Category: Economy
Some End-of-the-Year Thoughts
| December 27, 2014 | 11:11 pm | Action, Analysis, Cuba, Cuban Five, Economy, International, National, police terrorism | Comments closed
● Congratulations to the Cuban patriots (the Cuban Five), the remaining three of whom were finally released from US jails for the “crime” of making the world a safer place from US imperialism (How extensive and racially and economically selective must a prison system be before we can refer to the installations as concentration camps?) All fair-minded people should rejoice at the moving reunion of these internationalists with their families and their countrymen and women!
Before we are overwhelmed by adulation for President Obama’s role in the release of the remaining Cuban Five, a fawning process that has begun in earnest, we should remind the adulators that it is bad form to praise someone for doing what he or she should have done long before. Nothing has really happened to precipitate a change in US-Cuban relations at this moment except the passing of Obama’s final national election cycle– a fact that suggests that Obama’s welcome moves are more political expediency than any serious change of heart. Those who sense faux-liberal stroking in anticipation of the forthcoming election season are probably on solid ground. The U-turn regarding policy towards Cuba demonstrated recently on the editorial pages of the New York Times also point to a strategic shift in the thinking of key elements of the US ruling class.
● John Pilger, by way of Michael Munk’s always interesting blog, lastmarx, asks what became of Malaysian flight MH17, which crashed in the Eastern Ukraine. After the July disaster, the Western media proceeded to blame Eastern Ukrainian resistance fighters and Russia without a shred of hard evidence beyond “unnamed” Western intelligence “sources” (How do journalists acquire access to intelligence sources yet remain uncompromised?).
Despite recovering black boxes, debris and bodies, the Western investigators have been strangely silent since August. No evidence has come forth apart from Russian sources. No indictments from the notorious International Court of Justice (from which the US refused to honor its jurisdiction in 1986 despite having a permanent judge and frequently imposing jurisdiction on others). Compare this to the Western-induced hysteria surrounding earlier incidents like Korean Airlines 007, a media frenzy that demonized the Soviets for years. Even the crazed General Breedlove– Pilger calls him NATO’s “Dr. Strangelove”– has remained relatively silent. Could it be that the facts are pointing the wrong way?
● The 2014 Brazen Hypocrisy award goes to President Barack Obama for his two-faced appeal to the right of self defense. Esteemed Cuban blogger Manuel A. Yepe lauds research by Brandon Turbeville that recovers a statement from November 2012 by the self-righteous Peace Prize Winner. President Obama, in defense of Israeli aggression, argued: “… there is no country on Earth that would tolerate missiles raining down on its citizens from outside its borders.” Of course this is unabashed hypocrisy for a leader who daily signs off on drone, cruise missile, and bomb attacks on Iraq, Syria, Pakistan, Somalia, or Yemen, a glaring contradiction that Yepe credits Turbeville for exposing.
Certainly there are plenty of candidates for the Hypocrisy Award, most of whom nest in US seats of power: the recent sanctions imposed by a serial human rights violator (the US) against Venezuela for imaginary “human rights” violations count as first degree hypocrisy. Imagine a government that spies on ALL of its citizens, tortures foreigners, and allows militarized police forces to kill unarmed citizens punishing Venezuela and lecturing the rest of the world about good behavior.
Or consider the hypocrisy of ferreting out other countries deficient in democracy– a favorite activity of US media pundits– while never mentioning Japan, a country ruled by one party, the Liberal Democratic Party, since 1955 with less than four years of respite. Many of those dubbed “dictators” would be jealous.
And then there’s the shameless Henry Blodget, the blue-blood, consummate Wall Street insider, who has been banned for life from the securities industry for fraud. Addicted to the celebrity spotlight, Blodget regarded the claim that the Democratic Peoples Republic of Korea hacked a US entertainment company as a sufficient basis for declaring the alleged  hack “effectively an act of war….” Blodget’s panic arises from his concerns that the DPRK might “get into the money”: “’It’s not just they get some credit card numbers which we’ve been seeing forever. But they actually get into the money’ at large corporations and banks” (Yahoo Finance, 12-19-14).
Truly, we swim in a sea of hypocrisy.
● But hypocrisy is only tolerated because we refuse to hold public figures and the media accountable for their statements; as Gore Vidal put it, we reside in the “United States of Amnesia.” He drew attention to an adult population narcotized by shallow entertainments and denied any sense of history or continuity. Actually, Martha Gellhorn said it much earlier (1953) when she noted the “consensual amnesia” rampant in the US.
It is wrong, however, to blame the US people for the cowardice and lack of accountability of the media and academia. We cannot blame collective ignorance on the victims when it is the product of the massive, suffocating machinery of capitalist disinformation and vulgar culture.
Imagine if we could hold all of the opinion makers and policy pundits accountable for their slavish promotion of the unprovoked invasion of Iraq and the subsequent destabilization of the entire Middle East. Imagine if we could exile them to write for the Metropolis Daily Planet until they reclaimed their integrity. Soon, we would forget the names Friedman, Krauthammer, and the other cheerleaders of imperialism, maybe even the loudmouth, Cheney. Exactly what journalistic crimes must they commit, what disasters must they endorse before their bosses and colleagues turn them out?
Similarly, the economic collapse of 2007-2008, unpredicted and unsolved by the “wise men” of the economics profession, has spawned no new thinking or rejection of the old.
Sadly, most of our public intellectuals have become courtiers and not truth seekers.
● We must not ignore the amnesia of the US left. Forgotten is the mass euphoria over the election of Barack Obama in 2008. Virtually all of the liberal and soft left was swept away by the overwhelming Democratic Party victory, affording a two-year window to pass a whole laundry list of legislation benefiting labor, minorities, women, the elderly, undocumented and other components of the Democratic Party coalition. Except for a health care initiative that has failed to live up to anyone’s expectations other than insurance companies, none of these promises came to fruition, even to serious consideration. As the Democrats gin up for another Presidential campaign behind Hillary (after she disposes of the Quixote-like campaign of Elizabeth Warren), this miserable performance will be forgotten. With the Obama well running dry, liberal and the moderate left will drill a new Clinton well of hope. Memories are short.
● While the signs of mass militancy are positive, most recently from the anger and activism springing from criminal police behavior, the left seems to find diversions and distractions that create speed bumps, if not detours, from clarity and united action.
The energy of the Occupy movement was welcome, but the embrace of the organizing principles of disorganization proved– once again– a damper on movement building. Seemingly, every generation must champion group therapy as an antidote to “hierarchies” and “leadership,” alleged features of the “old left,” “the establishment,” “elites” or other evils imagined by self-anointed ideological gurus.
The New Left of the sixties pioneered this posture, shattering enormous mass movements against racism and war into a thousand pieces. The shallow and idealistic emotions conjured by the words “participatory democracy” arise again and again with the same result.
● The latest obstacle to ideological clarity and effective action is the amorphous and ideologically confounding “Sharing” Economy movement. The “New” or “Sharing” economy projects occupy two distinct poles.
At one pole are the liberal/left activists who have been shocked by the human carnage of economic crisis, but are afraid of or disillusioned with the socialist option. While many may see capitalism’s flaws, they are cowed by the enormous task of defeating and replacing it. Rather than joining Marxists, who are confident and determined to revive the fight for a world without exploitation and without rule by the rich and powerful, they propose that we simply drop out of the global economy, that we live and work outside of it. In collectively owned cooperatives, they propose an alternative to capitalism. But is it really an alternative?
Certainly there is nothing, in principle, wrong with cooperatives. Indeed, they are sometimes an answer for small-holders to improve their destiny against large capitalist enterprises. That is, they can postpone, but rarely derail the laws of capitalist development, the tendency for the large to devour the small.
But it is silly to believe that cooperatives in any way challenge capitalism as we know it today. State-monopoly capitalism– the merger of the power of the state with the largest, most economically dominant corporations– will not shudder in the face of the cooperative movement. Nor should it. If cooperatives posed any kind of threat, the mega-corporations would swat them like flies.
Instead, the New Economy (cooperative) movement does offer an alternative– an alternative to small businesses. Cooperatives, where they exist, compete against small businesses. They mesh a small-business mentality with an immature social consciousness, a program that only succeeds at the expense of those businesses marginally able to survive while leaving the rich and powerful untouched.
At best, the cooperative movement offers a safe haven for the few to hone their entrepreneurial skills in commercial combat against some of our potential allies in the anti-monopoly movement, the under-capitalized, marginal small business owner.
● The other pole, however, is more insidious. The “sharing” economy, as exemplified by Uber and other creatively named Google-era projects, does not pretend to be anti-capitalist. While “sharing” poses as a kinder, gentler, freer capitalism, it really counts as a way for a new generation of entrepreneurs to pry open markets long dominated by well ensconced services. At the same time, this well-educated, supremely self-confident cabal have seduced many into believing that predation on these service industries is somehow “progressive.”
In fact, Uber and the sharing model are a step back to proto-capitalism, a return to the putting-out”system, where providing the labor and resources is the responsibility of others and not the capitalist. Uber, for example, uses the human capital (drivers) and fixed capital (their cars) of its “employees” to undermine services that are capital intensive (taxis, insurance, benefits, maintenance, fuel, etc) and available to even the most disadvantaged (subsidized public transportation). Like charter schools and package-delivery services, they cherry-pick the most profitable, least risky, or least costly niches of a service and leave the rest for someone else (most often, the public sector). In that way, they most resemble the hyper-exploitative cottage industries of the pre-industrial era. Like those industries, they rely upon sweated labor and forgo all worker protections.
Of course not all those embracing the sharing model begin as predators. Many see the internet as creating new opportunities for matching people and services. But centuries of capitalism teach us that every entrepreneur afforded the opportunity of matching people with services has leaped at the opportunity to commercialize it. Elite universities and business schools have not purged that tendency from their students.
Whether it is cooperatives or the “sharing” model of entrepreneurship, those looking for answers to the rapaciousness and vulgarity of our society must look elsewhere.
We will come no closer to achieving social justice and democracy until we understand the malignancy of capitalism. There are no other diagnoses.
Zoltan Zigedy
The Oil Coup
| December 22, 2014 | 8:23 pm | Analysis, Economy, International | Comments closed

http://ideologicalfightback.com/oil-coup/

http://www.counterpunch.org/2014/12/16/the-oil-coup/

US-Saudi Subterfuge Send Stocks and Credit Reeling

by MIKE WHITNEY

“John Kerry, the US Secretary of State, allegedly struck a deal with King Abdullah in September under which the Saudis would sell crude at below the prevailing market price. That would help explain why the price has been falling at a time when, given the turmoil in Iraq and Syria caused by Islamic State, it would normally have been rising.” (Stakes are high as US plays the oil card against Iran and Russia, Larry Eliot, Guardian)

U.S. powerbrokers have put the country at risk of another financial crisis to intensify their economic war on Moscow and to move ahead with their plan to “pivot to Asia”. Here’s what’s happening: Washington has persuaded the Saudis to flood the market with oil to push down prices, decimate Russia’s economy, and reduce Moscow’s resistance to further NATO encirclement and the spreading of US military bases across Central Asia. The US-Saudi scheme has slashed oil prices by nearly a half since they hit their peak in June. The sharp decline in prices has burst the bubble in high-yield debt which has increased the turbulence in the credit markets while pushing global equities into a tailspin. Even so, the roiled markets and spreading contagion have not deterred Washington from pursuing its reckless plan, a plan which uses Riyadh’s stooge-regime to prosecute Washington’s global resource war. Here’s a brief summary from an article by F. William Engdahl titled “The Secret Stupid Saudi-US Deal on Syria”:

“The details are emerging of a new secret and quite stupid Saudi-US deal on Syria and the so-called IS. It involves oil and gas control of the entire region and the weakening of Russia and Iran by Saudi Arabian flooding the world market with cheap oil. Details were concluded in the September meeting by US Secretary of State John Kerry and the Saudi King… ..the kingdom of Saudi Arabia, has been flooding the market with deep discounted oil, triggering a price war within OPEC… The Saudis are targeting sales to Asia for the discounts and in particular, its major Asian customer, China where it is reportedly offering its crude for a mere $50 to $60 a barrel rather than the earlier price of around $100. That Saudi financial discounting operation in turn is by all appearance being coordinated with a US Treasury financial warfare operation, via its Office of Terrorism and Financial Intelligence, in cooperation with a handful of inside players on Wall Street who control oil derivatives trading. The result is a market panic that is gaining momentum daily. China is quite happy to buy the cheap oil, but her close allies, Russia and Iran, are being hit severely… According to Rashid Abanmy, President of the Riyadh-based Saudi Arabia Oil Policies and Strategic Expectations Center, the dramatic price collapse is being deliberately caused by the Saudis, OPEC’s largest producer. The public reason claimed is to gain new markets in a global market of weakening oil demand. The real reason, according to Abanmy, is to put pressure on Iran on her nuclear program, and on Russia to end her support for Bashar al-Assad in Syria….More than 50% of Russian state revenue comes from its export sales of oil and gas. The US-Saudi oil price manipulation is aimed at destabilizing several strong opponents of US globalist policies. Targets include Iran and Syria, both allies of Russia in opposing a US sole Superpower. The principal target, however, is Putin’s Russia, the single greatest threat today to that Superpower hegemony. (The Secret Stupid Saudi-US Deal on Syria, F. William Engdahl, BFP)

The US must achieve its objectives in Central Asia or forfeit its top-spot as the world’s only superpower. This is why US policymakers have embarked on such a risky venture. There’s simply no other way to sustain the status quo which allows the US to impose its own coercive dollar system on the world, a system in which the US exchanges paper currency produced-at-will by the Central Bank for valuable raw materials, manufactured products and hard labor. Washington is prepared to defend this extortionist petrodollar recycling system to the end, even if it means nuclear war. How Flooding the Market Adds to Instability The destructive and destabilizing knock-on effects of this lunatic plan are visible everywhere. Plummeting oil prices are making it harder for energy companies to get the funding they need to roll over their debt or maintain current operations. Companies borrow based on the size of their reserves, but when prices tumble by nearly 50 percent–as they have in the last six months– the value of those reserves falls sharply which cuts off access to the market leaving CEO’s with the dismal prospect of either selling assets at firesale prices or facing default. If the problem could be contained within the sector, there’d be no reason for concern. But what worries Wall Street is that a surge in energy company failures could ripple through the financial system and wallop the banks. Despite six years of zero rates and monetary easing, the nation’s biggest banks are still perilously undercapitalized, which means that a wave of unexpected bankruptcies could be all it takes to collapse the weaker institutions and tip the system back into crisis. Here’s an excerpt from a post at Automatic Earth titled “Will Oil Kill the Zombies?”:

“If prices fall any further, it would seem that most of the entire shale edifice must of necessity crumble to the ground. And that will cause an absolute earthquake in the financial world, because someone supplied the loans the whole thing leans on. An enormous amount of investors have been chasing high yield, including many institutional investors, and they’re about to get burned something bad….. if oil keeps going the way it has lately, the Fed may instead have to think about bailing out the big Wall Street banks once again.” (Will Oil Kill the Zombies?, Raúl Ilargi Meijer, Automatic Earth)

The problem with falling oil prices is not just mounting deflation or droopy profits; it’s the fact that every part of the industry–exploration, development and production — is propped atop a mountain of red ink (junk bonds). When that debt can no longer be serviced or increased, then the primary lenders (counterparties and financial institutions) sustain heavy losses which domino through the entire system. Take a look at this from Marketwatch:

“There’s ‘no question’ that for energy companies with a riskier debt profile the high-yield debt market “is essentially shut down at this stage,” and there are signs that further pain could hit the sector, ” senior fixed-income strategist at U.S. Bank Wealth Management, Dan Heckman told Marketwatch. “We are getting to the point that it is becoming very concerning.” (Marketwatch)

When energy companies lose access to the market and are unable to borrow at low rates, it’s only a matter of time before they trundle off to extinction. On Friday, the International Energy Agency (IEA) renewed pressure on prices by lowering its estimate for global demand for oil in 2015. The announcement immediately sent stocks into a nosedive. The Dow Jones Industrial Average (DJIA) lost 315 points by the end of the day, while, according to Bloomberg, more than “$1 trillion was erased from the value of global equities in the week”. The world is awash in cheap petroleum which is wreaking havoc on domestic shale producers that need prices of roughly $70 per barrel to break-even. With West Texas Intermediate (WTI) presently headed south of 60 bucks–and no bottom in sight–these smaller producers are sure to get clobbered. Pension funds, private equity, banks, and other investors who gambled on these dodgy energy-related junk bonds are going to get their heads handed to them in the months ahead. The troubles in the oil patch are mainly attributable to the Fed’s easy money policies. By dropping rates to zero and flooding the markets with liquidity, the Fed made it possible for every Tom, Dick and Harry to borrow in the bond market regardless of the quality of the debt. No one figured that the bottom would drop out leaving an entire sector high and dry. Everyone thought the all-powerful Fed could print its way out of any mess. After last week’s bloodbath, however, they’re not nearly as confident. Here’s how Bloomberg sums it up:

“The danger of stimulus-induced bubbles is starting to play out in the market for energy-company debt….Since early 2010, energy producers have raised $550 billion of new bonds and loans as the Federal Reserve held borrowing costs near zero, according to Deutsche Bank AG. With oil prices plunging, investors are questioning the ability of some issuers to meet their debt obligations… The Fed’s decision to keep benchmark interest rates at record lows for six years has encouraged investors to funnel cash into speculative-grade securities to generate returns, raising concern that risks were being overlooked. A report from Moody’s Investors Service this week found that investor protections in corporate debt are at an all-time low, while average yields on junk bonds were recently lower than what investment-grade companies were paying before the credit crisis.” (Fed Bubble Bursts in $550 Billion of Energy Debt: Credit Markets, Bloomberg)

The Fed’s role in this debacle couldn’t be clearer. Investors piled into these dodgy debt-instruments because they thought Bernanke had their back and would intervene at the first sign of trouble. Now that the bubble has burst and the losses are piling up, the Fed is nowhere to be seen. In the last week, falling oil prices have started to impact the credit markets where investors are ditching debt on anything that looks at all shaky. The signs of contagion are already apparent and likely to get worse. Investors fear that if they don’t hit the “sell” button now, they won’t be able to find a buyer later. In other words, liquidity is drying up fast which is accelerating the rate of decline. Naturally, this has affected US Treasuries which are still seen as “risk free”. As investors increasingly load up on USTs, long-term yields have been pounded into the ground like a tentpeg. As of Friday, the benchmark 10-year Treasury checked in at a miniscule 2.08 percent, the kind of reading one would expect in the middle of a Depression. The Saudi-led insurgency has reversed the direction of the market, put global stocks into a nosedive and triggered a panic in the credit markets. And while the financial system edges closer to a full-blown crisis every day, policymakers in Washington have remained resolutely silent on the issue, never uttering as much as a peep of protest for a Saudi policy that can only be described as a deliberate act of financial terrorism. Why is that? Why have Obama and Co. kept their mouths shut while oil prices have plunged, domestic industries have been demolished, and stocks have gone off a cliff? Could it be that they’re actually in cahoots with the Saudis and that it’s all a big game designed to annihilate enemies of the glorious New World Order? It certainly looks that way. MIKE WHITNEY lives in Washington state. He is a contributor to Hopeless: Barack Obama and the Politics of Illusion (AK Press). Hopeless is also available in a Kindle edition. He can be reached at fergiewhitney@msn.com.

Bernie Sanders Pushes Back Hard Against The GOP Plan To Cut Social Security and Medicare
| December 20, 2014 | 10:11 pm | Analysis, Bernie Sanders, Economy, National | Comments closed
By: Jason Easley
Dec. 19, 2014
Source: PoliticusUSA
 

Sen. Bernie Sanders (I-VT) is pushing back hard against a Paul Ryan inspired Republican idea to cut both Social Security and Medicare next year.
In a statement Sen. Sanders (I-VT) responded to House Republicans who are already pushing for cuts in Medicare and Social Security, “At a time when poverty among seniors is increasing, and millions of elderly Americans lack sufficient income to buy the medicine or food they need, it would be a moral outrage for Congress to cut Social Security. In fact, instead of cutting Social Security benefits, we should be expanding them….I will also fight the Republican effort to end Medicare as we know it and convert it into a voucher program.”
Sanders was responding to comments by incoming House Budget Committee Chairman Rep. Tom Price (R-GA) that he will pursue cuts to Social Security and Medicare. Price’s blueprint is the Ryan budget which calls for $129 billion in cuts to Medicare.
What is being set up for 2015 is a fascinating battle between Bernie Sanders and Paul Ryan. With Sanders being elevated to the top Democratic seat on the Senate Budget Committee, the Vermont Independent will be in a position to challenge any cuts to Medicare and Social Security that the Republicans propose.
  In 2012, Sen. Sanders called Rep. Ryan (R-WI) a class warrior for the wealthy, “I think clearly what Ryan is about is continuing the Republican effort to engage in class warfare. Who in their right minds could support a proposal which says more tax breaks for the wealthiest people and yet we’ll cut Medicare and Medicaid in drastic form.”
Earlier in 2014, Sanders called the Ryan budget vulgar and obscene, “The problem with the Ryan Budget is that it is so vulgar, so obscene, so out of touch with what the American people want and need that it is literally hard to believe, hard to believe. The richest people in this country are doing phenomenally well. The Ryan budget substantially lowers taxes for millionaires and billionaires. Working families and low-income people are struggling. The Ryan budget makes savage cuts in nutrition programs, in education and healthcare. It does exactly the opposite of what the American people need, and what the American people want, and as you indicated, this is a continuation of the war against the middle class and working families that the Republican Party has been mounting and fighting for a number of years now.”
It appears that Harry Reid promoted Sanders to the budget committee for the purpose of taking on Paul Ryan and the other Ayn Rand followers who are dreaming of killing beloved and needed social programs. The promotion Sanders to Budget Committee was the beginning of a nightmare for Republicans.
Republicans can dream of cuts to Medicare and Social Security, but the fact is that Bernie Sanders and the Democrats will continue to stand in their way.
Bernie Sanders defends Social Security
| December 17, 2014 | 8:57 pm | Action, Bernie Sanders, Economy, National | Comments closed

Bernie Sanders: Destroy the big banks before the big banks destroy you!
| December 17, 2014 | 8:55 pm | Bernie Sanders, Economy, National | Comments closed

Travis Gettys 16 Dec 2014 at 13:40 ET

 

SOURCE: Raw Story

 

Sen. Bernie Sanders (I-VT) plans a legislative push for the breakup of Wall Street’s largest banks and lifting the cap on contributions to Social Security.

 

 

“If Congress cannot regulate Wall Street, there is just one alternative,” said Sanders in a speech Saturday. “It is time to break these too-big-to-fail banks up so that they can never again destroy the jobs, homes, and life savings of the American people.”

 

 

Sanders, who has signaled he may run for president in 2016 to offer a true progressive alternative, said he would introduce legislation at the start of next congressional session to break up the largest investment banks.

 

 

“If a financial institution is too big to fail, it is too big to exist,” he said.

 

 

He made the remarks during a debate on a controversial spending bill that contains provisions written by Citigroup lobbyists to weaken Dodd-Frank oversight of banking.

 

“If Wall Street lobbyists can literally write a provision into law that will allow too-big-to-fail banks to make the same risky bets that nearly destroyed our economy just a few years ago, it should be obvious to all that their incredible economic and political power is a huge danger to our economy and our way of life,” Sanders said.

 

 

Sanders also said he would introduce legislation intended to strengthen Social Security to lift a growing number of American seniors above the poverty level.

 

“The best way to expand Social Security is to ask the wealthiest people in our country to pay more into the system by scrapping the cap on income that is subject to the Social Security payroll tax,” he said.

 

Sanders said current rules allow a billionaire to pay the same amount into Social Security as a person who earns $117,000 a year.

“This is regressive, this is unfair, this is absurd,” the senator said. “If we lifted this cap and applied the Social Security payroll tax to income above $250,000 — not $117,000, but $250,000 a year, we could not only extend the solvency of Social Security for decades to come, which is what we want to do, but we could also provide the resources necessary to expand Social Security benefits. That is exactly what we should be doing, and that in fact is what the American people want us to do.”

 

A poll conducted in August found that 90 percent of Democratic voters supported lifting the cap, the senator said, along with 73 percent of independent voters and 73 percent of Republican voters.

 

“Sadly, despite this overwhelming support for expanding Social Security, the CEOs at the Business Roundtable — the organization representing the largest corporations in America — came out with a plan last year which does exactly what the American people do not want to do,” Sanders said. “The American people want to expand Social Security and the Business Roundtable came out with a plan that would increase the Social Security retirement age from 67 to 70 and severely cut the COLA of senior citizens and disabled veterans.”

Watch his speech before the U.S. Senate posted online by Bernie Sanders:

Please Support our Teamster Brothers and Sisters in the Bronx
| December 5, 2014 | 9:38 pm | Economy, Labor, National | Comments closed

http://nymetrocommunistparty.org/?p=756

 

By Angelo | – 2:11 PM | Economy

SOS: Teamsters At Castle Oil About To Lose Their Jobs — Help Save Them!

Teamster drivers and mechanics for many years kept New York warm delivering fuel from the Bronx for Castle Oil. Now, just before Christmas, they’re about to be thrown out into the cold. Corporate giant Sprague Energy is buying Castle Oil, and 50 members of Teamsters Local 553 are losing their jobs in the process. They’ll be replaced by non-union, low-wage contract jobs.

You can help. Please take a minute to sign the petition, urging Sprague Energy’s CEO David Glendon to keep these good, middle-class jobs in New York.

Your support will be greatly appreciated by the 50 Teamsters at Castle Oil who fear a bleak Christmas.

Please sign the petition here.

Bernie Sanders offers a 12-point economic program
| December 5, 2014 | 9:31 pm | Action, Analysis, Bernie Sanders, Economy, National | Comments closed
Source:POLITICUSUSA
Sen. Sanders said, “Are we prepared to take on the enormous economic and political power of the billionaire class or do we continue
to slide into economic and political oligarchy?…Today, millions of Americans are working longer hours for lower wages. In inflation-
adjusted dollars, the median male worker earned $783 less last year than he made 41 years ago. The median female worker made
$1,337 less last year than she earned in 2007. Since 1999, household income for the median middle-class family is less than it was a
quarter century ago. We once led the world in terms of the percentage of our people who graduated college, but we are now in 12th
place. Our infrastructure, once the envy of the world, is collapsing. Real unemployment today is not 5.8 percent, it is 11.5 percent if
we include those who have given up looking for work or who are working part time when they want to work full time. Youth
unemployment is 18.6 percent and African-American youth unemployment is 32.6 percent.”

  Sanders detailed a 12-point economic program to:
– Invest in our crumbling infrastructure with a major program to create jobs by rebuilding roads, bridges, water systems, waste water plants, airports, railroads and schools.
– Transform energy systems away from fossil fuels to create jobs while beginning to reverse global warming and make the planet habitable for future generations.
– Develop new economic models to support workers in the United States instead of giving tax breaks to corporations which ship jobs to low-wage countries overseas.
– Make it easier for workers to join unions and bargain for higher wages and benefits.
– Raise the federal minimum wage from $7.25 an hour so no one who works 40 hours a week will live in poverty.
– Provide equal pay for women workers who now make 78 percent of what male counterparts make.
– Reform trade policies that have shuttered more than 60,000 factories and cost more than 4.9 million decent-paying manufacturing jobs.
– Make college affordable and provide affordable child care to restore America’s competitive edge compared to other nations.
– Break up big banks. The six largest banks now have assets equivalent to 61 percent of our gross domestic product, over $9.8 trillion. They underwrite more than half the mortgages in the country and issue more than two-thirds of all credit cards.
– Join the rest of the industrialized world with a Medicare-for-all health care system that provides better care at less cost.
– Expand Social Security, Medicare, Medicaid and nutrition programs.
– Reform the tax code based on wage earners’ ability to pay and eliminate loopholes that let profitable corporations stash profits overseas and pay no U.S. federal income taxes.
Bernie Sanders provided the Left and liberals with a powerful rallying cry in 2016.