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Today's
Stories
August 2, 2007
Paul Craig Roberts
The Return of the Robber Barons
Robert Fantina
Still Getting It Wrong: the NYT and
Iraq
Chris Floyd
Chertoff, Chiquita and Death Squads
Anthony Papa
Drug Treatment isn't a Silver Bullet
August 1, 2007
Debbie Nathan
More Secret Payments by Former NYT
Reporter to Web Porn Star Surface in Nashville Courtroom
Fred Gardner
Ciao, Michelangelo
Gary
Leupp
Why Iraq's Best-Loved Athlete Can't
Go Home
David
Rosen
America's Top 10 Political Sex Scandals
Winston
Warfield
Is the Tillman Case Still a Coverup?
Daniel
McBride
Lessons from Bomber Harris: If the
US Strikes Pakistan
Glen
Ford
The Corporate Plan to Crush Black Resistance
Thomas
P. Healy
The Toxic Career of Indiana's Environmental
Commissioner
John
V. Whitbeck
The Five Percent Solution
David
Krieger
Nuclear Weapons and the University
of California
Website
of the Day
The Tragic Story of Hisham
Mohammed
July 31, 2007
Kathy
Kelly
Dancing in the Darkness: the Story
of Abu Mahmoud
Clancy Sigal
The Ghosts of Passchendaele
Paul Krassner
Assholes of the Week: From Baby
Doll to Cheney
Joe
DeRaymond
Return to the Republic of Death?
Diane
Christian
"Winning": What Bush
Could Learn from the Shade of Achilles
Chris
Floyd
Good News is No News: Why the Bush
Adm. Buries Accounts of Extremist Recantations
Ramzy
Baroud
Bush's Real Agenda in Palestine
Alan
Farago
Battle for the Soul of Florida
Fidel
Castro
In Spite of Everything: Reflections
on the Pan American Games
Dan
Bacher
The Fish Terminator: Schwarzenegger's
Campaign to Build the Delta Canal and More Dams
July 30, 2007
Marjorie Cohn: Independent Counsel
Time
Patrick Cockburn
Four Million Iraqis on the Run
Peter Quinn
Irish in America
Uri Avnery
A Warning to Tony Blair
John Ross
Zapatista Intergalatica Lands on Earth
Ron
Jacobs
Free the San Francisco 8
David
Vest
Farewell,
Old Friend: Another Legend of the Blues is Gone
Jeffrey
St. Clair
T99 Nelson: Seduced by a Legend of the
Blues
Website
of the Day
Collateral Repair
Project
July
28 / 29, 2007
Alexander
Cockburn
Now the NYT is Selling "Bloodbath"
as a Rationale to Stay in Iraq
Ralph
Nader
Rotten Justice
Robert
Fantina
American Lies and Iraqi Nationalism
Fred
Gardner
Prohibitionists Attack, Reformers
Fundraise
Yves
Engler
Handwashing and the Bottomline
July
27, 2007
John
Ross
Bombing Pemex--or Not?
Arthur
Neslen
Gaza was a Gas for Blair
Dave
Lindorff
Declaring the US a Battlefield: Martial Law is Now a Real
Threat
Julene
Blair
The Environmentalist Within
Christopher
Brauchli
Bush Uses Children as Shock Troops in His War on Socialized Medicine
Jesse
Hagopian
Fund the Wounded, Not the War
Charles
Modiano
Manufacturing a Villain: Sports Illustrated's Vilification of
Barry Bonds
Bill
Day
The Hollow Environmentalism of Leonardo DiCaprio
Walter
Brasch
Leaders Afraid to Lead
M.D.
Mitchell
Farm Based Camps
Website
of the Day
Fighting Sarcoma
July
26, 2007
Kathleen
Christison
The Siren Song of Elliot Abrams
Andy
Worthington
Why the Pentagon's Gitmo Study is a Joke
Clancy
Chassay
How the Bush White House Seeks to Destroy Lebanon
Marjorie
Cohn
Showdown Over Executive Privilege
Susie
Day
Apartheid Americana
David
Price
Tour de Witch Hunt: Drugs, Diaries and Purges
Marie
Trigona
Argentina's "Dirty War" Crimes Trial: The Torturer
Priest
Norman
Solomon
Media Spin on Iraq: We're Leaving (Sort Of)
William
S. Lind
How to Win in Iraq
Natsu
Saito
Ward Churchill and the Regents at the University of Colorado
John
Stauber
Netroots and the Iraq War: Does Ending It Matter to Them Anymore?
Website
of the Day
Sticking It to the Man
July
25, 2007
Andy
Worthington
Gains and Losses at Gitmo
Gary
Leupp
Bush Speechwriter, Michael Gerson, Calls for Attack on Syria
Ray
McGovern
The Sad Decline of John Conyers
Dr.
Susan Block
Bonobo Bashing in the New Yorker
Joshua
Frank
Hillary's Neocon: the Imperial Vision of Richard Holbrooke
Tina
Richards
What Harry Reid Doesn't Know About His Own Bill
Ben
Terrall
Indonesia's Bloody Brand of CounterTerrorism
Farzana
Versey
God Acquitted!: Lessons from the Case of Darwood Ibrahim
Mohammad
Ali Salih
A Bomb in My Briefcase?
Laura
Carlsen
A Strange Homecoming: Reflections on the First US Social Forum
Ron
Jacobs
Come to Kennebunkport!
Sunsara
Taylor
Knocked Up is F**ked Up
Website
of the Day
Wal-Mart's Flip Flops: Feet Killers
July 24, 2007
Saul
Landau
How to Walk in Bushtime
Kathy
Kelly
The Plight of Iraqi Refugees in Jordan
Russell
Mokhiber
The Michael Vick / George Bush Thing
M.
Shahid Alam
Islam Now, China Then
Patrick
Cockburn and Anne Penketh
Meeting in Baghdad
Dave
Lindorff
Overcoming John Conyers
Binoy
Kampmark
You Tube You Can't: Failure of a Medium
Richard
Neville
Murdoch's Transplant: a Warning to the Wall Street Journal
Cindy
Sheehan
We Must Move Beyond Politics as Usual
Evelyn
Pringle
Anti-Depressants and Birth Defects: Why is the CDC Downplaying
the Risks?
Norman
Solomon
Media Corrections We'd Like to See
CP
Newswire
Reading Harry Potter Not Sinful
Website
of the Day
Sea Islands Black Heritage Festival
July
23, 2007
Andy
Worthington
Narcolepsy on Gitmo Detainees
Uri
Avnery
A Trap for Fools
Patrick
Cockburn
Turkish Prime Minister Threatens to Invade Northern Iraq
Sousan
Hammad
The Children Without a Title
John
Walsh
Todd Gitlin's Nader Fixation
Harvey
Wasserman
Spinning Kashiwazaki: PR Flacks Rush to Aid of Crippled Nuke
Martha
Rosenberg
The Life and Times of a Hog-Hanging Farmer
Collin Baber
Here
Come the MRAPs: Resurrecting Apartheid Armor for Iraq
Reza
Fiyouzat
Iran's Forgotten Anti-Nuke Movement
Stephen
Lendman
Saving a President: Scare-Mongering and Executive Orders
Website
of the Day
The Port Huron Project
July
21 / 22, 2007
Alexander
Cockburn
Giuliani and the Dogs of War
Werther
How to Read a National Intelligence
Estimate
Ralph
Nader
Atomic Blowback
David
Keen
Buy Hard: How to Sell an Endless War
Fred
Gardner
Karl Rove, Pothead: When Good Drugs Happen to Bad People
Gary
Leupp
Edelman's Edict: Is Hillary "Reinforcing Enemy Propaganda?"
Robert
Fantina
Fear in Iraq
Saker
The Future of Palestine: an Interview with Jonathan Cook
Rannie
Amiri
Nasrallah in the Crosshairs: How will the Third Lebanon War Start?
Mike
Whitney
The Crisis in Hedgistan
Dr.
Susan Rosenthal, MD
The Hidden Injuries of Powerlessness: Linking Alienation and
Dissociation
Monica
Benderman
Facing the Truth
Dan
Bacher
Deltagate: the Politics of Fish Kills
Michael
Baney
Fujimori's Long Race From Justice
Missy
Beattie
Here, There and Everywhere
Ron
Jacobs
Tremble, Tyrants
Adam
Engel
Radical Language: an Introduction
Thomas
Naylor
California Split: an Open Letter to Schwarzenegger
Poets'
Basement
Landau, Ford and Engel
Website
of the Weekend
Surge in Action
July
20, 2007
Eliza
Szabo
Fatal Neglect: Civilian Casualties
in Afghanistan
Pam
Martens
Doctoring the News: CNN's Sanjay Gupta, Laura Bush and Merck
Alan
Farago
Winners and Losers in the Housing Market Crash
Harvey
Wasserman
Lies and Leaks: The Earthquake That Screamed "No Nukes!"
Marjorie
Cohn
Iraqis will be the Deciders
Dave
Zirin
White Noise and the Black Athlete
Anthony
DiMaggio
American Public Opinion and Israel
Scott
Liebertz
Oaxaca on Edge
Linn
Washington, Jr.
British Cops Assault Rape Allegations
Bill
Piper / Anthony Papa
Flying High?: The Political Junkets of Bush's Drug Czar
Ramzy
Baroud
Bush's War Policy: When Time Heals Nothing
Website
of the Day
The Prankster Art of Mark Jenkins
July
19, 2007
Patrick
Cockburn
The Next Invasion of Iraq
Remi
Kanazi
Is This Ben Gurion or Hell?: a Palestinian Adventure Through
Israel's Largest Airport
Winslow
T. Wheeler
The Surging Costs of the Iraq War
Sharon
Smith
Democrats and Health Care: Behind the Rhetoric
Dave
Lindorff
Killing Cabbies in Iraq
Conn
Hallinan
Have Gun, Will Travel: Mercenaries in Iraq and Afghanistan
D.
K. Wilson
The Michael Vick Case Pulls Back the Veil on Who We Really Are
Joshua
Frank
Democrats as Leviathan: Another Step Toward War with Iran
Norman
Solomon
The Ghost of Wayne Morse
Russell
Hoffman
Rattling the Reactor: Quakes, Fires and Leaks at the World's
Largest Nuke
Ray
McGovern
Bush's Wooden Headedness Kills
Website
of the Day
Protesting Power
July
18, 2007
Brenda
Norrell
Spy Towers on the US Border
Col.
Dan Smith
How the US Could "Lose" Saudi
Arabia
Martha
Rosenberg
Lord of Crookharbour: the Trial of Conrad Black
Conn
Hallinan
Bombing and Spraying Afghanistan
Binoy
Kampmark
The SIM Card Terror Case
Patrick
Bond /
Rehana Dada
Who Killed Sajida Khan?
Tom
Johnson
The Long Road ... to Nowhere
Paul
Craig Roberts
A Free Press or a Ministry of Truth?
Bob
Quellos
Pushing the Poor Out of House and Home
Felice
Pace
Falling for Lieberman's Iran Resolution
Robert
Weissman
National Health Insurance: More Humane and More Efficient
CP
Newswire
Shocking Report Showing Involvement of US Psychologists in Torture
Website
of the Day
Gilad Atzmon Live!
July
17, 2007
Patrick
Cockburn
Just Another Day in Iraq: 100 Fathers,
Mothers and Children Killed
Marjorie
Cohn
Out of Control: Executive Power Plays
Evelyn
Pringle
Inside Bush's FDA
David
Rosen
Moral Hypocrisy on the Hill: the Christian Right, Sexual Scandal
and the Pleasures of the Courtesan
Susan
Miller
Width Matters: Displacement and Israel's Wall
Franklin
Lamb
Did the UN Cave to Israel on Lebanon's Shabaa Farms?
Don
Monkerud
Considering Victory in Iraq
Harvey
Wasserman
Nuclear Surge
Russell
Hoffman
Japan Dodges a Radioactive Bullet
Dave
Lindorff
Feingold Turns to Dross
Dave
Zirin
Reclaiming Sports as True Fiction
Website
of the Day
Che at the UN: 1964
July
16, 2007
Gary
Leupp
Cheney Urges Bush to Strike Iran
Ellen
Cantarow
The Untold Story of Iraqi Women
Paul
Craig Roberts
Impeach Now
Allan
J. Lichtman
The D.C. Madam's Public Service
Dan
Bacher
Cheney and the Klamath: Was the Veep Behind the Nation's Worst
Salmon Kill?
Patrick
Cockburn
The Killing of Khalid W. Hassan
Manuel
Garcia, Jr.
Property is Racism
James
Brooks
AIPAC and Mahmoud Abbas: the Undemocratic Road to Defeat
Liaquat
Ali Khan
The Judicial Crisis in Pakistan
Julie
Flint
Suleiman Jamous in Limbo
Website
of the Day
Free Suleiman Jamous!
July
14 / 15. 2007
Alexander
Cockburn
Support Their Troops?
Andy
Worthington
Gitmo's Tangled Web: Khalid Sheikh Mohammed, Majhid Khan, Dubious
US Convictions and a Dying Man
Ralph
Nader
Lawlessness, Waste and Incompetence
Robert
Fantina
The Illegalities of the Iraq War
Ron
Jacobs
Architecture as Military Strategy
Joshua
Frank
Eat, Fight, Screw, Pray: An Interview with Joe Bageant
Conn
Hallinan
Guns, Foundations and Free Trade: How the Right Targets Africa
Dr.
Susan Rosenthal, MD
War and Dissociation
John
Ross
No En Nuestro Nombre!: a Letter to the Mexican Antiwar Movement
Fred
Gardner
Who's Afraid of Cannabidiol?
Rannie
Amiri
A Primer on Israeli Doublespeak
Charles
Modiano
ESPN's Rap Sheet: Pacman as Black Man
Anthony
DiMaggio
America's Parochial Press
China
Hand
Executive Orders and Coercive Diplomacy
Missy
Comley Beattie
Reprobate Rhetoricians
Dr.
James J. Murtagh, Jr.
Harry Potter Battles Big Brother
Kenneth
Rexroth
On Thomas More's "Utopia"
Poets'
Basement
Engel, Davies and Orloski
Website
of the Weekend
GOP Sex Hypocrites: a Slideshow
| August
2, 2007
An Open Letter to Barney Frank
The
Toxic Mortgage Waste Crisis
By ALAN
FARAGO
What’s
not to like about Barney Frank, the tough talking Congressman from
Massachusetts, chairman of the House Financial Services Committee?
He
is one of the smartest guys in the Democratic camp, a thick skin
and a slight lisp that says, “Go ahead, test me. Make my day.”
But
Barney, you need advice.
In
good times, a tame federal regulatory atmosphere satisfies Wall
Street and its massive campaign contribution capacity. A slap here,
a slap there. For instance, committee hearings on biased lending
practices. That's bread and butter stuff. The white shirts filter
in and out of the hearing room and pay their fine.
Fine.
But Barney, the gathering momentum toward a credit meltdown in financial
markets is swamping debate how to correct the vast inequities that
have piled up across the nation as the late, great housing boom
stifled common sense about the unabsorbed costs of growth. Actually,
that debate has never happened in Congress.
That
debate needs to happen now.
Jon
Helsenrath in the Wall Street Journal (“Subprime mess is a
new challenge for regulators", July 23) wrote: “A system
designed to distribute risk also tends to breed it.” Correct.
The
risks to our communities from the bubble in housing markets led
to a particularly American form of madness: the assertion by economists
and national leaders that inflation was low at the very same time
quality of life in urban areas was swamped by unabsorbed costs:
inadequate infrastructure piling hundreds of billions of dollars
on unwitting taxpayers, bad roadways, degraded wetlands, poor schools,
to name a few.
Breeding
risk is what America’s fastest growing regions did throughout
a housing boom whose promoters bucked reason, citizen outrage and
complaints, multiplying debt like confetti and putting taxpayers
under the yoke of foolishness.
We
want to get out from under the yoke, Barney. Can you help us?
The
cause of our national trouble is the market, largely unregulated,
for financial derivatives related to housing mortgages. It is a
beast with many faces: 10,000 unoccupied condos in downtown Miami,
and, tattered, platted subdivisions in South Florida wetlands.
The
housing boom, now in cinders, deformed the purposes of government
to serve political ends. It favored the massive swelling of unallocated
costs of growth. The tail is wagging the dog.
The
House Financial Services Committee does not have to confront the
builders’ lobby or their leashed companions: local elected
officials who lean on every weak-kneed argument to support unsustainable
growth.
The
Committee has to confront Wall Street.
Now
that the House Financial Services Committee is scrambling for things
to do, focus on the causes of the multi-trillion dollar explosion
of financial derivatives, largely without regulation, except for
the mutual hand-washing of rating agencies, debt issuers and hedge
funds, that swept aside concern for the environment, for wetlands,
for the fabric of communities, and substituted a raft of entitlements,
protections, supported by engineers and lobbyists and political
enablers: the worst being those at the bottom of the legislative
rung—local city and county commissioners whose hands are continually
poised in the outward position and turned up.
It
is tempting to make Fannie Mae and Freddie Mac stunt-doubles for
Wall Street: let them take a beating today for their past fiscal
transgressions by assuming the subordinate position as investment
vehicles to absorb toxic mortgage waste created during the housing
boom of the past decade. That is what is happening, now.
Business
Week reports: “Why Fannie and Freddie are Fidgety, the financial
giants are loaded down with dicey loans and defaults increase."
“Fannie
Mae and Freddie Mac have been cast as saviors in the housing drama
that’s roiling the financial markets… After they stepped
in to snap up billions of dollars in subprime loans earlier this
year, some politicos declared the duo a point of strength.”
Please,
Barney, think about it: even if government sponsored entities could
pull the nation’s real estate markets from where we are headed,
in the end the American taxpayer will have to swallow the toxic
waste of financial derivatives buried in failed financial institutions.
Excesses
of the building boom are still going on in places like Miami where
local legislators are so accustomed to doing the bidding of the
development lobby, they don't know any other way to behave: approving
new development right into the teeth of market failure.
Call
Wall Street to account, now. Hold Congressional hearings on the
trillion dollar array of financial derivatives and the market the
risk breeders have created that cares not a whit about the costs
it imposes on society.
Now
is the time for a reckoning about the brain-dead policies that lead
to triumph of suburban sprawl, the explosion of unallocated costs
of growth, and the massive risk in teetering credit markets.
Think
about the Congress for the New Urbanism, the leading organization
“promoting walkable, neighborhood-based development as an
alternative to sprawl.”
“Countless communities across the country are suffering from
the effects of formless sprawl. These communities need tools to
combat traffic congestion, pollution, social and economic division,
and loss of community interaction.
Unfortunately,
it is illegal to practice common sense new urbanist planning in
many of these places.”
It
was the simple genius of Andres Duany, one of the CNU founders,
to observe in his home city, Miami, that developers of suburban
sprawl had gamed the zoning and building codes so that common sense
vanished. And so did fiscal common sense.
The
structured debt debacle in housing markets is the reverse side of
the costs of suburban sprawl.
There
is a growing attention to “explaining” how the US economy
got to the point of a financial crisis in credit markets. Economists
talk about “the Hy Minsky moment”: how the cycle of
easy credit gathers momentum towards excess and implosion.
Barney,
it is common sense that the United States Congress should insist
on innovations in banking regulations to codify the issuance of
financial derivatives, providing incentives to make sure that the
next building boom improves the shape of our communities and does
not simply revive the failed models of growth that have enriched
Wall Street and penalized Americans.
This
building boom is over, but the chorus who want Congress to protect
public health, or wetlands and the environment, the hundreds of
millions of Americans who want transit-oriented communities instead
of the costs of suburban sprawl need help.
The
crash in housing markets is revealing an American landscape turned
into a dump for toxic financial waste, furthering vast inequities
in the wealth of society.
We are your constituents. Barney, speak up, now.
Alan
Farago writes about the environment and politics. He can
be reached at alanfarago@yahoo.com.
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