Tag Archives: Capitalism

“We Are Undervalued’: Target Delivery Workers to Walk Off Job in Demand for Better Treatment Amid Outbreak

“We are exposing ourselves to great risk so others don’t have to. During these uncertain times, Shipt must not put profits before people.”

By for Common Dreams. Published 4-6-2020

Photo: Wonderlane/flickr

Joining a nationwide wave of employee-led direct action during the ongoing coronavirus pandemic, gig workers at the Target-owned grocery delivery service Shipt plan to walk off the job Tuesday and not return until the company provides them with two weeks of paid sick leave, hazard pay, and personal protective equipment.

“On Tuesday, April 7th, Shipt workers will walk off until our demands are met,” the group of Shipt workers that organized the walkout wrote in a Medium post Monday. “We call on customers, in a showing of solidarity, to boycott Shipt on Friday, April 10th.” Continue reading

Share

Fed Economists Warn US Unemployment Rate Could Soon Reach 32%—During Great Depression It Peaked at 25%

“These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years.”

By Jake Johnson, staff writer for Common Dreams. Published 3-31-2020

 

Hundreds of cars waiting to receive food from the Greater Community Food Bank in Duquesne, Pennsylvania on March 30, 2020. Photo: The Mind Unleashed

Economists at the Federal Reserve Bank of St. Louis are warning that if the current rate of U.S. job losses continues, the country’s unemployment rate could reach a staggering 32.1% by the end of June as the coronavirus pandemic-induced downturn sparks mass layoffs across the nation.

Miguel Faria-e-Castro, an economist with the St. Louis Fed, wrote in an analysis last week that 47 million more workers could lose their jobs by the end of the second quarter of 2020, bringing the total number of unemployed people in the U.S. to 52.8 million. As CNBC noted, that number would be “more than three times worse than the peak of the Great Recession.” Continue reading

Share

PG&E Pleads Guilty to Involuntary Manslaughter for Sparking California’s Deadliest Fire

The California utility faced felony charges in connection with a 2018 wildfire that killed over 80 people.

By Olivia Rosane,   Published 3-24-2020 by EcoWatch

California utility Pacific Gas & Electric (PG&E) will plead guilty to involuntary manslaughter for sparking the state’s deadliest wildfire, the company announced Monday.

The announcement comes a little less than a year after an investigation confirmed that power lines owned by the utility sparked the Camp Fire, which burned 153,336 acres, killed 85 people and scorched the town of Paradise.

“We cannot replace all that the fire destroyed, but our hope is that this plea agreement, along with our rebuilding efforts, will help the community move forward from this tragic incident,” PG&E Chief Executive Bill Johnson said in a statement reported by Reuters.

Continue reading

Share

With a Quarter of the World’s Population Under US Sanctions, Countries Appeal to UN to Intervene

Eight countries, representing around one-quarter of all humanity, say that Washington’s actions are undermining their response to the COVID–19 pandemic sweeping the planet.

By Alan Macleod. Published 3-27-2020 by MintPress News

The governments of China, Cuba, Iran, Nicaragua, North Korea, Russia, Syria, and Venezuela – all under sanctions from the United States – sent a joint statement to the United Nations Secretary-General, the UN’s High Commissioner on Human Rights and the Director-General of the World Health Organization calling for an end to the unilateral American economic blockade, as they are, “illegal and blatantly violate international law and the charter of the United Nations.”

The eight countries, representing around one-quarter of humanity, say that Washington’s actions are undermining their response to the COVID–19 pandemic sweeping the planet. “The destructive impact of said measures at the national level, plus their extraterritorial implication, together with the phenomenon of over-compliance and the fear for ‘secondary sanctions,’ hinder the ability of national governments” in procuring even basic medical equipment and supplies, including coronavirus test kits and medicine. It is a “hard if not impossible deed for those countries who are currently facing the application of unilateral coercive measures,” to cope, they conclude. Continue reading

Share

Walmart Was Almost Charged Criminally Over Opioids. Trump Appointees Killed the Indictment.

Even as company pharmacists protested, Walmart kept filling suspicious prescriptions, stoking the country’s opioid epidemic. A Republican U.S. Attorney in Texas thought the evidence was damning. Trump’s political appointees? Not so much.

By Jesse Eisinger and James Bandler. Published 3-25-2020 by ProPublica

Attorney General William P. Barr, Deputy Attorney General Rod Rosenstein, and FBI Director Christopher Wray. Photo: Department of Justice (Public domain)

On a Tuesday just before Halloween in 2018, a group of federal prosecutors and agents from Texas arrived in Washington. For almost two years, they’d been investigating the opioid dispensing practices of Walmart, the largest company in the world. They had amassed what they viewed as highly damning evidence only to face a major obstacle: top Trump appointees at the Department of Justice.

The prosecution team had come to Washington to try to save its case. Joe Brown, the U.S. attorney for the Eastern District of Texas, led the group, which included Heather Rattan, an over-20-year veteran of the office who had spent much of her career prosecuting members of drug cartels. Continue reading

Share

‘This Is a Massive Scandal’: Trump FDA Grants Drug Company Exclusive Claim on Promising Coronavirus Drug

“It is insane and unacceptable,” said Bernie Sanders. “We will not tolerate profiteering. Any treatment or vaccine must be made free for all.”

By Julia Conley, staff writer for Common Dreams. Published 3-24-2020

Coronavirus. Photo: CDC

As healthcare providers across the U.S. desperately attempt to treat a rapidly growing number of patients with the coronavirus, a pharmaceutical company with ties to the Trump administration has been granted exclusive status for a drug it is developing to treat the illness—a potential windfall for the company that could put the medication out of reach for many Americans.

As The Intercept reported Monday, the Food and Drug Administration granted Gilead Sciences “orphan” drug status for remdesivir, one of several drugs being tested as potential treatments for the coronavirus, officially known as COVID-19. The designation is generally reserved for drugs that treat rare illnesses affecting fewer than 200,000 Americans—but companies can be eligible if the designation, as in this case of a rapidly spreading virus, is made before a disease spreads beyond that limit. Continue reading

Share

Toilet Paper Wars and the Shithouse of Capitalism

By Simon Springer  Published 3-15-2020 by Common Dreams

Toilet paper shelves at a Costco in Maine. Photo: Amanda Hill/Twitter

The run on toilet paper has brought the failings of capitalism front and center to the bathroom of every house across Australia, a trend that has now spread to other countries. We are witnessing, in real-time and with stunning consequence, the stone-cold fact that markets are an ineffective mediator of resources, prone to the worst vagaries of herd mentality. Perceived impending shortages of toilet paper owing to the spread of COVID-19 set off widespread panic. We might be inclined to laugh at the implausibility of the whole scenario, but whether the situation is real or imagined is beside the point. The truth, which in this case may appear stranger than fiction, is that markets operate in the sweet spot between scarcity and fear. Continue reading

Share

Washington’s recession-fighting toolbox is nearly empty as US economy braces for possible coronavirus outbreak

A wrench may not be enough. mipan/Shutterstock.com

Bill Ferguson, Grinnell College

Investors, policymakers, businesses and the general public are increasingly concerned the coronavirus’ rapid spread will lead to a recession. While this outcome is hard for economists like me to predict, we do know one thing: The U.S. is not prepared to fight a deep recession.

Policymakers basically have two methods for reversing a downturn: monetary stimulus, primarily through reduced borrowing costs; and fiscal stimulus, when the government spends more or cuts taxes.

Unfortunately, the U.S. currently has dim prospects for success with either option. Continue reading

Share

‘Disturbing’: Study Shows DOJ Prosecutions of White-Collar Criminals Hit All-Time Low Under Trump

“Never has white-collar crime gone so ignored.”

By Jake Johnson, staff writer for Common Dreams. Published 3-6-2020

Rod Blagojevich. Screenshot: ABC7 Chicago

Prosecutions of white-collar criminals by the U.S. Justice Department plunged to an all-time low in January, according to a study published just days after President Donald Trump proclaimed his commitment to “safeguarding the American consumer” and “strengthening our efforts to prevent and prosecute fraud.”

The analysis released Tuesday by Syracuse University’s Transactional Records Access Clearinghouse (TRAC) found that the Justice Department prosecuted just 359 white-collar criminals in January, a decline of 25% from five years ago. TRAC has been recording data on white-collar prosecutions since 1986. Continue reading

Share

Markets Plunge as Critics Say Trump’s “Keep the Stock Market Calm” Approach Has Backfired

“Trump staking his presidency on a good stock market was once just an annoying tic,” said The Nation‘s Jeet Heer. “But now there’s a situation that makes it actively harmful.”

By for Common Dreams. Published 3-5-2020

New York Stock Exchange. Photo: Public domain

The stock market plunged 970 points Thursday, or 3.58%, as fears of the economic impact of the global coronavirus outbreak—and President Donald Trump’s mishandling of the crisis—continued to roil the world’s financial markets after last week’s panic sent markets into freefall.

“It’s kind of like an earthquake—there’s the earthquake, which is last week, and then there’s the aftershocks, which is this week,” MUFG Union Bank chief financial economist Chris Rupkey told the New York Post. Continue reading

Share