France - Lessons from the Collaspe of Wall Street - James Petras - Voltairenet.org

"The ongoing collapse of the stock market and the loss of hundreds of billions of dollars managed by Wall Street investment banks illustrate the pitfalls and danger of free market capitalism facing the entire working population of the United States."

He is saying that the free market capitalism that is running the United States is causing "pitfalls" and is endangering the population.

"The near bankruptcy of Social Security The attempt by the White House and leading Republican and Democrat congresspersons as recently as 3 years ago to ‘privatize’ Social Security – essentially turning over the management and investment of trillions of dollars in Social Security funds to Wall Street – with the argument that private investors would earn more, would have led to the bankruptcy of the entire Social Security fund. Privatization would have allowed the major private investment banks to speculate and leverage even riskier financial instruments with the disastrous results we are witnessing today. While private pension funds go belly up – Social Security continues. It is the private pensions, which have gone bankrupt – not the publicly managed Social Security fund, contrary to the experts and critics of Social Security. Clearly the current private debacle argues for public control and management of pension programs."

He is saying that the privitization of Social Security, along with "essentially turning over the management and investment of trillions of dollars on Social Security funds to Wall Street," would have led to the bankruptcy of the entire Security Fund, because, in his point of view, was a really bad decision.











A parody: the new dollar.

James Petras is pointing out with this parody of the American 1 dollar bill that our economy is in trouble, because, after the collaspe of Wall Street, that the economy is crashing and is in panic-mode for the population.