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By H. Gautney

This publication info the heritage of the alter-globalization protests during the last decade and the makes an attempt via a number of teams at the worldwide left to construct possible choices to neoliberal improvement in the course of the mechanism of the area Social discussion board. Gautney analyzes ongoing contests over political association and technique between 3 of the main well-liked teams at the modern left—social and liberal democratic NGOs, anti-authoritarian (anarchist) social hobbies, and political events. Highlighted are the demanding situations those teams face in constructing new, egalitarian social associations and democratic political courses in the middle of turbulent times.

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In 2006, housing prices began dropping sharply, creating astronomical rates of foreclosure. Fannie and Freddie responded by lowering their standards even further and backing riskier mortgages, including loans that did not require proof of income, which accounted for half of Fannie and Freddie’s losses in the second quarter of 2008 (Semuels, 2008). At the same time, big investment banks started to withdraw from the mortgage lending business. According to Charles Duhigg, “lawmakers, particularly Democrats, leaned on Fannie and Freddie to buy and hold those troubled debts, hoping that removing them from the system would help the economy recover.

After tens of thousands of people were left stranded on bridges or in emergency situations, the federal government and agencies like the Foreign Exchange Management Act (FEMA) refused, for some time, to act or take responsibility for the infrastructure failure. Similar to Gray Davis in California, New Orleans Mayor Nagan appealed to the feds, but FEMA turned to the American public, encouraging them to volunteer and donate their time and money. At least for a time, it was all too easy to blame the victim.

For example, the American International Group (AIG) was slapped on the wrist by a House Committee on Oversight and Government Reform for spending $440,000 on a corporate retreat at the St. Regis Monarch Beach resort in Dana Point, California, one week after the Federal Reserve gave it an $85 billion emergency loan (FoxBusiness, 2008). AIG was just one of the many companies that gambled the market on mortgagerelated assets, not to mention corporate fraud. 64 billion settlement with the Justice Department after being caught in bid-rigging schemes, using fraudulent insurance transactions to bolster its earnings, and underreporting its tax liabilities (Morgenson, 2006).

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