Bank of America. US tax payers gave it a $45 billion dollar bail out.
I am a happy man. I am looking forward to the coming weeks. Wikileaks is the source of my joy. It says that the next trove of documents it will publish will be on the US banking system. I cannot wait. And I am not alone. Bank of America too is all on edge. But for a different reason. They do not want any release of any documents about either itself or the US banking system because they will show the crime that has been going on. To try and censor and blackmail wikileaks Bank of America has suspended any processing of donations for the publishing outlet. The war to know enters a higher phase. We must take sides. This blog is unconditionally on the side of wikileaks.
Some of the information we might see can be gleaned from what we already know about Bank of America. 1.3 million of its customers are behind on their home loans and all fifty state attorneys are investigating the bank's foreclosure practices. That is looking into whether or not it has been breaking the law. And this after the tax payers of the US, that is overwhelmingly working class people, have already bailed out Bank of America to the tune of $45 billion. Yes, $45 billion. Moynihan, the manager of the bank boasts that he has returned the bank to profitability. Of course he does not mention that he can only claim this because he got the $45 billion hand out from the tax payers. In the meantime his own class are not too convinced as the bank's shares have fallen by 18%.
Socialists from our tradition have always campaigned for the opening of the books of capitalism. That is for the opening of the books of all companies. Working people have the right to see what is going on in their workplaces and in society in general. The bosses tendency is to hide what is going on and to claim they are in a bad situation and cannot afford to pay the wages and keep the number of workers they are hiring. They keep things secret to increase their power over the workers. Secrecy strengthens the bosses. Knowledge strengthens the workers. It will be a big step forward to be able to see what the reality is, to see what the profit and loss situation is in reality. We have the potential for the biggest opening of the books in history. We give full support to wikileaks in their work of opening the books of world capitalism and call on others to do likewise.
Some companies when bankrupt, will agree to open the books. This is basically what Bank of America and the rest of the financial institutions in the US did when their system was crashing in 2008. They opened their books and when these showed they were broke they then demanded to be bailed out. Did their books not show that this had to be done. They were too big to fail was the whine of the hour. But their books showed no such thing. What their books showed was that the capitalists could not run their companies and their system. That they were incapable of running society, that they had to removed, that they had forfeited the right to run the country, that their system had forfeited the right to exist.
We said and say, open the books and when this shows that the system and companies are bankrupt take the dominant sectors of the economy and the major companies into public ownership and run these under workers democratic control and management on the basis of a plan. And we go further. If opening the books do not show the system and major corporations are immediately in the red then look at how these are running the world. The majority of the world's people are in poverty, the working class in every country are being exploited, the planet is being destroyed, this will all be evident from opening the books. So we are for an end to the profit addicted capitalist system and its replacement by a society based on the public ownership of the dominant sectors of the economy and a democratic plan to be run on the basis of democratic workers control and management.
Full support for wikileaks. For a democratic socialist world.
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