Disqus - Latest Comments for jgenova2000

Re: Video: AFL-CIO Sec.-Treas. Trumka "public option" is do or die

jgenova2000 — Thu, 20 Aug 2009 12:39:34 -0000

A Strong statement that is absolutely necessary at this time. The gloves are off on this one and those who favor a public option must stand strong against the ultra-right using terror tactics to silence debate and force wavering Democrats to cave in order to get nothing in return - except maybe reelection.

Re: People's Weekly World - Advice for G20 and ourselves, via Facebook

jgenova2000 — Wed, 08 Apr 2009 12:44:15 -0000

Great conversation. I agree with Vijay - the result of the G20 Summit was, in essence, an agreement to "let it ride." No entertainment of China's proposal for a new international currency. No discussion of the enormous debt burden crushing much of the world (except to increase funding for the very agency administering and engineering much of that debt), no discussion of global coordination to create an "international" development program - a massive global stimulus to provide potable water for the "developing" world, paved roads, communications infrastructure, electricity, sewage and sanitation systems, etc.... Why not $1 trillion for that kind of program, rather than add $1 trillion to the $3 trillion in debt already burdening most of the world's people? Great conversation.

Re: People's Weekly World - Car talk: what�s wrong, who�s to blame?

jgenova2000 — Thu, 02 Apr 2009 10:47:49 -0000

I agree. It is shameful the immense pressure that has been applied to the UAW and the staggering concessions that have been forced from the auto workers in order to preserve the boards of directors and CEOs in their positions. This is a perfect case where the class nature of the crisis and the orientation of solutions is illustrated. What, exactly, has been asked of the companies? Mostly it is slashing jobs, closing plants, cutting wages and benefits, and "becoming competitive" with low-wage no benefit auto plants in the South (the same states that are refusing to accept stimulus money). Meanwhile, workers and their families are being asked to pay the price and their communities are being undermined, perhaps irrevocably destroyed

Nice piece and solid perspective.

Jim Genova

Re: http://paeditorsblog.blogspot.com/2009/03/some-thoughts-on-geithners-latest-bank.html

jgenova2000 — Wed, 25 Mar 2009 08:45:36 -0000

I agree - the U.S. government is rapidly transforming itself into a global hedge fund. In fact, the Geithner Plan calls for hiring experienced hedge fund managers to run the program. It seems that even they recognize what they are doing. This most certainly is a plan put forward to try and win over Wall Street, which has put tremendous pressure on the Obama Administration in the past month or so. Seems like blatant pandering, but with the public purse. It would be nice to see some pandering in the other direction for a change.

Re: A Right Turn For the Obama Administration in a Fast Moving Crisis by Norman Markowitz

jgenova2000 — Wed, 25 Mar 2009 08:41:05 -0000

Excellent analysis Norman. It's nice to see two historians in agreement - it doesn't happen much in out profession. This is a bad plan. Resolving a crisis many Wall Street pundits believe is partially the result of excessive leverage in the marketplace by introducing more leverage - this time from the public treasury - is a disaster in the making for the people. Meanwhile, it is a bonanza for Wall Street - easy, cheap, limitless money from the public to be used for enhancing private profit. This is the financial sector equivalent of what Marx described as the fundamental contradiction of capitalism in the realm of production - public labor power generating surplus value appropriated by private owners. Capitalism may develop differences in its specificity according to place and time, but it never changes its stripes in terms of its broad structural forms and dynamics. Nice work Norman.

Re: One Alternative to Geithner's Bailout Plan

jgenova2000 — Tue, 24 Mar 2009 16:24:19 -0000

An obvious alternative to Geithner's plan. Sounds similar to what was done in Sweden in the early 1990s and (at roughly the same time) in the U.S. through the Resolution Trust Corporation during the S&L collapse. There are some differences. One is the obviously much greater scale of the current crisis. Another is the global nature of it. Finally, the amount of permissible leverage combined with the deregulation of the financial sector since either of those two previous crises is much greater. These factors imply that even a similar resolution to the current crisis would have to be on a much larger scale, global in scope, and involve significant re-writing of the regulatory framework for the financial sector here and globally.

Re: [Vid] Out of Crisis: Building a New Era of Justice and Peace

jgenova2000 — Sun, 22 Mar 2009 10:59:31 -0000

Great analysis of the financial crisis. Sam gets the time line perfect. The appointment of Volcker as Fed Chairman in 1979 by Carter, that same year the rule on set-asides - that pension funds run by local government and private corporations had to set aside the funds to cover contributions made by workers to pension programs - was overturned allowing companies, states, and municipalities to invest workers' pensions in the stock market, and the election of thatcher in Britain set in train the political and economic triumph of neo-liberalism (known variously as the Washington Consensus and Market Fundamentalism). I agree, as well, that this is a perfect opportunity to re-ignite the conversation on socialism, even though this is not yet a "socialist moment." Sometimes (as Lenin discovered in the summer and fall of 1917 in Russia) socialist moments arise when we least expect them. What is important is that we engage the conversation whenever possible, maintain a solid ongoing analysis of the material conditions using the tools provided by Marxism-Leninism, and prepare to be flexible tactically to take advantage of openings that may occur in swiftly changing contexts. Workers around the world are making these moves - there are going to be big mobilizations around the world from 2 to 4 April including in the U.S. Governments are confronting hard choices that force them to abandon the paradigmatic vision of a global market system and move toward state control and aggressive government intervention in the economy in order to save themselves and the capitalist system. These are positive steps. However, in the absence of a vigorous discussion and promotion of a socialist vision (an alternative to the capitalist system as such) these moves will stall and end up providing more power to the capitalist class, essentially wedding the state to corporate interests in a more formal way. It is the corporatist solution to capitalist crises that has been tried in many different locales throughout the twentieth century. Now more than ever we need a big, public fight to more the conversation steadily away from limited corporatist solutions toward socialist solutions in the benefit of workers and oppressed peoples around the world. Great job Sam. Wonderful and timely report that is sure to galvanize the fight for equality, justice, peace, and socialism.