Big profits at big banks but what about jobs?

News of bank profits soaring into billions from second quarter! $3.4 billion at Goldman Sachs, $2.7 billion at JP Morgan, $3.2 billion at BofA and now $3 billion for Citigroup http://news.yahoo.com/s/ap/20090717/ap_on_bi_ge/us_earns_citigroup

Paul Krugman has a good take on Goldman Sachs and the "financialization" of the economy:
http://www.nytimes.com/2009/07/17/opinion/17krugman.html?_r=1&ref=opinion

I am really sick though of the talk in most media outlets that the economy is all about how the "market" is doing -- the stock market, that is -- and how much profits banks and big corporations have made. That is just one measure of the economy -- and the measure that Big Capital cares about.

But the "real" economy is about regular people and families -- and those reports don't make the business news headlines. Joblessness continues to rise and the jobless numbers for African Americans and Latinos are much higher than the 9.5 percent national average. Joblessness leads to many, many other crises -- social, health, community, education ... The grassroots movement has to be stronger to help the president pass some of his initiatives and take on those that want to block them.

Those bank profits should be heavily taxed and the government can use that tax money for a job and infrastructure development bank, since all these banks aren't going to voluntarily invest in creating necessary jobs here. They will invest where the maximum profit is -- not for the socially necessary work. Like providing health care for all, making sure we have environmentally sound and modern water and sewage systems (another water main break in NYC today -- this time in front of our NY office!), mass transportation that's affordable and green, modern schools with WiFi and IT people to help staff them, no shortage of things that need to be done that could create good, union jobs for all.

Read our latest editorial 'Jobs needed now' http://pww.org/article/view/16386

Rosalio Munoz: CPUSA program hit mark

The attached photos are of marchers at the Nov.5 “Yesterday we voted, today we march” demonstration of the Fast for Our Future in downtown Los Angeles to celebrate the election victory where supporters of immigrant rights helped change the course of our country. Scores of marchers carried with them the Communist Party USA's 2008 election program as do the marchers in the photos.

The CPUSA called for a landslide victory over the right wing Republicans in the summer of 2007 with its report "On the Road Again" initiated by Chair Sam Webb.

After John McCain became the presumptive Republican during the primaries the party discussed and approved an election programmed prepared by its Political Action Commission chaired by Joelle Fishman. Webb and Fishman cooperated with the PWW in preparing these excerpts.

-- Rosalio Munoz



Reprinted below are excerpts from Communist Party USA 2008 Election Program “Help Make History, turn Our Country Around,” published in May 2008. This program was widely distributed as part of the coalition effort to change the political direction of our country. It offers a framework for the ongoing movement, post election, and the development of solutions to meet the financial and economic crises on behalf of peoples needs. The full program is available at http://www.cpusa.org.

A new day is dawning. Our country is at a turning point. This is a time of great possibility. Across the land people are coming together to reshape our nations priorities to make government of by and for the people a reality

A landslide vote on November 4 can open the way to recovery from the very deep wounds of the Bush administration and decades of corporate right wing control.

Working people want bold new policies to end war, restore democratic traditions and create green living wage jobs, affordable housing, health care and quality education for everyone.

Although the ultra-right is weakened and divided they continue to push fear, division, racism and anti-immigrant bigotry in this years elections, aided and abetted by the corporate media. These multipronged poisonous tactics can only be overcome with unbreakable unity

Voters are demanding a new kind of politics to rebuild our country for the common good. A democratic spirit of unity and hope is inspiring millions to get involved.

In 2008 union members, African Americans, Latinos, youth and women, seniors, environmental and peace voters are forging a powerful new all encompassing movement that makes great changes possible.

We offer these proposals as a contribution toward the bold policy changes necessary to meet the immediate needs of working people. Funding to come from monies now being spent on the Iraq war, military budget and tax breaks to the super rich.

1. Immediate Relief:
A moratorium on foreclosures and evictions. Reset mortgages so payments are affordable. No bailouts for banks. Extend unemployment compensation. Increase food stamps, WIC, children’s health insurance and low-income energy assistance. Assist deficit-ridden state and local governments so they can preserve services and jobs. Fund ready to go infrastructure projects

2. A Peacetime, Green Jobs Economy.
Enact massive public works jobs creation. Priority to areas hurt by loss of manufacturing, high unemployment areas including the Katrina devastated Gulf Coast. Major clean, affordable energy development project for solar, wind and biomass electricity generation. Restore Federal energy regulation and encourage public ownership of utilities. Enact the Employee Free Choice Act to enable workers to form unions without intimidation and win higher wages and benefits, dignity and respect.
Enact HR 676 the US National Health insurance Act to provide universal insurance with single payer financing. Fully fund public education. No privatization of Social Security or Medicare. Expand and improve benefits.

3.Restore Civil Rights, the Bill of Rights and Separation of Powers
Restore the civil Rights act enforcement, affirmative action. End the "school to prison pipeline. Pass immigration reform with a path to citizenship. Outlaw hates crimes. Preserve Roe vs. Wade. Repeal the Patriot Act. Prosecute Bush violations of the Constitution. Expand voting rights. Restore the Fairness Doctrine in media

4. Strength through Peace.
Withdraw U.S. troops from Iraq. With no bases or US corporations left behind. Full care for returning veterans. No war on Iran or Afghanistan. Adopt a new foreign policy of diplomacy and respect for all nations. Renew commitment to UN peace role. End trade policies that enrich corporations while destroying jobs. Ratify Kyoto treaty and other climate change agreements. Enforce nuclear non-proliferation, work to abolish nuclear weapons. Cut Pentagon spending in half, close down US bases around the world.

People and Nature Before Profits
Defeating the right wing is the first step in the struggle to end exploitation, poverty, racism and war inherent in capitalism.
Our vision is a socialist USA that opens the way for equality, world peace, real democracy, a society in which people control their own destinies in a sustainable world.