Pat Wall MP
“The folklore of the American 1929 crash—the popular picture—is that of millionaires, jobbers, brokers, company presidents and ex-rich investors throwing themselves from the windows of the stock exchange. Now they have built that building so that that is impossible. Those deaths represented a tiny handful of people, but many more people died as a result of the 1929 crash. In the years of depression that followed 1929 and the massive unemployment that occurred in Germany, in Britain and throughout the world, many people in ordinary families committed suicide. Many people died prematurely because of inadequate diet. Many people died prematurely because of diseases that could have been cured if they had had the money to seek treatment at that time. Many infants died in the first weeks and months of life because they lived in the appalling slums that existed in the cities of the world at that time. Therefore, nobody on the Labour Benches and no Socialist makes the prediction of the coming recession with pleasure.
“In recent weeks the Conservative party, officially through the Prime Minister, has said that Socialism is dead. It has been claimed that Socialism is an outmoded philosophy and that its support among the people of Britain will soon die. However, with the pressure of the stock exchange collapse, part of the Socialist ideals has been accepted by the Conservative Government. It may be argued that the stock exchange is of no relevance to the real economy and that is true. More than 90 per cent of the transactions that take place on the world stock exchanges have absolutely nothing to do with commerce and industry. They are concerned with gambling and speculation in shares, futures and currencies. They have nothing to do with the creation of wealth on a world scale. Wealth is created by the labour of working people in productive industries.
“It is on the basis of the wealth created in the productive sectors of the economy—as the Tory amendment partly recognises—that we can pay for the civilising parts of our life: health, education, sport, culture, the arts and all the things that make life richer and more noble. The belief that that is the role of the stock exchange shows that it is not Socialism that is old fashioned, but capitalism, which has gone back to the same old process of the inter-war years.
“There have been two old-style recessions since 1975, with two weak booms in between them. We now stand on the eve of an even more devastating recession in the world economy. As we have already seen with the BP farce, much of the gloss has been taken off so-called people's capitalism. Socialism stands for collective decisions and ownership of wealth, and the direction of industrial production to the needs of people and not to a handful of stock exchange speculators who benefit the most. Such Socialism is needed. It is a system of society which will become more attractive.
“We are moving into an era of people's Socialism, not people's capitalism. It is necessary, and although we have perhaps not said it very well in recent years, what we are trying to do is to build a plateau—not for the underwriters of the BP claim, but for millions of ordinary people. I refer to a plateau of decency and reasonable living standards, on which people can develop their personal talents, personalities and more satisfactory lives.
“Today is 5 November. On this day throughout the world millions of women will spend four hours collecting water and fuel—an economic activity that is not recorded anywhere in world statistics. How ironic that people are forced to that back-breaking labour in a world of yuppies, sunrise industries, space travel and enormous technological development. What sort of system are Conservative hon. Members defending when, in times of recession, only 70 per cent. or less of human productive resources are in use and, in boom times, it is only 80 per cent.? 19 October marked the end of people's capitalism and the beginning of a popular people's Socialism.”
I am proud to have known Pat and his mate Keith Narey, it is people like this who help to make a new future, by shafting the dominant ideology. Unfortunately they were born too soon
Pat Wall MP
“The folklore of the American 1929 crash—the popular picture—is that of millionaires, jobbers, brokers, company presidents and ex-rich investors throwing themselves from the windows of the stock exchange. Now they have built that building so that that is impossible. Those deaths represented a tiny handful of people, but many more people died as a result of the 1929 crash. In the years of depression that followed 1929 and the massive unemployment that occurred in Germany, in Britain and throughout the world, many people in ordinary families committed suicide. Many people died prematurely because of inadequate diet. Many people died prematurely because of diseases that could have been cured if they had had the money to seek treatment at that time. Many infants died in the first weeks and months of life because they lived in the appalling slums that existed in the cities of the world at that time. Therefore, nobody on the Labour Benches and no Socialist makes the prediction of the coming recession with pleasure.
“In recent weeks the Conservative party, officially through the Prime Minister, has said that Socialism is dead. It has been claimed that Socialism is an outmoded philosophy and that its support among the people of Britain will soon die. However, with the pressure of the stock exchange collapse, part of the Socialist ideals has been accepted by the Conservative Government. It may be argued that the stock exchange is of no relevance to the real economy and that is true. More than 90 per cent of the transactions that take place on the world stock exchanges have absolutely nothing to do with commerce and industry. They are concerned with gambling and speculation in shares, futures and currencies. They have nothing to do with the creation of wealth on a world scale. Wealth is created by the labour of working people in productive industries.
“It is on the basis of the wealth created in the productive sectors of the economy—as the Tory amendment partly recognises—that we can pay for the civilising parts of our life: health, education, sport, culture, the arts and all the things that make life richer and more noble. The belief that that is the role of the stock exchange shows that it is not Socialism that is old fashioned, but capitalism, which has gone back to the same old process of the inter-war years.
“There have been two old-style recessions since 1975, with two weak booms in between them. We now stand on the eve of an even more devastating recession in the world economy. As we have already seen with the BP farce, much of the gloss has been taken off so-called people's capitalism. Socialism stands for collective decisions and ownership of wealth, and the direction of industrial production to the needs of people and not to a handful of stock exchange speculators who benefit the most. Such Socialism is needed. It is a system of society which will become more attractive.
“We are moving into an era of people's Socialism, not people's capitalism. It is necessary, and although we have perhaps not said it very well in recent years, what we are trying to do is to build a plateau—not for the underwriters of the BP claim, but for millions of ordinary people. I refer to a plateau of decency and reasonable living standards, on which people can develop their personal talents, personalities and more satisfactory lives.
“Today is 5 November. On this day throughout the world millions of women will spend four hours collecting water and fuel—an economic activity that is not recorded anywhere in world statistics. How ironic that people are forced to that back-breaking labour in a world of yuppies, sunrise industries, space travel and enormous technological development. What sort of system are Conservative hon. Members defending when, in times of recession, only 70 per cent. or less of human productive resources are in use and, in boom times, it is only 80 per cent.? 19 October marked the end of people's capitalism and the beginning of a popular people's Socialism.”
I am proud to have known Pat and his mate Keith Narey, it is people like this who help to make a new future, by shafting the dominant ideology. Unfortunately they were born too soon