Workers Solidarity Movement

Up until 2006 all WSM articles published after 1990 were hosted as part of the Struggle collection on another server.  We hope to eventually move all the articles stored there to this site but in the meantime these subject indices take you to the pages still stored on that site.

“People who got mortgages they can’t afford to pay back were greedy and foolish and should suffer the consequences…They signed a free contract, they’re adults and they have to take responsibility for their actions”. This is the kind of thing that gets thrown around a lot in recessions. It conveniently ignores a few things.

A major financial company with 40,000 customers in the North has admitted that it charges 183.2% interest. This is no backstreet loanshark operation, Provident Financial is a completely legal and government regulated firm.

The official story is that the origins of the current crisis lie in the collapse of the US subprime mortgage market - i.e. poor people not paying their mortgages. Although this may have been the trigger event, it is not the real cause. The real cause lies in pyramids not houses. Specifically the enormous debt pyramid built up by the Western countries, particularly those following the Anglo-saxon economic model - which, unfortunately for us, includes Ireland.

Protest in support of communities which are victims of Dublin City Council/McNamara Properties collapsed Public Private Partnership Scheme

ABOUT 200 people took part in the ‘march for houses’, organised by the North Belfast Civil Rights Association on the anniversary of the famous civil rights march in Derry 40 years ago.

Members of Organise! Belfast WSM also participated in the march including members of most republican organisations and most notably Carrickhill residents association.

SUNDAY 5TH OCTOBER

FROM CARRICK HOUSE HOSTEL (carrickhill assemble1.30pm)
to
customs house square(Belfast city centre)

The recession in the economy means that working people are having to come to terms with growing house repossessions, below inflation pay-increases, and a steep rise in the cost of living. Meanwhile, property developers and banks are busy using the credit crunch and the downturn in the housing market to get Government bail outs, despite the fact that it was their speculative polices that helped created the mess in the first place.

While the rest of us are coming to terms with a deepening recession, growing house repossessions, stagnation in rises and steep rise in the cost of living. In the face of a so-called downturn in the housing market and credit crunch, the wealthy in the form of parasitic property developers and speculators expect to be bailed out by the Government for their calculated error in borrowing too much from Banks and leanding to first time buyers

The construction industry and the property market have well and truly collapsed. House prices have already fallen by about 20% since 2006 and the fall is set to continue for some years still.