By Andre Damon and Barry Grey, 20 November 2013
The settlement between JPMorgan and the Justice Department includes no admission of criminal wrongdoing, and the company will get a tax deduction on most of its fine.
By David Levine, 17 September 2013
The eminent domain program proposed by the city of Richmond, California is a political diversion that will do little to remedy the housing crisis.
By Andre Damon, 9 January 2013
The settlement reached with US bank regulators on Monday includes a paltry payment to defrauded homeowners, while ensuring that no one is criminally prosecuted.
By Marcus Day, 9 October 2012
Foreclosure activity in Illinois shot up 42 percent from one year ago, giving the state the highest foreclosure rate in the US.
By Marcus Day, 21 June 2012
Foreclosure activity in Illinois jumped 29 percent between April and May, and is 54 percent higher over the year.
By Nick Beams, 18 May 2012
Every day brings the bankruptcy of Greece and its exclusion from the eurozone a step closer, with incalculable consequences for the European and global financial system.
By Joseph Kishore, 10 February 2012
The terms of the agreement announced Thursday are entirely favorable to the banks, while doing little or nothing to aid the millions of people who have been devastated by the collapse of the US housing market.
By John Chan, 22 July 2011
The reasons for concern about China are obvious—the global economy is now dependent on China to an unprecedented extent.
Total value of homes fell $2 trillion last year
By David Walsh, 10 February 2011
Home prices in the US dropped 2.6 percent in the final quarter of 2010, the largest drop since the first three months of 2009, according to Zillow Inc’s quarterly real estate survey.
By Barry Grey, 13 November 2010
The G20 summit of leading economies held in Seoul, South Korea concluded Friday without any agreement on policies to bridge differences over global currency and trade issues.
By Tom Eley, 23 October 2010
In the face of mounting evidence of systematic fraud by leading US banks in the foreclosure and eviction of millions of families from their homes, the Obama administration continues to oppose a moratorium on foreclosures.
By Tom Eley, 7 October 2010
Major banks faked documents in order to put foreclosures on an assembly line, in the process trampling over state and federal laws.
By Nick Beams, 15 September 2010
Two years after the collapse of Lehman Brothers sparked the greatest financial and economic crisis since the Great Depression of the 1930s, none of the underlying contradictions of the world capitalist system has been resolved.
By Nick Beams, 24 May 2010
Global markets stabilised at the end of last week but there are deepening concerns that the turmoil resulting from the eurozone financial crisis is only just beginning.
By Alex Messenger, 20 February 2010
According to the Australian government, its decision to no longer guarantee new offshore borrowings by the banks is further proof of the economy’s return to health. The claim is quite simply false.
By Barry Grey, 6 February 2010
Stock markets in Europe and Asia fell sharply Friday in the second day of a near-panic selloff fueled by fears that the debt crisis facing weaker European economies will throw the world economy into a “double-dip” recession.
By Tom Eley, 16 January 2010
A record 2.82 million US homes faced foreclosure in 2009—well over 1 in 50 in the space of just one year. It is anticipated that at least 3 million more will enter foreclosure in 2010.
By Andre Damon, 30 December 2009
The US Treasury announced Thursday that it will remove a cap on federal support to mortgage giants Fannie Mae and Freddie Mac, extending to the firms an unlimited amount of funds for three years.
By Andre Damon, 23 December 2009
The number of US homes in foreclosure topped the one million mark for the first time ever, according to figures released this week by federal agencies.
By Alex Messenger, 11 November 2009
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.
By Barry Grey, 30 October 2009
The Commerce Department on Thursday reported that the US gross domestic product (GDP) grew 3.5 percent on an annualized basis in the third quarter, breaking a string of four consecutive quarters of negative growth.
By Barry Grey, 24 September 2009
As political leaders gather for the Group of 20 summit of major economies, to be held today and Friday in Pittsburgh, they face the task of papering over increasingly open and embittered conflicts over policies to revive the world economy and prevent another financial disaster.
By John Chan, 18 September 2009
Corporate leaders and officials gathered in Dalian to pay homage to China as the bright spot of global capitalism. However, closer examination reveals that the Chinese economy is just as fragile as its counterparts in America and Europe.
By Charles Knause, 10 September 2009
A recent Deutsche Bank report made public last month indicates that the mortgage crisis for US homeowners is still in an early phase, and the worst is still to come.
As layoffs, foreclosures mount
By Barry Grey, 14 August 2009
The Federal Reserve Board said Wednesday that the US economy was “leveling out,” even as new data on unemployment, home foreclosures, home prices and retail sales painted a picture of growing economic distress for tens of millions of Americans.
By David Walsh, 6 August 2009
The Obama administration’s home mortgage modification program, launched with great fanfare earlier this year, has assisted a mere fraction of those in danger of losing their homes, and the outrage of homeowners is growing.
By Barry Grey, 18 July 2009
The collapse of CIT’s efforts to secure government relief on Wednesday has left the 101-year-old bank teetering on the edge of bankruptcy and threatens a cut-off of funding to retailers and suppliers. That could result in a wave of bankruptcies and closures, leading to tens of thousands of layoffs.
By Andre Damon and Barry Grey, 15 July 2009
Goldman Sachs, which received $10 billion in government bailout cash, reported record profits and compensation in its second-quarter earnings report.
By John Chan, 22 June 2009
Two summits in Yekaterinburg last week involving the emerging powers—Russia, China, Brazil and India—signal a shift in economic and strategic alignments under the impact of the global financial crisis.
By Rosa Lexington, 23 May 2009
Unemployment in North Carolina remained at 10.8 percent in April, one of eight US states with double-digit jobless rates last month.
By Shannon Jones, 8 May 2009
Texas-based Guaranty Bank has decided to have 16 homes destroyed in the desert community of Victorville because the estimated $1 million cost to complete them was more than it could make selling them.
As Obama pledges more bailouts
By Barry Grey, 16 April 2009
Obama is providing massive subsidies to the very banks and financial firms that are boosting their profits by intensifying their assault on the working class.
By Peter Symonds, 28 March 2009
In a report released this week, the World Trade Organisation (WTO) has predicted a decline in global trade this year of 9 percent by volume—the largest since World War II.
By David North, 26 March 2009
David North, the national chairman of the Socialist Equality Party (US), spoke last week at San Diego State University (March 19) and University of California, Berkeley (March 22) on “The Capitalist Crisis and the Return of History.” We publish here the notes upon which his lectures were based.
By Barry Grey, 20 March 2009
The US Federal Reserve Board on Wednesday announced that it will massively expand its moves to pump liquidity into near-frozen credit markets, including a highly unusual plan to purchase up to $300 billion in longer-term Treasury securities over the next six months.
By Andre Damon, 20 March 2009
The IMF published a chilling set of statistics Thursday, cutting its estimate for world economic growth this year and revealing that the world economy contracted at the sharpest rate on postwar record in the last part of 2008.
By Peter Symonds, 26 February 2009
The collapse of Japanese exports last month underscores just how rapidly economic recession is turning into a full-blown depression—and not just in Japan.
Nick Beams opening report to SEP summer school
By Nick Beams, 7 February 2009
“What flows from our assessment of the origins of the present situation is that nothing less than an international socialist revolution can overcome the crisis of the capitalist mode of production and, moreover, that is the only way to prevent mankind being plunged into a catastrophe.”
By John Chan, 3 February 2009
By threatening to list China as a “currency manipulator,” the Obama administration has signalled a more confrontational approach to Beijing.
By Peter Symonds, 31 January 2009
Grim figures released by the US Commerce Department further confirm the severity of the economic contraction in the US and globally.
By Patrick O’Connor, 29 January 2009
The IMF yesterday forecast world GDP growth of just 0.5 percent this year, the lowest since World War II.
By Barry Grey, 10 January 2009
The December jobless rate is the highest since January of 1993. For all of 2008, the US economy had a net loss of nearly 2.6 million jobs, the worst annual decline since 1945, when the war-time economy was being demobilized.
By Nick Beams, 8 January 2009
Nick Beams replies to correspondence on Keynesianism, the Great Depression and the global crisis of capitalism.
2 January 2009
2008 was the year when the supposedly impossible happened: The world capitalist system underwent a financial breakdown which now threatens to repeat, or even eclipse, that which began in 1929.
By Barry Grey, 31 December 2008
Data released Tuesday on US consumer confidence, home prices and holiday retail sales all point to an acceleration and deepening of what is broadly acknowledged to be the worst recession since the Great Depression of the 1930s.
IMF economist warns of “Great Depression”
By Joe Kishore, 27 December 2008
US sales figures confirm a bleak holiday shopping season, as broad sections of the population have been hit by a deepening economic recession. As the world enters the New Year, the Great Crash of 2008 is turning into the global depression of 2009.
A lecture by Nick Beams
By Nick Beams, 23 December 2008
The following is Part 4 of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008.
A lecture by Nick Beams
By Nick Beams, 22 December 2008
Published today is the third part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008.
Lecture by Nick Beams
By Nick Beams, 20 December 2008
The following is the second part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008.
A lecture by Nick Beams
By Nick Beams, 19 December 2008
The following is the first part of a lecture delivered by Nick Beams, national secretary of the Socialist Equality Party (Australia) and a member of the International Editorial Board of the World Socialist Web Site, to audiences in Perth, Melbourne and Sydney in November and December, 2008. Part 2 will be published tomorrow and subsequent parts over the next few days.
By Mike Head, 17 December 2008
In the latest shock to the global economy, China’s industrial production is declining sharply. Only months ago, China was still reporting double-digit economic growth and commentators were speculating that China’s boom would help global capitalism avoid a depression on the scale of the 1930s.
By Tom Peters and Chris Ross, 16 December 2008
Recent statistics confirm that thousands of New Zealanders are losing their jobs as the country’s recession deepens.
By John Chan, 15 December 2008
After 30 years as a giant cheap labour platform for the world’s major corporations, China cannot avoid being dragged into the greatest financial crisis since the 1930s. With the economy slowing rapidly, unemployment is set to skyrocket and social discontent will explode.
By Mike Head, 15 December 2008
A sharp contraction in China’s imports last week has shattered the efforts of the Rudd government and the media to insist that the local economy will be spared the worst of the global meltdown.
15 December 2008
After Nick Beams’s lectures on “The World Economic Crisis: A Marxist Analysis,” WSWS correspondents asked audience members for their impressions and reactions.
By our reporters, 15 December 2008
Appreciative audiences heard Nick Beams, a member of the WSWS International Editorial Board and national secretary of the Socialist Equality Party (SEP) in Australia, deliver a powerful series of lectures on “The World Economic Crisis—A Marxist Analysis” in Perth, Melbourne and Sydney over the past two weeks.
By John Chan, 12 December 2008
There are growing signs that the world’s 13th largest economy, the Republic of Korea, is among the most vulnerable to the global financial crisis. The latest forecasts point to an economic contraction in 2009 for the first time since the Asian financial crisis 10 years ago.
By John Chan, 5 December 2008
The Chinese regime is clearly in a crisis over how to deal with the increasingly severe global recession, which is already producing widespread plant closures, rising unemployment and social unrest.
By Linda Levin, 4 December 2008
National accounts figures released yesterday by the Australian Bureau of Statistics demonstrated that the economy was already on the brink of recession in the September 2008 quarter—even before the collapse of Lehman Brothers and the ensuing global financial meltdown.
By Peter Schwarz, 3 December 2008
German Chancellor Angela Merkel (Christian Democratic Union, CDU) has become the focus of criticism for her refusal to support a wide-ranging package of measures aimed at stimulating the European economy.
By Jordan Shilton, 29 November 2008
Thousands protested in the Icelandic capital Reykjavik last Saturday, calling for the resignation of the government and for early elections. The protest follows weeks of unrest on the streets, in the aftermath of the banking collapse last month that left the economy in meltdown.
By Tom Eley, 28 November 2008
A recent survey by the Wall Street Journal reveals that CEOs at major US financial and real estate firms converted tens of millions of dollars of overvalued stock into cash prior to the eruption of the current financial crisis.
By Chris Marsden, 28 November 2008
Leaked documents reveal that the Labour government contemplated raising Value Added Tax to 18.5 percent in Chancellor Alistair Darling’s pre-budget announcement.
By Patrick O’Connor, 27 November 2008
US Treasury Secretary Henry Paulson announced Tuesday another extension of the Bush administration’s bailout of the financial system, committing $800 billion towards lending programs aimed at preventing the collapse of the home mortgage and consumer credit market.
By Terry Cook and Linda Levin, 27 November 2008
Despite claims to the contrary by the Reserve Bank of Australia and government officials, a number of key indicators point to the depth of the crisis now gripping the Australian economy.
By Barry Grey, 25 November 2008
The government bailout of Citigroup marks a new stage in the utilization of the public treasury to rescue Wall Street banks and finance houses.
By John Chan, 25 November 2008
The Chinese state media announced last Sunday a huge increase in the stimulus package being proposed to reverse the country’s economic slowdown. Provincial governments have drawn up plans that will bring total spending to 10 trillion yuan or $US1.5 trillion, more than twice the original program announced by the central government on November 9.
By Mike Head, 17 November 2008
A British court ruling allowing lenders to seize properties after only two missed mortgage payments has made a mockery of claims by the Brown government to be protecting ordinary people from losing their homes.
Social workers at Detroit “poverty summit” describe impact of layoffs, foreclosures, utility shutoffs
By Tom Eley, 15 November 2008
A "poverty summit" at Detroit's Cobo Center attracted thousands of social workers and representatives of charities from throughout the state of Michigan.
1 November 2008
The Wall Street Journal published a front-page article Friday reporting that the nine biggest US banks, which have received a combined $125 billion in taxpayer funds as part of the $700 billion bailout authored by Treasury Secretary Henry Paulson and passed by the Democratic Congress, owed their executives more than $40 billion for recent years’ compensation and pensions as of the end of 2007.
Canada: As economic crisis deepens
By Keith Jones, 27 October 2008
During their first 31 months in office, the Conservatives implemented massive tax cuts with the double aim of transferring wealth to big business and the most privileged sections of society and hobbling the state’s capacity to fund public and social services.
By Jordan Shilton, 24 October 2008
A report by Standard & Poor’s revealed that 335,000 households in Britain now find themselves in negative equity, meaning that the value of their homes has fallen below the cost of their mortgage.
By Debra Watson and Anne Moore, 21 October 2008
Dire conditions in a once prosperous East Side Detroit neighborhood underscore the impact the wave of home foreclosures is having on working people across the US.
By Kate Randall, 8 October 2008
According to a new study by the American Psychological Association (APA), close to half of those surveyed say they are increasingly stressed about their ability to provide for their basic needs and those of their family.
In the eye of the storm
Bureaucrats back Obama as workers hit bailout
By Sandy English, 6 October 2008
The efforts of the Democrats and Republicans to rescue the financial oligarchy on Wall Street with hundreds of billions of dollars of public money have provoked a wave of revulsion and hostility from workers across the United States. Some of the strongest reactions have been seen in New York City, the home of Wall Street.
Bill Van Auken (Socialist Equality Party vice presidential candidate), 2 October 2008
Recriminations have continued to reverberate internationally over the vote in the US House of Representatives Monday to reject a $700 billion bailout package for the Wall Street banks.
By Barry Grey, 29 September 2008
Democratic congressional leaders held a press conference late Sunday afternoon to announce agreement on a bill to hand over more than $700 billion in taxpayer funds to US banks and finance houses and press for its passage by Wednesday.
Washington Mutual assets acquired by JPMorgan Chase
By Barry Grey, 27 September 2008
Another US banking giant fell Thursday, with the government seizure of Washington Mutual and the purchase of its operations and assets by JPMorgan Chase.
A travesty of democracy
By Patrick Martin, 27 September 2008
Closed-door talks continued throughout the day Friday between congressional Democratic and Republican leaders and the Bush administration, with all sides pledging to reach agreement on terms of a $700 billion bailout package for the US financial system before the Asian stock markets open Monday morning—Sunday afternoon in the US.
By Rafael Azul, 27 September 2008
Stagnating wages, increasing unemployment and rising food and fuel prices are driving a wave of foreclosures in California, forcing hundreds of thousands into destitution. The housing crisis has left many working class families homeless or forced to go to food banks to survive day to day.
26 September 2008
The following is a selection of recent letters sent to the World Socialist Web Site on the US financial crisis and the Wall Street bailout.
By Patrick Martin, 25 September 2008
Democratic presidential candidate Barack Obama has seized upon the financial crisis to increase his support within the US financial elite by giving all-out backing to a federal bailout of Wall Street and providing assurances that an Obama administration will be a reliable and ruthless defender of corporate interests.
By Barry Grey, 24 September 2008
At a hearing Tuesday, Democratic members of the Senate Banking Committee assured Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke that they would move quickly to pass legislation authorizing the Bush administration to launch a trillion-dollar-plus bailout of Wall Street.
By Barry Grey, 24 September 2008
There is nothing mysterious about the abject servility exhibited by the members of the Senate Banking Committee toward Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke at Tuesday’s hearing.
By Peter Symonds, 24 September 2008
US stocks suffered their worst two-day slump in six years this week, amid concerns in financial circles about any obstruction or delay to the Bush administration’s massive $700 billion bailout announced last Friday as well as its adequacy and long-term consequences.
By Barry Grey, 23 September 2008
US Treasury Secretary Henry Paulson opposed proposals from some Democrats as well as Republicans that the Bush administration’s plan for a massive taxpayer bailout of the most powerful banks and financial institutions include provisions limiting the pay of CEOs whose companies benefit from the government handout.
By Tom Eley, 23 September 2008
The plan to rescue the US financial industry arrogates virtually unlimited money and power over the financial affairs of the state to the office of Treasury Secretary Henry Paulson.
By Barry Grey, 23 September 2008
The announcement of a virtually open-ended government bailout of Wall Street has set off a frenzied competition among the biggest banks and financial firms to grab the lion’s share of the super profits to be reaped from the program.
By Bill Van Auken, 23 September 2008
As the Bush administration and Congress continued negotiations Monday on a trillion-dollar bailout package for Wall Street, Democratic presidential candidate Senator Barack Obama delivered a speech in Green Bay, Wisconsin in which he promised to carry out sweeping cuts in government spending and impose strict fiscal discipline on the US government.
Shock and fear
By Peter Schwarz, 22 September 2008
A week following the collapse of the investment bank Lehman Brothers the extent and consequences of the international financial crisis still remain incalculable. Not a single country or continent is exempt from the crisis.
Socialist Equality Party National Committee, 22 September 2008
The Socialist Equality Party and its presidential and vice presidential candidates, Jerome White and Bill Van Auken, unequivocally oppose the plan to bail out Wall Street with hundreds of billions of dollars of taxpayer funds announced by the Bush administration and embraced by Democratic presidential candidate Barack Obama and the Democratic congressional leadership.
By Julie Hyland, 20 September 2008
Lloyds TSB’s £12 billion takeover of Halifax Bank of Scotland (HBOS) Thursday followed a collapse of the UK’s largest mortgage lenders’ shares, which threatened to destablise the entire British banking system.
By Barry Grey, 20 September 2008
The Bush administration on Friday announced plans for a massive and unprecedented federal bailout of the US banking system. In separate appearances Friday morning, Treasury Secretary Henry Paulson and President Bush announced a series of measures to shore up collapsing financial markets and called on Congress to pass legislation next week to use, in Paulson’s words, “hundreds of billions” of taxpayer dollars to buy virtually worthless mortgage-backed assets that cannot be sold on the market from banks and other financial institutions.
By Mike Head, 19 September 2008
The deepening financial turmoil in the United States and worldwide is sending tremors through the Australian banking system and share market, and shattering what remains of the claims that the local capitalist economy would be protected by booming exports to China and other Asian markets.
Bill Van Auken and SEP vice presidential candidate, 19 September 2008
As hundreds of millions of people in the US and around the world confront the onset of the worst financial crisis since the Great Depression of the 1930s, with all of its implications for their jobs, livelihoods and the future of their children, the Democratic Party and its presidential candidate Barack Obama have seized upon Wall Street’s implosion as a means of reinvigorating their faltering campaign.
By Stefan Steinberg, 18 September 2008
Europe’s ruling elite has reacted with shock and disbelief to what they fear will be the most serious crisis for world capitalism since the Wall Street Crash of 1929.
By Barry Grey, 18 September 2008
Collapsing confidence in the US and global financial system precipitated a panic sell-off of shares on Wall Street Wednesday, as all of the major indices registered drops in excess of 4 percent.
By Bill Van Auken, 17 September 2008
Following emergency consultations between the Federal Reserve, the US Treasury and the Democratic leaders of both houses of Congress, the Federal Reserve on Tuesday night announced a bailout of the Wall Street insurance giant American International Group (AIG).
By Barry Grey, 16 September 2008
The US government, brushing aside its constant invocations of “private enterprise,” has dispensed hundreds of billions of dollars in cheap loans to prop up the banks.
By Barry Grey, 16 September 2008
The end of Lehman Brothers and Merrill Lynch, two of the largest Wall Street investment banks, one week after the government takeover of the mortgage finance giants Fannie Mae and Freddie Mac, marks a new stage in the convulsive crisis of American capitalism.