Five years after Wall Street crashed the economy, not one banker has been prosecuted for the reckless and fraudulent practices that cost millions of Americans their jobs, threw our cities and schools into crisis, and left families and communities ravaged by a foreclosure crisis and epidemic of underwater mortgages.
May Day - Bangladesh, Hong Kong & Baghdad; LGBTQ Leaders Support Bradley Manning as SF Pride Grand Marshal; Reader's Comments - Good Jobs; Korea; Kissinger; Israel, Syria; Tamerlan Tsarnaev; Labor History; Leo Branton; AOL problems & Portside;
Annoucements - Workers Unite Film Festival, NYC - May 10-17; Harlem Housing Forum - May 30; Commemorate the 60th Anniversary of the Rosenbergs' Executions - New York - June 16
Today in History - The Birmingham Children's Crusade
Since 1997, we have lived through the biggest real estate bubble in United States history — followed by the most calamitous decline in housing prices that the country has ever seen. Fundamental factors like inflation and construction costs affect home prices, of course. But the radical shifts in housing prices in recent years were caused mainly by investor-induced speculation. Previous events were fundamentally different from the recent housing bubble.
You don't have to look far to see the connection between workplace and housing struggles. People lose their homes or get evicted from rentals because of unemployment, underemployment, low wages, or health care bills. Organizing works: activists consistently force the banks and mortgage lenders to back off specific homes.
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