The announcement by giant US bank JPMorgan Chase that it had lost US$2 billion in a shady deal shows the kinds of financial speculation that led to the 2007-2009 financial collapse continue to steam ahead. It also underscores that both Republican presidential candidate Mitt Romney and Democrat president Barack Obama are in Wall Street’s pocket. As the financial system was collapsing in the waning months of the George W Bush administration, it responded with huge bailouts of banks and other financial institutions.
What's striking about the Occupy Wall Street (OWS) Movement and its popular slogan “We are the 99%” is how much the central demand of the movement resonates with the Black community. African Americans, with few exceptions, are in the bottom 20% of income and wealth. Double digit unemployment is the norm in “good” economic times. Yet the social composition of most OWS occupations (some 10,000 including college campuses) has had few Black faces including in urban areas with large Black populations.
There is a sharp reality disconnect in the Black community. On the one hand, the Black population continues to support the first African American president, Barack Obama, by more than 90%. Yet the plight of the Black communities is at its worst condition in three decades. Official unemployment is over 16% ― twice that of whites and iabout 30% for young African Americans. Black household income is in decline and the lowest of the five major ethnic groups. Poverty is at the highest levels in 30 years.
In a qualitative escalation, the government of President Barack Obama has for the first time used the “war on terror” against socialists in the United States. On September 24, the FBI conducted a series of coordinated early-morning raids at homes and offices in Minneapolis, Chicago, Michigan and North Carolina. The political police seized computers, passports, books, documents, cell phones, photos, financial records, diaries, maps and other materials. In one case, children’s artwork was confiscated.
Federal immigration authorities have pressured one of San Francisco’s major building service companies, ABM, into firing hundreds of its own workers. Some 475 janitors have been told that unless they can show legal immigration status, they will lose their jobs in the near future. ABM has been a union company for decades, and many of the workers have been there for years. Olga Miranda, president of Service Employees International Union (SEIU) Local 87, said: “They’ve been working in the buildings downtown for 15, 20, some as many as 27 years.