home / subscribe / donate / tower / books / archives / search / links / feedback / events / faq
|
Here's the second in Alexander Cockburn and Jeffrey St. Clair's series as they describe Hillary Clinton's years in Little Rock and her narrow escape from federal charges that would have destroyed her political career for ever. PLUS KEVIN ALEXANDER GRAY on how Hillary Clinton, Barack Obama and John Edwards are failing Black America even as they hunt for votes in So uth Carolina's "Black Primary." Get your copy today by subscribing online or calling 1-800-840-3683 Remember contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now
|
|
Today's Stories August 29, 2007 Winslow
T. Wheeler August 28, 2007 Uri
Avnery Bill
Quigley Joshua
Frank China
Hand Firmin
DeBrabander Charles
Peña Andy
Worthington Ramzy
Baroud Anthony
Papa Ashley
Smith Website
of the Day
Jorge
Mariscal Bill
Christison Manuel
Garcia, Jr. Anthony
DiMaggio Bruce
A. Roth John
Walsh Dave
Lindorff Ron
Jacobs Binoy
Kampmark Russell
D. Hoffman Website
of the Day
August 25 / 26, 2007 Alexander
Cockburn James
Petras Jeffrey
Buchanan / Marjorie
Cohn Rev.
William E. Alberts Robert
Fantina Brian
Concannon Ralph
Nader Laura
Carlsen Fred
Gardner David
Michael Green Stephen
Soldz Mike
Ferner Paul
Krassner Ben
Tripp Missy
Beattie Website
of the Weekend
August 24, 2007 Paul
Craig Roberts Greg
Moses William Schroder Alan
Farago Jackie
Corr Jeff
Ballinger Bill
Quigley Dave
Zirin Richard
Rhames Ryan
Haygood Website
of the Day
August 23, 2007 Kathy
Kelly P.
Sainath Ron
Jacobs Christopher
Brauchli D.K.
Wilson Joshua
Frank Dan
Bacher Brenda
Norrell John
Wright David
Vest Website
of the Day
August 22, 2007 Norman
Finkelstein Marc
Levy Lawrence
R. Velvel Ray
McGovern Norman
Solomon John
Walsh Michael
Dickinson William
S. Lind Bill
Hatch Kenneth
E. Foster and John Joe Amador David
Vest Website
of the Day
Saul
Landau Alan
Farago John
Stauber Phillip
Rizk Debbie
Nathan Binoy
Kampmark Martha
Rosenberg Sunsara
Taylor Website
of the Day
August 20, 2007 Paul
Craig Roberts Uri
Avnery Rannie
Amiri John
Ross Harvey
Wasserman Robert
Billyard Dave
Lindorff James
Rothenberg David
"DC" Larson Website
of the Day August 18 / 19, 2007 Alexander
Cockburn Saul
Landau Ralph
Nader Patrick
Cockburn Robert
Fantina Robert
S. Eshelman P.
Sainath Dave
Lindorff Anthony
DiMaggio Fred
Gardner Ron
Jacobs Tom
Turnipseed Paul
Krassner Ben
Tripp Andrew
Wimmer Nancy
Oden N.D.
Jayaprakash Rick
Smith Missy
Beattie Poets'
Basement Website
of the Weekend
Joanne
Mariner Paul
Craig Roberts Shepherd
Bliss Dave
Lindorff John
Muthyala Patrick
Cockburn Sherwood
Ross Phil
Doe David
Michael Green Website
of the Day
Jonathan
Cook Christopher
Brauchli Norman
Solomon Lee
Sustar / George
Bisharat Binoy
Kampmark Evelyn
Pringle Hugo
Blanco Website
of the Day
August 15, 2007 Paul
Craig Roberts Michael
Neumann Jordan
Flaherty Sonja
Karkar Felice
Pace Joshua
Frank Dave
Lindorff Carla
Blank David
Vest Harvey
Wasserman Peter
Rost, M.D. Russell
Mokhiber Website
of the Day
August 14, 2007 Paul
de Rooij Winslow
T. Wheeler David
Rosen Gary
Leupp Clifton
Ross Muhammad
Idress Ahmad Jacquelyn
Godin Uri
Avnery Ramzy
Baroud James
McEnteer Website
of the Day
August 13, 2007 Jeremy
Scahill F.
William Engdahl Alexander
Cockburn Kathy
Kelly Chris
Floyd Paul
Craig Roberts William
Blum Kenneth
Couesbouc Rannie
Amiri Brenda
Norrell Fran
Shor Ron
Jacobs Website
of the Day
August 11 / 12, 2007 Alexander
Cockburn Stan
Goff Ralph
Nader Vijay
Prashad Greg
Moses Alan
Farago Patrick
Cockburn Ben
Tripp Robert
Fantina John
Ross Seth
Sandronsky Paul
Krassner Website
of the Weekend
August 10, 2007 Paul
Craig Roberts Stan
Goff Marjorie
Cohn Saul
Landau Chris
Floyd Daniel
Ellsberg Anthony
Papa Farzana
Versey Sgt.
Kevin Benderman Nuri
Nuri Website
of the Day
August 9, 2007 Stan
Goff Paul
Craig Roberts Alan
Farago William
S. Lind Doug
Giebel Harvey
Wasserman Jacob
Hill Raul
Zibechi Dave
Zirin Website
of the Day
August 8, 2007 Andy
Worthington Jeff
Halper Greg
Moses Nurit
Peled-Elhanan Sukant
Chandan Robert
Fisk George
H. Strauss D.K.
Wilson Bill
Day Tim
Campbell Website
of the Day
August 7, 2007 Patrick
Cockburn Andy
Worthington Kathy
Kelly Stan
Cox Sonja
Karkar Sen.
Russ Feingold Alan
Farago Norman
Solomon Binoy
Kampmark Dave
Lindorff John
Stauber Website
of the Day
![]()
![]()
Subscribe Online
|
August 29, 2007 Time to Step Up to the PlateEnvironmentalists and the Housing CrisisBy ALAN FARAGO So far, environmentalists have been silent on economic and political calamities tied to the housing bust. One could not expect otherwise. Environmentalists may be natural conservatives, but they are not natural capitalists. The way forward is first of all to understand the nature of the opposition, usually painted by special interests as "what the market wants". What the implosion of credit markets reveals, in particular related to home mortgages, is that the development patterns that engaged environmentalists in futile struggles during the housing boom now in cinders was not what the market wanted so much as what could be financed. Environmentalists don't need to become financiers or economic experts to decode the way forward: what they do have to do is understand that the better way to provide for growth and economic development is to demand that the securitization of home mortgages should take into account all the costs to the environment. Putting the sharp regulatory pen to America's vast market for housing along the lines of what benefits the environment would be anathema to so-called conservatives who made fortunes during the housing boom by wringing maximum productivity from the mass marketing and efficiencies of production home building on cheap land. On this point, though, environmentalists need to be very clear: suburban sprawl as represented by platted subdivisions far from places of work represented the biggest subsidy ever given to any industry by the federal and state government. It wraps up billion dollar bonuses to Wall Street financiers and the budgets of the US Department of Transportation. And it turns out to wrap up trillions of dollars worth of toxic debt to investors. In recent days, the Federal Reserve has opened the spigots hoping to ease the credit crisis in the United States. But the fallout from the housing bubble and crash is not over by a long shot. Environmentalists need to make the case to the American people that we, the taxpayers, are becoming the lenders of last resort to a failed scheme for developing the American landscape that put hundreds of thousands of communities at risk, not to mention ecosystems, species and habitats. The scale of financial devastation is all over the news. But the devastation to the environment has scarcely been mentioned. That imbalance must be redressed. Environmentalists--who have been shut out from Wall Street and its important business with government in creating unsustainable debt--should do exactly as foreign investors are trying to do, today, according to a New York Times report, "Calls grow for foreigners to have a say on U.S. market rules."
The products in question, environmentalists need to understand, are trillions of dollars of mortgages pooled from a building boom defined to a large extent by subdivisions whose low prices and homogeneity are not just because they were allowed to be built in wetlands or farmland but also because they conformed to financial formulas that allowed them to be priced at a "reasonable risk" while offering higher returns, or yields, than conventional debt. On the retail side of the mortgage equation, liar loans and mortgage fraud ruled the day. On the wholesale side, the return on investments to indifferent investors depended on deliberately omitting "external costs" like environmental impacts--or those related to civic concerns like overburdened infrastructure, traffic, schools, and water supply. Understand that it is as much within the rights of environmentalists to demand that underlying financial instruments should be regulated and marked to risk of species and habitat loss or poor integration with surrounding infrastructure as it is for foreign investors to ask for accountability. "Banks and investment funds from China to France suffered losses after buying mortgage-related securities and complex financial products based on them in the United States." It's true. And it is also true that the US taxpayer, as the lender of last resort, has suffered massive losses to quality of life and the environment without really understanding the complaints of foreign investors is the same as theirs. If "moralizing financial capitalism" is going to happen, as suggested by the President Nicolas Sarkozy of France-and should-then environmentalists should prepare themselves to be at the head of the line to testify to House and Senate banking committees. It is perfectly reasonable, for instance, to ask that rating agencies be required to penalize securitized mortgage pools that include "assets", ie. subdivisions, built on wetlands or in buffer areas for environmentally sensitive lands like the Everglades. The French finance minister gets the last word in the New York Times article, "Once the dust has settled we will see where the different powers stand and what will be on the bargaining table." If environmentalists are smart, they won't waste a minute getting to that bargaining table-and if not invited then forcing their way in, because the home building lobby will be standing with arms-crossed barring entrance the way it always has. Alan Farago of Coral Gables, who writes about
the environment and the politics of South Florida, can be reached
at alanfarago@yahoo.com.
![]()
|
CounterPunch Books of the Crossroads: HOW THE IRISH INVENTED SLANG By Daniel Cassidy ![]() Click Here to Buy! Click Here for Dates & Venues How the Press Failed The Gang's All Here: Judy Miller, Bob Woodward, Rupert Murdoch, Bill O'Reilly...End Times Leaves No Reputation Unstained! ![]() Buy End Times Now! CounterPunch Books! Saul Landau's Bush and Botox World with a Foreword by Gore Vidal ![]() Click Here to Order! ![]() Michael Neumann's Devastating Rebuttal of Alan Dershowitz Grand Theft Pentagon: Tales of Greed and Profiteering in the War on Terror by Jeffrey St. Clair ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() The Occupation by Patrick Cockburn ![]() ![]() Humanitarian Imperialism By Jean Bricmont ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() CITY BEAUTIFUL By Tennessee Reed ![]() ![]() ![]() ![]() ![]() ![]() ![]() Bruce Springsteen On Tour By Dave Marsh ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |