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How the Press Gave Madoff Four More Years to Steal His Billions
It’s one of the greatest and most shameful failures in the history of journalism. In the new edition of our newsletter Eamonn Fingleton traces how the Wall Street Journal was handed a precise outline of Madoff’s Ponzi scheme in 2005 and sat on it. The New York Times also passed on chances to nail Madoff. Thousands, poor as well as rich, lost their life savings in consequence. Read Fingleton on how the watchdogs of the Fourth Estate took good care to snooze in their kennels. ALSO in the new edition, Paul Craig Roberts concludes the shortest, sharpest outline of economics ever written with a brilliant essay on the economics of a full, green world. Get your new edition today by subscribing online or calling 1-800-840-3683 Contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! CounterPunch books and gear make great presents.
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Today's Stories February 26, 2009 Dave Lindorff
February 25, 2009 Chris Sands M. Shahid Alam Chris Floyd Dave Lindorff Norman Solomon Rachel Godfrey Wood Niranjan Ramakrishnan Ron Jacobs Nadia Hijab Dennis Loo Website of the Day February 24, 2009 Paul Craig Roberts Uri Avnery Peter Morici Jonathan Cook Paul Fitzgerald / Andy Worthington Brian Horejsi Julia Stein Norm Kent Rachel Smolker / Dennis Loo James McEnteer Website of the Day February 23, 2009 Michael Hudson Mike Roselle Patrick Cockburn Franklin Spinney Einar Már Guðmundsson Ralph Nader Jordan Flaherty Helen Redmond Dennis Loo Harvey Wasserman Terry Lodge Website of the Day February 20 / 22, 2009 Alexander Cockburn Michael Neumann / Ismael Hossein-zadeh Paul Craig Roberts Linn Washington Jr. Saul Landau Marjorie Cohn Binoy Kampmark Dave Lindorff David Yearsley David Macaray James McEnteer Rick Salutin Wayne Clark Richard Rhames Stephen Martin Mitu Sengupta Charles R. Larson Richard Morse Lorenzo Wolff Poets' Basement Website of the Weekend February 19, 2009 Norman Finkelstein Harry Browne Robert Bryce Brian M. Downing Fred Gardner Andy Worthington Wajahat Ali Laura Carlsen Deb Reich Christopher Ketcham Website of the Day February 18, 2009 Paul Craig Roberts Mike Whitney M. Shahid Alam Patrick Cockburn Conn Hallinan Dave Lindorff Rannie Amiri Gareth Porter Eric Hobsbawm Christopher Brauchli Martha Rosenberg Website of the Day February 17, 2009 Michael Hudson Mike Whitney Ralph Nader Joanne Mariner John Ross Belén Fernández Mats Svensson David Macaray Gregory Vickrey M. Junaid Levesque-Alam Michael Dickinson Website of the Day February 16, 2009 Patrick Cockburn Oscar Guardiola-Rivera Paul Craig Roberts Uri Avnery P. Sainath Dedrick Muhammad / Michael Brown Carla Blank Patrick Irelan Dan Bacher Fidel Castro Harvey Wasserman Website of the Day February 13 - 15, 2009 Alexander Cockburn Joshua Frank Mike Whitney George Ciccariello-Maher Nikolas Kozloff Brian M. Downing Paul Craig Roberts Christopher Ketcham Ron Jacobs Dave Lindorff Alan Maass Chuck Spinney Phil Gasper Stephen Lendman Charles Thomson Kathy Sanborn Saul Landau Len Wengraf Harvey Wasserman David Macaray Tom Stephens Seth Sandronsky David Yearsley Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend February 12, 2009 P. Sainath Jean Bricmont Michael Hudson Peter Lee Dave Lindorff February 11, 2009 Neve Gordon Peter Morici Andy Worthington Marjorie Cohn Fred Gardner Niranjan Ramakrishnan Zoe Blunt Belén Fernández Martha Rosenberg Website of the Day Blues of the Day
February 10, 2009 Kathy Kelly Nikolas Kozloff Uri Avnery Michael J. Berg Russell Mokhiber Joe Bageant Gareth Porter Dave Lindorff Rannie Amiri Harvey Wasserman Niranjan Ramakrishnan Website of the Day February 9, 2009 Vicente Navarro Paul Craig Roberts Julio Sanchez / National Lawyers Guild Jonathan Cook Alana Smith Binoy Kampmark Sam Bahour Nicole Colson Ron Jacobs Website of the Day February 6-8, 2009 Alexander Cockburn Ishmael Reed James Abourezk William Blum Patrick Cockburn Henry A. Giroux Manuel Garcia, Jr. Mouin Rabbani David Yearsley Saul Landau Jules Rabin Raymond J. Lawrence Janette Habel Dave Lindorff Missy Beattie Dale Gieringer John Ross Richard Rhames Bob Wing Robert Bryce David Macaray James L. Secor Jason Flom / Norm Kent Kim Nicolini Lorenzo Wolff Poets' Basement Website of the Weekend February 5, 2009 Michael Mandel Saul Landau / Ralph Nader Robert Bryce Russell Mokhiber Sameh Habeeb / Dave Lindorff Carmelo Ruiz-Marrero George Ochenski Website of the Day February 4, 2009 Arno J. Mayer Paul Craig Roberts Patrick Cockburn Jonathan Cook Fred Gardner Stan Cox Margaret Kimberley Lawrence Velvel Dave Lindorff Doug Giebel Serge Quadruppani Website of the Day February 3, 2009 David Price Bill Moyers Kirkpatrick Sale Conn Hallinan Peter Morici George Ciccariello-Maher Muhammad Idrees Ahmad Allan Nairn Norman Solomon David Macaray Website of the Day February 2, 2009 Uri Avnery Ralph Nader Gareth Porter Paul Craig Roberts Harvey Wasserman Rannie Amiri Cal Winslow Steve Early Alan Farago Diane Farsetta January 30 / February 1, 2009 Alexander Cockburn Michael Hudson Ismael Hossein-Zadeh Dave Lindorff Saul Landau Andy Worthington Subcomandante Marcos Robert Jensen Ron Jacobs Gareth Porter Allan Nairn Laura Carlsen Rev. William E. Alberts Christopher Brauchli Jules Rabin Col. Dan Smith Missy Beattie Tom Barry J. Michael Cole Manuel Garcia, Jr. Dan Bacher David Rosen Don Monkerud Binoy Kampmark Lorenzo Wolff David Yearsley Poets' Basement January 29, 2009 Peter Linebaugh Paul Craig Roberts Riz Khan M. Reza Pirbhai Wajahat Ali Gregory Vickrey Dina Jadallah-Taschler Alison Weir Alan Farago Walter Brasch Website of the Day
January 28, 2009 Norman Finkelstein Noam Chomsky Patrick Cockburn Rob Larson George Wuerthner Allan Nairn M. Junaid Stefan Simanowitz Charles R. Larson Website of the Day January 27, 2009 Winslow T. Wheeler Yigal Bronner / Joshua Frank Jordan Flaherty Ralph Nader Rev. José M. Tirado Benjamin Dangl Russell Mokhiber Martha Rosenberg C. G. Estabrook Website of the Day January 26, 2009 Paul Craig Roberts Deepak Tripathi Vijay Prashad Peter Lee Allan Nairn Uri Avnery John Sayen Dave Lindorff Lawrence R. Velvel David Macaray Roger Burbach Norman Solomon Website of the Day January 23 / 25, 2009 Alexander Cockburn P. Sainath Patrick Cockburn Saul Landau Sasan Fayazmanesh Alan Farago Christopher Brauchli Andy Worthington Ron Jacobs Lawrence Velvel Henry A. Giroux David Yearsley Raymond F. Gustavson Dave Lindorff Roberto Rodriguez Dina Jadallah-Taschler Fidel Castro J. Michael Cole Bob Fitrakis / Ramzy Baroud Mohammad Ali Shabani Richard Rhames Stephen Martin Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend January 22, 2009 Paul Craig Roberts Kathy Kelly Allan Nairn Lawrence Velvel Andy Worthington Peter Morici Joseph G. Davis Adriana Kojeve Benjamin Dangl Website of the Day January 21, 2009 Gabriel Kolko Harry Browne Michael Colby Lawrence R. Velvel Audrey Stewart Wajahat Ali Binoy Kampmark David Kεr Thomson John Ross Allan Nairn Sheldon Richman Website of the Day January 20, 2009 Chuck Spinney Kathy Kelly Raymond Deane Ralph Nader Audrey Stewart Jonathan Cook Harvey Wasserman Christopher Ketcham Robert Jensen Dave Lindorff David Macaray |
February 26, 2009 Smooth? Yes. Transformative? No.Obama's Address to CongressBy DAVE LINDORFF Barack Obama’s first address to Congress provided Americans with yet another example of competent speechmaking, and I suppose, given that we’ve just endured eight painful years of oratorical farce, being able to listen to your president without wincing is something. The problem is that the way forward proposed by the president as laid out in this address was almost always half-hearted, wrong-headed or doomed. Obama declared at the outset of his address that the economic crisis was the major issue confronting the country, and while one could argue that this crisis is merely a symptom of much bigger issues, like the nearly completed deindustrialization of the nation, the death grip of militarism, and the growing political power of corporations, one could also concede that there is an urgent need to deal with the deepening recession. But clearly, the proposals offered by the president for tackling the crisis are not up to the task. He spoke primarily of the need to “get banks lending” again, explaining that this would require pouring still more hundreds of billions of dollars into these failing institutions. You’d think that with a whole stable of bankers at his elbow, the president would by now have heard from at least someone that this is nonsense, but apparently not. Nobody in the White House or the Cabinet seems to want to point out to the boss that the reason banks aren’t lending is because most people—and companies—aren’t interested in borrowing. The economy is tanking and assets are sinking in value by the day. Why would anyone want to borrow to invest in such an economy? Furthermore, even if someone did want to borrow, banks will not want to lend unless they think there’s a reasonable prospect of having the money repaid. That means they want to see income, they want to see a full order book, they want to see, in the case of a mortgage, an asset that is fairly valued. None of this exists. That’s why the first $350 billion that was given to the banks last fall was simply pissed away and lost, not lent out, and it’s why the same thing is likely to happen to the next $350 billion Obama is preparing to give away. It won’t matter if he establishes a monitoring system for the second tranche of the Troubled Assets Relief Program bailout funds, or a mandate that they be used for making loans. What is needed to fix this crisis is job security, and the only way to create that is by creating jobs. Obama talks of creating 3-3.5 million jobs, but most of these won’t even be created, even in smaller If the president really wanted to kick-start the economy, he would have announced a government program to directly hire the unemployed, by both the federal government and state and local governments (through block grants to the states), which would put people to work right now as teachers’ aides, park workers, school crossing guards, library assistants, companions for the elderly, city and rural clean-up crews, housing renovation project workers, mural painters, etc. If he wanted to get really creative, he could establish teams of people, working under skilled contractor supervisors, to serve as an army of disaster relief workers, who could speed to the scene of future disasters to help local residents rebuild. Millions of out-of-work people could be put productively to work with far fewer dollars than what is about to be shoveled out to contractors to construct or repair bridges and highways a year or more from now. But that’s just the start of the problem with Tuesday’s address to Congress. Obama then turned to what he said were the nation’s three great challenges—energy, health care and education. He’s right that these are all serious problems, but his solutions are not up to the challenge. On energy, he proposed spending $15 billion on research and development and for programs to improve efficiency. If he really wanted to reduce US reliance on foreign energy, and to significantly reduce US greenhouse gas emissions, though, instead of funneling money to huge corporations and utilities, he would have called for a major national program, through tax credits, to subsidize the retrofitting of homes with geothermal heating systems. These systems, which use the earth’s internal heat to warm water, can reduce the use of oil for home heating to zero, could be installed for as little as $10,000 per home on average if done in volume, and would pay for themselves over time. A federal tax credit of $5000 would probably be enough to convince many homeowners to do it, and the work would provide huge numbers of jobs across the country to plumbers and plumbers’ helpers and well drillers, besides reducing reliance on fossil fuels. Heck, he could kill two birds by calling for a training program to train unemployed people to do geothermal conversion work. Credits could also be offered to expand the installation of home rooftop solar water heaters, again a major potential source of employment for laid-off workers. Obama’s health care plans, as they’ve been explained, are a recipe for failure. There is no way that this nation’s health care cost and access problems can be solved that includes the insurance industry as a part of it. The key to solving them is having the government become the paymaster, as every other modern society in the world has long since realized. While Obama was whizzing through Canada, he should have stopped at a local Canadian health clinic and asked the locals how they like their health care system. He would have gotten an earful! There is no need for him to convene meetings of “business and labor, experts and health providers” to figure out what to do. Instead of trying to reinvent the wheel, he need only ask some Canadian health officials to come down and set up a version of their system here. For that matter, he could ask the executives at Canadian subsidiaries of US companies operating in Canada—they love the Canadian health care system too! Finally, on education, the president missed the point. It’s true that education in the US is a disgrace, that it is grossly unequal in both availability and quality depending upon the race and class of the local students, and that the educational standard of the nation as a whole is in decline. But simply pouring money into schools and into college loan programs won’t solve all this. One answer is to end the crazy idea of having local government be the primary source of funding for education. A second problem is that Americans have been discovering that getting an education is no ticket to success. Jobs are being shipped overseas so fast these days—including good jobs like engineering and math, and lately even law—that it makes no sense for students to borrow a king’s ransom to pay tuition and learn a trade. If they’re lucky people who earn a PhD in physics may end up managing a Burger King outlet. Worse yet, those Americans who decide to pursue education for reasons of passion rather than earning potential are also often dismayed to learn that subjects like literature, art, music and other “soft” subjects are not valued at all in our crass, commercial society. In China, talented students fight to enroll in state-run conservatories to study the arts. In Taiwan, the government just opened a striking new high school and university of the arts. In Europe, students study musical instruments as part of their state curriculum. Here in the US, meanwhile, school districts are killing off their art and music programs, and focusing on the “Three Rs” (forget creative writing). Even history gets short shrift. If the president wants to revive education, he should stop talking about it as a job-training program, and start talking about it as the essence of a civilization. Instead of men in uniform being honored in the Capitol peanut gallery during his speech, or at least along with them, he should have invited some teachers so he could ask them to stand up and take a round of applause. (Even Connecticut Senator Joe Lieberman, the turncoat Democrat who backed Obama’s opponent John McCain last fall, and who looked like he was sucking on a lemon as the president spoke, would have had to clap then.) Finally, of course, there were the wars in Iraq and Afghanistan. And here Obama was particularly disappointing, though this was no surprise. He promised have most US troops out of Iraq by August 2010—but not all. US forces will continue to be there, fighting and supporting fighting, indefinitely. Meanwhile, instead of coming home, many American soldiers will simply be moved to Afghanistan, where Obama is expanding the war, with plans likely to have 60,000 troops there by this summer, and no doubt far more by the time Iraq has (hopefully) wound down. If the president thinks he is going to help cut the federal deficit by ending the war in Iraq, as he claimed in his address, he doesn’t know much about accounting. The war in Afghanistan will certainly eat up any savings he gets out of Iraq, particularly if it leads to a wider conflict in Pakistan. No amount of smooth talking gets around it: this was not the program of a “transformative” presidency. Dave Lindorff is a Philadelphia-based journalist and columnist. His latest book is “The Case for Impeachment” (St. Martin’s Press, 2006 and now available in paperback). He can be reached at dlindorff@mindspring.com
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