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.

Leave a Reply

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

WordPress.com Logo

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

Google photo

You are commenting using your Google 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.