[Marxism] Current economic crisis

johnaimani johnaimani at earthlink.net
Wed Dec 3 21:24:59 MST 2008

Just a brilliant comprehensive analysis.  

> Message: 16
> Date: Wed, 03 Dec 2008 16:06:21 -0500
> From: "Charles Brown" <charlesb at cncl.ci.detroit.mi.us>
> Subject: [Marxism] Current economic crisis
> To: <marxism at lists.econ.utah.edu>
> Message-ID: <4936AE87.84C9.00BF.0 at cncl.ci.detroit.mi.us>
> Content-Type: text/plain; charset=UTF-8
> Current economic crisis 
> If there were such a thing as an economic tsunami, I would say we are
> close to experiencing it. The housing crisis continues and shows no sign
> of ending; credit and money markets are still tight; the stock market
> gyrates while trending downward; unemployment climbs upward (sharply so
> in the communities of the nationally and racially oppressed) and will
> only get worse; wages are down and poverty is up; the level of
> indebtedness is astronomical and difficult to reduce in the near term.
> Consumer spending, the engine of economic growth in the 1990s, is
> tanking. State and local governments are cutting back sharply on
> services and jobs; deflation, which simply means falling prices over
> significant sectors of the economy, is a creeping and perilous danger;
> and financial markets have yet to stabilize as evidenced by the troubles
> of CitiGroup. In short, not since the Great Depression has the economy
> deteriorated so rapidly and broadly, leading many economists to predict
> that the downturn will be L-shaped, that is, deep and prolonged. 

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