Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

The AFL-CIO and nationalization

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Labor Donate to DU
dcsmart Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 01:26 PM
Original message
The AFL-CIO Executive Council, at its annual winter meeting in Miami Beach, Florida, adopted a resolution Thursday urging the Obama administration to temporarily nationalize failing banks. What is the significance of this policy statement? Does it represent a radical reorientation by the AFL-CIO, which, after all, has been throughout its history an implacable foe of socialism and defender of the profit system?

It is nothing of the sort. There is not a trace of economic radicalism, or even independent thinking, in the statement of the labor bureaucrats. Rather, the AFL-CIO has merely joined a growing list of economists and political figures from across the spectrum of American establishment politics advocating a temporary government takeover of banking giants such as Citigroup and Bank of America as a more effective means of utilizing taxpayer funds to bail out the financial aristocracy and restabilize US capitalism.

The union officials, like many others in the establishment, argue that a short-term government takeover is the best means of offloading the bad debts of the banks onto the public in order to return the banks to profitability and avert a full-scale collapse of the private banking system.

The AFL-CIO resolution is a model of political evasion and outright dishonesty. It notes that the 1999 repeal of the Depression-era Glass-Steagall act has resulted in a "dramatic concentration of banking power," with 43 percent of US bank assets held by just four institutionsCitigroup, Bank of America, JPMorgan Chase and Wells Fargo. The resolution does not mention that the repeal was endorsed by the Clinton administration, with whom the AFL-CIO was allied at the time. Nor does the resolution demand the breakup of these corrupt institutions, or even the reestablishment of the sort of regulatory controls that were set in place by the Roosevelt administration.

Printer Friendly | Permalink |  | Top

Home » Discuss » Topic Forums » Labor Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC