The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1929-12-24
The Coming of An Economic Crisis in
the United States

sharp, short recession mild and longer
depression is stronger than in other panic
conditions" Emphasis mine, w. W..
An interesting by-product of the stock ex-
change crash is the admission of the bour-
geois press, in trying to minimize the losses
on the exchange, that the broad masses of
workers, who previously were reputed to be
large holders of stocks, have in reality an in
significant, unimportant share of the stock
distribution.
Over-production stares American bourgeois
society in the face The problem of the adj
vance of production and the tagging of the
market is the fundamental question for Amer
lean capitalism, which is only sharply aggra-
waited by the end of the business boom. The
conference of the president and the assur-
ances that employment will continue, will not
solve this problem. The aim of the pres-
dents conferences is to try to mobilize the
small savings of large strata of the popula-
ton to help out in the present difficult situa-
ton. 1t is likewise designed to forestaI
drop in instalment buying, which has been one
of the means of extending the internal mar
ket during the recent prosperity.
American capitalism will aim to overcome
the crisis by new wave of naturalization,
wage-cuts, lengthening of hours and speed-up
The "Chicago Daily Tribune" reporter, in the
issue of November 18th, hits upon the purpose
of the conferences and the formation of an
economic council when he says that it repre-
sents "a sort of naturalization formerly APP
piled to productions in separate industries,
is applied to the entire economic field"
The consolidation proposals. well as the
construction program will be mainly directed
towards war industries and war preparations.
Already new wage cuts are being introduced
in textile, shoe, mining, ETC.; and speed-up is
being increased in automobile and other indus
tries. The workers are resisting this drive
of the bosses, which resistance is mourning
the fierce repression of the state. A cam
paign of terror against the Communist Party
is under way, aimed at making the Party il
legal and cutting off the working class from
their advance guard. Already sedtion charges
have been brought against the leadership of
the Chicago district of the Party, as we'll as
number of other districts. This terror cam
paign only foreshadows the most repressive
measures that will be undertaken by the capt.
talist class against the fighting workers who
will combat unemployment and the lowering
of the living standards arising from the de-
veloping economic crisis.
The coming of the economic crisis which will
be under way at the turn of the year gives
the answer to the social reformists of all
stripes, the Lovestoneite renegade opportun-
lists in particular in regard to their excep-
tionalist theory for American industry. 1t is
an answer particularly to their conception of
the softening of the inner contradictions
The end of the business boom, which with a
short period of depression in 1927 lasted for
eight years, will signify tremendous inten-
sification of all fundamental inner and outer
contradictions of American capitalism, as we'll
as sharpening of the world crisis A period
of sharp class battles is ahead of the Amer
lean working class, for which the Communist
Party is preparing itself The present situa-
on places before the Party the task of in
creasing the tempo Of tn, Boshevization pro-
cess which is now under way and for more
intensified struggle against social rcformism
Is. P. and A. +. L. bureaucrats, and particu-
larly all shades of Left social reformism and
Mysticism