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Our Subprime Economy

Sun, 12/30/2007 - 17:40 — Bobbo

Subprime Crash

­The corporate press has been filled with stories about the subprime mortgage mess, mostly speculation about how it will affect what are referred to as "the markets". It is understood that the "markets" will have to make some "adjustments" to the disaster. Apparently this means large bonuses to the financial wizards who came up with the subprime mortgage idea and some kind of government bailout for the financial industry.

I call it the Bob Dylan theory of economics from his song Love Minus Zero/No Limit.


A Commune in Takoma Park: The Lincoln Avenue Story

Sun, 12/30/2007 - 01:28 — Bobbo

­estellebob.jpg

­Estelle Carol and me in front of the­ Lincoln Ave Commune-1974

­
In the early 1970's I was a member of a political commune based in Takoma Park, Maryland. Our small wood frame house was located in some leafy woods between Piney Branch Road and Maple Avenue. Sligo Creek Park was about a quarter mile away with its rocky swift flowing creek.

­A number of people were associated with the commune as residents and overnight guests. Following the example of poet and sage Bob Dylan, I have (for the most part), rearranged their faces and given them all other names.

Although named after "Honest Abe", the Lincoln Avenue Commune began with a lie — a monstrous fraud perpetrated on the landlady Mrs. Chu. You see, we didn't think that we could find anyone who would rent to a gang of ruffians like Betty, Becky, Joey, Chet, Sarah, Greg and me (Bobbo) .


Autoworkers step back into a dark past

Wed, 12/05/2007 - 15:56 — Bobbo

­­­Death of a Union
"In 1950, General Motors and the United Auto Workers (UAW) signed the 'Treaty of Detroit.' The landmark contract helped create mass prosperity and growing equality in America over the next two decades by setting a standard for other unions that even many non-union employers felt pressure to approximate. Workers shared in rising productivity, and unions shifted to employers many of the risks that come from life in a capitalist economy. The UAW won comprehensive health insurance, pensions, cost-of-living adjustments and income protection during economic downturns.

But the new contracts that the Big Three—GM, Chrysler and Ford—negotiated this fall effectively repeal that treaty."-- Labor journalist David Moberg from In These Times.


There are many bad aspects to these contracts. Here is one of the worst:


Many of the new hires (who will be mostly young), will get inferior pay and benefits. Yes, boys and girls, you may be doing the same work as the person next to you, but that old fart will be taking home a serious chunk of change that you will never see. In fairness to old farts (being one myself), many older UAW workers voted against these contracts because they understood what a disaster they are.