Economic crisis

USA: The collapse of CIT’s efforts to secure government relief on Wednesday has left the 101-year-old bank teetering on the edge of bankruptcy and threatens a cut-off of funding to retailers and suppliers. That could result in a wave of bankruptcies and closures, leading to tens of thousands of layoffs: here.

This 22 July 2009 video is a new Mark Fiore animated cartoon, Goldman Sachs to Jobless Jack.

Goldman Sachs’ golden parachute: here.

Morgan Stanley sets aside 72% of revenue to pay bonuses: here.

Britain: The Labour government has rejected regulation of bank activity, the break up of the large banks, the separation of the banks’ retail and investment activities and any cap on bonuses: here.

One of the world’s largest drinks manufacturers Diageo announced July 1 the closure of the Johnnie Walker whisky bottling plant in Kilmarnock and distillery at Port Dundas, Glasgow: here.

Canada: Windsor, Ontario municipal workers, on strike since mid-April, overwhelmingly rejected the city’s “final offer” in voting July 16: here.

The Quebec bourgeoisie and its propagandists are raising a hue and a cry over the Quebec government’s rapidly deteriorating fiscal position so as to prepare the political and ideological ground for the levelling of what remains of the welfare state: here.