Economic update

This video from Iceland says about itself:

25 Oct 2008 Demonstration in Reykjavik, Iceland

Demonstration demanding the resignation of PM Geir Haarde and Director of the Central Bank David Oddsson

The economic crisis continues.

Warnings of deep recession as US layoffs spread coast-to-coast: here.

The “dirty little secret” of the US bank bailout: here.

Ford: Bailout for the Bosses, Buyouts for the Workers: here.

Mexico, the U.S. and the Economic Crisis: here.

Pakistan forced to seek IMF bailout package: here.

Political furore over Australian government’s bank guarantee: here.

Canada: As economic crisis deepens: Conservatives to press ahead with right-wing tax-cutting agenda: here.



Britain: Zealots of the market.

4 thoughts on “Economic update

  1. Layoffs rising
    Layoffs have arrived in force, like a wrenching second act in the unfolding crisis.

    Puerto Rico’s teachers defeat union-busting
    The message of the Federacion de Maestros de Puerto Rico (FMPR) was simple: please stop SEIU President Andy Stern’s collusion with the indicted governor of the island to replace FMPR with a “company union.”


  2. Number of low-wage working families rises

    The ranks of low-wage working families increased by 350,000 between 2002 and 2006, to nearly 9.6 million — more than one in four of the nation’s working families with children.,0,502608.story

    Poverty boosts military recruitment
    “We do benefit when things look less positive in civil society.”,0,4964808.story


  3. “Global Financial Crisis: the end of neo-liberalism?”

    Debate with Howard Wachtel, Barry Gills and Myriam vander Stichele
    Chair: Susan George

    The greatest financial crisis since the wall street crash of 1929 has
    been met by an unprecedented set of government actions to stem the tide
    of destruction. But is there also a coming sea change in economic
    theory and practice, as well as in politics, in the shift from a free
    market to intervention in the market? Is this the end of ‘capitalism as
    we know it’? What are the power politics and prospects to achieve
    change? What are the alternatives to these catastrophically failed ideas
    behind the ‘neoliberal globalization’ and ‘corporate globalisation? TNI
    panelists will analyse the causes and consequences of the on-going
    Global Financial Crisis and discuss its profound implications for a
    changed world order.

    TNI panelists will analyse the causes and consequences of the on-going
    Global Financial Crisis and discuss its profound implications for a
    changed world order.

    Friday 7 November 2008
    at Transnational Institute
    De Wittenstraat 25, Amsterdam
    8:15 pm
    free admission
    English spoken

    Susan George, Honorary President of Attac France and Board
    Chair of TNI.

    Howard Wachtel, Professor of Economics at American University, Washington,
    TNI fellow and works on world economy and international money.

    Barry Gills, Professor of Global Politics, editor Globalizations journal
    and ‘Rethinking Globalizations’ book series

    Myriam vander Stichele, Senior Researcher, Center for Research on
    Multinational Corporations (SOMO) and TNI fellow.

    More information about our fellows at

    Panelists are available for interviews
    Please contact Andrea Sturkenboom or + 31 20 622 6608

    Critical radical thinking on the financial and economic crisis
    (Transnational Institute and Institute of Policy Studies)

    Transnational Institute
    P.O. Box 14656
    1001 LD Amsterdam
    The Netherlands
    tel +31 20 662 6608
    fax +31 20 675 7176


  4. Fat cats purr over bulging pay packets

    By David McIntyre


    October 27, 2008 01:47pm

    Pay packets

    * Average CEO pay is up 106pc since 2001
    * Most CEO’s paid between $1.5m and $6m
    * Growth three times as fast as average wage

    CHIEF executive salaries at Australia’s biggest companies grew three times as fast as the growth in average weekly wages over the six years to 2007, according to research.

    A report from the Australian Council of Superannuation Investors (ACSI) shows that the average fixed pay for 69 chief executives from the biggest 100 listed companies rose 106 per cent from 2001 to 2007.

    This compared with a 32.3 per cent gain in average adult weekly earnings over the same period.

    The average fixed salary of the 69 chief executives surveyed rose to $1.83 million from $1.80 million in 2006 and compares with $888,407 in 2001.

    The average total remuneration, including short- and long-term incentive payments, rose to $5.53 million in 2007 from $4.56 million the year before, and $2.64 million in 2001.

    Most of the chief executives were paid between $1.5 million and $6 million in 2007, with the highest paid, (the now former) Macquarie Group head Allan Moss, earning $33.5 million.

    Your Say

    Given these are salaries, there is absolutely no justification for them. If the “fat cats” want to make that much money, they should INVEST their own money to earn that as…

    (Read More)
    Jimbo of Sydney

    Greed no longer good amid credit crisis

    The release of the research comes at a tumultuous time for world markets, which are dealing with the fallout from a credit crisis that was sparked by well-paid Wall St executives making risky loans.

    Prime Minister Kevin Rudd recently floated the idea of linking the pay of banking executives to responsible corporate behaviour saying “extreme capitalism” had to be curbed.

    He said this would discourage excessive risk taking and promote financial stability.

    While the S&P/ASX 100 Index surged 83 per cent in the six years to the end of 2007, it has since lost 39 per cent of its value.

    Since the closing level of 2799.2 on December 31, 2001, the index has thus gained 12.5 per cent to 3149.9 today.

    This figure doesn’t include dividends, which would increase the total shareholder return figure.

    “Few companies provide shareholders with explanations of fixed pay increases beyond generic disclosures,” ACSI said.

    “ACSI believes that as base salary and other aspects of fixed remuneration are not explicitly tied to the company’s performance, companies should disclose clearly the reason or reasons behind a significant increase in base salary.”

    ACSI included only 69 CEOs in its study because some of the top 100 listed company chiefs were appointed mid-way through the financial year, and quite a few of the firms are listed investment trusts with external managers.

    ACSI provides research and education services to superannuation funds in relation to the corporate governance of the companies in which they invest.,23599,24558180-2,00.html?from=public_rss


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