Economic crisis worsening

George W. Bush on the US economic recession, cartoon

The economic crisis continues.

The annual summit of the Association of South East Asian Nations (ASEAN) in Bangkok last weekend followed what is becoming a familiar pattern at top-level international gatherings. Amid a sharp downturn in all 10 member states, ASEAN leaders pledged themselves to economic cooperation and free trade, even as they resort to protectionist measures: here.

Australian economy heads into recession: here.

The New York state budget crisis and the debate over the “millionaire’s tax”: here.

Britain: EUROPEAN WORKING TIME DIRECTIVE – a tool for increased exploitation and hospital closures: here.

2 thoughts on “Economic crisis worsening

  1. economic crisis is quite getting worse nowadays. we all need to be careful in spending money and learn how to save. unemployment rate is also getting higher, we must also be prepared financially before it’s too late.


  2. Protest a Region-Wide Foreclosed Home Auction!

    Sunday March 8, 10:00 am

    At The Jacob Javits Convention Center Entrance
    Between 35th St and 36th St. and 11th Ave. in Manhattan

    Stop the Auction! Sign the Petition at:

    * No more foreclosed home auctions!
    * No more foreclosures and evictions!
    * Demand a moratorium on foreclosures and evictions!

    Please join us on Sunday morning at 10:00 am sharp at a demonstration against the biggest auction of foreclosed homes ever in New York City.

    The Real Estate Disposition Corporation (REDC), the biggest private auctioneer of foreclosed homes in the country, is auctioning more than 375 foreclosed homes at the Jacob Javits Convention center. This is the biggest auction ever held in NYC. The houses being sold to the highest bidder are the homes of poor and working people who lived in places like Brooklyn, Queens, Bronx, Newark, Long Island, upstate New York, and Pennslyvania who were forced out of their homes by Citibank, Bank of America, Wells Fargo, JP Morgan-Chase and other banks. These same bankers have received hundreds of billions of dollars of bail out money while they’re throwing working people out of their homes. These foreclosures are illegal.

    At a time when an estimated 15,000 families are being evicted from their homes each day and the number of job layoffs per month in the U.S. is rapidly approaching one million a month, we cannot and must not be indifferent about the ugly spectacle of the auctioning of the homes of displaced families.

    In the biggest economic crisis since the depression of the 30’s, these auctions should not be taking place; they are a symptom of the cruel and criminal mass eviction campaign that will continue to grow until people unite and say ‘No More!’

    Today, the Obama administration announced a $75 billion plan for the federal government to essentially take over the failed mortgage industry. Mortgage companies now have a duty to modify virtually every housing loan before foreclosing. Until this plan is completely in place and people have a chance to take make use of the process, every single foreclosure now taking place is in violation of Federal Law – 12 USC 5219 and the Housing and Economic Recovery Act (HERA).

    But we know that the only force that will stop foreclosures is mass grassroots mobilization. Join us on March 8 to demand an end to the auction. And then, help us build for the National March on Wall Street on April 3 – when Wall Street is open, continuing on April 4 to demand “Bail Out the People – Not the Banks!” (See to find out how you can get involved.)

    * We call upon the City of New York to stop the March 8 auction and we demand an immediate stop to call foreclosures and evictions.
    * We call upon the Jacob Javits Center and the Real Estate Disposition Corporation (REDC) to cancel the auction, set up to allow financial predators to profit from throwing people out on the street.
    * Sign the petition at:

    Support the nationwide campaign for a moratorium on home foreclosures and evictions. Join us at the Javits center on Sunday March 8 to say:

    No more foreclosed home auctions!
    No more foreclosures and evictions!
    Immediate moratorium on foreclosures and evictions!

    Stop the Auction! Sign the Petition at:

    Bail Out the People Movement
    Solidarity Center
    55 W. 17th St. #5C
    New York, NY 10011


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.