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Today's Stories April 12 / 13, 2008 Patrick Cockburn Warlord: the Rise of Muqtada al-Sadr April 11, 2008 Nikolas Kozloff The Clintons and Their Sordid Colombia Advocacy Wajahat Ali Revenge of the Ghetto Nerd: an Exclusive Interview with Junot Diaz Sharon Smith Let Them Eat Ethanol! Yigal Bronner / Neve Gordon Digging for Trouble: the Politics of Archaeology in East Jerusalem Alan Farago Eating South Florida Dave Lindorff On Waking Sleeping Giants: Lessons for America from China George Wuerthner Money for Nothing? The Problems with the Conservation Reserve Program Christopher Brauchli Prostitutes Don't Do Funerals Website of the Day Animals Explain the Insurance Industry: a Health Care Video   April 10, 2008 Mathieu Vernerey Tibet for the Tibetans! Elizabeth Schulte Slavery in the Fields David Macaray Labor Unions Will Never Get a Fair Shake Ashley Smith The Rise of Muqtada al-Sadr Peter Morici Driving Up Debt and Dragging Down Growth Jacob Hornberger The Military's Distintegrating Family Life Harold Austin Snitch or Else: Prison Officials Threaten Gang Drop Outs Website of the Day Hillary: the Wal-Mart Videos   April 9, 2008 Paul Craig Roberts The Fading American Economy Winslow T. Wheeler Congressional Theater: the Petraeus / Crocker Hearings C. Hand Why Dave Marash Left Al Jazeera Paul Krassner Sex and Violins Paul Wolf Colombian "Magnicidio" Remains a Mystery After 60 Years Wajahat Ali Alien Invasion! Karyn Strickler Lost in the Fumes: the Sierra Club Sells Out to Clorox Dan La Botz Confronting the Economic Crisis Eric Walberg The Shadow of Munich: Another NATO Flop Robin Millenthal Enough Already! Growth and the Tar Sands Economy Website of the Day Conservative Nanny State April 8, 2008 Mike Whitney Should Khalid Sheikh Mohammed be Set Free? Nikolas Kozloff Bush Bullies Congress on Colombia Deal Greg Moses Migrant Detention in South Texas Joshua Frank The Other Military Draft John Ross Mexico City's Urban Tribes Go on the Warpath Against EMOS Michael Donnelly Hillary's Western Swing John V. Walsh Why Obama Lost Massachusetts Jeff Nygaard Health, Security and Mandates Bill Piper Last Shot for a Bush Legacy? Sen. Russ Feingold Legal Representation and the Death Penalty Website of the Day Catonsville 9, Forty Years Later   April 7, 2008 Ishmael Reed The Irish Black Thing Harry Browne Irish Peace Activist Acquitted; Deported Uri Avnery Tibet and Palestine Lenni Brenner Obama's Constitution, His Pastor and His Unbelieving Mom in Heaven Ayesha Ijaz Khan America Must Respect Pakistan's Democracy Robert Fisk Fearful Lives in the Land of the Free Edwin Krales Ensuring the Success of Fascism in Spain: the US Corporate Role Chris Genovali Vancouver Island's Dwindling Ancient Forests Website of the Day LA Artists Against War   April 5 / 6, 2008 Alexander Cockburn Did the Elites Want MLK Dead? Ramzy Baroud There are No Checkpoints in Heaven Ralph Nader Runaway Bailouts David Yearsley How Scott Joplin Had Wall Street Down Saul Landau Sex Politics in America Paul Craig Roberts The Petraeus and Crocker Show Lawrence Korb / Ian Moss Rev. Jeremiah Wright, a True Patriot Seth Sandronsky Meet America's Promise Alliance: Colin Powell's New Gig John Ross La Cumbia de la Doctrina Bush: Colombia Kills Four Mexican Students in Ecuador Bombing Robert Fantina McCain, Republicans and Family Values David Michael Green Back to Disaster: Hoover at Home, Tet Abroad Missy Beattie McCan't Patrick Bond Vultures Circle Zimbabwe Dr. Susan Block The New American Pot Dealers Phyllis Pollack The Stones Meet the Press Adam Engel The Boobus in the Lie Jeffrey St. Clair Booked Up Poets' Basement Diamand and St. Clair Website of the Weekend Richard Pryor Goes to the Gun Shop     April 4, 2008 Dave Lindorff The Night I Heard King Had Been Shot Greg Moses Missing King Ron Jacobs Two Murders, 40 Years On: Bobby Hutton and Martin Luther King, Jr. Alan Farago Show Me the Size of Your Bail Out and I'll Show You Mine Alison Weir Funding Our Decline: U.S. Aid to Israel David Rosen Rape as an Instrument of Total War Robert Weissman The Unrealized Dream Jacob Hornberger Was Killing Iraqi Children Worth It? Jackie Corr Hillary and Obama Head for Butte Carl Finamore Taking On United Airlines Laray Polk We Are All Dith Pran Susie Day Advice for the War-Torn Website of the Day Winter Soldiers: a Video Portrait   April 3, 2008 Peter Morici The Deepening Recession Joe Bageant The Audacity of Depression Andy Worthington Cleared But Still Detained: The Ordeal of Moroccan Prisoner Said al-Boujaadia Nikolas Kozloff Condi's Divide and Rule Strategy in South America Rannie Amiri The U.S. Disdain for Mideast Democracy David Macaray More Labor Strife in Hollywood Stephen Lendman Lynne Stewart's Long Struggle for Justice Website of the Day The True Face of Da Vinci?   April 2, 2008 Diane Farsetta Indian Point on the Potomac Harry Browne Bertie Ahern Laid Low by Secretary Wajahat Ali The Folly of Attacking Iran: a Conversation with Steven Kinzer George Wuerthner Open Season on Wolves Col. Dan Smith The Militarization of America Philippe Marlière The Politics of Bling-Bling in France: Sarkozy's Cultivated Anti-Intellectualism Steve Early A Purple Uprising in Oakland Bernard Chazelle Saving the American Left Reza Fiyouzat Bowling in Hell   April 1, 2008 Jeff Leys Fracturing the Peace to End the War Thomas P. Healy Restoring the Constitution: a Conversation with Daniel Ellsberg Winslow T. Wheeler When Pigs Sprout Wings: Mangled Rationales for a Fatter Defense Budget Roxanne Dunbar-Ortiz New Deal Nostalgia Patrick Irelan Cocaine, Colombia and the Cartels Andy Worthington The Case of Ahmed Khalfan Ghailani John V. Walsh The Shunning of Ralph Nader Michael J. Smith Woolly Mamet Robert Weissman The New Philip Morris--Even Worse Than the Old? Dave Lindorff Bush's Defining Moments Martha Rosenberg Brain Mist Disease: Boss Hog's Gift to Humanity Website of the Day Support Briana!   March 31, 2008 Mike Whitney Dead on Arrival: Paulson's Fixit Plan for Wall Street Mats Svensson Walls, Tunnels and Daily Humiliations Paul Rockwell Hillary's Lies About Outsourcing Paul Craig Roberts A Third American War in the Making? Patrick Cockburn Sadr Calls for Ceasefire Peter Dale Scott The Showdown Alfredo Molano Cultura Mafiosa in Colombia Peter Morici Why Paulson's Reform Plan Falls Short Uri Avnery Day of the Land, 32 Years Later Michael Simmons The American Bard in New Orleans Betsy Roberts / Karen Orr The Clorox Coup Phyllis Pollack First the Sun and Then the Moon: Scorsese Does the Stones Website of the Day Five Years Too Many   March 29 / 30, 2008 Alexander Cockburn When They Pick Up the Phone at 3 AM, What Will They Say? Patrick Cockburn Iraqi Police Refuse to Back Maliki's Attacks on Medhi Army Mike Whitney Bernanke's Next Big Bail Out Plan Christopher Brauchli The Pastor of Armageddon and the Slave Sale: McCain, Lieberman and Rev. Hagee William Blum China, Tibet and the Propaganda Olympics Robert Fantina Iraq Troika: McCain, Obama and Clinton John Ross AMLO, the Comeback Kid? Fighting the Privatization of Mexico's Oil Allison Kilkenny Shady Lending Hits Home Nelson P. Valdés Cuba, the Beatles and Historical Context Suzanne Baroud The Great Lake of Gaza: a New Crisis in the Making Richard Rhames Social Security: Throwing Granny from the Gravy Train Christopher Fons Transcending the 60s? Obama and the Baby Boomers Carl Finamore Misery at 35,000 Feet: Mergers Stall, Fares Soar, Services Slump and Consumers Sour Eamonn McCann Hillary Misremembers Again! Missy Beattie Justice and the Monsters of War Fred Gardner Jim Thorpe, All-American Kim Nicolini Cock Chuggers and Cheese Curls: Richard Kelly's "Southland Tales" David Yearsley "All the World's a Hospital" Jeffrey St. Clair Booked Up Poets' Basement Valentine and Ko Un Website of the Weekend Hidden Iraq   March 28, 2008 Saul Landau Growing Dread About Iraq Alan Farago Other People's Money: the Chop Shop Economy Peter Morici Knocking Down False Economic Gods Andy Worthington Plight of the Uyghus: a Chinese Muslim's Desperate Plea from Guantánamo Felice Pace Ashes of Lies: Why No One Trusts the US Forest Service Peter Montague Sierra Club Cleans House -- With Clorox! Dave Lindorff The Mumia Exception March 27, 2008 Patrick Cockburn Basra Erupts Binoy Kampmark Free Market Apostates Joanne Mariner "Was George Washington a Terrorist?" Norman Solomon NPR News: National Pentagon Radio? William S. Lind Mars Only Knocks Once: a Prognosis for Iraq John V. Walsh Obama's Speech: a Touch of Bigotry? Robert Weissman How Things Work Ron Jacobs Meeting Charlie Ehlen Ralph Nader Put Impeachment Back on the Table David Macaray Court Rules Against Grocery Workers John Borowski Clearcutting the History of Forest Destruction Website of the Day Going Out for an English   March 26, 2008 Stan Cox The Germs Next Door Sharon Smith Greed Pays: Welfare on Wall Street Anita Sinha / Jill Tauber Dreams Turned into Rubble in New Orleans Matt Vidal So Much for the Self-Regulating Market William S. Lind Operation Cassandra Joe Mowrey The Audacity of Hypocrisy: Obama's Pandering to Israel Dave Lindorff Duck and Cover (Up): Hillary Under Fire Ray McGovern Frontline's War: Too Timid, Too Little, Too Late Justin Smith Why Race and Gender are Separate Issues Sam Husseini The Winter Soldier Hearings and Indy Media Martha Rosenberg Blood on Ice: Gentlemen, Pick Up Your Clubs Michael Dickinson Politicians as Dogs Website of the Day The Wal-Mart Virus: How the Infection Spread   March 25, 2008 Ishmael Reed The Crazy Rev. Wright Corey D. B. Walker The Politics of Jeremiah Wright Linn Washington Jr. Racism in America and Other Uncomfortable Facts Alan Farago The Money Launderers: a Picnic for Wall St. Insiders Vijay Prashad A Glimmer of Hope From the Gulf Coast Joshua Frank A Silver Lining to the Bush Years? Ralph Nader How Public Servants Can Help End This War David Rovics If I Can't Dance: Why is the Left So Boring? Peter Morici America's Banks are Broken Dave Zirin Olympic Flames: China's Crackdown in Tibet David Krieger The Crisis in Tibet Website of the Day Memorializing Iraq March 24, 2008 Jeffrey St. Clair Blonde Ambition: Hillary's Berserker Campaign for 2012 Peter Morici Digging Out of the Recession Uri Avnery Two Americas Wajahat Ali First of the Mohicans: an Interview with Rep. Keith Ellison Paul Craig Roberts Inside the Shell Game George Ciccariello-Maher The Coming War on Venezuela Stephen Lendman Sami Al-Arian's Long Ordeal Christopher Brauchli Possessing Someone Else's Country Cat Woods A Letter to Mom on Obama Stacey Warde Tax Burden Dave Lindorff The American Dead Hits 4,000, But Who's Counting? Website of the Day Live from the Longest Walk   March 22 / 23, 2008 Ralph Nader Bush Blisters the Truth on Iraq Nicole Colson Can You Afford to Feed Your Family? James Petras The Cost of Unilateral Humanitarian Initiatives Laura Carlsen From Bombs to Markets: The Andean Crisis and the Geopolitics of Trade Greg Moses Tolerance and the American Pulpit Andy Worthington Torture Stories Dog Guantánamo Trials Michael Dickinson Art on Trial John Ross Bush's Surge Hits Mosul Missy Comley Beattie Killer Economics David Michael Green Happy Anniversary, America! Ramzy Baroud The Coming Uncertain War on Iran Martha Rosenberg Easter Egg Shells from Hell Paul Watson Evolution is Going to the Dogs in the Galapagos Isabella Kenfield Monsanto's Raid on Brazil James Murren Logging v. Water in Honduras Jacob Hornberger Sex and the Immigration Officer Kathlyn Stone Ben Heine, Master of the Art of Resistance Seth Sandronsky Rethinking New Mexico's History Kim Nicolini Class, Gender and Abortion in Communist Romania Jeffrey St. Clair Booked Up: What I'm Reading This Week Poets' Basement Wilson, Woods, Gibbons and Orloski Website of the Weekend Merci, McCain!   March 21, 2008 Marleen Martin Land Behind Bars: the Hidden Casualties of America's "War on Crime" Peter Montague Run Your Car on Coal? Maybe Not Saul Landau Monroe's Deadly Doctrine Anis Hamadeh Merkel in the Knesset Jacob Hornberger McCain's Al Qaeda Scare: Slip or Tactic? Khalil Nakhleh Al Nakba of 1948: How Long Will It Persist? Adam Isacson Colombia, Paramilitary Threats and Assassinations Kenneth Couesbouc Money for Nothing Madis Senner Will the Feds Underwrite the Stock Market? Monica Benderman The Costs of Freedom: What Are You Willing to Pay? Website of the Day Stop Foreclosures and Evictions March 20, 2008 Damien Millet / Eric Toussaint The Triple Failing of the Big Private Banks Mike Whitney Winding Up Bear John Ross What Do We Owe Iraq? Dave Lindorff Paying the Piper: the Bodies and Bills are Piling Up Wajahat Ali Pakistan on Fire Jill Nagle Memo to Sex Workers: Stop Financing Shock Journalism Manuel Garcia, Jr. Obama and the Psychic Auto-Shrink-Wrapping Called Race in America Dan La Botz Obama's Race Speech Robert Weissman Alternative Power: Shutting Down the API Stella Dallas / Jennifer Matsui Apostasy Now! Mamet, Enter Stage Right Website of the Day The Angry Monk   March 19, 2008 Patrick Cockburn A War of Lies Robert Fisk The Little Men and the Inferno Jeff Taylor Five Years of War in Iraq Ed Ruggero From Pinkville to Iraq: the Dark Anniversary of My Lai Ron Jacobs Who'll Stop the Rain? Christopher Fons Obama Takes the Race Bait Sherwood Ross In Defense of Rev. Wright Cynthia McKinney An Urgent Crisis: Confronting America's Racial Disparities Joshua Frank The Kool-Aid That Kills Robert Weissman Monsanto's Genetic Food Gamble Walter Brasch It's a Welfare State--If You're Rich Yifat Susskind Iraqi Women Resist the Occupation Andrew Wimmer War Demands Its Due Website of the Day Glimpses of Nature   March 18, 2008 David Price The Military "Leveraging" of Cultural Knowledge Paul Craig Roberts The Collapse of American Power Tim Wise Of National Lies and Racial America: Jeremiah Wright, Barack Obama and the Unacceptability of Truth Patrick Cockburn One of the Most Disastrous Wars Ever Fought Conn Hallinan Afghanistan, a River Running Backward James T. Phillips Monsters: Past, Present and Wannabe Uri Avnery The Killing in Bethlehem David Macaray Could Wal-Mart Revive the Labor Movement? Marjorie Cohn Beware an Attack on Iran Peter Zinn Obama in New Orleans Dan La Botz The Economic Crisis, Labor and the Left Monica Benderman Where are We Going?   March 17, 2008 Pam Martens The Fed's Wall Street Dilemma Sasan Fayazmanesh The US, Iran and the Policy of Dual Containment Nelson P. Valdés The Imperial Branding of Simon Bolivar and the Cuban Revolution Peter Morici The Corrosive Consequences of the Trade Deficit Wajahat Ali Disrobing the Nine: a Conversation with Jeffrey Toobin on the Supreme Court Since 9/11 Ronnie Cummins Beyond Progressive Malpractice: Taking Down Big Pharma Shaun Harkin Saint Patrick's Day in Fortress America Ali Khan No Pardon for Musharraf Robert Jensen Beyond Peace P. Sainath Oh, What a Lovely Waiver! Greg Moses Jeremiah was a Bullhorn Dr. Susan Block Advice for Eliot Spitzer Website of the Day No Cowboys   March 15 / 16, 2008 Patrick Cockburn How to Destroy a Country in Five Years Mike Whitney Bearly Alive: Investment Giant Rushed to ICU by Panicky Fed Chief Ralph Nader Of Laws and Men Robert Pollin It's Still the Economy, Stupid Diane Christian The Poetics of Perversity: From Boccaccio to Spitzer Wajahat Ali Faking the Hood: a Conversation with Ishmael Reed Tom Wright / Therese Saliba Rachel Corrie's Case for Justice Alan Farago Back to Florida: Where Bushtime Began Greg Moses Raiding the Family Room in Texas Michael Hudson A Grand Global Bargain? Martha Rosenberg Why Hillary's Favorite Chicken Company is Eying China John Goekler Fourth Generation Warfare in a Fifth Generation Conflict Uzma Aslam Khan A Letter to Barack Obama: Where's the Change, Barack? Oren Ben-Dor The Silencing of Gilad Atzmon David Underhill Mammon, Morals and the Mobile Tanker Deal Fred Gardner The Education of Eliot Spitzer David Michael Green Why Spitzer Should Have Resigned (and Why He Shouldn't Have) Rev. William E. Alberts Jesus, Entombed in Heaven Gail Dines It's All About the John: Prostitution and Male Power David Yearsley Conducting, Anarchy and the Problem of When to Begin Chris Clarke Walking with Zeke: the Luckiest of Dogs Poets' Basement Anderson, Lodge & Subiet Website of the Day Deviant Art   March 14, 2008 Paul Craig Roberts Watching the Dollar Die Don Santina Vichy Democrats: Pelosi and the Politics of Collaboration Patrick Cockburn Iraqi Mother Vows Revenge on US: How She Lost Her Husband and Her Sons Tim Rinne StratCom Rules! The Next War Will Start in Nebraska Robert Fantina In Torture We Trust Saul Landau Letter to the Presidents-in-Waitings David Macaray Common Myths About Labor Unions Franklin Lamb Is the Bush Administration Switching Horses in Lebanon Michael Neumann The One State Illusion: Reply to My Critics March 13, 2008 Paul Craig Roberts Republicans and "Free Market" Zealots Bring Disaster to America Mike Whitney Meltdown Looms Larger As Credit Markets Freeze Assaf Kfoury "One-State or Two State?"- Sterile Debate on False Alternatives Andy Worthington Afghan Hero Who Died in Guantánamo: The Background to the Story Adam Federman From Autopia to Autogeddon: Cars Reach the End of the Road March 12, 2008 Dave Lindorff Bringing Down Spitzer: It's the Big Brother Who Should Bother US R.F. Blader The Spitzer Backlash Yonatan Mendel How to be an Israeli Journalist. Never Write "Murder" or "Palestine" Jonathan Cook One State or Two? Neither. The Issue is Zionism Bill and Kathy Christison Fallon and Gates -- At Least One Cheer James J. Brittain Was the U.S. Involved in Killing the FARC-EP Leaders Ron Jacobs "All the Money You Make Will Never Buy Back Your Soul" March 11, 2008 Paul Craig Roberts How to End the Subprime Crisis Ed O'Loughlin How Israeli Troops Invade Homes in Gaza, Brutalize, Smash and Steal Ramzy Baroud 'Unwavering Commitment' to Inequality Kathy Christison One State or Two? The Debate Over Israel and Palestine China Hand PRC Plays it Cool, as U.S. Tries to Amp Up Pressure on Iran John Joslin Thank You, Nafta! Welcome to Weirton, Home of the Discount Cigarette Mike Averko Serb Politics, Kosovo and the Moscow-Washington Divide Ben Rosenfeld Gavin Newsom's Kneejerk Plan Thierry Paquot High Rise, Low Spirits:The Curse of the Tower Block March 10, 2008 Uri Avnery "Kill A Hundred Turks and Rest": The Five-Day War in Gaza Col. Dan Smith Scoring the "Surge" and What Lies Beyond R.F. Blader Why "Lock Them Up and Throw Away the Key" is Losing its Sheen Michael Neumann The One-State Illusion: More is Less Bob Fitrakis and Harvey Wasserman Did the Republicans Give Hillary Her Victory in Ohio? James J. Brittain Anti-Uribe Protests in Colombia and the World Missy Comley Beattie The Passion of John McCain March 8-9, 2008 Weekend Edition JoAnn Wypijewski The Only Way to Fight the Clintons Mike Whitney Sorting Through the Rubble in Post Bubble America Peter Morici Fed and Treasury Fiddle as Economy Plummets Ralph Nader The Silent Violence of Gaza's Suffering that Candidates Ignore Jonathan Cook The Meaning of Gaza's Shoah Steve Niva Behind the Israeli Escalation in Gaza Bill and Kathy Christison Crisis over Teheran's Alleged Nuclear Plans Nearing Climax Hervé Do Alto and Franck Poupeau Bolivia: Morales is Checked Eric Walberg To Leave and Stay at the Same Time: Putin to Medvedev to…? Scott Johnson City of A Thousand Foreclosures Mark Scaramella James Brown's Gate Bill Clinton President Clinton's Remarks on Naming William M. Daley as NAFTA Task Force Chairman Poet's Basement St. Thomasino, Engel, Davies and Willson Website of the Weekend Hillary Blackens Barack March 7, 2008 Patrick Cockburn Why Iraq Could Blow-Up in John McCain's Face Robin Blackburn Question for Barrack Obama: Why Afghanistan is the'Right War'? Saul Landau The Stupid Economy Binoy Kampmark When Competition is Good: McCain and the Muddled Democrats Chris Floyd Crushing the Ants: Admiral Fallon and His Empire Andy Worthington Spanish Drop "Inhuman" Extradition Request for Guantánamo Britons Will Potter Before the Smoke Even Clears in Seattle: Bringing Out the T Word March 6, 2008   March 6, 2008 Vincent Navarro The Next Failure of Health Reform Forrest Hylton High Stakes in the Andes: Colombia's Cornered President Peter Morici Why the Dollar is So Cheap George Ciccariello-Maher Counter-Attack of the Bureaucrats John Ross Taxi! Taxi! The Dark Side of the Oscars Jacob Hornberger No Standing to Lecture on Justice Paul Watson Illegal Japanese Whaling by the Numbers Dan Bacher Off the Deep End Website of the Day A Katrina Reader Online   March 5, 2008 Cockburn / St. Clair A Great Day for John McCain (and Maybe Nader) Joanne Mariner After Guantanamo Fidel Castro The Raid on Ecuador: Underestimating Rafael Correa Christopher Brauchli The Turkish Invasions Steven Sherman Obama and the Prospects for a Renewal of the Left Dave Lindorff Busting Bush & Co. in New England James Murren Bombing Somalia Adam Engel Necropolis Now Website of Day Remember Song   March 4, 2008 Wajahat Ali Mumbo Jumbo: Naming Names with Ishmael Reed William Blum How Could Hillary Have Known? Bill Quigley The Cleansing of New Orleans Ralph Nader The Prince Harry Solution Patrick Irelan Oil and Health in Venezuela James J. Brittain / R. James Sacouman Uribe's Colombia is Destabilizing a New Latin America Norman Solomon The War Election Jacob Hornberger Hillary in Waco: the Missing Apology Andy Worthington Guantánamo and the European Parliament Mike Averko Kosovo and the Press Website of the Day Tex-Mex Primary   March 3, 2008 Jennifer Loewenstein Gazan Holocaust Alan Farago American Politics and the Faltering Economy Richard Gott Colombian Deaths in Ecuador Wajahat Ali Who Speaks for a Billion Muslims? Analyzing the World Gallup Poll with John Esposito Paul Craig Roberts The Mukasey Conspiracy: a Bi-Partisan Attack on the Constitution Robert Weissman When Multinationals Say Adieu Uri Avnery Good Morning, Hamas Martha Rosenberg When Your Meat is a Downer Eva Liddell Leave the Next Dance for Bill Michael Donnelly Will Ferrell Does Flint Website of the Day Muddy Waters: Train Fare Home Blues       Subscribe Online

Weekend Edition Apri1 12 / 13, 2008 Spread the Wealth and Give Workers a Raise Want to Save the Economy? By MIKE WHITNEY Insolvency's dark shadow hangs over Wall Street. One major player, Bear Stearns, has already gone under, and from the looks of it, another investment giant may be on the way down. It's getting ugly out there. The so-called TED spread*, which measures the reluctance of banks to lend to each other, has begun to widen ominously suggesting that the money markets think another dead body will be floating to the surface any day now. The ongoing deleveraging of financial institutions and the persistent downgrading of assets has the Fed in a tizzy. Bernanke has backed himself into a corner by stretching the Fed's mandate to include everyone on Wall Street with a mailing address and a begging bowl. Now he's taken on the even larger task of fixing the plumbing that keeps credit flowing between the various investment banks. Good luck. There's plenty of more pain ahead. The IMF expects the final tally will be $945 billion, that means $3 trillion in lost loans for the banks. Bernanke better pace himself; this mess could last for years. The US subprime fiasco has spiraled into what the IMF is calling "the largest financial shock since the Great Depression." America's capital markets are on the fritz. The corporate bond market is frozen, the banks are buckling from their losses, and the housing market is in a shambles. No one is buying and no one is lending. Private equity deals are off 75 per cent from last year and no one will touch a mortgage-backed security (MBS) with a ten foot pole. The mighty wheel of modern finance is grinding to a standstill and no one's quite sure how to rev it up again. The US consumers are feeling the pinch, too. Credit cards are maxed out, student loans overdue, car payments in arrears, and mortgages entering foreclosure. Also, wages haven't kept pace with production and and the home-equity ATM has been shut down. Now that the credit tap has been turned off; the American worker is hurting, but no one is offering a bailout or a even helping hand; just a few table-scraps from Bush's "surplus package". 500 bucks will just about fill the tank of a normal-sized SUV. A new survey from the Pew research Center "Inside the Middle Class-Bad Times Hit the Good Life", shows that working families are in debt up to their ears and that fewer Americans "believe they are moving forward" than anytime in the last half century. The study also shows that most people believe "it's harder to maintain a middle class life style" and that "since 1999, they have not made economic gains." Average families are struggling just to make ends meet. That's why so many people bought homes when they should have opened savings accounts. They were duped into speculating on housing so they could get a chunk of money. It looked like a good way to overcome stagnant wages and crappy hours. The cheer-leading TV pundits offered assurances that "housing prices never go down". It was all baloney. Now 15 million homeowners are upside-down on their mortgages and the very same experts are scolding workers for fudging the facts on their income disclosure forms. It's all backwards. No wonder consumer confidence has dropped to record lows. Working people don't need lectures on saving money; they need a raise. The big-wigs at Bear Stearns are still dining on crab-cakes at the Four Seasons while the working folk are just trying to make their way through Greenspan's nuclear winter living on beef jerky and Big Gulps. Where's the justice? Volumes have been written about the current crisis; subprime-this, subprime that. Everything that can be said about collateralized debt obligations (CDOs) credit default swaps(CDS) and mortgage-backed securities (MBS) has already been said. Yes, they are exotic "financial innovations" and, no, they are not regulated. But what difference does that make? There's always been snake oil and there have always been snake oil salesmen. Greenspan simply raised the bar a notch, but he's not the first huckster and he won't be the last. What really matters is underlying ideology; that's the root from which this economy-busting hydra sprung. 30 years of trickle down, supply-side gibberish; 30 years of idol worship for the waxy-haired reactionary, Ronald Reagun; 30 years of unrelenting anti-labor, free market, deregulated orthodoxy which inflated the biggest equity-Zeppelin in history. Now the bubble is hissing out of the blimp and the escaping gas is wreaking havoc across the planet. There are food riots in Haiti, Egypt, and Kuwait. Wherever the local currency is pegged to the falling dollar, inflation is soaring and trouble is brewing. Also, European banks are listing from the mortgage-backed garbage they bought from brokerages in the US and need central bank bailouts to stay afloat. It's just more fallout from the subprime swindle. Finance ministers in every capital in every country are getting ready for a 1930's-type typhoon that could send equities crashing and food and energy prices rocketing into the stratosphere. And it can all be traced back to the wacko doctrines of neoliberalism. These are the theories that guide America's "screw-thy-neighbor" monetary policies and spread financial turmoil to every city and hamlet around the world. The present stewards of the system are incapable of fixing the problem because they represent the interests of the people who benefit most from the disruptions. Paulson's latest "blueprint" for the financial markets is a good example; a more pro-business, self-serving scheme has never been put to paper. Gary North sums it up in his article "Really Stupid Loans": "With the Federal Reserve System's latest proposal, presented to the public by Secretary of the Treasury Henry "Goldman Sachs" Paulson, the Fed is asking the United States government to make it the Great Protector of Capital....The new proposals will centralize power over finance in the hands of an agency that is officially run by the government but in fact is run by agents of the largest fractional reserve banks. ...Regulation by tenured staff economists will not make the system less fragile. It will make it more top-heavy and less flexible.. "Some version of this plan will probably pass in the next Congress. No matter whether it does or does not, the direction is the same: toward an economy controlled by the federal government in conjunction with titular private ownership of the means of production, that is, toward fascism." (Gary North, "Really Stupid loans" lewrockwell.com) The whole point is to put the markets in the Fed's control so that when the next financial crisis arises (from the next swindle) the Fed can bailout the bankers and hedge fund managers without consulting Congress. Paulson's plan is a power-play; nothing more. The investment Mafia wants to take over the whole financial system lock, stock and barrel. They want to liquidate the SEC and any other government watchdog and put the investment banks, hedge funds and brokerages on the honor system. It's the end of transparency and accountability which, of course, are already in short supply. Currently, Paulson and Bernanke are expanding the balance sheets of the Government Sponsored Enterprises (GSEs) so that Fannie Mae and Freddie Mac will underwrite 85 per cent of all mortgages while FHA will cover 10 per cent more. The mortgage industry is being nationalized to save banking fellowship while the taxpayer is on the hook for another $4.4 trillion of dodgy loans. Paulson doesn't care if the taxpayer gets stuck with the bill. What bothers him is the prospect that, somewhere along the line, workers will demand higher wages to keep pace with inflation. Then all hell will break loose. Paulson and Co. would rather see the economy perish in a deflationary holocaust than add another farthing to a working person's salary. He and his ilk take class warfare seriously; that's why they are winning. But their strategy also creates problems. When wages don't keep pace with production, demand decreases and the economy falters. That's what's happening now and Paulson knows it. Workers are over-extended and can't buy the things they make. They barely have enough to feed the kids and fill the tank for work. Consumer spending (which is 72 per cent of GDP) is nose-diving at the very same time the Fed's equity bubble is exploding. Neoliberalism has a twenty-year record of producing the very same economic calamities. Why is this crisis different? Why should the US be spared the same predatory treatment as the many other victims of the global corporate oligarchy? After the Fed's equity bubble bursts, the corporate vultures will swoop down and buy up vital resources and industries for pennies on the dollar. Economist Michael Hudson anticipated many of the present-day developments in the financial markets in an amazingly prescient interview in CounterPunch in 2003 called "The Coming Financial Reality": Michael Hudson: "Free enterprise under today's financial conditions threatens to bring about an unprecedented centralization of planning, not in the hands of government but by the financial conglomerates and money managers. Whatever government planning power is destroyed becomes available for them to appropriate, with plenty of vigorish left for the politicians whose campaigns they back and who will "descend from heaven" into high-paying private-sector jobs, Japanese style, after having performed their service for the new regime. Question: The financial regime is nothing but parasites? Michael Hudson: "The problem with parasites is not merely that they siphon off the food and nourishment of their host, crippling its reproductive power, but that they take over the host's brain as well. The parasite tricks the host into thinking that it is feeding itself. "Something like this is happening today as the financial sector is devouring the industrial sector. Finance capital pretends that its growth is that of industrial capital formation. That is why the financial bubble is called 'wealth creation,' as if it were what progressive economic reformers envisioned a century ago. They condemned rent and monopoly profit, but never dreamed that the financiers would end up devouring landlord and industrialist alike. Emperors of Finance have trumped Barons of Property and Captains of Industry." (Michael Hudson, "The Coming Financial Reality", counterpunch, interviewed by Standard Schaefer.) Bingo. Hudson not only explains how finance capitalism is inserting itself into the governmental power structure but, also predicts that "industrial capital formation" -- which is the production of things that people can really use to improve their lives -- will be replaced with complex debt-instruments and derivatives that add no tangible value to people's lives and merely serve to expand the wealth of an entrenched and increasingly powerful investor class. Finance capitalism has "devoured landlord and industrialist alike" and created a galaxy of seductive liabilities which masquerade as assets. Derivatives contracts, for example, represent over $500 trillion of unregulated counterparty transactions; a "shadow banking system" completely disconnected from the underlying "real" economy, but large enough to send the world into a agonizing depression for years to come. The goal should be to dismantle this corrupt Ponzi-system, which merely wraps debt in a ribbon, and rebuild the economy on a solid foundation of productive labor, worker solidarity and and above all the redistribution of income and hence purchasing power away from the system which now flow to the top two or three per cent. Political power has to be taken from the financial mandarins or the disparity of wealth will continue to grow and democracy will wither. We've already seen our main institutions -- the courts, the congress, the media, and the presidency -- polluted by the steady flow of corporate contributions which only serve the narrow interests of elites. Henry Liu expands on this idea in his excellent article "A Panic-stricken Federal Reserve": "In the 1920s, the wide disparity of wealth between the rich and the average wage earner increased the vulnerability of the economy. For an economy to function with stability on a macro scale, total demand needs to equal total supply. Disparity of income eventually will result in demand deficiency, causing over-supply. The extension of credit to consumers can extend the supply/demand imbalance but if credit is extended beyond the ability of income to sustain, a debt bubble will result that will inevitably burst with economic pain that can only be relieved by inflation.....More investment normally increases productivity. However, if the rewards of the increased productivity are not distributed fairly to workers, production will soon outpace demand. The search for high returns in a low demand market will lead to consumer debt bubbles with wide-spread speculation .... Today, outstanding consumer credit besides home mortgages adds up to about $14 trillion, about the same as the annual GDP. " Voila. A strong economy requires a strong workforce and an equitable distribution of wealth. When money is concentrated in too few hands, the political system atrophies and becomes unresponsive to the needs of its people. That's when the nation's laws and institutions are reshaped to reflect the ambitions of rich and powerful. The financial system is doing exactly what it was designed to do, it is crumbling from the decades-long trickle-down experiment. Social programs have been gutted, civil infrastructure is in tatters, legal protections have been savaged, and workers rights have been trounced. Is it any wonder why we're embroiled in an unwinnable war and the financial system is on its last legs? The only way to break the stranglehold of Wall Street's financial Politburo is to level the playing field through greater wealth distribution. That's the best way to rekindle democracy and make America the land of opportunity again. And it all starts with giving America's workers a raise. *Initially, the TED spread was the difference between the interest rate for the three month U.S. Treasuries contract and three month Eurodollars contract as represented by the London Inter Bank Offered Rate (LIBOR). However, since the Chicago Mercantile Exchange dropped the T-bill futures, the TED spread is now calculated as the difference between the T-bill interest rate and LIBOR. The TED spread is a measure of liquidity and shows the flow of dollars into and out of the United States (Wikipedia). Mike Whitney lives in Washington state. He can be reached at: fergiewhitney@msn.com

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