Economic crisis update

Bankers and the financial crisis, cartoon

The corporate press claims that the Australian financial system has survived the global financial crisis because of good regulation and sound banking practice. In truth, Australian banks only survived because of unprecedented government intervention: here.

The California budget deficit of $1.1 billion comes less than 10 weeks after a balanced budget deal was reached by Governor Schwarzenegger and the state legislature: here.

Forty-eight percent of Americans working in the private sector have jobs that do not offer paid sick days, mostly small business employees – 54 million in all: here.

Britain: Hard-hearted Welfare Reform Minister Jim Knight has steamrollered ahead with plans to fine lone parents who refuse “work-related activity”: here.

The expanding pay gap between the mega-rich and those on middle incomes is to blame for the financial crash, trade unionists have warned: here.

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