Pundits may try to pin the blame for the banking crisis on a few bad apples but in fact, says SchNEWS, all the markets were doing is what they are supposed to do – chasing after the largest amount of profit in a single-minded ruthless way.

The IWCA argues that until the left takes a resolutely democratic, pro-working class approach, it won’t get the chance to sever capital’s jugular vein – and nor will it deserve to.

While 140,000 HBOS and Lloyds bank workers across the UK and internationally face huge uncertainties as to whether they will have a job in a few months’ time, the sole concern exhibited by the Scottish political parties has been to prop up the financial services industry…

Bradford and Bingley – British government nationalises second failing bank

The next move, presumably, will be to nationalise the country’s gambling debts. To revive confidence amongst blokes in betting offices, the Government will hand over £300bn to cover the money they’ve lost…

The best case for the abolition of private ownership of production and finance is now being made by capitalism itself, says Paul Feldman . Banks which until just a few months ago were firmly in the private sector are now state owned or controlled – and the world has not come to an end!

“Real progress towards solving the world’s problems, poverty or climate change most prominently, would mean that the vast bailouts and injections
of money that have been announced in recent days were not merely another form of ‘socialism for the rich’, but used to fundamentally reform global financial architecture.”

“You almost want to shake their hands in admiration. The total amount of city bonuses for the last year, it turns out, is £12.6bn. Which is more, apparently, than the nation’s entire budget for transport…”

Brown at Britain’s Labour conference: Bailout for banks, nothing for jobless and homeowners.

As usual, today’s disasters come fully equipped with their own myths to service the naive – the economy is no exception.

For years we’ve heard the mantra that the free market must be allowed to run unfettered – yet the most ‘capitalist’ governments are nationalising huge companies left, right and centre. It all goes to show, says SchNEWS that capitalism is a myth – and the sooner we stop wasting money propping it up, the better.

Lloyds TSB takeover of HBOS leaves Britain’s banks in trouble.

Mark Steel on the ongoing financial crisis.

The Government’s £50 billion package for the banking industry has shown us who is really in charge. The Morning Star reports.

Prem Sikka contends that the financial crisis is a systemic one and so institutional reforms are essential.

What began as a crisis of liquidity for one bank has become a major political crisis for the British government, writes Ann Talbot.

Will Northern Rock be bailed out by the public?