Economic crisis, workers resist

This 2011 video is called Austerity in Greece Meant to Break Workers’ Resistance.

A video which used to be on the Internet used to say about itself:

France on Strike – 1995 (54 min). In December 1995 in France a massive national strike took place of railway workers, education workers, postal worker, students and many other public service workers and private industry workers to protest the attack on their pensions and on public services. This video from news footage shows the power of the strike, the democratic process of workers and students voting and discussing the strike in every location and the eventual victory of the national strike. The lessons of this strike for other public workers and students around the world are important today in showing how to organize a militant and democratic struggle. Labor Video Project, P.O. Box 720027 SF, CA 94172

Strikes by workers and students continued in France yesterday, as the government refuses to retract its pension cuts, and high school students carried out mass protests against the reform: here.

Strikes erupt over public worker pay cut in Romania: here.

Slovakian workers demonstrate against austerity measures: here.

Research carried out by the BBC has revealed that some pension-selling companies take as much as 80 percent in fees and commission from some of their private pension plans: here.

USA: The Obama administration has rejected calls for a moratorium on home foreclosures despite revelations that banks illegally processed mortgage documents to speed up the eviction of families and seizure of their homes: here.

Some of the most powerful Wall Street investment firms, together with the New York Federal Reserve Bank, on Tuesday took a step toward launching legal proceedings aimed at forcing Bank of America to buy back as much as $47 billion in mortgage-backed securities: here.

The number of Americans filing first-time applications for unemployment benefits rose unexpectedly last week, the Labor Department reported Thursday: here.

Wall Street moguls are confident that Americans will always believe that that the big boys are really worth their money. But for how long? Will the middle class finally get angry at the plutocrats who stole their dreams? Here.

1 thought on “Economic crisis, workers resist

    > Contact: 313-319-0870 or sign online petition at
    > The recent revelations of massive fraud in the processing of foreclosures by major banks demonstrates the urgent necessity of activists to press the demand for an immediate declaration of a two year moratorium to halt all foreclosures and evictions in the U.S.
    > The foreclosure suspension announcements by the GMAC, JPMorgan Chase and Bank of America are to give them time to clean up their acts. But the revelations of this massive fraud by the some of the country’s largest financial institutions is symptomatic of the overall foreclosure crisis devastating the working class.
    > Virtually every government program announced to help homeowners with modifications is collapsing. The programs are based on the premise that the same banks that will not even take the time to properly carry out foreclosure activity — which is their primary concern — will treat borrowers who seek modifications in a fair manner when they request modifications of their loans. Borrowers are stymied by the fact that the lenders either have no one to answer the call, or when they do, the banks routinely deny the modifications in violation of their agreements with the government to carry them out. For example:
    > * On August 20, 2010 the New York Times reported the demise of President Obama and Treasury’s Making Home Affordable Modification program. The article reported that of the 3 million households who were intended to benefit from the program, only one-sixth had actually had their loans modified.
    > * In July, 2010, the Michigan State government announced it had received $184 million from the government for the Hardest Hit Homeowners Program, a program intended to keep unemployed workers in their homes. While the funding for this program has increased to $500 million, the program has been a dismal failure thus far, with only 230 homeowners of the 30,000 expected to qualify being helped.
    > * On August 10, 2010, the Center for Responsible Lending published the following snapshot of foreclosures in the United States. The Center reported that 2.8 million foreclosures were projected for the year 2010, and 9 million for the years 2009-2012. Foreclosures starts increased 162% between the years 2006 and 2010, a direct product of the high unemployment devastating the working class. The total lost home equity wealth due to nearby foreclosures for the years 2009-2012 was expected to be $1.9 trillion.
    > It is immediately necessary for the federal government to declare a national two year moratorium on all foreclosures and evictions during which payments are set based on homeowners’ ability to pay and the principal is reduced to the actual value of the homes. With the majority of home loans now either owned or backed up by the federal government through Fannie Mae, Freddie Mac, or the FHA, the president has the authority and responsibility to declare such a moratorium by executive order. The time is ripe for housing activists to organize and press this demand everywhere in light of the current revelations. Sign the online petition in support of this demand at:
    > 5920 Second Ave.
    > Detroit, MI 48202
    > 313-887-4344
    > Bail Out the People Home | Donate | Sign Petition
    > Bail Out the People Movement
    > Solidarity Center
    > 55 W. 17th St. #5C
    > New York, NY 10011
    > 212.633.6646
    > Email:


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