perts on the nation's electricity system point to a frighteningly steep increase in non-disaster-related outages affecting at least 50,000 consumers.
During the past two decades, such blackouts have increased 124 percent -- up from 41 blackouts between 1991 and 1995, to 92 between 2001 and 2005, according to research at the University of Minnesota.
This crisis began when the housing bubble burst. Capitalist banks were lending money to profit-seeking real estate developers to build houses. The same banks were lending money to
Soon there were more houses than the workers and the middle class could buy. The prices of homes fell. Mortgages could not be refinanced. Workers could not pay the steep increases in interest rates built into their loans. Banks stopped lending. Millions of households went into foreclosure.
<!--end paragraph--> <!--begin paragraph-->Put simply, people became homeless because there were too many houses! Not too many houses that were needed or already here, but too many houses that can be sold at a profit. Furthermore, the workers who build homes and all the workers who make the things that go into homes are losing their jobs because these homes can no longer be sold at a profit.
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That is the essence of all the capitalist crises that have occurred since the first crisis in 1825. It is the crisis of overproduction.