Tuesday, 4 November 2008

The Meltdown, Seen from Below - The Tyee

"What union leaders, labour experts and anti-poverty activists say needs to be done.


As the global financial meltdown spreads to
threaten General Motors and even the Euro, financial experts in well-tailored suits vie in the news media to frame how we arrived here and what should be done.

Their debate tends to be about just how many billion of dollars need to be delivered to banks and other financial institutions to keep the good ship globalization afloat. From quarters such as the conservative Fraser Institute, we hear that government is to blame for intruding into the market, and so less regulation is the cure.

Here at The Tyee, we noticed that most of the commentary on our Titanic dilemma seems to be coming from the passengers in first class and the government navigators who helped create the crisis. We were curious about how it looks to the crew and the passengers in third class, so we made some calls to union leaders, anti-poverty activists, and various economists and historians who make it their business to study big business without being part of the action."
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