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Today's Stories November 13, 2007 Alexander Cockburn Hillary's Big Problem and How Bill Can Fix It   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 The Twisted Logic of Drug Laws Floyd Rudmin What "All Options are on the Table" Really Means Sherwood Ross Giuliani and Torture Website of the Day The Worst Lobby? You Decide   October 29, 2007 Lisa Hajjar Inside Israel's Military Courts Joe DeRaymond The Politics of Lethal Injections Patrick Cockburn The High Stakes in Iraqi Kurdistan Isabella Kenfield / Roger Burbach Corporate Murder in Brazil Fred Gardner The Frivolous Investigation of Dr. Sterner Farzana Versey Caricaturing Islam Stephen Fleischman The Greening of the Oligarchy Marcelle Cendrars The Congressional Rip Cord Eamonn McCann Dan Keating, the Last of the Republican Irreconcilables Martha Rosenberg For Halloween, Ann Coulter Dresses as .... Ann Coulter! Website of the Day Campaign 2008   October 27 / 28, 2007 Alexander Cockburn So Much for Islamo-Fascism Awareness Jeffrey St. Clair The Dam That Isn't There James Bovard Breaking Down an Innocent Man: The FBI's Right to Threaten Torture Ralph Nader Beyond the Rule of Law M. Reza Pirbhai The Wahhabis are Coming, the Wahhabis are Coming! Robert Sandels Pay the Invaders! Cuba, Claims and Confiscations Jacob G. Hornberger Ruling By Decree Missy Beattie The Arsonists in the West Wing John Ross U.S. Eyes on Oaxaca Robert Fantina Condi Rice, the Imperial Cheerleader Ron Jacobs Labor at the Crossroads Ali Moayedian In Search of Logic About Iran David Michael Green What If We Had a President Who Didn't Give a Damn About Terrorism? Poets Basement Block, Davies and Ford Website of the Day Bring 'Em Home: a Music Video   October 26, 2007 Brian Cloughley Revenging Bloodshed Saul Landau Portrait of Rudy Ahmad Al-Akras Getting Justice in the HLF Case Franklin Lamb Does "Loving" Lebanon Mean Never Having to Say You're Sorry? Mike Whitney Murdoch's Cuckoo's Nest Dave Lindorff Home of the Brave? Reducing US Casualties By Killing More Civilians Alan Farago A Castro Behind Every Bush Yifat Susskind Conscripting Feminism into the War on Terror Website of the Day Dead Life in a Political Prison October 25, 2007 Jeffrey St. Clair / Joshua Frank Iraq's Environmental Crisis Manuel Garcia, Jr. Homes of the Crash Test Dummies Paul Craig Roberts The Fraudulent War on Terror Col. Dan Smith The Politics of Paranoia: Jane Harman's War on the First Amendment Alan Farago The Way to Paradise? Chris Kutalik The Lesson of the Chrysler Rebels Brian McKinlay John Howard and the Curse of Bush Cindy Sheehan Pete, Nancy, George and WW III Website of the Day Support the America's Program!   October 24, 2007 Natalie Washington-Weik White Fantasies About Race-Based Intelligence Andy Worthington The Guantánamo Suicides Michael Birmingham What Happened in Nahr Al Bared? Corporate Crime Reporter The Nuclear Democrats Tariq Ali Bush's Cuba Detour Farzana Versey Imagining Serfdom in a Scarf Dave Zirin White Noise James Murren What "Support Our Troops" Means Todd Chretien Looking Reality in the Face Martha Rosenberg What Came First, the Chicken or the Cage? Website of the Day Hillary Clinton on Nuclear Power   October 23, 2007 Ralph Nader Bush's Catastrophic Rhetoric Lawrence R. Velvel Goldsmith Stands Convicted--By His Own Mouth: How a Harvard Law Professor Justified Rendition at the Bush Justice Dept. Vijay Prashad The Nuke Deal is Dead Bonnie Bricker / Adil E. Shamoo The True Cost of War for Oil Dave Lindorff Christopher Dodd's Make or Break Moment Mike Whitney The Big Squeeze Farzana Versey Race with the Devil Stanley Heller / Ben George Something New from the Antiwar Movement Marcelle Cendrars You Too Can Confront the Holy Executive Regan Boychuk Burma and Haiti: Comparing the Media Response Website of the Day King Corn   October 22, 2007 Ishmael Reed Should Blacks Go Green? Marjorie Cohn Mukasey and the Constitution: Another Loyal Bushie Rannie Amiri Is There a Method to Bush's Middle East Madness? Diane Farsetta Time to Pay for Payola: the FCC and Pundit-for-Hire Armstrong Williams Todd Alan Price Renewing No Child Left Behind: A Hurricane Katrina Aimed at Public Education Robert Jensen The Quagmire of Masculinity Stephen Lendman The UAW Leadership Sells Out Its Workers Jemima Khan The Kleptocrat in an Hermes Headscarf Sunsara Taylor David Horowitz Can't Handle the Truth Binoy Kampmark No Ideas, Please: the Australian Elections Website of the Day Support the Center for International Policy     October 20 / 21, 2007 Alexander Cockburn The Man Who Builds Hillaryworld Tariq Ali A Massacre Foretold Jeffrey St. Clair Greetings from Echo Park Andy Worthington The Shame of Diego Garcia Mike Whitney Housing Flameout Daniel Wolff Play It As It Lays David Rosen Deviants on Parade: Folsom St. Fair and America's 4th Sexual Revolution Saul Landau David and Goliath in Iraq Ron Jacobs COINTELPRO and the Panthers Robert Fantina The Strange Love of Mitt Romney and Bob Jones David Heleniak Erring on the Side of Hidden Harm Joe Allen Hoffa Brown-Nosing at UPS Prairie Miller Lions for Lambs Poets' Basement Gibbons, Holt and Buknatski Website of the Weekend Crash!   October 19, 2007 John Ross Che's Mexican Legacy Sheldon Rampton Shared Values Revisited: a Case Study in the Limits of Propaganda Rahul Mahajan A Tale of Two Atrocities: Blackwater and Haditha Devra Davis Deadly Secrets: Chemical Pollution and Cancer Christopher Brauchli Blasphemous Science Wadner Pierre Haiti After the Deluge Bill Quigley Jailed for Justice Website of the Day Textbook Sticker Shock   October 18, 2007 Saree Makdisi Academic Freedom is at Risk Meg Dwyer What I Learned from 9/11: Who Wouldn't Want Us Dead? Alevtina Rea Sketches of Russian Life Norman Solomon The United States of Violence Kristoffer Larsson Something is Rotten in Sweden Harvey Wasserman Nukes are Back and So are We Website of the Day Eve Ensler: "A Filibuster Would Stop This War"   October 17, 2007 Steve Niva Counter-Insurgency, American-Style Andy Worthington The Case of Mohamed Jawad Alan Farago The Credit Shock Russell Mokhiber The New Billionaire-Criminal Class Sharon Smith Democrats, AWOL When It Mattered Mike Whitney Time for the Banks to Face the Hangman Robert Fantina Iraq, Iran and the US: Business as Usual Chris Irwin Where Have All the Rednecks Gone? Website of the Day Sex Ed at Oral Roberts University October 16, 2007 Peter Linebaugh Doris Lessing and the Dynamite Prize Paul Findley Follow the Leader: The Open Secret About the Israel Lobby Robert Bryce Inconvenient Corrections: Al Gore's Wacky Facts Uri Avnery The Mother of All Pretexts Paul Craig Roberts The Iraqi Genocide Ray McGovern What Did Nancy Pelosi Know About NSA Spying and When Did She Know It? Norman Solomon The Pro-War Undertow of the Blackwater Scandal Martha Rosenberg The Curse of Cymbalta William S. Lind Out of the Frying Pan Joel S. Hirschborn Time to Boycott Voting Website of the Day Pipeline Through Paradise: Big Oil's Arctic Play         Subscribe Online

November 13, 2007 "Steady as She Sinks!" Bulletins from the Titanic By MIKE WHITNEY On Monday, Asian stock markets took another beating, on fears that the credit squeeze which began in the United States will continue to worsen in the months ahead. Every index from Tokyo to Sidney fell sharply continuing the "self-reinforcing" cycle of losses started last week on Wall Street. The Nikkei 225 average fell 3.3 per cent, India's Sensex 2.9 per cent, Taiwan's 3.5 per cent, and Hong Kong's Hang Seng slumped 4.5 per cent. The subprime tsunami is presently headed towards downtown Manhattan, where nervous traders are already hunkered-down in the trenches---ashen and wide-eyed. Amid the deluge of bad news over the weekend; one story towers above all the others. The yen gained 1.5 per cent against the dollar. (9 per cent year-over-year) That means that Wall Street's biggest swindle, the carry trade, is finally unwinding. The over-levered hedge funds will now be forced to sell their positions quickly before the interest-rate window shuts and they're stuck with humongous bets they cannot cover. The faltering yen is the grease that lubricates the guillotine. $1 trillion in low interest loans--which keeps the trading whirring along in US markets--is about to get a haircut. Cheap Japanese credit is the hidden flywheel in Hedgistan's main-cylinder. Once it is removed, the industry will seize up and clank to a halt. Fund managers can forget about the vacation rental in the Hamptons. It'll be sloppy Joes and Schlitz Malt-liquor on Coney Island from here on out. Over the weekend Deutsche Bank announced that losses from "securitized" subprime mortgages were likely to reach $400 billion. The news sparked a sell-off in the Asian markets where investors have become increasingly eager to pare down their holdings of US equities and dollar-backed assets. Overnight, the greenback has become the leper at the birthday party; everyone is steering clear for fear of contagion. Foreign central banks are looking for any opportunity to dump their stockpiles of dollars in a manner that doesn't disrupt their economies or the global financial system. Their intentions may be prudent-even honorable-but it won't forestall the inevitable blow-off of US dollars that is likely to commence as soon as the financial giants reveal the real size of their losses. New regulations have been put in place that will require the banks to provide "market prices" for their assets. This will expose the degree to which they are under-capitalized. When word gets out that the banking system is underwater; there'll be a run on the dollar. On Sunday, the AFP reported that the Group of Seven richest nations (G7) is considering direct "intervention" in the dollar's decline to prevent a "disorderly correction". "It is not too early contemplating the risk of coordinated interventions by the G7," said Stephen Jen and Charles St-Arnaud of investment bank Morgan Stanley. "History shows that multilateral, coordinated interventions have been key in establishing turning points in multi-year trends in major currencies in the past three decades." On Thursday, Treasury Secretary Hank Paulson, full fathom five under the waves on the poop deck of the Titanic communicated through speaker tube the news that "A strong dollar is in our nation's interest and should be based on economic fundamentals." According to Bloomberg News: "More than $350 billion of collateralized debt obligations comprising asset-backed securities may become 'distressed' because of credit rating downgrades." What's clear is that the situation is getting worse, not better. Honesty must at least be considered as one of many options, although the Treasury Dept avoids that choice like the plague. Eventually, the public will have to be told about what is going on. Last week, the Financial Times reported: "In recent days, investors have been presented with a stream of high-profile signs that sentiment in the financial world is deteriorating. However, deep in one esoteric corner of finance, another, little-known set of numbers is provoking growing concern. So-called correlation - a concept that shows how slices of complex pools of credit derivatives trade relative to each other - has been moving in unusual ways 'What we are seeing in the synthetic [derivative] markets is that there is a serious fear of systemic risk,' says Michael Hampden-Turner, credit strategist at Citigroup. 'This is not just about price correlation within the collateralized debt obligation market, but about a potential rise in default correlation and asset correlation.' Until recently, traders often tended to assume that there was relatively little correlation between different chunks of debt, because they thought that the biggest risk to the world was idiosyncratic in nature - meaning that while one company, say, might suddenly default, it was unlikely that numerous companies would default at the same time. However, some regulators have been warning for some time that in times of stress correlation does not always behave as traders might expect." The multi-trillion dollar derivatives industry-which has never been tested in down-market conditions---is now moving sideways. No one really knows what this means except that the most opaque and volatile debt-instruments are now threatening to unravel, triggering a cascade of unanticipated defaults and a colossal loss of market capitalization. Credit default swaps (CDS) are rarely thrashed out in market commentary. They are counterparty options which provide hedging against the prospect of default. They are, in fact, a financial equivalent of the San Andreas faultline which is quivering menacingly as foreclosures mount and mortgage-backed bonds continue to implode. As the Financial Times suggests, the shock waves should be sweeping through the Wall Street trading pits in the very near future. There are also new developments on the sale of "marked to model" CDOs-the red-haired stepchild of the new structured finance paradigm. "The trustee of a $1.5 billion collateralized debt obligation managed by State Street Global Advisors has started selling assets, apparently starting a process of liquidation," Standard and Poor's said. The sale is a red flag for the other holders of $1.5 trillion of CDOs who've been waiting for market conditions to change before they try to sell their mortgage-backed bonds. The liquidation will assign a "market price" to these complex structured investment vehicles. If the price at auction is mere pennies on the dollar, then the banks, pension funds, and insurance companies will have write down their losses or add to their reserves to cover their weakening assets. Simply put, the State Street sale could turn out to be doomsday for a number of under-capitalized investment banks. Their revenues are already down; this would be the last stake to the heart. Finally, Greg Noland, at Prudent Bear.com reports on the "looming disaster" at Fannie Mae where, the best-known Government Sponsored Entity (GSE) has entered into the current housing slump with a "Book of Business of mortgages, MBS and other credit guarantees of $2.7 trillion" which is backed by a measly "$39.9 billion of Shareholder's Equity". That's all? As Noland concludes, "A devastating housing bust will bankrupt the mortgage insurers, while the solvency of their derivatives counterparties going forward will be in doubt in any number of scenarios. The GSEs are now integrally linked to what I expect to be Credit insurance's and "structured finance's" astonishing downfall." Amen. The only thing looking up are oil futures. And they'll be denominated in euros soon enough. Mike Whitney lives in Washington state. He can be reached at: fergiewhitney@msn.com The New Print Edition of CounterPunch Contains the Explosive Investigation That Rocked the Pentagon! Stolen Scholarship Devastates General Petraeus's Counterinsurgency Manual Anthropologist DAVID PRICE exposes how the fabled Counterinsurgency Manual contains a chapter filled with "borrowed" quotations. Price reveals the crucial role in the debacle played by anthropologist Montgomery McFate. The University of Chicago Press is badly compromised. And much more. Get your copy today by subscribing online or calling 1-800-840-3683 Remember contributions to CounterPunch are tax-deductible. Click here to make a donation. 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