Tuesday, May 12, 2009

NOT SO BOASTFUL NOW

Not so many years ago it used to be the boast of industrialists and politicians alike "What is good for General Motors is good for America". This simplistic mantra was always trotted out in defence of capitalism during the post war boom of US industry and trade but supporters of US capitalism will have to look elsewhere for consolation today.
"General Motors, North America’s biggest carmaker, reported a $6bn first-quarter net loss and an accelerating cash drain on Thursday, underlining the pressure it faces to gain concessions from stakeholders or face bankruptcy. The troubled automaker warned that prolonged uncertainty over its financial condition risks creating a vicious circle of shaky consumer confidence and falling production and sales." (Financial Times, 7 May)
It is no sense in a "told you so" mood that socialists note the boom and slump nature of capitalism has asserted itself once more. After all it is our fellow workers in the US and elsewhere who will have to bear the prospect of unemployment, re-possession and insecurity. What we ask the working class to do is to consider the socialist alternative to this mad market system. We asked you to do so during the boom we continue to ask you to do so during the slump. RD

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