Iraqi Communists: Global financial crisis is beginning of end for 'brutal chaos' of neo-liberalism

An Iraqi Communist Party leader told a packed Baghdad meeting yesterday that the global financial crisis marks the beginning of the end for the economic, social and political policies of neo-liberalism.

As reported at the Iraqi Letter blog (see blog for photos), Saleh Yassir, member of the Central Committee of the Iraqi Communist Party, presented an extensive analysis of the current global financial crisis at a meeting held on Tuesday, October 14, 2008, at the party headquarters at Andulus Square in central Baghdad.

More than 200 people packed the hall to listen to an in-depth presentation of the political economy of the crisis, its causes and repercussions, as well as its principal characteristics compared with previous crises.

Yassir concluded that the crisis marks the beginning of the end for neo-liberalism on several levels: economic, political and social. He predicted that the global financial system will not return to what it was before, but will witness significant changes in terms of an end of the brutal chaos of globalized state monopoly financial capitalism, and towards intervention by the state in controlling the financial markets of each state and on the global level.

Does the crisis mean the end of the capitalist system? Replying to this question, Yassir said "No. The end of capitalism requires waging a social struggle and requires broad class alliances that will not evolve and develop in a short time period."

A more extensive report of the meeting will be published later.

More on the Biden-Palin debate - a question for McCain

From Art Perlo:

The really big news in the vice presidential debate last night has been missed by virtually all of the commentators. It came early in the evening, after the moderator, Gwen Ifill, questioned the candidates about the bankruptcy law and its effect on homeowners.

Senator Biden: [Barack Obama and I agree that] we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe... That would keep people in their homes, actually help banks by keeping it from going under. But... I believe John McCain and the governor don't support that.

Gwen Ifill:: Governor Palin, is that so?

Governor Palin: That is not so.

It sounds as if Governor Palin clearly stated that she and John McCain would support allowing bankruptcy courts to adjust mortgages in favor of struggling homeowners. If that is true, it would give substance to Palin's claim, during the debate, that McCain is “committed to of putting government back on the side of the people and get rid of the greed and corruption on Wall Street and in Washington.”

There is a simple test to see if Palin's claim has any substance. Will McCain show leadership and bipartisanship by proposing that Senators Obama and Biden join him in pushing to pass this bankruptcy legislation immediately? The proposal was killed in the Senate last April after encountering “stiff opposition from many Republicans as well as the banking and mortgage loan industries,” according to the New York Times. (April 4, 2008) But with McCain's backing, there should be no problem getting this legislation through Congress now.

The issue is certainly urgent enough. Every month's delay means another 100,000 families, or more, lose their homes.

McCain runnning for cover on financial crisis

A couple of good commentaries to note:

Harold Meyerson writes in the Washington Post about "McCain's Ploy":

Slipping in the polls? Concerned that Americans may be paying more attention to the declining economy -- and even supporting economic regulation again -- than to your own stellar leadership abilities?

What's a Republican presidential nominee to do?

If you're named John McCain, the answer became apparent yesterday afternoon -- make the solution to the economic crisis all about you. Suspend your campaign. Pull out of tomorrow's debate -- a trivial exercise merely allowing Americans to judge the two candidates side by side. Change the terms of the nation's economic discussion from the course we should take, and the defects of the laissez-faire model that got us here, to the indispensability of John McCain, leader of leaders.

In the Wall Street Journal piece titled "It's Judgment Day for McCain," Thomas Frank suggests that McCain has "a special advantage to bring" to any investigation of Wall Street practices:

many of the relevant witnesses are friends or colleagues of his. In fact, he can probably get to the bottom of the whole mess just by cross-examining the people riding on his campaign bus.

A number of progressive groups are organizing rallies today around the country, calling it a national day of action on the theme "Congress must fix the mess created by Wall Street. But the right way. NOT by a no-strings-attached $700 billion handout." Check here to see the organizations involved and find an event in your area.

And Working America, the community affiliate of the AFL-CIO, has put up an action page where you can send a message to your member of Congress and congressional leaders and tell them "No blank checks for Wall Street."