CRASH 2008-09 -- first wave

Offshoring and the Auto Industry
Quotes on our banking system: a forgotten struggle
U.S. Monetary Supply--the root of the Crash
Great Depression, causes and parallels--jk
The Second Great Depression--why-jk
Great Depression and the New Deal
Argentina's Collapse
Asian Crash 97--model for U.S. Crash
NEOLIBERALISM, the globalizers
Robber Barons
Fed Stats--the deception
More Debt no FIx--jk
Financialization and the Bubble/CRASH
Class nature of the CRASH--jk
Obama and the Second Great Depression--jk
Nobel Lauret on the Crash--Stiglitz
Second deed solution--jk
Three Crashes--Models
Financial Crisis, a socialist perspective
Fairness Doctrine overturned yields corporate media
Funny Money Solution--more fed debt
Why We Need Regulation of the Market Place
10 to 1, the Credit Expansion
Fed debt--the debt game
WaMu Give Away by Feds
Offshoring and the Auto Industry
Economic summit November 15th
Figures on the CRASH
Pod Cast of CRASH plus much more

Our government is in bed with the globalizers. The U.S. runs the IMF ad World Bank.  Thus when the U.S. taxpayers foot the bill for a globalizer in financial trouble, we don’t demand that they money be used in this country.  This is what is happening with the bailing out our auto industry, there is no requirement that they stop outsourcing of jobs. Banking has been taking the funds and building up their cash reserves—rather than loaning it to the consumers.  The bailout has been far less effective than what Roosevelt done under the New Deal. 




Steve Clemons, December 6, 2008,  Huffington Post at



Offshoring and the Auto Industry

The U.S. government is about to kick $15 billion over to the U.S. auto industry. And what we have seen with all of the bailout cases thus far -- from AIG to Citibank -- is that that amount is probably just a down payment on a future bigger draw.

Michael Moore has compellingly argued that the best way to save the American auto industry is to force it to choke on its mistakes and bad management -- and change. In a public letter, Moore has offered the shocking truth that anyone could buy the entire American auto industry for less than $3 billion -- and U.S. taxpayers are about to pump 5 times that into the uncompetitive sector.

And on top of that -- there is NOTHING in the current outlines of the auto bailout package that requires the auto industry to keep jobs in the U.S. This money can go to help them manage their facilities abroad -- in lower wage countries -- while facilities continue to shut down in the U.S. with jobs shifted overseas.

In fact, despite some minor verbal, non-binding assurances from the auto chiefs that American taxpayer funds would not be applied to offshoring activities, there are no deals, no guarantees at all -- and if faced with a much higher, less efficient production base in the U.S. compared to cheaper platforms elsewhere -- this bailout money could in fact be financing a new major offshoring trend.

Even Paul Krugman alluded to this in his Stockholm remarks accepting his Nobel Prize, suggesting that gravitational forces are going to unwind Detroit's auto sector, no matter what Obama does. He said "the concentration of the industry around Detroit would disappear."

Obama's pre-government team in collaboration with Bush's outgoing economic officials are trying to diminish the sense of crisis in key sectors in the economy by guaranteeing loans and promising huge cash infusions. . .but, there are 'smart' ways to help move industry in new directions and then there is dumb spending.

Not dealing with the question of a new "social contract" inside the U.S. when taxpayer dollars are being pumped into the auto sector is a major mistake.

-- Steve Clemons directs the Smart Globalization Initiative and is Director of the American Strategy Program at the New America Foundation. He also publishes the popular political blog, The Washington Note



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Teddy Roosevelt's advice that, "We must drive the special interests out of politics. The citizens of the United States must effectively control the mighty commercial forces which they have themselves called into being. There can be no effective control of corporations while their political activity remains."

Don’t miss the collection of Pod Cast links


Nothing I have seen is better at explaining in a balanced way the development of the national-banking system (Federal Reserve, Bank of England and others).  Its quality research and pictures used to support its concise explanation set a standard for documentaries--at  The 2nd greatest item in the U.S. budget is payment on the debt.