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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers! From Nixon to Sarah Palin
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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers!
From Nixon to Sarah Palin
What’s happened to the Republican Party? What’s happened to populism? Read Alexander Cockburn and Jeffrey St Clair on the life and death of Nixonland, and the class politics of the war over Sarah Palin. ALSO in our new subscriber-only CounterPunch newsletter, read Serge Halimi on how Russia gave Georgia and the U.S.a well-deserved black eye. PLUS Carrie Dann’s wonderful first-hand account of the fight of the Western Shoshone to reclaim their land. 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 September 10, 2008 Paul Craig Roberts Conn Hallinan Peter Morici Joanne Mariner Laura Tate Kagel / Chuck Spinney September 9, 2008 Michael Colby Chellis Glendinning Vijay Prashad Jeffery R. Webber/ David Michael Green Brian J. Foley John Ross Pierre M. Sprey / Nicole Colson Marc Gardner William S. Lind Website of the Day
September 8, 2008 Mike Whitney Tariq Ali Pam Martens Bill Quigley Malini Johar Schueller / Robert Jensen Uri Avnery Win McCormack Howard Lisnoff Maria C. Khoury Website of the Day September 6 / 7, 2008 Alexander Cockburn Jeffrey St. Clair Linn Washington, Jr. Patrick Cockburn Gary Leupp Nancy Kurshan William Blum Michael Winship Fred Gardner Nikolas Kozloff Wajahat Ali Robert Fantina Karyn Strickler David Yearsley Richard Rhames James L. Secor Missy Beattie Eric Patton Ben Terrall Thom Rutledge Dan Bacher David Macaray Jane Stillwater Grady Harper Poets' Basement Website of the Weekend September 5, 2008 Elizabeth Walters Bill Quigley Alan Farago Dave Lindorff Ira Glunts Peter Morici Deepak Tripathi Manuel Garcia, Jr. Michael Donnelly Martha Rosenberg Website of the Day September 4, 2008 Jeffrey St. Clair Paul Craig Roberts Ron Jacobs M. Junaid Levesque-Alam Andy Worthington Osama Dawoud Stephen Lendman Fidel Castro Website of the Day September 3, 2008 Patrick Cockburn Sen. Mike Gravel Vijay Prashad Nikolas Kozloff Ralph Nader Howard Lisnoff Steve Early / Cal Winslow Shepherd Bliss Bill Quigley Website of the Day
September 2, 2008 Marjorie Cohn Jonathan Cook Robert Weitzel Corey D. B. Walker John Ross Eric Walberg Judith Scherr Richard Morse B. R. Gowani Michael Greenberg Website of the Day September 1, 2008 Nikolas Kozloff C. G. Estabrook Manuel Garcia, Jr. David Macaray B. R. Gowani Saul Landau Charles Orloski Gloria La Riva Website of the Day August 30 / 31, 2008 Alexander Cockburn Bill Quigley Jeffrey St. Clair Andy Worthington Deepak Tripathi Stanley Howard Dave Lindorff Wajahat Ali Robert Fantina Josh Schlossberg Benjamin Dangl Missy Beattie Howard Lisnoff Suzan Mazur Rev. Jim Rigby David Yearsely Serge Quadruppani B.R. Gowani Richard Rhames Poets' Basement Website of the Day
August 29, 2008 Mike Whitney Brian Cloughley David Ker Thomson Joanne Mariner Neve Gordon Chris Genovali Ron Jacobs Michael Donnelly August 28, 2008 Judy Gumbo Albert Paul Cantor Saul Landau / Andy Worthington Ben Terrall Leonard Peltier Niranjan Ramakrishnan Donna J. Volatile Website of the Day
August 27, 2008 Anthony DiMaggio Jordan Flaherty Ralph Nader Melissa Checker Bob Sommer Cynthia McKinney Ali Khan M. Junaid Levesque-Alam Dave Lindorff David Macaray Website of the Day
August 26, 2008 Patrick Cockburn Michael D. Yates Paul Craig Roberts Andy Worthington Rev. Jesse L. Jackson Huwaida Arraf Joseph Grosso Sheldon Richman Binoy Kampmark Website of the Day August 25, 2008 Patrick Cockburn Bill Quigley Jonathan Cook James McEnteer Uri Avnery Will Potter Robert Jensen Stephen Lendman Wajahat Ali Carl Finamore Website of the Day August 23 / 4, 2008 Alexander Cockburn Jeffrey St. Clair Patty O'Grady Nicole Colson Steve Conn Deepak Trapathi Robert Fantina Jonathan M. Feldman Joshua Frank Osama Qashoo Howard Lisnoff David Michael Green Dave Lindorff Christopher Brauchli Alan Farago Michael Winship Richard Rhames David Rosen Patrick B. Barr Jamie Newlin Poets' Basement Website of the Weekend August 22, 2008 Boris Kagarlitsky Laura Carlsen Bob Barr Marwan Bishara Peter Morici Manuel Garcia, Jr. Charles Mostoller Sumbul Ali-Karamali Keith Rosenthal John F. Miglio Website of the Day August 21, 2008 Allan J. Lichtman Dave Lindorff Loserville: How Obama Blew It Ralph Nader Joanne Mariner Wajahat Ali Ron Jacobs Rostam Purzal Anthony Papa Website of the Day August 20, 2008 Michael Neumann Ray McGovern Eric Walberg Fidaa Abed Daniel Haack Mike Whitney Website of the Day August 19, 2008 Paul Craig Roberts Deepak Tripathi Marwan Bishara Saul Landau William S. Lind Martha Rosenberg James Brittain Pratyush Chandra David Macaray Website of the Day |
September 10, 2008 The Washington Merry-Go-RoundWho Needs Regulations When You've Got a Golden Parachute?By RALPH NADER When Members of Congress or the Administration or the corporate CEOs or the empirically starved right-wing ideologues start whining about regulation the right-wing echo chamber goes wild. When the absence of adequate regulation lets an industry wreak havoc, Congress and the Administration meekly admit a bit of regulation might have averted disaster. The corporate CEOs, expelled with their lucrative golden parachutes, have “no comment.” The taxpayers, who are too often the guarantors of last resort and who are stuck with the tab, are asking each other why their public watchdogs were asleep at the switch. The Washington merry-go-round is something to behold. As the recent headlines note, the Federal Government has taken over the giant companies Fannie Mae and Freddie Mac. The Federal Housing Finance Agency (FHFA) is using the legal process of a “conservatorship” to “stabilize” Fannie Mae and Freddie Mac. Talk about regulation! On Sunday, September 7, 2008, U.S. Treasury Secretary Henry Paulson said, “Since this difficult period for the GSEs began, I have clearly stated three critical objectives: providing stability to financial markets, supporting the availability of mortgage finance, and protecting taxpayers - both by minimizing the near term costs to the taxpayer and by setting policymakers on a course to resolve the systemic risk created by the inherent conflict in the GSE structure.” Nice words – but they will provide little comfort to the many common shareholders who have seen the value of their Fannie Mae and Freddie Mac stock collapse to pennies per share. And more than a few taxpayers are wondering what the Fannie/Freddie debacle will end up costing them. We and others have been telling members of Congress, government regulators and members of the media about the structural and operational problems of Fannie and Freddie for years. I have written many columns about the lack of proper regulation of Fannie and Freddie. I testified before Congress about the need to focus Fannie and Freddie and my long-time associates Jonathan Brown and Jake Lewis have spent countless hours advocating that federal regulators push Fannie and Freddie to meet housing goals that would benefit under-served populations. In 1991, lawyer Tom Stanton, a former colleague, warned about the risks and non-regulation of Fannie and Freddie in his prophetic book—A State of Risk (Harper Business). In May of 1998, we even held a conference dedicated to Fannie and Freddie. In my welcoming statement to the conference participants, I noted that we would be discussing the adequacy of capital required of Fannie and Freddie and the efficacy of regulation of the two GSEs. I noted that both corporations had been enjoying good times. And, I cautioned that one of the unintended consequences of fat profits over a long period is the tendency of governments and private corporations to start believing in fantasies about living happily ever after in the glory of ever-rising profits. My statement asserted that, “Taxpayers have learned that contingent liabilities such as those inherent in the GSE structure do, at times, become quite costly. It wasn't long ago--in the high interest rate period in the late 1970s and early 1980s – that Fannie Mae was having serious financial troubles. And the Farm Credit System, another GSE, required a bail out of approximately $5 billion in the 1980s when the agricultural industry had a severe downturn.” In July of this year I lamented the fact that Fannie and Freddie have been deeply unregulated for decades which allowed their capital ratios to be lower—far lower—than they should have been, adding: Over at the multi-trillion dollar companies Fannie Mae and Freddie Mac, the shareholders have lost about 75 percent of their stock value in one year. Farcically regulated by the Department of Housing and Urban Affairs, Fannie and Freddie were run into the ground by taking on very shaky mortgages under the command of CEOs and their top executives who paid themselves enormous sums. These two institutions were set up many years ago to provide liquidity in the housing and loan markets and thereby expand home ownership especially among lower income families. Instead, they turned themselves into casinos, taking advantage of an implied U.S. government guarantee. The Fannie and Freddie bosses created another guarantee. They hired top appointees from both Republican and Democratic Administrations (such as Deputy Attorney General Jamie Gorelick) and lathered them with tens of millions of dollars in executive compensation. In this way, they kept federal supervision at a minimum and held off efforts in Congress to toughen regulation. So here we are. On Monday September 8, 2008, the value of common Fannie and Freddie stock dropped to under one dollar – just one day after Secretary of the Treasury announced the government takeover. White House Press Secretary Dana Perino said, “[F]or years we have encouraged Congress to put in place a strong, independent regulator to oversee the institutions. We believe the actions will help to improve conditions in the housing market.” Senate Banking Committee Chairman Christopher J. Dodd , D-Conn has questions for the Administration, so there is more to be revealed. And, reporters are spilling buckets of ink talking about the takeover of Fannie and Freddie and the lack of proper oversight by regulators and Congress which brought us to this day of appreciation for regulation. Too bad it is all a little late for the small shareholders, and pensioners and taxpayers who pay the bill for speculators and executives, many of whom seem to escape with lots of money. Ralph Nader is running for president as an independent.
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