy as the collapse of the US sub-prime market, brought about by pitiless exploitation of low-income borrowers in the US and the subsequent drying up of the inter-bank money market when these loans were repackaged and sold on to gullible banks keen to recycle their own commission-driven business.
Such explanations can, however, only address the short-term and superficial aspects of the problems facing the British economy.
But, for a deeper understanding and an appreciation of where we are heading, it is necessary to take a much longer view. This is exactly what John Foster does in this excellent pamphlet.
His analysis begins in the 17th century with the ending of feudal relations, the dispossession of the peasantry and the creation of a majority labouring population.
He then traces the twists and turns of Britain’s capitalist ruling class as, in an effort to protect and accumulate capital, it participated in various tactical alliances, culminating in the present parasitic dependence on the US.
The result, Foster demonstrates, is a society which is insecure, intolerant and unequal.
The pamphlet concludes by calling for an alternative economic and political strategy that can find support beyond the core working class and trade union movement while opening up the way for more fundamental change.
Few Stand to Gain on This Bailout, and Many Lose
[T]he companies’ outgoing leaders could see big paydays — a prospect that angers many investors, particularly because ordinary stockholders could be virtually wiped out. . . . Wall Street investment banks, meanwhile, are breathing a sigh of relief.
http://www.nytimes.com/2008/09/08/business/08scorecard.html?_r=1&oref=slogin
SIGN THE ONLINE
PETITION!
TELL
THE NEW CONSERVATOR OF FANNY MAE AND FREDDIE MAC, THE TREASURY
SECRETARY AND THE HOUSE AND SENATE BANKING AND FINANCE COMMITTEES:
MORATORIUM ON FORECLOSURES AND EVICTIONS NOW!
The government has just taken
over Fanny Mae and Freddy Mac, which control over half of the mortgages
in the U.S.!
SIGN THE ONLINE
PETITION demanding the Feds implement an IMMEDIATE MORATORIUM ON
FORECLOSURES AND EVICTIONS, NOW!
To:
Federal Housing Finance Agency Director and Conservator for Fanny Mae
and Freddy Mac James Lockhart
CC:
President Bush, Treasury Secretary Paulson, members of the House and
Senate Banking and Finance Committees, Congressional leaders, and
members of the media
Dear Director Lockhart,
As one who
is deeply concerned that we are currently experiencing the greatest
home foreclosure crisis since the Great Depression, I call upon you as
the appointed conservator of Fannie Mae and Freddie Mac to Declare an
Emergency Federal Moratorium on home foreclosures.
The
takeover of Fannie Mae and Freddie Mac by the federal government is a
de facto declaration of a State of Emergency by the federal government,
brought on by the foreclosure epidemic.
The
federal government now holds or insures the majority of the country’s
mortgages. Under current U.S. law, when there is a federal declaration
of a State of Emergency, there is an automatic mandatory 90 day
Moratorium on Foreclosures on all FHA-insured homes. This mandatory
Moratorium on Foreclosures is outlined in the U.S. Department of
Housing and Urban Development (HUD) Handbook 4330.1 REV-5 and also in
the HUD Mortgagee Letter 2005-33, dated August 31, 2005. Most recently,
a Moratorium on Foreclosures was implemented in areas affected by
Hurricane Gustav. The 90 day foreclosure moratoriums have often been
extended until the crisis subsides.
Likewise, the first action of the Federal Housing
Finance Agency
(FHFA), the agency set up to take over and/or insure all Fannie Mae and
Freddie Mac mortgages, should be to automatically impose a moratorium
on foreclosures of mortgages held or insured by this new agency.
Such
an action, mandated under federal law, would ensure that the benefits
of the takeover extend to the real victims of this crisis, the
homeowners entering foreclosure nationwide.
On
September 17 and September 20, homeowners and activists will be
demonstrating in Michigan, California and Massachusetts in support of
legislation or executive action at the state level which would enact an
emergency moratorium on home foreclosures. However, clearly it would be
preferable for a moratorium on foreclosures to be enacted on a national
basis. All three demonstrations will be raising the demand for a
national, federal moratorium on foreclosures.
If the
U.S. government can bail out Wall Street banks and take over the two
largest mortgage institutions, which will cost taxpayers hundreds of
billions of dollars and put the U.S. government in more or less direct
control of the entire mortgage industry, why can’t it stop between
8,000 and 9,000 families from losing their homes to foreclosures every
single day?
As you
know, the foreclosure crisis has long since reached beyond its original
subprime mortgage holders. Today almost 10% of all who hold mortgages
are threatened with foreclosures.
The
legislation that Congress passed this summer merely promises help to
those lenders who voluntarily agree to re-negotiate mortgages. This
measure will only save a relatively few homes.
It’s
highly doubtful that any of the bankers that are being bailed out by
the government were ever in danger of literally losing the roof under
which they and their families sleep. Instead it is ordinary working
people who are finding out daily what it is like to lose that roof.
<!–
Dear member of the House and Senate Banking and Finance Committee:
I call on Congress to enact an immediate emergency moratorium on home foreclosures and evictions. Moreover, until the Mortgage Bankers Association agrees to an immediate moratorium on home foreclosures and evictions, I call on members of Congress to refuse to meet with representatives of the MBA during the Association’s scheduled lobbying day on Thursday, April 17.
People from across the country who are facing the prospect of losing their homes will be demonstrating in front of the Mortgage Bankers Association’s annual policy conference in Washington D.C. on April 16, to demand that the Association formally endorse a call for such a moratorium.
The speedy, expensive, and extraordinary action that the Federal Reserve Bank took in response to the Bears Stearns crisis a few days ago is, in reality, tantamount to a government-enacted moratorium on bank failures.
Congress has its own
proposals for bringing relief to people at risk of losing their home. However, none of the proposals are as sweeping, immediate and effective as a moratorium.
The Fed’s action required no legislation, no hearings, no studies, no half measures, and no time lag. Why is it, then, that a similar moratorium on home foreclosures and evictions cannot be enacted to stop the largest number of home foreclosures since the Depression of the 1930s?
By refusing to meet with representatives of the MBA on April 17, you will be helping the mortgage banking industry wake up to the fact that they can no longer avoid, ignore, or continue to resist the popular and human demand that they simply stop evicting families from their homes.
–>I
say enough is enough. I urge you and all others to act on behalf of the
people and enact a moratorium now on all foreclosures.
Sincerely,
(Your signature will be
appended here based on the
contact information you enter)
Sign
the Petition
JOIN
THE PROTEST!
September
17 & September 20
Moratorium on Foreclosures and Evictions Actions
Lansing, MI | Los Angeles, CA | Boston, MA
March on the State Capitol in
Lansing, MI to demand
PASSAGE OF SB 1306 for a 2 YEAR MORATORIUM ON FORECLOSURES AND
EVICTIONS in MICHIGAN!
Wednesday, Sept 17, 11 AM, State Capitol, Lansing
Buses from Detroit 9 am
Moratorium NOW! Coalition to Stop Foreclosures and Evictions
c/o Central United Methodist Church, 4th floor, 23 E. Adams, Detroit,
MI 48226
For a bus seat or to share a ride, call (313) 887-4344
Email: moratorium@moratorium-mi.org
Website: http://www.moratorium-mi.org
Download flyer
Los Angeles Labor/Community
Protest to Stop Foreclosures and Evictions and Save Our HOmes
Wednesday Sept 17th 2008
12 NOON
Downtown Los Angeles Federal Building
300 N Los Angeles Street
Join
SEIU Local 721, Neighborhood Council Block Associations, Hermandad
Mexicano Nacional, South Asian Network, BAYAN-USA, International Action
Center and others
Demand
that the US Government:
Declare a State
of Economic Emergency in California
Immediately Order
a Two-Year Moratorium on All Foreclosures in Los Angeles and throughout
California
In
the second quarter of 2008, foreclosures in
California hit record levels, increasing 261% from one year before.
Default filings rose 124.9% from the previous year, indicating that the
worst is yet to come. In Los Angeles County 3.7% of all homes are in
foreclosure. Because of the foreclosure epidemic, property values are
in a free fall. Home prices in Los Angeles have declined 23.4%.
Thousands are
being evicted with no notice. With the recent bailout and
takeover of Freddie and Fannie to the tune of $200 billion dollars the
government now controls 75% of all mortgages. That $200 billion dollars
was stolen from the workers and this lays the basis for a demand for a
national moratorium on all foreclosures.
NO MORE LOSS OF
HOMES – COME AND JOIN THE PROTEST – UNITED WE CAN WIN
Called by Labor/Community Coalition to Stop Foreclosures and
Evictions
Contact: (310) 677-6407
Boston Rally and March to
Demand Gov. Declare an Economic State of Emergency
Saturday,
Sept 20
12 noon
at Countrywide/Bank of America
811 Massachusetts Ave, South End
March to South Bay Prison, NStar, and South Bay BoA
Governor
Deval Patrick,
We Demand that
you Declare a State of Emergency, Now!
Stop Utility
Shutoffs & Restore Services Immediately!
Declare a
Moratorium on Foreclosures & Evictions!
Roll Back Food
& Fuel Prices!
The Winter of
2008 is predicted to be very severe. This will be
no natural disaster, but a life-threatening crisis made in government
and corporate boardrooms. We will not stand by as people freeze or go
without lights, while NSTAR ($7.8B in assets), National Grid and the
Oil Companies make $$ billions more in profits. $150 million more a day
goes to the Iraq war. We need to bring this money back to our
communities, now!
The government
has just taken over the largest mortgage banks in
the world, Fannie Mae and Freddie Mac, which have overseen millions of
families evicted from their homes. The government must not be in the
business of foreclosing and evicting us from our homes. Responsible
government must now use its power to declare a State of Emergency, and
immediately halt all foreclosures and evictions!
This economic
crisis brings with it a rise in violence against
people of color, women, and lesbian/gay/bi/trans people who are
scapegoated in an attempt to divert attention away from greedy
corporations and banks. Poor and working families are struggling with
housing, jobs, gas prices, healthcare, and feeding our children. Youth
need education and good union jobs, not police roundups and more jails.
Discrimination against people with CORI should be outlawed.
Heat, Housing, Jobs,
Food and Fuel are a Human Right!
Together we have the
power to build a movement to turn this unnatural disaster around!
download
flyer & “Economic State of Emergency” petition
For more info: (617)
522-6626 http://www.iacboston.org/WFN
Women’s Fightback Network / F.I.S.T / International Action Center
284 Amory Street,
Jamaica Plain, MA 02130
DONATE
–
http://www.stopforeclosuresandevictions.org/donate.shtml
CONTACT US –
http://www.stopforeclosuresandevictions.org/cmnt.shtml
Contact:
www.STOPForeclosuresAndEvictions.org
212-633-6646
Atlanta 404-622-7517 *
Baltimore
410-218-4835
Boston
617-522-662
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716-604-9515
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NC
704-492-5226
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216-531-4004
Detroit
313-319-0870
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Angeles
323-936-7266 Miami
786-985-9048 * New
York 212-633-6646 Philadelphia
215-724-1618 * Raleigh, NC
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DC
202-821-3686