... THEABCsOFTHEECONOMICCRISISWhatWorkingPeopleNeedtoKnowbyFREDMAGDOFFandMICHAELD.YATESIVRMONTHLYREVIEWPRESSNewYorkCopyrightâ2009byFredMagdoffandMichaelD.YatesAllrightsreservedLibraryofCongressCataloging - in - PublicationDataMagdoff,Fred,1942 - TheABC'softheeconomiccrisisiwhatworkingpeopleneedtoknow/byFredMagdoffandMichaelD.Yates.p.cm.Includesbibliographicalreferencesandindex.ISBN978 - 1 - 58367 - 195 - 5(pbk.) - ISBN978 - 1 - 58367 - 196 - 2(clodi)I.UnitedStates - Economicpolicy 2001 - 2009.2.Workingclass - UnitedStates - Economicconditions.3.Financialcrises - UnitedStates.LYates,Michael, ... therestoftheworld,notjustthemurderousbombsofwarbutthemoremundanebutnolessdeadlybombsoftheeconomicpoliciespromotedbytheUnitedStatesandeagerlyembracedbythosewithpowerinsomanycountries.IfyouliveoutsidetheUnitedStates,thisbookwillstillbeusefultoyou.Whathashappenedherehashappenedeverywhere.ThespecificsdifiFersomewhat,butthefundamentaltruthsarethesame.Theeconomicsysteminwhichalmostallofusareenmeshedispro - foundlyanti - humanandirrational.Althoughasignificantportionoftheworld'spopulation - perhaps20to30percent - livesataveryhighstandardofliving,evenforthemitisadead - endsystem,hell - bentontrivializingourlivesanddestroyingtheplanet,whileproducingmiseryforahugenumberofpeople.Wesufferitscontinuanceatourperil.WITCH2:Filletofafennysnake,Inthecauldronboilandbake;Eyeofnewt,and to eoffrog,Woolofbat,andtongueofdog,Adder'sfork,andblind - worm'ssting,Lizard'sleg,andowlet'swing,Foracharmofpowerfultrouble,Likeahell - brothboilandbubble.ALL:Double,doubletoilandtrouble;Fireburn,andcauldronbubble. - SHAKESPEARE,Macbeth1.TheCalmbeforetheStormTheeconomicoutlookcontinuestobefavorable. - HENRYPAULSON,2005Just ... atacenterfortheelderlymorethanayearago.Buthesaidhedidnotknowhowhewouldcoverthe$800monthlyrentafterhisunemploymentbenefitslapsedthisweek.'Nooneishelpingme,'saidMr.Ponce,whowasfaxinghisresumetohotelsandrestaurantsfromanemploymentofficeinDowntownBrooklynonThursday.'I'veappliedforpublicassistance,butI don'tthinkI'mgoingtogetit.'"4Nationwide,byMarchof2009,about...