Economic crisis


Gap between rich and poor, cartoon

The social chasm separating America’s financial oligarchy from working people is wider than at any time since 1917, according to the latest statistics from the Internal Revenue Service: here.

Stock markets in the US and internationally declined sharply Monday before recouping some of their losses on Tuesday. The volatility reflects concerns that despite recent GDP growth reported for several major economies, the global economic crisis continues to deepen: here.

Irrespective of the political composition of the various Balkan state governments, they are uniformly reacting to the economic crisis by shifting the entire burden onto the backs of the broad masses of the population: here.

With the economy growing worse by the day, Street Sweeper Social Club (SSSC) has released their self-titled debut album in an effort to capture the discontent and anger felt by the working class through music. SSSC is a rap/rock supergroup that is the brainchild of guitarist Tom Morello of Rage Against the Machine fame, and rapper Raymond ‘Boots’ Riley of the hip-hop group The Coup. After the breakup of Morello’s previous band, Audioslave, he met with Riley with the prospect of starting a band called ‘Street Sweeper’, and stated that they were “going to make anthems for the Revolution”: here.

1 thought on “Economic crisis

  1. From Associated Press:

    Billionaire Mayor Michael Bloomberg defended multibillion-dollar pharmaceutical companies and their chief executives Friday, declaring that they “don’t make a lot of money” and shouldn’t be scapegoats in the health care debate.

    The mayor — and wealthiest person in New York City with a fortune estimated at $16.5 billion — made the comments on his radio show Friday during a discussion about health care.

    “You know, last time I checked, pharmaceutical companies don’t make a lot of money, their executives don’t make a lot of money — not that they couldn’t be better,” Bloomberg said.

    Pharmaceutical CEOs are known to make millions, with generous salaries, stock options and other perks.

    Abbott Laboratories Chairman and Chief Executive Miles White’s compensation was $25.3 million in 2008. The North Chicago, Ill.-based company saw profit rising 35 percent to $4.88 billion.

    Merck’s chief executive, Richard T. Clark, received a $17.3 million compensation package for 2008. The company’s profit more than doubled to $7.8 billion.

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