We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lapp√©, excerpt from Time for Progressives to Grow Up

Wednesday, October 6, 2010

US corporate profits soar on layoffs, wage cuts

by Barry Grey from World Socialist Web Site

Capitalists use economic crises to their advantage--among them are the opportunities to buy up distressed companies and assets on the cheap, to cut wages and benefits, to weaken unions, etc.  Remember Obama's Chief of Staff Rahm Emanuel's quote? (“You don’t ever want a crisis to go to waste....")
US corporate profits are soaring in the midst of the deepest economic slump since the Great Depression, on the basis of a ruthless policy of using mass unemployment to slash wages and heighten the exploitation of American workers. In order to make the impoverishment of the working class a permanent feature of American life, companies are hoarding vast amounts of cash rather than hiring workers and expanding output.

These are the conclusions that flow from a Wall Street Journal analysis of second-quarter 2010 corporate profits....