try's infrastructure, within
days the government jumped to bail out the very same gamblers who
sparked the crisis in the first place. After decades of fighting
against government regulation and interference, they came begging for
handouts to save their system. So much for the so-called invisible
hand of the market! Or as one commentator put it, the invisible hand
of the market is now reaching into the average workers' pockets!
The government - both Democrats
including Obama and Republicans including McCain - have now
approved a $700 billion unspecified bail out. In other words, the
money has been approved to be spent, but no one knows just how it is
to be spent. So while the bankers on Wall Street continue the make
millions in bonuses, and while billions are spent each week on the
wars in Iraq and Afghanistan, millions upon millions of workers are
losing their homes, jobs, retirement, and hopes for the future.
In many ways, the current crisis is already worse than the Great Crash of 1929. Distribution of U.S. income today is almost identical to what it was in 1928, when the top 1 per cent of Americans took in 24 per cent of the national income. Today it's 23 percent, and of course the total amount of money is many times greater. We must also remember that the Great Depression itself didn't really kick in until two or three years after the Wall Street crash. So while the markets may go up on this or that day, the current crisis is far from over. We can't say in advance how deep it will be or how long it will last, but the indications are that it could be very bad indeed.
And the most worrying aspect for American workers is that we have just lived through the best capitalism has to offer. That was the boom! That was the "good times"! And even then, the gap between rich and poor has continued to widen in the richest country on earth. No wonder Americans are desperately hoping for change!
Most expensive campaign in history
The campaign to replace G.W. Bush went on for a full 21 months. Over that period, we witnessed the rise and fall of contenders such as Rudy Giuliani, Hillary Clinton, Mitt Romney, John Edwards and Mike Huckabee, and the eventual nominations of John McCain and Barack Obama. Although this election marks a decided change in mood in the electorate and comes at a decisive turning point for the capitalist system, it was largely more of the same. A lot more. Once again, despite the lofty talk of change and a new kind of politics, money was again the real measure of a candidate's worth and chances of winning.
Early on, Obama had committed to public financing for his campaign. But as it became apparent that he might actually have a serious chance at being the Democrats' nominee, he changed course and set his eyes on the millions to be had in private contributions. For the first time ever in U.S. history, the candidates for president raised more than $1 billion. Obama raised an estimated total of $640 million - $150 million in September alone. John McCain raised "only" $360 million. This is a marked reversal in fortunes from the last two presidential elections, when the Republicans raised far more than the Democrats. Corporate America is not stupid. They know which side of their bread to butter.
And if you want to know whose interests Obama will serve during his presidency, you need only follow the money. Let's just say that the hundreds of thousands of small donors won't be receiving invitations to White House banquets.
Obama the socialist?
On all fundamental issues, Obama and McCain are cut from the same cloth. Neither of them represent a fundamental break with capitalism, a system based on the exploitation of the working class by the capitalist class. Their only real difference lies in how best to save the capitalist system. Obama's message of "change we can believe in" resonated with millions of Americans tired of war, facing foreclosure, bankruptcy and unemployment, and who cannot accept that this is really "as good as it gets." Obama has made eloquent speeches that promise little but inspire a lot. He has had 