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Today's Stories October 10, 2007 Michael Yates Travels Across Greenspan's America David Macaray How Wal-Mart Can be Beaten October 9, 2007 Paul Craig Roberts Blinded by Ideology: Cato, Trade and Outsourcing Andy Worthington Fourth Whistleblower Rocks Guantánamo Alan Farago The Fall of Florida's Largest Land Developer Brian Eno Exporting Democracy with Missiles David Rovics The RIAA vs. the World Farzana Versey Two Lovers and the Funeral of Secularism Andrew Buncombe and Omar Waraich Musharraf's Landslide Website of the Day Romney and the Wheelchair Bound Medical Marijuana Patient   October 8, 2007 David Macaray Lesbians for Hillary? or Teamsters for Hillary? Jeff Ballinger Nike, Steroids and Marion Jones Brian Eno This Ban Won't Stop Us Christopher Brauchli Translating Bush Louay Safi End the Disgrace of Guantánamo Matt Reichel Homocide by Cops at the Phoenix Airport Dave Lindorff Finally, A Good Day for the Constitution Thomas P. Healy The Politics of Mercury Pollution Martha Rosenberg E. Coli Spreading Slaughter Allowed to Stay Open Richard Rhames A Democrat's Lament Website of the Day Not All Italians Love Columbus   October 6 / 7, 2007 Alexander Cockburn A Rainbow Over a Graveyard Norman Finkelstein Jeffrey Goldberg's Prison James Bovard Are Presidents Entitled to Kill Foreigners? Patrick Cockburn The Invasion of Afghanistan, Six Years Later Jeffrey St. Clair At Disaster Falls Ralph Nader Where Are the Lawyers of America? Ray McGovern So Who's Afraid of the Israel Lobby? Saul Landau A River Runs Through It Ben Tripp Bring on the Next War! Terry Lodge The Grateful Dead Body Parts Delivered to Your Door Reform Act Seth Sandronsky Market Mystification and the Liberal Virus Kevin Funk / Steve Fake Divestment and Darfur Missy Beattie In the Custody of Bush and Cheney Website of the Weekend Snoop Dogg vs. Bill O'Reilly   October 5, 2007 Andy Worthington The Anonymous Victims of Guantánamo David Macaray De-Skilling America's Labor Force Lee Sustar The Democrats and Iran: Can They Sink Any Lower? Dan La Botz Cincinnati Six Years After the Killings and the Riots Aaron Hess Hate Week Comes to Campus William A. Cook Unmasking AIPAC Website of the Day Range of Memory   October 4, 2007 Uri Avnery The Power of the Israel Lobby Dave Marsh Dick Cheney, a Eulogy Valerio Volpi How Italy Became a Launching Pad for the US Military Cecilie Surasky Dissenting at Your Own Risk Dave Lindorff Remaking Iraq, as Vietnam Norman Solomon Sputnik, 50 Years Later Laura Carlsen Costa Rica and CAFTA: Memo Reveals Manipulation Scheme Walter Brasch When Compassion Fails: Bush and the Children's Health Act Ben Terrall Haitian Human Rights Advocate Kidnapped William S. Lind Beyond the OODA Loop Website of the Day Musicians in Handcuffs   October 3, 2007 Vijay Prashad Gang of Four Anita Sinha Black Ties and Bulldozers in New Orleans Winslow T. Wheeler Posturing at the Petraeus Hearings: Where was the Oversight? Sharon Smith The Kucinich Quandary Jeff Leys Our Bonhoeffer Moment Sen. Russ Feingold We Must End This Tragedy Mohamad Bazzi Playing Into the Hands of Ahmadinejad Brenda Norrell A Cry from the Top of the World Robert Weissman No Sex, Still a Scandal at the IMF Website of the Day Jena by Mellencamp   October 2, 2007 Ibrahim Warde Logical Lies About Bin Laden's Wealth Gary Leupp "I Hate All Iranians": Frank Talk from a Defense Dept. Official David Macaray The Hunt for a Blue November: In Pursuit of the Labor Vote Conn Hallinan Religion and Foreign Policy John Ross The Great American Chess Match Alan Farago Ripping Off Miami's Poor Sonja Karkar The Right to Exist: States or People? Niranjan Ramakrishnan The Meteor and the Mahatma Website of the Day Grandin on Che's Legacy   October 1, 2007 Al Giordano The Clinton Campaign's Reckless Race for Big Money Donors Paul Craig Roberts From Burma to Iraq: Hypocrisy Rules the West Moshe Adler The Crimes of Microsoft Ingmar Lee My Kayak Journey Down the Wild Pacific Coast John V. Walsh Ahmadinejad is Not My Enemy Norman Solomon Political Science and Truth of Consequences Roger Burbach Historic Victory in Ecuador for the Left Ramzy Baroud The Politics of Assassination Stephen Lendman The Maestro of Misery: Greenspan's Dark Legacy Susie Day Honey, I Shrank the Military! Website of the Day Letters from Fort Lewis Brig   September 29 / 30, 2007 Alexander Cockburn Clinton Time: Do We Set Our Clocks Forward or Back? Uri Avnery So What About Iran? Andrew Cockburn Iraq's WMD Myth: Why Clinton is Culpable Jeffrey St. Clair Through the Gates of Lodore Wajahat Ali The Good, the Bad and the Iraqi Andy Worthington The Curse of the Military Commissions Don Santina Ethnic Cleansing in San Francisco Ralph Nader Free Lunches, for Corporations! Fred Gardner The Man Behind the MoveOn Ad Seth Sandronsky The US Economy Since 1980 Gideon Levy The Children of 5767 William S. Lind A Ticking Bomb Reza Fiyouzat An Anti-Imperialist Case Against a Nuclear Iran Richard Rhames Wag the Tail, Frag the Dog David Michael Green Buyer's Remorse: Their Purchase, Our Regret Zach Mason Hate and Hope in Herndon Poets' Basement Gibbons, Ali, Davies and Suss Website of the Weekend Domestic Crusaders     September 28, 2007 Kathleen and Bill Christison The Teflon Alliance with Israel Roberto J. González / David H. Price When Anthropologists Become Counter-Insurgents Saul Landau September, the Cruelest Month in Chile Tom Clifford Burma by the Numbers Christopher Brauchli Of Toxic Almonds and Bad Beef Martha Rosenberg Spinning Suicide Statistics Dave Zirin Soldier in Winter: John Carlos Speaks Out on the Jena 6 Laray Polk Bush Library or Lockbox? Binoy Kampmark When Reagan Turned Brown James McEnteer Hell, Columbia: an Academic Hotshot Introduces a Petty Tyrant Website of the Day Concerned Anthropologists   September 27, 2007 Alan Farago Housing Market Crashes and Burns Andy Worthington A Bad Week at Guantánamo Jonathan Cook Why Did Israel Attack Syria? William Hughes Billy Graham, a Prince of War Exposed Ray McGovern Bush, Oil and Moral Bankruptcy Ron Jacobs Joe Biden's Plan to Chop Up Iraq Dave Lindorff Quit the Party! Join the Mass Resignation Movement! Joshua Frank Pruning the Green Party Anne Dachel The CDC, Vaccines and Autism Website of the Day The God-O-Meter   September 26, 2007 Bill Quigley HUD's Home Wreckers Paul Craig Roberts A Pandemic of Police Brutality Jeff Kisseloff Still Smearing Alger Hiss China Hand Is China the True Target of Financial Sanctions Against Iran? Behzad Yaghmaian At the Gates of Paradise Sonja Karkar The Quality of Mercy in Gaza Mike Ferner Interrupting the Empire, 30 Seconds at a Time Col. Dan Smith Freedom to Speak, Freedom to Learn Clifton Ross Bollinger's Barbarous and Ignorant Speech Brenda Norrell A Meeting of Indigenous Peoples in Caracas Website of the Day The Smearing of Jean Maria Arrigo, a Psychologist Opposed to Torture   September 25, 2007 Nicole Colson On the March Against Racism Uri Avnery Foam on the Water Brendan Cooney Ahmadinejad on Broadway: Free Speech? Arrest Him! Harry Browne Bruce Springsteen Comes Home ... to Hell Marjorie Cohn The Drift Toward War with Iran David Macaray The UAW-GM Strike: the Long Knives are Already Out Ralph Nader Hypocrisy and Inverted Priorities in Congress Dan Bacher Schwarzenegger, the Climate Change Hypocrite Anthony Papa Perverted Justice & America's Drug Laws Christopher Ketcham All Politicos Now Classed as Sexual Deviants Website of the Day John Waters on Free Speech   September 24, 2007 George Ciccariello-Maher Racist Violence from Jena to Oakland Saree Makdisi The War on Gaza's Children David Keen Action-as-Propaganda: Learning About the Iraq War from Hannah Arendt Sherwood Ross Just How Powerful is the Israel Lobby? Only Cheney Knows for Sure Ron Jacobs Greenspan's Open Secret Donna Saggia The Cult of the Military and the Decline of Democratic Values Mike Ferner Free Speech Takes a Capitol Beating Malini Johar Schueller Norman Hsu is a Model Minority Monique Dols and Dylan Stillwood Ahmadinejad and Columbia Website of the Day The Promotion September 22 / 23, 2007 Alexander Cockburn On Naomi Klein's "The Shock Doctrine" Jennifer Loewenstein Beneath the Hideous Veneer of Security Linn Washington, Jr. The Injustice in Jena: Prosecutorial Misconduct More Dangerous Than Racism Jeffrey St. Clair Going Down in Dinosaur: Oil, Dams and Whitewater (Part One) Alan Farago Genuflecting to China Brian Cloughley Of Hate, Hubris and Atrocities Robert Fantina The Deadly Pattern of US Imperialism Roxanne Dunbar-Ortiz Land Tenure and Resistance in New Mexico Jason Hribal Fear of an Animal Planet David Rosen Slugger Sex: Athletes, Violence and Male Sexuality Mike Whitney The Era of Global Financial Instability John V. Walsh Who Will Lead a Filibuster of the Iraq War Spending Bill? Dave Lindorff Why Aren't We Banning Blackwater Here? David Michael Green Hiding Behind a Camouflage Skirt Fred Gardner Claudia Jensen (Look Back in Anger) Cassandra Jones Support Our Mercenaries Roger van Zwanenberg Pluto Press Under Attack by Israel Lobby Poets' Basement Buknatski, Davies and Ford Website of the Weekend "For the Bible Tells Me So"   September 21, 2007 Karim Makdisi Letter from Lebanon M. Shahid Alam A History of Violence Alan Farago Who Will Buy My House? Joshua Frank The Demise of the Congressional Black Caucus Dave Zirin Notre Dame and the Economy of Sports Kenneth Couesbouc A Short History of Lending and Borrowing Dr. Steffie Woolhandler and Dr. David Himmelstein Mass Health Care Failure Ben Terrall The Streets of San Francisco: Where Impeachment is Taken Seriously--By Everyone But Pelosi Steve Fournier Ex-Dems, Sign Up Here Frederico Fuentes, et al Voices in Defense of Bolivia Website of the Day Sabra and Shatila, Remembered   September 20, 2007 Kathleen Christison Whatever Happened to Palestine? Zoltan Grossman An Endless Occupation? Paul Craig Roberts As the Empire Slips: Greenspan and the Economy of Greed Stan Cox and Wes Jackson Carbon-Free and Still Wrecking the Planet Russell Mokhiber AARP to Kucinich: Drop Dead Charles Modiano Jim Crow's Children: the Jena 6, Shaquanda Cotton and Blog Power Raymond J. Lawrence Bush's Worrisome Use of Religion Brendan Cooney Body-Snatched Nation Website of the Day Mind Control for Breakfast   September 19, 2007 Paul Craig Roberts Why Did Senator John Kerry Stand Idly By? Paul Krassner The Power of Laughter Sgt. Martin Smith The New Private Warriors: Blackwater in Iraq Seth Sandronsky Living in a Dilapidated Market: To Rent or Own? Claud Cockburn Looking back at the Great Crash Victoria Buch Israel's Agenda for Ethnic Cleansing and Transfer Robert Weissman Oil Warriors: From Greenspan to Kissinger Mike Ferner Can We Talk? Dan Bacher Schwarzenegger's $9 Billion Boondoggle for Big Water Website of the Day Housing Cost Calculator   September 18, 2007 Mike Whitney U.S. Banks Brace for Storm Surge as Dollar and Credit System Reel Alan Farago Interviewing Alan Greenspan: How 60 Minutes Blew It John Ross America's Great Wall: Where Will the Workers Go When They Finish It? Ron Jacobs Nooses Hung From Jena, La. to College Park, Md. Alex Doherty Britain's 9/11 "Truth Movement": Who's Responsible? September 17, 2007 Marjorie Cohn Erwin Chemerinsky and the Post-9/11 Attack on Academic Freedom Paul Craig Roberts Conservatism Isn't What It Used to Be Ricardo Alarcón The Return of C. Wright Mills Amid the Dawn of a New Era Marc Levy Fake Vets Chasing Fame Eva Liddell In 1969 We Already Knew What 2007 Would Look Like Website of the Day Propaganda: Your Job in Germany. Directed by Frank Capra, and written by Theodor Geisel Sept. 15-16, 2007 Alexander Cockburn The General Came to Washington Vicente Navarro How the U.S. Schemed Against Spain's Transition from Dictatorship to Democracy Mike Whitney Plummeting Dollar, Credit Crunch Herman Mindshaftgap Has There Ever Been a Surge? If so, Has it a Future? Ellen Cantarow Girls! Music! Palestine! Jordan Flaherty K-Ville: Fox's New Paean to the N.O.P.D. Zachary Hurwitz Julio Cusurichi on Amazonian Development September 14, 2007 Debbie Nathan New York Times reporter was a member of an illegal underage porn site, claims he was only "posing as online predator" Franklin Lamb Sabra-Shatilla, 25 Years Later Patrick Cockburn Greet Bush and Die: The Killing of Abu Risha Farzana Versey The World's Richest Muslim Tycoon Alan Farago This is Florida, Epicenter of the Housing Bust and of Public Corruption Hank Edson Bill's New Book is Giving Me a Headache September 13, 2007 Patrick Cockburn Petraeus Confided Presidential Ambitions to Iraqi Official Scott Vest, former Air Force Captain at Minot The Barksdale Nukes Andy Worthington Guantánamo: "Ghost" Prisoners Speak At Last Michael Baney Mr. Fixit of Quake-Stricken Peru Has Death Squad Past Dr. Susan Block Is U.S. Run by Secret Homintern? September 12, 2007 Paul Craig Roberts American Economy: RIP Stan Goff The Petraeus Report William Blum When Soldiers Mutiny...Only Those Fighting the War Can End It. Manuel Garcia Forgetting 9/11 Debbie Nathan Why One Sex Survey Didn't Make the Big Time September 11, 2007 Patrick Cockburn The Fakery of General Petraeus Iain Boal Specters of Malthus: Scarcity, Poverty, Apocalypse Michael Dickinson Osama on 9/11 Guerry Hoddersen Free Speech is Not Given, but Taken Bill Hatch Irish Politics in Old Time California Gary Leupp The Legacy of Luciano Pavarotti Website of the Day Elisa Salasin's "My September 11th" September 10, 2007 Uri Avnery A Big Victory Against the Wall Patrick Cockburn Petraeus's Closet Saul Landau and Farrah Hassen Screwing Up In Iraq David Michael Green Why Fred Thompson is Uniquely Qualified to be the GOP's Nominee Pius Adesanmi A Solidarity Letter to a Victim of Michael Vick Betty Schneider How to Deal With Sex Offenders   September 8 / 9, 2007 Alexander Cockburn Will the US Really Bomb Iran? Saul Landau The Irrational Drama of a Declining Empire Ismael Hossein-Zadeh Hurricane Katrina and Bush's Wars Ray McGovern Petraeus, the Westmoreland of Iraq Matthew Abraham Finkelstein's Legacy at DePaul Alan Farago The Governor and the Growth Machine Christopher Brauchli Grand Old Party Animals Rannie Amiri Battle of the Camps Fred Gardner Will Snoops Get Stopped? James L. Secor B-52 Flexing Nuclear Muscles: H-Bombs Over Barksdale Missy Comley Beattie Choices: Shall We Stay or Shall We Go Now? Ben Tripp Still in the Clover Francis Boyle The University of Illinois' Little Red Sambo Show Joe Allen and Paul D'Amato Jason Bourne vs. James Bond Website of the Weekend Drilling Wyoming: the View from Above September 7, 2007 Robert Fantina Those Iraq Reports: Bush vs. Reality John Ross Coca-Cola's Raid on a Sacred Mountain James Brooks The Occupation Within Russell Mokhiber Robert Reich and the Elimination of Corporate Criminal Liability Joshua Frank The Green Implosion Continues: Cyberlynching John Murphy John Walsh On the Green Party Mark Brenner New York Taxi Workers Strike Over Tracking Devices Mike Ferner "I Will Salute No More Forever" Website of the Day Help Save Osny Zachary's Life             Subscribe Online

October 10, 2007 Where Money Rushes to the Top Travels Across Greenspan's America By MICHAEL YATES Alan Greenspan's new memoir has put his tenure as Federal Reserve chairman on the hot seat, as critics ask whether he bears responsibility for the housing bubble and for his failure to vocally reject the Bush tax cuts. Missing from this criticism is an understanding of what the Federal Reserve System is about. The real job of Mr. Greenspan and his predecessors and successors is to protect the country's creditors and in the process extend and solidify the ownership and control a tiny minority of extremely rich persons have over profit-generating property. By extension this means that the monetary authorities aim to diminish and weaken the political strength of working people, who through their collective actions have provided the only real counterweight to the power of the wealthy. Consider the housing bubble and the very low interest rates that brought it about. In our travels my wife Karen and I met a wealthy and prominent man in a Midwestern city. He was a successful professional, and he has used his considerable earnings to buy real estate. During the past few years, his holdings have risen dramatically. Today he is perhaps the largest real estate owner in town. It occurred to me that a key to this man's ability to accumulate property was the very low interest rates generated by the easy money policy of the Federal Reserve System that marked the first half decade of the twenty-first century. In 2000, the stock market began a precipitous decline, first in the "dot-com" sector and then, in 2001, the rest of the market. In the late 1990s, there was a sharp run-up in prices, which, as often happens in capitalist economies, had become a bubble, with investors buying stock simply because everyone else was. The stocks of companies that had consistently lost money and had limited prospects for future profits were trading at remarkably inflated prices. When the big traders started to sell, the floodgates opened and prices plummeted. The events of September 11 compounded the bear market, and share prices fell further. As those whose wealth had diminished and whose debts had risen were forced to cut their consumer spending and investment, what economists call aggregate demand for the economy's output began to fall and threatened a recession. Presumably to forestall a downturn, the Board of Governors of the Federal Reserve System, chaired by Mr. Greenspan, began to implement monetary policies that pressured interest rates sharply downward. According to standard economic wisdom, falling interest rates will stimulate both consumer and capital spending, increasing both output and employment. While these things happened to some extent, the main outcome was that low interest rates (lower than at any time in forty years) encouraged borrowing, not to finance the building of productive capital, but to buy real estate. New home construction boomed (with, by the way, many socially negative but seldom discussed consequences" deforestation, traffic congestion, continuous road construction, air pollution, and erosion of communities by second, third, and fourth home owners.) Sales of existing homes skyrocketed too, as did the refinancing of mortgages, with the latter fueling a burst of home repairing and remodeling. Because of low interest rates, the businessman we met was able to leverage his existing properties into much larger holdings without incurring high-interest mortgages. As his wealth increased, so too did his political and social influence in the town. And his ability to purchase still more property rose in tandem with the greater wealth the low interest rates made possible. All across the United States there are businessmen like this one; and in cities large and small, they have gained what we might call "class power." They are not the economic elite, which owns the "commanding heights" of the economy, but they are closely allied with and take direction from them. And of course, those who do control the "commanding heights" acquired property on a scale that makes our businessman look like a piker. For working people, low interest rates meant something different. Some were able to refinance mortgages and reduce their monthly payments, but for most the money saved was simply spent on consumer goods. If money was borrowed against houses that had appreciated in value, the result was still more debt. If new homes were bought, there was a good chance, especially for minority borrowers, that the interest rate was not the low one given to richer borrowers. Instead banks gave so-called subprime loans, with higher rates and thousands of dollars of hidden charges. As real estate growth degenerated into a "bubble," financial institutions engaged in an orgy of dishonest advertising, urging everyone to become a home owner. Thousands of poorer, working-class people were sucked into a bevy of mortgage schemes that promise years of debt dependency, bankruptcy, and foreclosure. Alan Greenspan's low-interest-rate-fueled real estate boom was in essence a form of class warfare, strengthening the power of large property holders while reducing that of working persons. Recent Fed actions confirm this. The interest rate cuts will not help homeowners now in trouble. The banks will not cut deals with them, and prospective buyers will not get lower rate mortgages. The banks and other creditors, however, now have the liquidity necessary to help them ride out the crisis. And should the economy slip into recession, so what? Those on top will buy up those without enough ready cash to withstand a downturn, concentrating economic power still further. Workers will lose their jobs, and there will be more foreclosures. But they are too disorganized and demoralized to do anything about it. Low interest rates used to be a rallying cry of American populists like William Jennings Bryan. Farmers and small business owners needed low rates, they said, to compete with their larger rivals. Workers joined them in great political upheavals. But in a society marked by large income and wealth inequalities and a moribund labor movement, low interest rates only served to make such disparities wider. They made the rich richer and the poor poorer. It is difficult to believe that at least some of this wasn't intentional. During the Greenspan years, we have witnessed a rush of money flowing from the bottom to the top of the income distribution, now more unequal than at any time since the 1920s. Economic"and political"power are firmly entrenched at the top too. Alan Greenspan did his job well. This essay is adapted from Yates' new book, Cheap Motels and a Hot Plate. Michael D. Yates is a writer and economist now living in Amherst, MA. He can be reached at: mikedjyates@msn.com

Now Available! How the Press Led the US into War Buy End Times Now! New From CounterPunch Books The Secret Language of the Crossroads: HOW THE IRISH INVENTED SLANG By Daniel Cassidy WINNER OF THE AMERICAN BOOK AWARD! Click Here to Buy! Cassidy on Tour Click Here for Dates & Venues "The Case Against Israel" Michael Neumann's Devastating Rebuttal of Alan Dershowitz Click Here to Buy! Saul Landau's Bush and Botox World with a Foreword by Gore Vidal Click Here to Order!   Grand Theft Pentagon How They Made a Killing on the War on Terrorism         The Occupation by Patrick Cockburn Humanitarian Imperialism By Jean Bricmont   CITY BEAUTIFUL By Tennessee Reed     Bruce Springsteen On Tour By Dave Marsh   The Book on 9/11 the White House Denounced as "ABSOLUTE GARBAGE"