By ALEXANDER MARTIN REMOLLINO
Through the generations, many of the Filipinos in Hawaii attained their dreams of greener pastures, and other Filipinos continue to go there in search of more decent opportunities. Their dreams, however, have been crumbling in the face of the financial crisis, which hit the US in 2008. They have not been spared from the effects of the crisis.
In a hearing which exposed failures by the government’s financial police, Congressman Stephen Lynch (D-Massachusetts) highlighted the existence of a “hotline,” which he said could be used by Wall Street firms to call off government inspectors. BY MAT RENNER Truthout INTERNATIONAL Posted by Bulatlat Washington, DC – In a hearing which exposed failures by the…
Trouble at Treasury The Obama Team has a big problem on its hands; Timothy Geithner. Geithner was picked as Treasury Secretary because he is a trusted ally of the big banks and has a good grasp of the intricacies of the financial system. Geithner has assembled a phalanx of Wall Street flim-flam men to fill…
“The seriousness of this crisis is such that we cannot expect any solution within the system and certainly not from the US administration, certainly not from the G-20 because within that group, except for a couple of exceptions, is the dominant Washington consensus of the neoliberal agenda, ” said Michel Chossudovsky, a progressive economist and academician.
“In the Philippines, this crisis will be extremely severe because it is imposed upon an existing situation…of dependency, lack of sovereignty, crisis of the real economy, and poverty of the large majority of the population.”
Illusory answers and necessary answers* To attract the attention on the financial collapse is not enough. Behind it, a crisis of real economy is standing out, since the financial drift was continuously asphyxiating the growth of the production basis. Solutions brought to the financial crisis can just lead to a crisis of the real economy,…
Time to Move to Plan B … If There is One The global economy is being sucked into a black hole and most Americans have no idea why. The whole problem can be narrowed down to two words; “structured finance”. BY MIKE WHITNEY Counterpunch INTERNATIONAL Posted by Bulatlat “The Winter of 2008-2009 will prove to…
BY BULATLAT An organization of US-based Filipino activists has expressed its support for a Filipino homeowner in San Diego, California who has chained herself to her home of 20 years after being issued an eviction order by the San Diego Sheriff’s Department. Like many property owners in the United States, June Reyno is part of…
The House of Representatives gave final approval on Friday October 3 to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history. BY DAVID M. HERSZENHORN, The New York Times/Truthout INTERNATIONAL Posted by Bulatlat Washington – The House of Representatives gave final approval…
“If a bailout is needed, if taxpayer money must be placed at risk, if we are going to bail out Wall Street, it should be those people who have caused the problem, those people who have benefited from President Bush’s tax breaks for millionaires and billionaires, those people who have taken advantage of deregulation who…
During its peak years, financial investment houses and banks reap profits at the expense of the “real economy” and the people. When they experience losses, history shows that it is the people, through their taxes, who carry the burden of rescuing them with the government’s bailout plans. BY BENJIE OLIVEROS ANALYSIS Bulatlat The rejection by…
Having produced only disastrous results, economic management can no longer be left in the hands of an elite corps of bureaucrats and technocrats who ape lock, stock and barrel models purposely to make corporate profits bigger at the expense of workers, farmers, and other marginal sectors. BY THE CENTER FOR PEOPLE EMPOWERMENT IN GOVERNANCE (CENPEG)…