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 | Translate: 翻译：               The Wall Street crisis and the failure of American capitalism华尔街危机和失败的美国资本主义 Wednesday, September 17th, 2008 周三， 2008年9月17日 By通过 Barry Grey巴里灰色 | The end of Lehman Brothers and Merrill Lynch, two of the largest Wall Street investment banks, one week after the government takeover of the mortgage finance giants Fannie Mae and Freddie Mac, marks a new stage in the convulsive crisis of American capitalism. |年底李曼兄弟证券和美林证券公司，两个最大的华尔街投资银行，一周后，政府接管的按揭贷款巨头Fannie Mae的和Freddie Mac ，标志着一个新的阶段，在惊厥的危机，美国的资本主义。 On Monday, global markets fell sharply in a sign of mounting panic and doubt over the stability of the entire US banking system.对周一，全球市场大幅下跌的一个迹象日益恐慌和怀疑的稳定，整个美国的银行体系。 Throughout Europe stock markets plunged by as much as 4 percent.在整个欧洲股市下跌高达4 ％ 。 The fall on Wall Street was even steeper, with the Dow Jones Industrial Average losing 504 points, or 4.42 percent.秋季对华尔街，甚至陡，道琼斯工业平均亏损504点，或4.42 ％ 。 There is every indication that the sell-off will intensify, with the full implications of the collapse of the two Wall Street banks as yet far from clear.有种种迹象表明，出售小康将加大，与全面影响的崩溃，两个华尔街银行还远远没有明确。 The immediate concern is the fate of American International Group (AIG), the world’s largest insurance company, and Washington Mutual, the largest savings and loan bank in the US, both of which are teetering on bankruptcy.切身关注的是，命运的美国国际集团（ AIG ） ，世界最大的保险公司，和华盛顿互惠，最大的储蓄和贷款银行，在美国，这两者都是摇摇欲坠的就破产。 The sudden demise of Lehman Brothers and Merrill Lynch has removed a huge amount of liquidity from the economy, as paper values built up over decades of speculation come crashing down.突然灭亡，李曼兄弟证券和美林证券已取消了大量的流动资金，从经济，作为文件的价值观建立起来的几十年的投机活动来撞毁。 This is capital that is needed to finance business operations, and its elimination will inevitably depress economic activity, fueling unemployment and recession, further undermining home prices and consumer spending, and further weakening the balance sheets of already financially shaken banks.这就是资本，就是所需要的金融业务，其消除将不可避免地抑制经济活动，带动了失业和经济衰退，进一步削弱了房价和消费者支出，并进一步削弱的资产负债表，已经在财政上动摇了银行。 A sea change is unfolding in the US and world economy that portends a catastrophe of dimensions not seen since the Great Depression of the 1930s.巨变正在展开，在美国和世界经济，这预示灾难尺寸以来从未见过的经济大萧条的20世纪30年代。 The fall of icons of American capitalism such as 158-year-old Lehman Brothers and 94-year-old Merrill Lynch can only lead to the further discrediting of the “free market” ideology of the US ruling elite, as well as its political and economic system.秋天的图标，美国资本主义的，如158岁的老人，雷曼兄弟和94岁高龄的美林，只能导致进一步抹黑的“自由市场”的思想，美国的统治精英，以及作为其政治和经济体制。 The spectacle of giants of capitalism drowning in debt piled up over decades of reckless speculation must inevitably discredit the social class—the American capitalist class—which is responsible for the debacle.该眼镜巨人的肩膀上的资本主义溺水的债务堆积几十年来鲁莽的投机必须无可避免地抹黑的社会阶层-美国资产阶级的-这是负责该崩溃。 The bromides that have been uttered by the official spokesmen for the government, the media, Wall Street and the political parties over the past year of mounting financial crisis have lost all credibility.该溴化已说出了由官方的代言人，为政府，媒体，华尔街和各政党在过去的一年里安装的金融危机已丢失了所有的信誉。 The assurances that the latest government bailout will stabilize the situation, that the US banking system is “fundamentally sound,” that the housing and credit markets are about to “turn the corner,” etc., reassure no one.保证最新的政府救助会稳定局势，认为美国的银行体系是“从根本上健全， ”住房和信贷市场即将“走出谷底”等，再向任何人。 On Monday, President Bush mouthed such phrases in a brief White House appearance.对周一，美国总统布什口等词组在一份简短的白宫的外观。 Treasury Secretary Henry Paulson at a White House press conference evaded questions about who was responsible for the financial disaster and instead declared that he was “focused on the future.”库务司司长唐英年保尔森在白宫举行的记者招待会上回避了问题谁负责金融灾难，反而宣称，他是“着眼于未来” 。 The presidential candidates, Republican John McCain and Democrat Barack Obama, made perfunctory statements that were remarkable only for their brevity and vacuity.总统候选人，共和党的麦凯恩和民主党巴拉克奥巴马，作出敷衍声明显着，只有他们的简洁和虚。 What is widely acknowledged, even in ruling class circles, as the greatest financial crisis since the Great Depression is unfolding in the midst of a presidential election.什么是人们普遍承认，即使在统治阶级的圈子，作为最大的金融危机以来的经济大萧条是在开展中的总统选举。 But it barely rates a mention by either the Republican or Democratic candidate.但勉强利率一提的，无论是共和党或民主党候选人。 Both parties and their candidates tip toe around a financial scandal of world historic proportions because they are equally implicated.当事双方和他们的候选人提示脚趾周围财务丑闻的世界历史性的比例，因为他们都同样有牵连。 They are both bound hand and foot to Wall Street and single-mindedly dedicated to the defense of American capitalism.他们都是约束，另一方面又步行到华尔街和单一心奉献给国防部的美国资本主义的特点。 McCain issued a statement demanding “reform” in Washington and on Wall Street and pledging to bring “accountability” to Wall Street.麦凯恩发表声明，要求“改革” ，在华盛顿和华尔街和认捐，使“问责制”华尔街。 This from a multi-millionaire whose campaign is being run by a bevy of lobbyists for Wall Street and other sections of big business.这从一个多百万富翁的运动，现正由一个bevy客为华尔街和其他章节的大生意。 His Democratic counterpart, Barack Obama, issued a predictably mealy-mouthed statement complaining that “too many folks in Washington and on Wall Street weren’t minding the store.” While attempting to pin the blame for the crisis entirely on the Bush administration—ignoring the “free market,” deregulatory policies of Democrats Jimmy Carter and Bill Clinton—he offered a mutual amnesty between himself and McCain, saying, “I certainly don’t fault Senator McCain for these problems…”他的民主对口，巴拉克奥巴马，发出料粉口声明中抱怨说： “有太多的乡亲在华盛顿和华尔街不扫门前雪商店” ，而企图以销归咎于危机完全是对布什政府-无视“自由市场” ，放宽规管政策的民主党人卡特和比尔克林顿-他提供了一个相互之间的大赦自己和麦凯恩说， “我当然不故障麦凯恩参议员这些问题… … ” These events are signposts in the historic failure of American and world capitalism.这些事件是路标，在历史性的失败，美国和世界资本主义。 For the working class, they mean a rapid growth of unemployment, poverty, homelessness and social misery.为劳工阶层，他们所指的快速增长，失业，贫困，无家可归和社会的苦难。 The government, Wall Street and both political parties will seek to place the burden for the consequences of their own greed and incompetence squarely on the backs of working people.政府，华尔街和两个政党将寻求地方负担的后果，他们自己的贪婪和无能，正视对背上的劳动人民。 The collapse is devastating ever wider layers of the population, including those who have worked on Wall Street and received some of the financial benefits of the speculative boom.崩溃是毁灭性的不断扩大层的人口，包括那些谁工作，对华尔街和收到的一些财务的好处的投机热潮。 Some 26,000 Lehman employees are not only out of a job, with few prospects of finding similar employment elsewhere, but as owners of 25 percent of the company’s stock they have lost a combined $10 billion, wiping out their savings and retirement funds.一些雇员26000雷曼兄弟不仅是出于对就业，除了少数的前景找到类似的就业其他地方，但作为业主的25 ％ ，该公司的股票，他们失去了一个联合100亿美元，消灭他们的储蓄和退休基金。 Tens of thousands of employees at Merrill Lynch and Bank of America will lose their jobs in the merger of the two firms, adding to the 110,000 jobs slashed in the US financial services industry over the past year.数以万计的员工，美林证券和美国银行将失去工作，在合并的两家公司，加入到110000职位削减在美国的金融服务行业在过去的一年中。 The broader implications of the mounting financial crisis were signaled by Hewlett-Packard’s announcement Monday that it was cutting 25,000 jobs.更广泛的影响日益严重金融危机的信号，由惠普公司的周一公布，这是削减2.5万就业机会。 Many of those who precipitated this economic disaster, on the other hand, will profit handsomely from the debris they have left behind.许多这些沉淀，这谁的经济灾难，另一方面，将利润可观，从碎片，他们留下了。 Hedge funds and other short-sellers, who bet on the collapse of corporations, are even now speculating furiously on the demise of the remaining Wall Street firms, Morgan Stanley and Goldman Sachs, as well as big commercial banks such as Bank of America.对冲基金和其他卖空，谁赌注押在崩溃的公司，甚至是现在就猜测，拼命地消亡，其余华尔街公司，摩根士丹利及高盛公司，以及大商业银行，如美洲银行。 William Gross of the nation’s largest bond fund, Pimco, took in $1.7 billion last week by betting on—and publicly agitating for—a government takeover of Fannie Mae and Freddie Mac.威廉毛额的全美最大的债券基金， pimco ，发生在17亿美元，上周投注就和公开鼓吹为政府接管Fannie Mae的和Freddie Mac 。 The emergency talks over the weekend, involving the heads of the major commercial and investment banks and led by Treasury Secretary Paulson and top Federal Reserve officials, centered on rescuing Merrill Lynch and orchestrating an orderly liquidation of Lehman.紧急会谈上周末，涉及元首的主要商业和投资银行和领导的库务局局长保尔森和美国联邦储备顶端官员，围绕着挽救美林和策划一个有秩序的清理结束雷曼。 Under pressure from Paulson and the Fed, Merrill agreed to sell itself to Bank of America, the largest consumer commercial bank in the US.压力下，保尔森和美联储，美林同意出售自己美洲银行，最大的消费商业银行在美国的。 At the same time, there were frantic negotiations over the fate of AIG, which faces bankruptcy unless it can raise tens of billions of dollars in capital.在同一时间内，有疯狂谈判的命运，美国国际集团，面临破产，除非它可以提高数以百亿元计的资金。 When US markets opened Monday, AIG was asking for emergency loans from the Fed to stave off collapse.当美国市场的开放，周一，美国国际集团是要求紧急贷款，从美联储避免崩溃。 A failure of AIG threatens to bring down the entire credit system both in the US and internationally, because the company holds a large stake in the multi-trillion-dollar, unregulated market in so-called “credit default swaps.” AIG has sold CDS contracts to banks, hedge funds and big investors all over the world, under which it guarantees the mortgage-backed debt of a wide range of companies in the event that they default.失败AIG的威胁把整个信用体系，无论是在美国和国际上，因为该公司拥有大量股权，在多万亿美元，不受管制的市场，在所谓的“信用违约掉期”美国国际集团已售出的CD合同，以银行，对冲基金和大投资者遍布世界各地，根据该担保按揭贷款支持的债务范围广泛的公司，一旦他们的默认。 If AIG should go under, the value of the debt which it insures would fall to an unknown level, destabilizing the credit markets and threatening a chain reaction of defaults and bankruptcies.如果AIG的，应转到下，债务价值，它的保险将属于一个不为人知的水平，破坏了信贷市场，并威胁连锁反应，拖欠和破产。 The events of the past two weeks demonstrate that the American financial aristocracy is plunging the entire country into bankruptcy.事件过去两个星期，表明美国金融贵族是使整个国家陷入破产。 These events are themselves climatic moments in a protracted process.这些事件本身的气候时刻，在一个长期的过程。 For three decades, the “free market” has been elevated to the status of a secular religion in the US, with the capitalist market as its god and socialism as its devil. 3几十年来， “自由市场”已被提升到的地位，一个世俗的宗教在美国，与资本主义市场作为其上帝和社会主义作为其魔鬼。 This period, under both Republican and Democratic administrations, has seen the wholesale dismantling of the productive base of the US economy, at the cost of millions of jobs and the living standards of the American working class.这期间，根据双方的共和党政府和民主党政府，已经看到了批发拆除了生产基地，美国经济在成本百万计的就业机会和生活水准的美国劳工阶层。 In the name of the supposed infallibility of the market, the operations of big business have been deregulated, removing all legal restraints on corporate profit-making and fueling the accumulation of ever more obscene levels of wealth in the hands of a financial oligarchy.在名称假定infallibility的市场份额，业务的大企业已经放松管制，消除所有的法律限制，对公司利润的决策和加油的积累，越来越多色情水平的财富在手中的一个金融的寡头政治。 A vast process of social plunder has occurred, in which the wealth of the country has been redistributed from the bottom to the very top.广阔的过程中，社会已发生掠夺，在其中的财富，该国已重新分配，从底部到顶部非常。 The scrapping of huge sections of industry and the immense growth of social inequality are the hallmarks of the historic decline of American capitalism.取消庞大的部分工业和巨大的增长，社会不平等是标志的历史性的下降，美国的资本主义。 At the heart of this decay is the separation of the process of personal enrichment of the ruling elite from the material process of production.在心脏，这衰变是分离的过程中个人致富的统治精英从物质生产过程中。 The United States has become the world leader not in manufacturing technology or industrial power, but in financial speculation and parasitism.美国已经成为世界领导人不要在制造技术或工业用电，但在金融投机和寄生性。 As Floyd Norris, the economics columnist of the New York Times , put it on Friday, “During recent years, Lehman—along with many competitors—went on a borrowing binge to buy assets with as little money down as possible.”作为弗洛伊德诺里斯，经济学的专栏作家新的纽约时报 ，把它星期五“期间，近年来，雷曼兄弟-随着许多竞争对手-到对借款狂欢购买的资产作为一点钱下来，尽可能” 。 By its very nature, the parasitism of American capitalism has generated corruption and criminality on an unprecedented scale.就其性质而言，寄生的美国资本主义已经产生的腐败和犯罪行为对以前所未有的规模。 Wall Street CEOs have awarded themselves tens of millions and even billions in compensation, in an utterly irrational and socially destructive squandering of social resources for the benefit of private greed.华尔街的CEO已经批出自己的几千万，甚至数十亿美元的赔偿，在一个完全不合理的和社会的破坏性浪费社会资源，造福于私人的贪婪。 At the end of 2007, for example, the Lehman board awarded CEO Richard S. Fuld a compensation package worth more than $40 million.在2007年年底，举例来说，李曼兄弟证券委员会颁发的首席执行官理查德美国fuld一的补偿方案，价值超过4000万美元。 According to Reda Associates, he can expect to collect $63.3 million if he is terminated.据香港地产建设商会联系，他可以预期，以收集六千三百三十〇点〇 〇万美元如果他是终止。 In 2004, he paid $13.75 million for an ocean-front home in Jupiter Island, Florida, adding to his other properties, including a home in Sun Valley, Idaho.在2004年，他支付了一千三百七十五点○○万美元为一海洋战线的家中木星岛，佛罗里达州，再加上他的其他财产，包括一个家在孙谷，爱达荷。 Joe Gregory, a former president of Lehman, used to travel to work in a helicopter.乔格雷戈里，前总统李曼兄弟证券，用于旅游工作在直升机上。 He recently put his 9,500-square-foot ocean-front home in Bridgehampton, New York on the market for $32.5 million.他最近提出他的9500平方英尺的海洋战线的家中bridgehampton ，新的纽约市场三千二百五十点零零零万美元。 The Financial Times recently reported that compensation for major executives of the seven largest US banks totaled $95 billion over the past three years, even as the banks recorded $500 billion in losses. 金融时报最近报道说，赔偿的主要行政人员的七个美国最大的银行总计950亿美元在过去3年，即使银行录得5000亿美元的损失。 The question of precisely who and what is to blame for the greatest economic disaster in more than three quarters of a century is something that will not and cannot be raised by any section of the political or media establishment.问题正是谁和什么是咎由自取，最大的经济灾难，在四分之三以上的一个世纪是一些不会也不可能提出任何部分的政治或媒体的建立。 Since the eruption of the current crisis, there have no been serious congressional hearings, no public investigations, no attempt to hold anyone accountable.爆发以来，目前的危机，有没有被严重的国会听证会，没有公开调查，没有尝试追究任何人的责任。 Massive government interventions into the supposedly sacrosanct precincts of the “free market,” for the purpose of bailing out giant Wall Street firms, including the biggest government takeover of corporate entities in US history, have been carried out without any public debate or significant opposition from either political party.大规模的政府干预纳入理应神圣不可侵犯的选区的“自由市场”为目的的救助巨人华尔街公司，包括最大的政府收购的法人实体，在美国历史上，已进行了没有任何公开辩论或显着反对无论是政党。 This, while millions of Americans are losing their homes and their jobs as a result of predatory corporate practices!这一点，而以百万计的美国人正在失去他们的家园和就业机会，由于掠夺性的企业行为！ Certain conclusions must be drawn from the crisis of the American economic and political system.某些结论，必须从危机的美国经济和政治制度。 There is no solution within the framework of the profit system.有没有解决办法的框架内与利润的制度。 What is needed is a socialist program that places the needs of the people before the profits and personal fortunes of the ruling elite.所需要的是社会主义计划，地方人民的需要，之前的利润和个人财富的统治精英。 The entire financial system must be taken out of private hands and nationalized in the form of a public utility under the democratic control of the working class, with provisions taken to safeguard the holdings of small depositors and share-holders.整个金融体系，必须采取走出私人手中，并在国有化的形式，公用事业下，民主党控制的劳动阶层，与规定的采取，以保障持有的小存户和分享持有人。 It must be subordinated to the social needs of the people and dedicated to developing and expanding the productive forces in order to eliminate poverty and unemployment and vastly improve the living standards and cultural level of the entire population.它必须服从于社会人民的需要和致力于发展和扩大生产力，以消除贫困和失业，大大提高的生活水平和文化水平，整个人口。 Those who are responsible for the economic catastrophe must be called to account.这些谁负责的经济灾难，必须以所谓的帐户。 Criminal investigations should be undertaken with appropriate sanctions for those who have plundered the social wealth.刑事调查应与适当的制裁对于那些谁也掠夺社会财富。 A full public accounting should be made of the hundreds of billions that have been diverted to private bank accounts through fraud and criminality.充分的公共会计应作出的数千亿已转入私人银行账户，通过欺诈和犯罪行为。 Such gains should be seized and used for the public good.这种收益应该抓住并用于社会公益。 The only social force that can carry this out is the working class.只有社会的力量，能够进行这是工人阶级。 It requires a clean break with the Democratic Party and the two-party system and the mobilization of the immense social power of the working class in its own party, on the basis of a revolutionary socialist program.它要求划清界限，与民主党党和两党制度和调动了巨大的社会力量的劳动阶层在自己的党，在此基础上的一个革命性的社会主义计划。 This is the program fought for by the Socialist Equality Party.这是该计划争取由社会主义平等党。 Have Your Say: The Wall Street crisis and the failure of American capitalism 你说：华尔街危机和失败的美国资本主义 Please read our请阅读我们的 posting guidelines before posting发布指引，然后再发布 . 。 Alternatively或者 you can discuss this report here您可以讨论此报告在这里 . 。 Related News 相关新闻
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