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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers! General Petraeus' Fake War
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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers!
General Petraeus' Fake War
How the Press and Congress Eagerly Swallowed It
EXCLUSIVE to subscribers in our latest newsletter, Gareth Porter dissects two years’ worth of successful lying by Gen Petraeus and his propaganda team. Guess what? The FBI AND DOJ didn’t specially target Muhammad Ali. Those G-men were just following normal procedures! Alexander Cockburn reviews the latest effort to “revise” the Sixties. Dick Cheney “didn’t understand the legalities.” James Abourezk describes his efforts to close down the lethal liquor operators that prey on the Pine Ridge Reservation. Whatever happened to the class war? Read Serge Halimi and find out. Get your copy 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 July 10, 2008 Brian McKenna Saul Landau Ron Jacobs July 9, 2008 Ismael Hossein-Zadeh Luis Rodriguez Sheldon Richman Fatemeh Keshavarz Chad Hanson Sen. Russ Feingold Niranjan Ramakrishnan Dave Lindorff Stanley Heller Philip Rizk Website of the Day July 8, 2008 Nikolas Kozloff Laura Carlsen Mike Whitney Andy Worthington Patrick Irelan Chellis Glendinning David Macaray Dave Lindorff John Chuckman Phillip Doe Website of the Day July 7, 2008 Patrick Bond Kathy Kelly Andy Worthington Clifton Ross Elizabeth Schulte Ralph Nader Dave Lindorff Binoy Kampmark Stephen Fleischman Website of the Day July 5 / 6, 2008 Alexander Cockburn Jeffrey St. Clair / Patrick Cockburn Mike Whitney Robert Fantina Binoy Kampmark Rannie Amiri Eric Ruder Brian Cloughley William Blum Frank Barat Christopher Brauchli David Yearsley Ron Jacobs Karim Makdisi Wendy Thompson / N.D. Jayaprakash Ramzy Baroud Kelly Overton Richard Neville Poets' Basement Website of the Weekend
July 4, 2008 Kathy Kelly Dave Lindorff Paul Krassner Jackie Corr Laray Polk Dan Bacher Walter Brasch Charles Modiano Website of the Day July 3, 2008 Sharon Smith Andy Worthington Laura Carlsen Peter Morici Ramzi Kysia Martha Rosenberg Anne Landman Dave Zirin Kristin Bricker Website of the Day
July 2, 2008 Patrick Irelan Vijay Prashad Brian Cloughley Ralph Nader Robert Fantina Dave Lindorff Parvez Ahmed Robert Bryce Website of the Day July 1, 2008 Alexander Cockburn Mike Whitney Douglas Macgregor Steven Higgs Andy Worthington Binoy Kampmark Dave Lindorff Roger Burbach Richard W. Behan Gary Leupp Website of the Day June 30, 2008 Peter Lee Jeff Sommers David Macaray Martha Rosenberg David Price Alexandra Early June 28 / 29, 2008 Alexander Cockburn Jeffrey St. Clair Joan P. Mencher Nikolas Kozloff Jason Hribal Alan Maass Robert Fantina Bill Moyers / Mike Whitney Justin E. H. Smith Pham Binh David Yearsley Christopher Ketcham Jeremy R. Hammond Kathleen M. Barry Walter Brasch Brett Drugge Susie Day Website of the Day June 27, 2008 Franklin C. Spinney Jonathan Cook Brian Cloughley Saree Makdisi Liliana Segura Paul Krassner William S. Lind Candace Cohn Ron Jacobs Binoy Kampmark Website of the Day June 26, 2008 Patrick Cockburn Nikolas Kozloff William P. O'Connor Saul Landau Ashley Smith Dave Lindorff David Macaray Binoy Kampmark Matt Reichel Remi Kenazi Website of the Day
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July 10, 2008 Bernanke, Bush and CongressWhat's Driving the Wall Street RoutBy PETER MORICI On Tuesday, Federal Reserve Chairman Ben Bernanke outlined Washington efforts to restore confidence in U.S. financial institutions. Initially, this gave the market a lift. After closer examination by investors, the market continued its downward spiral on Wednesday, led by financial stocks. Simply, Bernanke's speech offered little new. The Fed is reforming the practices of mortgage brokers, which should improve the quality of loan applications and transparency about the risk of specific loans, and he further outlined plans to extend bank regulation to securities firms through capital requirements and better Fed access to their financial data. However, these steps fail to address the most fundamental flaws eroding market confidence in both banks and securities companies. These are business models that encourage executives to seek risky arbitrage opportunities--such as through questionable auction rate securities, mortgage finance and hedge funds. By permitting executives to reap annual bonuses in the millions when bets go right and stick stockholders with the losses when things go wrong, banks are inclined to imprudent risks that ultimately victimize shareholders. Consequently, the banks' problems are much deeper and far reaching than their losses on subprime securities. Citigroup's losses on Old Lane hedge fund provide a classic illustration. To attract CEO Vikram Pandit, Citigroup purchased Old Lane for $800 million. Although the fund never made much profit, the transaction netted Pandit $165 million. Subsequently, Citigroup wrote down more than $200 million in losses. Pandit used some of his proceeds to purchase Tony Randall's Manhattan apartment for $17.9 million, and Citigroup shareholders took the loss. Nothing Bernanke has proposed will stop that kind of reckless behavior, which has nothing to do with the subprime debacle. The market recognizes Bernanke's proposals are hollow, and bank stocks continue to fall. Home builders can't recover without steady banks, and their stocks and the stocks of supplying industries, such appliance makers, head south with them. Meanwhile, Congress seems little inclined to do much that could quickly address the drag of high priced imported oil on the U.S. economy. Solutions from wind power to free up natural gas for use in vehicles, suggested this week by T. Boone Pickens, to simply accelerating the build out of hybrids through judicious incentives are all being ignored by the Democratic Congress and President Bush. It is no wonder that consumers are pessimistic, auto stocks are skidding and taking the equity values of many supply industries with them. Until Bernanke gets serious about reforming the business practices of the large New York banks and securities companies and Congress and the President show a pulse on near-term energy solutions, neither the economy nor stocks can recover. Peter Morici is a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
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