I asked Trina if she could tackle an article by Danny Schechter tonight, just include it in her post? I knew that if I did, I would make it my entire post. I just was not in the mood. Trina sweetly agreed. She just called me, however, and it is turning into her entire post. She asked if I could grab a piece by James Petras to highlight? Not a problem.
This is from Mr. Petras' "Crisis. What Crisis? Profits Soar!" (Information Clearing House):
While progressives and leftists write about the “crises of capitalism”, manufacturers, petroleum companies, bankers and most other major corporations on both sides of the Atlantic and Pacific coast are chuckling all the way to the bank.
From the first quarter of this year, corporate profits have shot up between twenty to over a hundred percent, (Financial Times August 10, 2010, p. 7). In fact, corporate profits have risen higher than they were before the onset of the recession in 2008 (Money Morning March 31, 2010). Contrary to progressive bloggers the rates of profits are rising not falling, particularly among the biggest corporations (Consensus Economics, August 12, 2010). The buoyancy of corporate profits is directly a result of the deepening crises of the working class, public and private employees and small and medium size enterprises.
With the onset of the recession, big capital shed millions of jobs (one out of four Americans has been unemployed in 2010), secured give backs from the trade union bosses, received tax exemptions, subsidies and virtually interest free loans from local, state and federal governments.
As the recession temporarily bottomed out, big business doubled up production on the remaining labor force, intensifying exploitation (more output per worker) and lowered costs by passing onto the working class a much larger share of health insurance and pension benefits with the compliance of the millionaire trade union officials. The result is that while revenues declined, profits rose and balance sheets improved (Financial Times August 10, 2010). Paradoxically, the CEO’s used the pretext and rhetoric of “crises” coming from progressive journalists to keep workers from demanding a larger share of the burgeoning profits, aided by the ever growing pool of unemployed and underemployed workers as possible “replacements” (scabs) in the event of industrial action.
That is an excerpt, read the whole article. I am going to make a few rambling notes for the rest of the entry.
1) Trina has been talking about this. And that is why, when productivity dropped, she saw it as a good thing. It would force businesses (which are not suffering) to hire more workers (if the productivity drop maintained) and stop working everyone in this task and that task and every task.
2) It really shows you how shallow and uninformed Naomi Klein actually is. She was running around giddy about the death of capitalism. Not a good thing if you are losing your house, by the way. But she was too giddy in 2009 to think. And she was wrong. It was not the death.
3) Capitalism really is like the monster in the monster movie. You never really kill it off. It always comes back for the sequel.
So read Mr. Petras' article which is really a treat to read, by the way. Oh, also read Ava and C.I.'s "TV: Midnight Blue" which was so good Jayson (my grandson) and I watched Rookie Blues online today. Caught up on the whole season thus far.
This is C.I.'s "Iraq snapshot" for today: