A political analyst says American banks and corporations have launched an all-out war against the country's working class, Press TV reports."The reality of the situation is that there is an all-out war on working people being waged by the huge banks and corporations," Ralph Schoenman said in an interview with Press TV.
"We've just seen a scandal in Washington focused around the fact that J P Morgan Chase has been pursuing precisely the policies of speculative paper shuffling through derivatives involving endless billions of dollars, which are acknowledged, in fact dwarfing what was being done in 2008 at the time of the last great crash," he added.
"In that setting in which banks are profiteering as never before and which in fact off-shoring of huge assets on the part of banks and corporations is a standard every day event, the people of the United States, the people who work for a living, the people who are trying to hold onto the homes are in crisis mode," Schoenman explained.
The analyst also noted that the US economy is in freefall because wages as a percent of the economy are at an all time low.
Schoenman blamed the Democratic Party and US President Barack Obama
On this Memorial Day, as our nation honors its unbroken line of fallen heroes -- and I see many of them in the audience here today...
"for the vast escalation of this war on working people."
The analyst warned that the current financial crisis is deep and endemic.