These two articles are sending mixed signals. It was a strange introduction in that I read both of them just before
I came across this New York times article: that set the tone
retrospectively.
http://www.socialistworker.co.uk/art.php?id=16951
http://tvnz.co.nz/business-news/long-slump-in-aust-because-marx-ignored-2457506
The Socialist Worker says
“Banks were among the institutions that bought the debts but they were also involved in speculating on the value of them.
As it became clear that the debts were a riskier investment than previously believed, fear gripped the financial sector.”
Professor Steve Keen quotes Marx.
“The credit system, which has its focus in the so-called national banks and the big-money lenders and usurers surrounding them, constitutes enormous centralisation, and gives this class of parasites the fabulous power, not only to periodically despoil industrial capitalists, but also to interfere in actual production in a most dangerous manner – and this gang knows nothing about production and has nothing to do with it,” Marx’s words published 11 years after his death said.”
This “fear gripped financial sector” versus “this class of parasites with fabulous power”.
Is this a shift of emphasis or is it that the SWP have decriminalized institutions? And is this mistake born in the aftermath of 9/11. An event that said more about “fabulous power” than the luck of a one off terrorist cell.
Published: January 30, 2009
There was none of the old swagger at Citigroup headquarters on Friday. The bonus checks had landed — and some of the bankers were grumbling.
Illustration by The New York Times
Many of those walking to work on Wall Street in Manhattan are walking away with less bonus pay because of outside pressure.
After a year of yawning losses at the company, employees lamented that times were getting lean. The giant bank, the recipient of two multibillion-dollar rescues from Washington, had paid out only about $4 billion in bonuses. Read the rest of this entry »