Wall Street Meltdown: Financial Crisis and Turmoil Grow

by Kenneth Theisen

As the last couple weeks have clearly demonstrated, the U.S. is in the
midst of a destabilizing financial crisis which has not been seen since
the Great Depression. While financiers and politicians attempt to “fix”
this crisis, the masses of people in this country and in the world
continue to pay the price for an imperialist system that is built on
the exploitation of the billions of people for the benefit of a
relative few. While trying to shift the financial cost of this crisis
from the ruling class to the masses, the Bush regime may also implement
further repressive machinery in order to stem resistance.

Three of the five largest independent investment banks have gone out of
existence since April of this year. The feds have had to takeover
Fannie Mae and Freddie Mac, the two mortgage-finance giants and to take
a substantial ownership interest in American International Group (AIG),
one of the largest insurance-financial firms.

This financial crisis was not brought on my mismanagement, excessive
greed, or too much or not enough regulation. Yes these factors were
present, but the reality is that the U.S. imperialist system brought on
this crisis. The ruling class is very worried that its entire house of
cards could collapse unless it can stem the crisis.

While millions of people here in the U.S. face the loss of jobs, homes,
and their future; and people overseas may literally starve, those at
the top of society are only interested in saving themselves and their
fellow members of the ruling class.

And do not expect Barack Obama or John McCain to come to the rescue of
the masses. As several of the articles with links that are attached
will show, both of these candidates have surrounded themselves with
advisors who are closely tied to the causes of the financial crisis.
Obama and McCain were chosen as candidates of their party because they
have demonstrated their allegiance to the ruling class. Whichever one
is elected, he will do his duty to protect the imperialist system that
has brought on this crisis.

But the crisis is not over and there is no guarantee that it will not
actually deepen, both here and internationally. The financial crisis
will continue to hurt hundreds of millions of people and this may lead
to further repression to stop resistance. The Bush regime has put into
operation the means for such repression over the last seven plus
years. We must resist any such oppression, while at the same time
building a movement to remove the various laws, regulations,
presidential directives, institutions, etc. that enable such repression.

The links to articles below reveal much about the present crisis.
While the articles do not necessarily pose the solutions necessary,
they do expose the extent of the financial crisis and how it impacts
the present situation in the world. WCW will continue to provide
coverage on these issues.

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