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Today's
Stories
December
12, 2007
Alan
Farago
How Sprawl Eats Its Young
December
11, 2007
Patrick
Cockburn
What's Really Happened During
the Surge?
Diana
Johnstone
The Next Kosovo War
Paul
Craig Roberts
It's Waco All Over Again: Preventive Detention and the Constitution
David
Macaray
Impasse in Hollywood
Ralph
Nader
Gail Collins Versus the Underdogs
Andy
Worthington
Guantánamo Britons to be Released: a Mixed Result
Martha
Rosenberg
No Holiday for High Risk Sex Workers
Steve
Champion /
Anthony Ross
Words for Our Brother, Tookie Williams
Kim
Nicolini
Tangled Up in Dylan
Michael
Dickinson
Say Goodbye to Purgatory: Pope Rat Gets Indulgent
Website
of the Day
A Charming (and Worthy)
Pitch
December 10, 2007
Uri
Avnery
How They Stole the Bomb From Us
Debbie
Nathan
The Perils of Journalism and Child
Porn
JoAnn
Wypijewski
Is There a Left Here Left?
If So, What Can It Do?
Steve
Kelly
Cheap Chips, Counterfeit Wilderness
Donna
J. Volatile
Welcome to the Revolution
December
8 / 9, 2007
Alexander
Cockburn
The Coup Against Bush and Cheney
Brenda
Norrell
Seize the Land, Chain the Peace Activists
Saul
Landau
The Ruins of Empire
R.
F. Blader
A Rape in Every Drink?
Ray
McGovern
Spinning Iran's Centrifuges
Allan
Nairn
Imposed Hunger in Gaza, the Army in
Indonesia
Linn
Washington, Jr
Spotlight on Death Row
Paul
Craig Roberts
When Will Bush Come Clean?
December
7, 2007
Sean
Penn
Piano Wire Puppeteers
Arthur
Versluis
Mining Water in the Desert
M.
G. Piety
Racism and the American Psyche: Some
Thoughts on Race and Intelligence
Pam
Martens
Banksters Gone Wild
Alan
Farago
Will the Free Market Kill Suburbia?
Sprawl and the Credit Crisis
Allan
Nairn
It Takes (Out) a Village
Col.
Dan Smith
Bush, Iran and the Politics of Doomsday
Alice
Slater
The Iran Opening
Robert
Weissman
The Story of Stuff
Website
of the Day
Something
About Mitt
December
5, 2007
Mike
Whitney
Why the CFR Hates Putin
Sharon
Smith
The Anti-War Enablers: Tom Hayden
and the Dead End Democrats
James
Petras
Venezuela in the Aftermath
Ron
Jacobs
The Iran Charade
Dave
Zirin
Kicking a Dead Man: the Sliming of Sean Taylor
John
V. Whitbeck
Two States or One? Time to Choose
Peter
Zinn
Covered in New Orleans
Niranjan
Ramakrishnan
Impeach Pelosi Instead
Alan
Farago
The Credit Bomb Detonates in Florida
Heather
Gray
US Meddling in Australian Politics
Website
of the Day
A Donner Summit Night Before Xmas
December
4, 2007
Alexander
Cockburn
Jackboot State Stubs Its Toe in
Ann Arbor
Andy
Worthington
Guantánamo and the Supreme
Court
Paul
Craig Roberts
The Lies at the End of the American
Dream
Ray
McGovern
No-Nuke Iran
Winslow
T. Wheeler
Admiral Mullen and the Defense Budget: When White Elephants are
Too Small
Allan
Nairn
The Regime Still Stands in Burma, Where "the People Just
Want Food"
Russell
Mokhiber
The USA v. Al Arian
Nikolas
Kozloff
As Chávez Falters: Raising the Stakes for the South American
Left
John
V. Walsh
Peace Movement Paralyzed
Ghada
Ageel
Will Peace Cost Me My Home?
Stephen
Soldz
The Facts be Damned!: Psychologists' President Defends Psychologist
Involvement in Interrogations
Website
of the Day
Hands Off the People of Iran
December
3, 2007
Tariq
Ali
Venezuela After the Referendum
Bill
Quigley
New Orleans: Bulldozers for the Poor,
Tax Credits for Developers
Eric
Walberg
The Bible and Middle East History
Uri
Avnery
After Annapolis
Marjorie
Cohn
Operation Iraqi Freedom Exposed
Dave
Lindorff
Vengeance Isn't Sweet
Stephen
Fleischman
Homeless in Paradise
Martha
Rosenberg
Perp Walks for the Mink Clad on Chicago's Mag Mile
Website
of the Day
So Just Lead!
December
1 / 2, 2007
Alexander
Cockburn
Emblems of the Bush Age: Adrift
in a Sea of Booze
Jeffrey
St. Clair
The Bear Minimum: the Grizzly and
the Future of the Rocky Mountain West
Mike
Whitney
"Iraq Doesn't Exist Anymore": an Interview with Nir
Rosen
Shemon
Salam
A Visit From the FBI
Roger
Burbach
The Battle in Bolivia
Benjamin
Dangl
New Politics in Old Bolivia
Brian
M. Downing
The Quiet on the Middle Eastern Front: How Much Credit Goes to
the Surge?
Greg
Moses
Night of the Living Redneck: a Texas Horror Story
Sonja
Karkar
The "Never-Never" Peace Conference
Saul
Landau
Ethics and Evil in South Boston
Margaret
Kimberley
Black America Left Behind
John
Ross
What are the Prospects for a New Mexican Revolution?
Reza
Fiyouzat
Exit on the Left: When Che's Children Visited Iran
Judith
Scherr
Berkeley Turns Right for the Holidays
Lance
Olsen
Of Forests and Finance: Logging for the Wealthy
Christopher
Brauchli
Mr. Bush and the Despots
Robert
Fantina
Iraq as U.S. Colony
Dan
Bacher
Fish Triage on Prospect Island
Michael
Donnelly
Remembering How to be Human: John Trudell and the Music of Urgency
Website
of the Weekend
Appalachian Voices
November
30, 2007
Peter
Stone Brown
The Re-Packaging of Bob Dylan
Wajahat
Ali
The Volatile Mistress: an Interview with Javed Jabbar, Pakistan's
Former Minister of Information
Allan
Nairn
Cold-Blooded Celebrity: Thomas L. Friedman and the Bali Bombers
Alan
Farago
The Sorrows of Suburbia: Politics, Sprawl and the Housing Crash
John
Ross
The Death of Latin America's First Revolution
Corporate
Crime Reporter
America's Corporate Crime Capitals
Lucia
Alvarez
Diego Gonzalez
Argentina's Political Future
James
Rothenberg
The Iraqi Miracle
Website
of the Day
Bio-Bling?
November
29, 2007
R.
F. Blader
The Most Dangerous Kind of Bribe
Ismael
Hossein-Zadeh
Distorting Fascism to Demonize Iran
Stephen
Soldz
War on the Couch: Fear, Aggression and Empire
Sheldon
Richman
Iraq 3.0
George
Wuerthner
Forest Fires, Lies and Chainsaws
Felice
Pace
Did All Things Considered Self-Censor on Annapolis?
Col.
Dan Smith
The Meaning of Annapolis
Harvey
Wasserman
Terror Target Nukes
Nikolas
Kozloff
Primetime Hate Debate: Lou Dobbs, Immigration and Campaign '08
Paul
Krassner
Huffington Post Bloggers Go On Strike!
Dave
Lindorff
News Not Fit to Print: US Coup Planned for Venezuela?
CP
News Service
The One State Declaration
Website
of the Day
A Native View of Yellowstone Bison Slaughter
November
28, 2007
James
Petras
CIA Destabilization Memo Surfaces
on Venezuela
Jeff
Halper
Annapolis: When the Roadmap is a One
Way Street
Pam
Martens
Crashing Citigroup
Peter
Morici
Economy in Crisis: Avoiding a Recession
Mohammed
Khatib
Separate and Unequal in Palestine
Helen
Redmond
The Horror and the Hope: Health Care in America
William
S. Lind
In the Fox's Lair: Quiet Before a New Iraq Storm?
Ben
Tripp
We, the People: a Trope for All Seasons
Liaquat
Ali Khan
Pakistan: First, Restore the Constitution and Reinstate the Judges
Jeff
Berg
Holbrooke Says Bush Won't Attack Iran
Website
of the Day
The Lies of Joe Klein
November
27, 2007
Joe
DeRaymond
On the Road to the Torture School
Paul
Craig Roberts
Meet the Only Two Candidates Worse Than Bush and Cheney: Hillary
and Rudy
Marjorie
Cohn
Remembering Victor Rabinowitz
Mike
Whitney
A Dollar the Size of a Postage Stamp
Ron
Jacobs
The Myths of Military Progress
Col.
Dan Smith
The Pentagon's "People System" Still Doesn't Work
Ralph
Nader
Family Learning
Karim
Makdisi
Annapolis and the Unholy Alliance: the View from Beirut
Christopher
Ketcham
Memo to Hollywood Writers: Strike Until You Drop
Ronan
Bennett
Martin Amis Does a Coulter
Website
of the Day
Celebrating the Uncensored Media
November
26, 2007
Kathleen
and Bill Christison
Heading for Annapolis
Paul
Craig Roberts
The End of All That
David
Macaray
Enter Mediator
Sameer
Dossani
Pakistan's Wounded Dictator
Roger
Burbach
The Final Battle in Bolivia
Mark
Scaramella
Guns and Greed in the Emerald Empire
Brian
McKinlay
Howard's End
Rick
Kuhn
The Fall of a Racist Union Buster
Binoy
Kampmark
Ruddslide and Dull Alec
Monica
Benderman
What Do You Know of War?
Brenda
Norrell
Return to Alcatraz
Website
of the Day
Ghostworld by DJ Spooky
November
24 / 25, 2007
Alexander
Cockburn
The Ordeal of Catherine Wilkerson,
MD
Robert
Fisk
Darkness Falls on the Middle East
Saul
Landau
Norman Mailer will Not R.I.P.
Jeffrey
St. Clair
Justice Stephen Breyer, Cancer Bonds and the Origins of Neoliberal
Environmentalism
Rannie
Amiri
Beirut's Black Friday
Christopher
Brauchli
Iraq Embassy as Gilded Palace
Daniel
Gross
The Gap and Black Friday
Mike
Whitney
"A Generalized Meltdown of Financial Institutions"
Marjorie
Cohn
Iran and the 2008 Elections
David
Rosen
Senior Sex: the Real Sexual Life of Aging Americans
David
Michael Green
If Conservatism is the Ideology of Freedom ....
Kenneth
Rexroth
When Euripides Played the Hindu Kush: Greeks and Buddhists in
Afghanistan
Muhammad
Iqbal
Trans. Shahid Alam
Ghazal
Website
of the Day
Aerial Footage of Delta Fish Kill
November 23, 2007
Gary
Leupp
Killing the Buddha in Pakistan's Swat
Valley
Laura
Carlsen
Coming to Terms with Diversity in
Bolivia: an Interview with Alvaro Garcia, Bolivia's VP
David
Macaray
Keeping Labor Unions Out
Andy
Worthington
Former Guantánamo Detainee Seeks Asylum in Sweden
Clifton
Ross
Trashing Chavez: Keith Olberman's Toxic Rant
Seth
Sandronsky
Battling Sodexho
Dan
Bacher
Death in the Delta: Thousands of Fish Stranded by Bureau of Reclamation
William
A. Cook
The Myth of Middle East Peace
Website
of the Day
Waiting for the Guards: Stress Techniques as Torture, a Short
Film
November
22, 2007
Alan
Farago
Who Lost America's Everglades?
Greg
Moses
A Thanksgiving Basting
Dave
Lindorff
Impeachment is Back on the Table
Mike
Ely
Native Blood: the Myth pf Thanksgiving
Omar
Azfar
Gore for President of Pakistan?
November
21, 2007
Vijay
Prashad
Our Dictator, Their Democracy
Martha
Rosenberg
Undercover at a Turkey Slaughtering Plant
Manuel
Garcia, Jr.
Epiphany on the Glacier
John
Ross
The Last Days of Mexican Corn
Brian
McKenna
Cancer Terrorists Unmasked
Stephen
Soldz
Isolation Torture Routine at Guatánamo
Monica
Benderman
Needing Peace
Ben
Terrall
Slavery in the Fields: The Real Price of Sugar
Website
of the Day
Mercy for Animals
November
20, 2007
Oren
Ben-Dor
Why Israel Has No "Right to Exist"
as a Jewish State
Wajahat
Ali
An Interview with Norman Finkelstein
Alan
Farago
The Dark Arts and the Bush Dynasty
Marjorie
Cohn
Musharraf Plays Bush for a Fool
Ralph
Nader
Green is Gold?
Andy
Worthington
Guantánamo Whistleblower Launches a New Attack on Rigged
Tribunals
Sara
Olson
When Going AWOL is the Only Escape
Dave
Lindorff
Likelihood of Iran Attack Gains Credence
Paul
Krassner
The First Amendment, a Dialogue
Website
of the Day
Joanne Mariner on Torture
November
19, 2007
Winslow
T. Wheeler
Why Congress Won't Reform
China
Hand
The U.S. Game Plan in Pakistan
Allan
Nairn
Sitting Around Talking, in Indonesia
Uri
Avnery
How to Get Out?
David
Macaray
The Chalice that Poisoned the Labor Movements
Dave
Lindorff
Democrats in Future Shock: They Could Lose It All in 2008!
Bill
Quigley
Twenty Thousand Protest at Ft. Benning; Eleven Face Federal Criminal
Trials
Ron
Jacobs
Sitting on the Group W Bench: War, Thanksgiving and Arlo Guthrie
Sunsara
Taylor
Legalized Rights for Fertilized Eggs?
Binoy
Kampmark
Why Steve Irwin--You're Dead!
Heather
Gray
Another Look at W.E.B. DuBois
Website
of the Day
The Meat Market
November
17 / 18, 2007
P.
Sainath
Neoliberalism's Price Tag: 150,000
Farm Suicides in India
David
Rosen
The Scarlet Hypocrites: Republicans,
Christians and the Politics of Adultery
Mike
Whitney
Pentagon Cover Up: 15,000 or More US Deaths in Iraq War?
George
Wuerthner
Saving the Big Wild
Brenda
Norrell
The Case of Jim Main, Jr: In Montana, Indians are Guilty Until
Proven Innocent
George
Ciccariello-Maher
Of Submarines and Loose Screws
Karim
Makdisi
Lebanon is Hanging by a Thread
Marie
Trigona
Wal-Mart in Argentina
Valerio
Volpi
The Catholic Church, Incorporated
Fred
Gardner
The Straight-Ahead Runner
Robert
Fantina
The White House Press Office
Mike
Ferner
Thank God for the Senate Republicans!
Missy
Comley Beattie
The Radical Majority
Kenneth
Couesbouc
Circles of Power
Patrick
O'Hayer
A Portrait of Mailer and a Young Poet
Poets'
Basement
Davies, Buknatski and Ford
November
16, 2007
Cockburn
/ St. Clair
The Vices of Hillary Clinton: Secrecy,
Intransigence and War
Dave
Zirin
The Indictment of Barry Bonds: Busted by a Broken System
Gary
D. Barnett
A Day in the Life of an Unwilling Federal Agent
Alan
Farago
Sprawl, Mortgage Fraud and Political Corruption
Dave
Lindorff
Two Brothers and Two Scandals
Russell
Mokhiber
Pelosi and Me: "What Should be Done with Those Protesters?"
Robert
Ovetz
Cargo Ships in Paradise: Shipping Lanes Threaten the Yosemite
of the Sea
Brenda
Norrell
"Today We Experienced America:" Arresting Indigenous
People on the Border
David
Swanson
Wolf Blitzer Loses Democratic Debate
Peter
Letheby
Outside the Box on the Great Plains
Website
of the Day
Why Activism Fails
November
15, 2007
Cockburn
/ St. Clair
Hillary Clinton in Arkansas
Adolfo
Gilly
The Spirit of Revolt
Peter
Bohmer
10 Days That Shook Olympia
Andy
Worthington
The Trials of Omar Khadr: Gitmo's Child Soldier
Gray
/ Derks
Obama's Pitch to South Carolina's Black Churches Affronts Gay
Groups
Liaquat
Ali Khan
Liberating Pakistan
Dave
Lindorff
Where's the Party?
Christopher
Brauchli
Tipping Point: the Politics of Gossip
Anthony
Papa
Racism as Law: Crack Cocaine Sentences
Martha
Rosenberg
Merck's Big Write Off
Ben
Terrall
Thank You, Ehren Watada
Website
of the Day
On the Colorado: Drought, Climate Change and Water Supplies
November 14, 2007
Cockburn
/ St. Clair
The Making of Hillary Clinton
James
Petras
Venezuela Between Ballots and Bullets
Al
Giordano
Campaign 08: Don't Trust Anyone Over 50
Paul
Craig Roberts
The Lobby
Andy
Worthington
Innocents and Foot Soldiers
Stephen
Lendman
Torturing Palestinian Detainees
Fatima
Bhutto
Aunt Benazir's False Promises: the Dismantling of Pakistani Democracy
Martin
Smith
Norman Mailer and the "Good War"
Jeff
Leys
Slip Sliding Away: House Votes on War Funding
Website
of the Day
Why the Writers are Striking
November
13, 2007
Alexander
Cockburn
Hillary's Big Problem and How Bill
Can Fix It
Jeffrey
St. Clair
Mailer and Us: the Writer as Fighter
Robert
Bryce
The Pakistan Fuel Connection
David
Macaray
The Teamsters and the Hollywood Strike
Mike
Whitney
Bulletins from the Titanic
Ralph
Nader
Pakistani Lawyers vs. American Lawyers
Nikolas
Kozloff
Chavez Blasts the Spanish King
Jordan
Flaherty
Education Versus Incarceration in Tallulah, Louisiana
B.
R. Gowani
Dear Mrs. Bhutto
Website
of the Day
Monty Python: "Fuck You, Very Much FCC"
November
12, 2007
Vicente
Navarro
Why Hillary's Health Care Plan Really
Failed
Ben
Brown
Letter from Ho Chi Minh City: a Tribute to My Vietnam Vet Father
Omar
K.
A Pakistani Lawyer's Testimony: Life Under the Brutal Emergency
Sadia
Abbas
The Roots of Pakistan's Political Crisis: Corrupt Elites and
a Kleptocratic Military
Farzana
Versey
Mailer's Miasma
Richard
W. Behan
The Political Crimes of Complicity
Paul
Krassner
Asshole of the Year: Congratulations Tim Russert!
Cindy
Sheehan
Faith and War
Peter
Stone Brown
The Return of Levon Helm
Dave
Lindorff
Dennis, You are Not Alone
Website
of the Day
Police Attack in Olympia
November
10 / 11, 2007
Alain
Gresh
Uncle Sam's New Backyard: How to Turn
a Region into a Graveyard
Mike
Whitney
For Whom the Closing Bell Tolls: the Last Dead Bull on Wall Street
Ron
Jacobs
A View from the Pakistani Left: an Interview with Farooq Tariq
Jeffrey
St. Clair
The First Dambuster: a Coyote Story
Alan
Farago
Tangled Up in Blue: a Brief History of Florida Environmentalism
Binoy
Kampmark
When Language Drowns: Torture in America
Robert
Fantina
Legitimizing Torture
Fred
Gardner
Psychological Torture in the Name of Family Values
Ayesha
Ijaz Khan
The General in His Labyrinth
Nicola
Nasser
NATO's Southward Drift
Philip
Rizk
The Blame Game in Gaza
Michael
Dickinson
Condom Nation: the Pope vs. Terry Higgins
Joel
S. Hirschhorn
The Grand Delusion: a Conspiracy of Two Parties
Paul
Krassner
Flunking Out of the Electoral College
Wadner
Pierre /
Joe Emersberger
The Ongoing War on Journalists in Haiti
November
9, 2007
Patrick
Cockburn
In the Kandil Mountains with the
PKK
Mohammed
Hanif
Musharraf and the Drunk Uncle
John
Ross
Blackwater Goes to Mexico
Mike
Whitney
Ron Paul, Big Media's Invisible Candidate
Tom
Barry
In Latin America, the Hillary Clinton Policy is the Bush Policy
Corporate
Crime Reporter
Is the AFL Trying to Derail Single Payer Health Care?
Badruddin
Khan
Pakistan and the Israel Lobby
David
Macaray
The WGA STrike: the Empire Strikes Back
Martha
Rosenberg
The Blood Sport of Vice Presidents
Website
of the Day
Stryker Blockade!
November
8, 2007
Kathleen
& Bill Christison
Meeting the Other in Israel and
Palestine
William
Loren Katz
Waterboarding in American History
Mike
Whitney
The Long Fall: a Market Without Parachutes
Sheldon
Richman
Why Woodstock May Have Saved John McCain's Life
Liaquat
Ali Khan
Solidarity with Pakistan's Lawyers
Marc
Gardner
The Victims of "Jessica's Law": Parolees Without Rights
(or Homes)
Jackie
Corr
The Big Fish from Whitefish: Montana, the Last Retreat of the
Investment Banker?
Brenda
Norrell
Between Bombs and Border Walls
Dave
Lindorff
Ridiculing Impeachment at the New York Times
China
Hand
Rewriting the History of the Sudan Calamity
Sen.
Russ Feingold
FISA and America's Basic Freedoms: Let's Not Repeat the Mistakes
of the Patriot Act
Website
of the Day
The Welfare Poets Meet Hugo Chavez
November
7, 2007
Paul
Craig Roberts
Dollar's Fall Collapses the American
Empire
Russell
Mokhiber
Pelosi and Me: Can't the Democrats End the War By Not Bringing
the Funding Bill to the Floor?
Vijay
Prashad
The Apotheosis of Bobby Jindal
Niranjan
Ramakrishnan
Educating Pakistan: What Mukasey Can Teach Musharraf
Alan
Farago
To Bee or Not to Bee? The Politics of Colony Collapse
David
Macaray
The Writers' Guild Strike: Is There an Ice-Breaker?
Nikolas
Kozloff
The Case of the Slimy Senator: Chuck Schumer Greenlights Mukasey
Charlotte
Laws
What We Learned from Stephen Colbert's Presidential Campaign
Daniel
White
Zahid's Story
William
Cook
The Politics of Servility: Congress and the Israel Lobby
Website
of the Day
Safe Lawns
November
6, 2007
Mike
Whitney
Welcome to Year 27 of the Reagan
Revolution
Ralph
Nader
Who Determines the Price of Oil?
Andy
Worthington
The Torture of Ali al-Marri
Pam
Martens
Wall Street Metes Out Street Justice to Citigroup
Liaquat
Ali Khan
Pakistan's Dark Future
William
Schroder
The Return of Water Torture
Stephen
Lendman
Punishing Gaza
William
Blum
Cuba and Original Sin
Former
US Intelligence Officers
A Memo on Torture, Intelligence and Mukasey
November
5, 2007
Alexander
Cockburn
How I Spent the Eighth Brumaire
Russell
Mokhiber
Pelosi and Me: The Democrats and Single Payer
David
Macaray
How to Turn Workers Against Each Other (and Make Them All Poorer)
Gary
Leupp
General Musharaff's "State of Emergency"
Dave
Lindorff
Those Minot Nukes
Ludwig
Watzal
Israel's Dilemma in Palestine
Patrick
Cockburn
Tensions Ease in Iraqi Kurdistan
Peter
Stone Brown
John Fogerty Makes Peace with His Past
Michael
Simmons
Yo! What Happened to Peace?
Website
of the Day
Petition: In Defense of the Morton West HS Antiwar Students
November
3 / 4, 2007
Tariq
Ali
Pakistan Sinks Deeper into Night
David
Price
Army's Price Salesman of Counterinsurgency
Manual Seeks to Defend Stolen Scholarship
Jeffrey
St. Clair
Splitsville
Alan
Farago
The Housing Crash, Suburban Sprawl and the Crisis of the American
Middle Class
Paul
Krassner
He's Back! Don Imus Meets Michael Richards
Rannie
Amiri
Why the U.S. is Safeguarding Iraq's War Criminals
P.
Sainath
Indexing Humanity, Indian Style
Ayesha
Ijaza Khan
Pakistan in a Daze
Robert
Fantina
Is the Bush Administration Talking Itself Into a War With Iran?
Seth
Sandronsky
The Politics of Health Care in California
Ron
Jacobs
The Bebop of Baraka
Ramzy
Baroud
A Case for Arab Dignity
Heather
Gray
When Capitalists Get a Free Ride
November
2, 2007
Dr.
Mary Pipher
Acting on Conscience: Psychologists
and Abusive Interrogations
Saul
Landau
How Pete Stark Became a Pariah
Andy
Worthington
Guantánamo as House Arrest
Sharon
Smith
A Tale of Two Stadiums
Gary
Leupp
Fascist Beatifications: the History and Politics of Sainthood
Gregory
Harms
The Chorus of Slander on Palestine
Christopher
Brauchli
Racism in High Places
Peter
Morici
The Falling Dollar and the Stubborn Trade Deficit
Dave
Lindorff
The Easy Way to Stop the Looming US Attack on Iran
David
Penner
Zombie Nation
Website
of the Day
Fall in Yosemite
November
1, 2007
Paul
Craig Roberts
The Wages of Hegemony
Patrick
Cockburn
The Most Dangerous Dam in the World
Dave
Lindorff
The Air Force Report on the Minot-Barksdale Nuclear Missile Flight
Jonathan
Feldman
The Strange Political Economy of Death in the South
Mike
Ferner
They Met the Resistance in Iraq
William
S. Lind
A Question for Would-Be Presidents
Diana
Johnstone
"Fascislamism" Versus "Shoah Business"
Jacob
Hornberger
The War on Telephone Privacy
A..K.
Gupta
The Apocalypse will be Televised
Lyuba
Zarsky /
Kevin Gallagher
The Enclave Economy of Mexico's Silicon Valley
Felice
Pace
Does the SPLC Equate Anti-Zionism with Anti-Semitism?
Website
of the Day
This One's for You, Ed Abbey
October
31, 2007
Bill
Quigley
New Orleans' Broken Criminal Justice
System
Rev.
William E. Alberts
A Trail of American Blood: From the White House to CBS News
Ray
McGovern
Attacking Iran for Israel
Eric
Walberg
Poisonous Espionage: Litvinenko and the New Cold War
V.
G. Smith
The Second Death of Guy Môquet
Luis
J. Rodriguez
"Social Cleansing" from Guatemala to LA
Sheldon
Richman
Bush has Time to Run the World
Walter
Brasch
A Real Halloween Scare
Website
of the Day
Boogie Rocks!
October 30, 2007
David
Price
Pilfered Scholarship Devastates Gen.
Petraeus's Counterinsurgency Manual
M.
Shahid Alam
The Pakistan Question
Andy
Worthington
The Epiphany of Matthew Waxman: a Government Insider Turns Against
Gitmo
Patrick
Cockburn
The Bicycle Bomber of Baquba
Anthony
Papa
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Rudmin
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Ross
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of the Day
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29, 2007
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Hajjar
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DeRaymond
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Cockburn
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Kenfield /
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Gardner
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Versey
Caricaturing Islam
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Dan Keating, the Last of the Republican Irreconcilables
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Rosenberg
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27 / 28, 2007
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Cockburn
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St. Clair
The Dam That Isn't There
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Bovard
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Nader
Beyond the Rule of Law
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Reza Pirbhai
The Wahhabis are Coming, the Wahhabis are Coming!
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Sandels
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G. Hornberger
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Ross
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Fantina
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Jacobs
Labor at the Crossroads
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Moayedian
In Search of Logic About Iran
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Michael Green
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of the Day
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26, 2007
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Cloughley
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Landau
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Whitney
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Lindorff
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Farago
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December
12, 2007
When Boom Goes
Bust
How
Sprawl Eats Its Young
By ALAN FARAGO
In late 1999, I walked away from the
retail end of the private equity management. I could not bear
the corner of the financial management universe where highly
paid analysts advised brokers to pitch speculation as foundational
investment strategy for individuals. It was a bad time to be
in that business, and I was early to conclude so: it was about
to get much worse for many, many investors.
My experiences as an investor
were shaped by a small family manufacturing business that prospered
by re-engineering winders used in the textile industry for more
complex materials processing. Generating equity through technology
and productivity improvements made sense to me: investing in
ether did not.
In the early 1980's our company
skirted the edges of the DARPA technology, later called the internet.
It wasn't ready for small businesses. We paid, at the time, $90,000
for a dedicated telephone cable to link a new Wang computer system
to a remote manufacturing location.
A lot changed in the next fifteen
years. Not even the S&L debacle of the late 1980's could
deter the momentum of an economy transformed by massive technological
invention.
By 1999, few remembered how
Congress loosened the regulatory governance of savings and loans,
opening the way to redefine risk and ownership of real estate.
To me, it didn't seem possible that the bubble I expected to
burst in internet stocks would be cushioned by the creation of
yet another bubble in housing markets. Little did I know. But
that is the problem with being able to peer only a little into
the nature of Wall Street. The ones who know better are, for
the most part, quiet as mice fed exceedingly well.
The Wall Street Journal is
clear on the nature of the change: "The current crisis differs
in crucial ways from the recent tech stock bust and the S&L
crisis. For one, it centers on assets-houses-that, unlike stocks,
most people have bought with borrowed money. On average, mortgage
debt amounts to nearly half the value of houses. In recent years
easy credit has allowed many to borrow up to the full value of
their homes, making them more leverages than hedge funds."
But the salient feature is
quietly understated: "the shift of loans from banks to markets
has created a staggering complexity"
In 1998, the decline of the
Russian ruble lead to the collapse Long Term Capital Management.
Few investors understood how close the credit markets had come
to a full blown crisis. In the spring of 1999, my college age
son, with no experience in finance or economics, looked at a
chart of the stock market pointing straight up and said, 'this
is going to come down isn't it?'
As I turned off my squawk box
later that year, I wasn't thinking about the massive explosion
of securitized financial products related to mortgages, spurred
by historic low interest rates. But I wasn't far off, either.
I was thinking about Fannie Mae.
While working at a remote Miami
outpost of Wall Street, my interest in environmental issues had
turned into a volunteer project: helping to stop the conversion
of a former military base in South Miami Dade County into a privatized
commercial airport, with hundreds of proposed flights a day,
at the edge of Everglades and Biscayne National Parks.
The National Environmental
Policy Act, NEPA, requires federal decisions to take into account
secondary impacts: in this case, the anticipated expansion of
housing and development into important wetlands serving the bay,
wilderness habitat and flood control for people.
I had been curious for some
time, about the inability of public policy and law to contain
suburban sprawl: a major secondary impact in this specific example.
While most environmental organizations
have been absorbed in the impossible task of prodding government
agencies to hold the line with respect to baselines and environmental
impacts, I was more interested in how fiscal and monetary policies
of the federal government, reflected through housing and commercial
construction and development, impact the environment.
Fannie Mae had been a core
holding, and so I was familiar-I thought-with its business. From
the point of view of the environment, Fannie Mae was a disaster.
First of all, the corporation and its lending practices-with
hundreds of billions of assets-- was completely agnostic to considerations
of the environment. Secondly, there was an utter lack of accountability
to informing investors of exactly what they owned, through its
massively ballooning portfolios based on securitized mortgages-or,
financial derivatives.
It was called the "free
market", but it definitely was not free to the South Florida
ecosystem where a $7.8 billion project to restore the Everglades
was on a collision course with $10 billion of impacts that private
investors with deep political connections proposed through the
conversion of the Homestead Air Force Base.
And it was definitely not transparent.
I did not make much progress in advancing the cause, in depth,
how reforming securitization of mortgages protect threatened
landscapes like those surrounding the former military base in
South Miami Dade.
What I did learn, though, is
how lack of transparency is a key to the smooth operation of
the Growth Machine.
The failure in design and implementation
of laws to protect the environment, including the suppression
of dissent within government agencies, is like invisible code
written into the language of politics whose primary function
is to serve duplicity.
By the end of 2001, the controversy
over the disposal of the air base was receding. The Bush defense
department affirmed the late decision of the previous defense
department to withhold permission to convert the air base for
commercial aviation purposes. But if NEPA played a key role in
asserting the protections due the environment from federal actions,
Alan Greenspan and the Federal Reserve would provide fuel for
a boom in land speculation that airport advocates hoped would
occur, in the first place.
In other words, the Growth
Machine didn't need an airport-although an airport and related
infrastructure would certainly serve its interests. All it needed
was an opaque regulatory atmosphere and the steroids of low interest
rates meant to help the economy recover from the collapse of
the dot.com era.
In just a few short years--from
2001 to 2005--the rural character of South Miami Dade county
turned into a sprawl-ridden mess.
According to the Wall Street
Journal report, "Former Fed Chairman Alan Greenspan frequently
argued there could be no housing bubble. The high cost and inconvenience
of moving "are significant impediments to speculative trading
and development of price bubbles", he said in late 2004."
If Mr. Greenspan believed what
he was saying, it can only be explained as the result of living
in a bubble-cosseted by the power of fabricated statistics and
an insular political elite-because by 2004, the housing market
bubble had expanded to gargantuan size. Mr. Greenspan visited
South Florida regularly in the winter: his perspective might
have benefited from taking a helicopter flight over South Dade
instead of hobnobbing on South Beach.
To make a long story short,
the Wall Street Journal serves an excellent purpose: "Mortgages
today are dispersed among banks as well as more than 11,000 investment
pools, each of which may have hundreds, if not thousands, of
investors. Many of those pools have been further repackaged into
specialized funds known as structured investment vehicles and
collateralized debt obligations, or SIV's and CDO's-each of which
have their own investors. That makes determining who owns the
securities, what they are worth and the nature of the underlying
collateral a trick business."
The Journal might have added,
that these financial derivatives are lightly regulated and have
rained billions in commissions and fees to Wall Street.
It turns out that I was right,
and more than I imagined from even the lowly worm's eye view
of the world in Miami, where Republican operatives parachuted
in to steal the 2000 election from Al Gore, who speaks today
on the environment without any of the blank stares that characterized
his position on the Homestead Air Force Base.
We all know that to understand
politics, follow the money. But in this case-of a mortgage crisis
whose repercussions will dwarf the savings and loan meltdown
of two decades ago-you can't follow the money because billions-hundreds
of billions-have disappeared down the rat hole of suburban sprawl
dug under the disinterested eye of Congress and the White House.
There is still no discussion
about how to change the equation of sprawl and of a Growth Machine
that is running the U.S. economy off the rails. But the electorate
is growing restive and investors are furious, as they should
be.
Alan Farago of Coral Gables, who writes about
the environment and the politics of South Florida, can be reached
at alanfarago@yahoo.com.
|
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