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Today's Stories February 16 / 17, 2008 Alexander Cockburn The Terrorists Still at Ground Zero, 7 World Trade Tower, Lower Manhattan Ralph Nader We the Corporations ... David Macaray The Big Buy Out: Did GM Drive Another Nail in Labor's Coffin? William J. Peace Wheelchair Dumping Ron Jacobs War on the Psyche: Shellshock and Redemption Ramzy Baroud Iraq and the US Elections Michael Donnelly Genitalia First! Old Guard Feminists Play the XX Card James L. Secor China Diary: Spring Festival and New Year 2008 Wajahat Ali Attack of the Info-tainment Circus   February 15, 2008 George Szamuely The Absurdity of "Independent" Kosovo Patrick Cockburn Ground-Truthing the Surge: Is the US Really Bringing Stability to Baghdad? Wajahat Ali Pakistan is Burning: an Interview with Steve Coll on the Taliban, Bin Laden and the Bush Administration Mike Whitney Henry Paulsen's Wild Ride on the Economic Hindenberg Alan Farago God and the Democrats Chris Genovali Alberta's Black Gold Rush Jacob Hornberger Courting Injustice: Scalia on Torture Dave Lindorff Snoops Always Ring Twice: Bush's Protect America Bill Bull Website of the Day Live From the Land of Hopes and Dreams     February 14, 2008 Kathleen and Bill Christison Palestine in the Mind of America Mike Whitney Swan Song for NATO Clancy Sigal Strike Notes from a Screenwriter George Wuerthner A Bloody Sham: the Yellowstone Bison Slaughter Peter Morici Is Bernanke Headed for the Exit? John Ross Drug War Mayhem Boils Over from Border to Border Allan Nairn Mafia Rules in the Middle East: If You're Big Enough, You Can Whack Anyone Rannie Amiri Lebanon's Warmongers Niranjan Ramakrishnan The New Tractatus: Where Wittgenstein Meets Feinstein Donna Volatile Be Careful What You Vote For, You Just Might Get It Seth Sandronsky The Student Squeeze: Fighting California's Tuition Hikes Website of the Day Conventions: the Land Around Us   February 13, 2008 Nikolas Kozloff Meet John McCain: Mr. Big Stick in Latin America Alan Farago Hell to Pay: Warren Buffett on the Goal Line Christina Kasica King's Dream Foreclosed: the Subprime Crisis in Black America Vicente Navarro How to Read the U.S. Primaries Hall Greenland Australia's Finest Hour Lee Sustar Strange Stimulation: Too Little for Those Who Need It Most David Macaray The Writers' Strike Finally Ends Roderick Frazier Nash Celebrating Wilderness Patrick Irelan Hugo Chávez and High Anxiety at the NYT Anthony Papa Mean Mister Mukasey: AG Tries to Block Crack Cocaine Releases Carl Finamore Another Parade Passes Me By: Don't Let Your Movement be Coopted by Politicians Website of the Day John He Is   February 12, 2008 Frank J. Menetrez The Case Against Alan Dershowitz Paul Craig Roberts War Without End Dr. Trudy Bond The Elephant at Gitmo: Camp 7 and the Torturer's Shrink Andy Worthington The Guantánamo Six: Why Charge Them Now? What About the Torture? Col. Dan Smith The Psychology of Killing: Close In or Far Away? Ronnie Cummins Globalization: Standing at the End of the Road Ralph Nader Open the Government John V. Walsh Antiwarriors, Divided and Conquered Dave Lindorff Obama and Progressive Change: Let's Hope the Movement Transforms the Candidate Michael Donnelly Who's Pimping Whom? The Clintons' Selective No Talk Rules Ron Jacobs La Lucha Continua: Castro's "Life" Ben Tripp Beggars Collide Website of the Day Springsteen and Youngstown   February 11, 2008 Cockburn / St. Clair Lessons for Obama: When is a Delegate Not a Delegate? Wajahat Ali A Discussion with Walt and Mearsheimer on the Israel Lobby Ray McGovern Waterboarding for God and Country Allan Nairn The Shooting of Jose Ramos Horta Uri Avnery An End Foreseen? Chris Floyd American Psycho: the Meaning of Mitt Romney's Exit Speech Martha Rosenberg School Lessons in a Lunchbox: Lunchmeat from Tortured Cows Stephen Fleischman The Bonnie and Clyde of American Politics Marc Lamont Hill Not My Brand of Hope Liliana Segura Obama and Torture: the Sounds of Silence and Equivocation Peter Morici Challenges for the New President Christopher Brauchli A Drug Rant from a Former Taker Website of the Day Annie vs. the Blue Angels   February 8 / 10, 2008 Paul Craig Roberts Does the GOP Have Aces Up Its Sleeves? Patrick Cockburn Will Moqtada al-Sadr's Truce Hold? Mike Whitney The Great Bust of '08 Anthony DiMaggio How the Press Covers Waterboarding Andy Worthington The Guántanamo Trials: Where are the Terrorists? Linn Cohen-Cole Hillary, Will You Renounce Your Ties to Monsanto? Firmin DeBrabander Notes from the Foreclosure Front: Suing Your Way to Solvency Cpt. Paul Watson The Other Whaling Industry: How Greenpeace Cashes In on the Suffering and Deaths of the Great Whales Kenneth S. Pope Why I Resigned from the American Psychological Association Jacob G. Hornberger American Soldiers Will Pay the Price for Bush's Torture Policy Robert Bryce Beyond Group Think on Climate Change: If More CO2 is Bad ... Then What? P. Sainath The Last of the Buccaneer Editors Allan Nairn Give Me Back My Land Fred Gardner / Pebbles Trippet "The District Attorney of Shasta County Doesn't Know the Law!" Andrew Wimmer Growing Up Catholic: Ignorance is Death Robert Fantina America's Disgrace: the Case of Omar Khadr David Michael Green Partycide in Six Easy Steps: Watch the Democrats Destroy Themselves Kevin Zeese Is Dennis Kucinich Being McKinney'd? Peter Morici Wall Street Gives Bernacke a Vote of No Confidence Chris Driscoll Could Nader be the Come-Back Kid of 2008? Prairie Miller Black August: Bringing George Jackson's Life to the Screen Poets Basement Davies and Buknatski   February 7, 2008 Patrick Cockburn Why Baghdad Will Explode Again Bill Christison Potholes Bigger Than Ever for Palestinians David Anderson NBC's "To Entrap" a Predator: Perverting Justice for the Sake of Ratings Ron Jacobs Innocent Flesh: Recruiting Kids to Kill Nikolas Kozloff Hugo Chávez's Coca: It's the Real Thing Jane Rockefeller The Moral Economy of an Anti-Poverty Foundation Andy Worthington On Waterboarding: Two Questions for Michael Hayden Dave Zirin Instep Intifada Saul Landau The "Honestest" Candidate Since Lincoln Susie Day Our Blob in the White House Website of the Day George Carlin on Voting   February 6, 2008 Cockburn / St. Clair Super Tuesday's Vote for Chaos Ben Rosenfeld Informant Games: The Disturbing GreenScare Case of Briana Waters Vijay Prashad An Intellectual Hustler Lays It All Out Joe Bageant Nine Billion Little Feet on the Highway of the Damned Michael Donnelly What White Women Do In Private Voting Booths Allan Nairn Does the US Need a Civilizing Mayan Invasion? Kathryn Gray Wilderness on Edge: The Fate of Donner Summit Ray McGovern Powell's UN Fiasco Sheldon Richman The Whining Empire Paul Cantor / Roger Sparks A Presidential Aptitude Examination John Chuckman Political Bits and Pieces Website of the Day Save the Albatross February 5, 2008 Winslow T. Wheeler The Chaos in America's Vast Security Budget Tariq Ali Why I Will Not Participate in the Turin Book Fair Stephen Soldz The Secret Rules of Engagement in Iraq: Did Rumsfeld Authorize War Crimes? Chris Floyd Strange Fruit: America's Gulag and the Good War William S. Lind Saddam's Secret War Strategy: Die and Win Martha Rosenberg Live From the Killing Floor Heather Gray Conversations with Georgia Voters Ayesha Ijaz Khan Obama, Bhagwandas and the Battle for a Secular Politics David Macaray Unions Need to Stop Being So Nice Eliza Ernshire Making Music and Laughing Till the Tears Run Brenda Norrell Hated Nation Website of the Day The Things I Used to Do     February 4, 2008 Marc Levy Winter in America Patrick Cockburn The Bird Market Bombings Saree Makdisi Strangling Gaza Uri Avnery From Stalingrad to Winograd Alan Farago Let's Get Bambi! Someone is Slaughtering Florida's Key Deer Ben Tripp Spare Change: the Whine of the Progressive Voter Paul Wolf Civil Wars North and South Paul Craig Roberts Why Were the 9/11 Tapes Destroyed? Joshua Frank MoveOn's Obama Endorsement: Why There's No Hope for Change John Halle Whither Progressive Democrats? Website of the Day How to Cheat in School   February 2 / 3, 2008 Alexander Cockburn Hot Democratic Properties Pam Martens Bankers Gone Bonkers: Global Finance and the Insanity Defense Ralph Nader The Great Clinton-Obama Debate: Questions They Weren't Asked John Ross Hilaria vs. "El Moreno" Wajahat Ali Hillary, Obama and the Clash of Civilizations: an Interview with Imam Zaid Shakir Robert Fantina A Colony by Any Other Name: Iraq as Stepchild of the American Empire B. R. Gowani Not All Veils and Guns James L. Secor China in Winter: On the Western Edge of the Great Snow John V. Walsh The Invisible Green Primary Niranjan Ramakrishnan Barack's Bubble, Bubba's Trouble Dave Zirin Who Stole the Super Bowl's Soul? Jeremy Scahill Blackwater and Blood Fidel Castro Reflections on Lula Joe Allen Tet Reconsidered: the Turning Point in the Vietnam War Stephen Lendman Life in Occupied Gaza Patrick Irelan What Happened to the Streetcars? Andrej Grubacic Ziga Vodovnik Caligula's Horse: the USA, New Europe and Kosovo Josh Karpoff Dead Soldiers and the Antiwar Movement Ron Jacobs Carl Oglesby's War Paul Krassner Tom Waits Meets Super-Joel Website of the Weekend Company Woman: Hillary and Wal-Mart   February 1, 2008 Ray McGovern The Iniquities and Inequalities of War Diane Farsetta The Wild Career of James "Dow 36,000" Glassman Patrick Cockburn The Most Dangerous Country in the World for Journalists Tariq Ali Et Tu, New York Times? Allan Nairn Eating Dirt for Lunch in Haiti Rannie Amiri Collective Punishment in Beirut Ramzy Baroud People Power in Gaza: They Simply Did It Kenneth Couesbouc The Mother of All Snowballs Peter Morici Recession Looms Mumia Abu-Jamal Witha "Brutha" Like This: Bill Clinton as White Negro Rosemary Jackowski 27 Reasons Nader Should Run for President Scott Campbell Direct Action to Stop the War Re-emerges Website of the Day Betes et Hommes   January 31, 2008 Saul Landau Return to Afghanistan Andy Worthington Horror at Guantánamo Mike Whitney Rate Cut as Dagger: America's Teetering Banking System Jeff Ballinger Sustainability for Dictators Initiative? Clinton Praises the "Suharto of the Steppe" Tiffany Ten Eyck The Saga of the Freightliner Five William Loren Katz Waterboarding: Torure or Mystery? Alan Farago Why the Republicans are in Deep Trouble Col. Dan Smith Oh Say Can You See the 2009 Budget? China Hand Slouching Toward Islamabad Dave Lindorff The Usual Suspects Once Again Wadner Pierre Fake Democracy in Haiti Website of the Day One Big Union   January 30, 2008 Cockburn / St. Clair McCain vs. Clinton? Christopher Ketcham The Genius of the Development Industrial-Complex Robert Weissman America By the Numbers: The Shameful State of the Union Neve Gordon An Experiment in Famine Paul Craig Roberts Regulation or Deregulation, Which is Worse? Joanne Mariner How Anti-Terror Laws Threaten Free Speech David Macaray Labor's Only Real Weapon Liaquat Ali Khan Is NATO Committing Genocide in Afghanistan? Raymond J. Lawrence Prankster-in-Chief: Bush's Troubling Non-Verbal Communication Dan Bacher The Collapse of the Central Valley Salmon Website of the Day Onward Through the Fog   January 29, 2008 Franklin C. Spinney Bush's New War Budget: the $70 Billion Hand-Off Mike Whitney The Great Credit Unwind of 2008 Alan Farago Buyer Beware: Florida, the Candidates and the Latin Builders Association Patrick Cockburn "The Americans Bring Us Only Destruction" Gary Leupp "We Can't Afford to Let Them Spill the Beans:" a Sibel Edmonds Timeline R. F. Blader A World Without Abortion: USA v. Romania Ahmad Faruqui Musharraf's Post-Electoral Prospect Fran Shor Obama, the Kennedys and "Change We Can Believe In" Jeremy Scahill Secret Trials and Criminal Convictions: the Ordeal of the Blackwater Protesters Allan Nairn Bush's SOTU: Entitlement, Justice and the War of All Against All Website of the Day The Ghost of Rambo   January 28, 2008 Patrick Cockburn Return to Fallujah Paul Craig Roberts The End of American Liberty Allan Nairn The Breaking of the Gaza Wall Eyad al-Sarraj / Sara Roy Ending the Stranglehold on Gaza Martha Rosenberg Obit for the "Front Page" City Corporate Crime Reporter How They Rip Us Off David Michael Green Kristolizing Iraq: What a Great Freakin' War Jennifer Van Bergen What's Left? Nancy Oden Survival Tips for Hard Times Divya Karnad Saving India's Sea Turtles James L. Secor Pissed About Pistorious: Why the Olympics Needs a Gimp Website of the Day Yellow Journalism?   January 26 / 27, 2008 Uri Avnery Worse Than a Crime JoAnn Wypijewski How the Clintons Lost It, Whatever the Outcome in S. Carolina Ralph Nader Ambition, Power and the Clintons Paul Craig Roberts How Bush Destroyed the Dollar Paul Watson I'm Proud to be a Pirate! John Ross Murder and Cover-Up in Mexico Fred Gardner Ross v. Raging Wire: Employer's Right to Fire Workers Held Sacred by California Supreme Court Allan Nairn Little Hands with Fever: Some Consequences of Poverty Death Joshua Frank Why Bush Wants to Legalize the Nuke Trade with Turkey Binoy Kampmark Société Générale and the Economic Meltdown James T. Phillips America's Sick Comedy: Bringing the War Home Stan Cox The Depressing Truth About Anti-Depressants Eamonn McCann Hillary's Lie: "I Brought Peace to Northern Ireland" Ron Jacobs The Horizons of History: What's at Stake in Bolivia Seth Sandronsky California's Health Care Crisis Ben Terrall The Future is Unwritten Poets' Basement Tripp, Gardner, Gibbons and Davies Website of the Weekend City of Immigrants     January 25, 2008 Douglas Valentine Operation Two-Fold: How the CIA Infiltrated the DEA Patrick Cockburn US Troops Will Be In Iraq for 10 More Years: an Interview with Iraqi Foreign Minister Hoshyar Zebari JoAnn Wypijewski Down to the Wire in South Carolina Heather Gray Are We Seeing a Racial Shift in the South? Conversations with South Carolina Voters Marjorie Cohn Senate Democrats Poised to Fold to Cheney on FISA Erica Rosenberg Environmentalists Out on a Limb: the Perils of Collaboration Alan Farago Jeb Bush Goes Nuclear Robert Weissman Reclaiming Economic Freedom Laura Carlsen Wild Cards: Mining the Hispanic Vote in Nevada Stephen Lendman Israeli Repression in the Hebron Website of the Day The FIX is In   January 24, 2008 JoAnn Wypijewski Obama as Anthologist of Uplift Paul Craig Roberts President Hillary Alexander Cockburn Hillary Wants to Talk About Dirty Legal Dealings? Remember Her Nursing Home Scam? Kathleen Christison One and Two State Solutions and the Myth of International Consensus Jeff Halper Power to the (Palestinian) People! Stanley Heller The Siege of Gaza is Broken George Wuerthner The Moronic Sport: ORVs on the Public Lands Patrick Cockburn Desperate Iraqi Farmers Turn to Opium Jeff Sher Just How "Good" is Your Health Insurance? Patrick Irelan Musharraf, the Steadfast Ally? Charles Modiano Restoring the Anti-War King Website of the Day An Illustrated History of Trepanation   January 23, 2008 David Rosen The Great Disappearing Act: the Presidential Candidates and the Politics of Sex David Isenberg Is It Really So Hard to Believe That Iran Stopped Its Nuclear Weapons Program? Farzana Versey Hillary's Harem Paul Craig Roberts The Empire That Must Be Obeyed Alan Farago Where Did All the Good Times Go? Allan Nairn Indonesian Intelligence Service Threatens to Kill Human Rights Activist Kenneth Couesbouc Another Turn of the Screw Niranjan Ramakrishnan How the West was Re-Sold Michael Donnelly Obama Strikes Back Norman Solomon The Power of Love Website of the Day Rafah Today   January 22, 2008 Paul Craig Roberts Farewell to Old Economic Nostrums JoAnn Wypijewski King Day in Columbia, South Carolina Al Giordano Divide and Conquer Politics: How the Clinton Campaign Armed a Black-Latino Time Bomb in Nevada Felice Pace Power Politics in the Klamath: Water, Dams and Salmon Paul Wolf Bolívar's Sword Robert Weissman Deregulation and the Financial Crisis Dave Lindorff The Bush Dollar Trap Marjorie Cohn Cheney Impeachment Gains Traction Richard Neville Keeping Shakespeare in a Box Don Fitz / Zaki Baruti St. Louis Mayor Booed Off MLK Platform Ben Terrall Cindy Sheehan and the Virtues of Divisiveness Sam Husseini Stoning Martin Luther King, Jr. Website of the Day Defend the Mapuche!     January 21, 2008 Kevin Alexander Gray Playing the Race Card Linn Washington, Jr. Deferring Dreams, Delusions of Democracy Pam Martens How Wall Street Blew Itself Up David Macaray Labor's Grim Dilemma: Do We Need a Labor Party? Uri Avnery Look Who's Talking Omar Barghouti Europe's Collusion in Israel's Slow Genocide Joe DeRaymond Protest and Trial in D.C. B.R. Gowani Why Islam Should Tolerate Images Shepherd Bliss The False U.S. Economy Jean-Guy Allard Philip Agee Versus the CIA Dan Bacher Leaping Steelhead! Website of the Day Destroyed By a Rising Flood January 19 / 20, 2008 Alexander Cockburn The Campaign in Black and White Saul Landau Good Time Charlie's War China Hand Endgame for Pakistan? Conn Hallinan Desert Mirage: What Was the Bombing of Syria Really About? Ron Jacobs No Retreat Dave Lindorff A Tax Rebate Won't Fix This Mess Andy Worthington Canada's Humiliating Double Standard on Torture Paul Armentano What's the Going Price for a Joint? More Than You Might Think Seth Sandronsky High Crimes and Economics Michael Donnelly Dodging Ecocide Patrick Irelan The Ordeal of Dr. Safdar Sarki Martha Rosenberg The Drug Industry Takes Another Hit Sherwood Ross Making the World Safe for Despots: Bush's Global Arms Trade David Michael Green So You Want to be My President, Eh? James Rothenberg Unimpeachable: Under House Protection Daniel Gross Starbucks Shortchanges Dr. King Peter N. Carroll In Memory of Milton Wolff Susie Day Croakin' on Hudson Paul Krassner Woody Allen Meets Tongue Fu Poets' Basement Wolff, Buknatski and Orloski Website of the Day Rocky Mountain Blues   January 18, 2008 Allan Nairn Killing Civilians, Carefully Ralph Nader When the Big Boys Get in Trouble, Who Pays the Ultimate Bill? Joanne Mariner Terrorism and Preventative Detention Alan Farago The Stimulus and the Meltdown P. Sainath Pity the Brahmins R.F. Blader Beyond Steinem's Feminism Andy Worthington A Letter from Guantánamo John Jonik Private Insurance is Bad for Your Health Brian McKenna Where Even Sharing is Prohibited: Notes from Inside a Michigan Women's Prison Daoud Kuttab This Time Next Year? Website of the Day Those South Carolina Voting Machines   January 17, 2008 Paul Craig Roberts Leader and Vassal Christopher Brauchli The FBI's Bills Come Due Robert Fantina Leadership, Bush and the New York Times Patrick Irelan Eternal War Paul A. Moore When the Rich Pay No Taxes Stephen Lendman Institutionalized Spying on Americans Beena Sarwar Bhutto and the "State Within a State" Walter Brasch Buzzwords in the Echo Chamber: Change and the Establishment Brenda Norrell Bush Legacy in Texas Sours Adam Federman End of the Left? Website of the Day Democrats for Romney   January 16, 2008 Jeffrey St. Clair Return of the Native Franklin Lamb The Bombing at Qarantina Julian Sanchez David Weigel Who Wrote Ron Paul's Newsletters? Sharon Smith Ron Paul and the Left: a Slippery Slope? Allan Nairn Economic Indicator: No Free Lunch, No Free Market Ayesha Ijaz Khan How the American Media Enables Bush's Iran Fixation Andy Worthington A Strategic Call to Close Guantánamo Richard Behan Nancy Pelosi, You Must Impeach! Website of the Day Obama the New JFK? He's Not That Bad!   January 15, 2008 Andrea Peacock Breach of Trust in America's Most Toxic Town: How the EPA is Rubbing Poison Into Libby's Wounds Wajahat Ali An Interview with Seymour Hersh on Iraq, Bush Foreign Policy and the Prospects of War with Iran Joe Bageant Getting Out the Bling Vote Ralph Nader The Candidate Taboos John Ross Zero Hour: NAFTA and Mexico's Agrarian Apocalypse Elaine Cassel Jose Padilla vs. John Yoo: Can a National Disgrace be Rectified? Peter Morici The Fed Needs More Than a New Communications Strategy Beena Sarwar Pakistan's Dirty Tricks Brigade Robert Weissman Big Business is Even More Unpopular Than You Thought Binoy Kampmark Going Tata in India Dave Zirin Dennis Brutus Smacks Down the Hall of Fame Website of the Day David Lynch on the iPhone   January 14, 2008 Ishmael Reed Ma and Pa Clinton Flog Uppity Black Man Roger Morris Burials in the Sind Uri Avnery The Hands of Esau Mike Whitney Bush's Voodoo Stimulus Package Allan Nairn General Suharto of Indonesia: One Small Man Leaves a Million Corpses William Blum Oh, By the Way, the Iraqis Don't Really Want Us Alan Farago A Subprime Wake Up Call David Macaray Are Labor Unions Ready for Prime Time? Eva Liddell Getting Drunk with Obama Zoe Blunt Road Kill: New Highway Blocked by Protesting Raccoons Website of the Day Doug and Andrea Peacock on Grizzlies   January 12 / 13, 2008 Andrew Cockburn How the New England Journal of Medicine Undercounted Iraqi Civilian Deaths Saul Landau 60 Years of Empire Corey D. B. Walker Barack Obama and the Crisis of the White Intellectual Col. Dan Smith Bush, Iran and the Magician of the Tarot Eric Toussaint The US Subprime Crisis Goes Global Ron Jacobs Television, Murder and Vietnam Fred Gardner The People vs. Christopher James Chakos Stan Cox Don't Take That Pill! Jacob G. Hornberger The Warfare State Ramzy Baroud The Good, the Bad and the Ugly Joseph Grosso The Anglosphere: a Special Relationship of Elites David Díaz-Arias Imagining An/Other Latin American Left Stacey Warde Before We Move On ... Dan Bacher Pumped to Extinction: the Decline of the Delta Smelt Michael Dickinson Georgie in Jesusland Website of Weekend CounterPunchers Protest Outside NYT Offices   January 11, 2008 Dave Lindorff Did Hillary Really Win New Hampshire? More Questions About Diebold Voting Machines Paul Craig Roberts No Escape from War and Unemployment Andy Worthington Six Years of Guantánamo Kenneth Couesbouc Banking on Thin Ice Jeff Ballinger Inside the Vienna Consensus Christopher Brauchli Lethal Injection, the Supremes and China Manuel Garcia, Jr. Paying No Attention to the Presidential Campaigns Andrew Silverstein Bush's Weepy Visit to Jerasulem Marwan Bishara Bush in the Middle East Robert Weissman The First Amendment Gone Wild Patrick Irelan Damn the Small Boats! Website of the Day Hillary and the Superdelegates: Or Why She Wins Even When She Loses     January 10, 2008 Alexander Cockburn Now Nader Claims He Didn't Endorse Edwards Bob Wing Marqueece Harris-Dawson Race Within the Race: Obama, the NH Vote and the Specter of Tom Bradley Michael Donnelly White Women Gone Wild? David Macaray Three Big Reasons for the Decline of Labor Unions China Hand Bush's Delusional Policy Pushes Pakistan to Brink of Catastrophe Ayesha Ijaz Khan Saudi Arabia and Pakistan: Brotherly, Friendly Countries? Rannie Amiri Obama, Man of Kansas or Kenya? Website of the Day Iranian Video of the Hormuz Incident   January 9, 2008 Cockburn / St. Clair The Empire Strikes Back Dave Lindorff The Bad News from New Hampshire: Death By Triangulation John Chuckman Pardon My Laughter: Watching the US Primaries from Canada James Bovard Stomping Freedom: Inside the Martial Law Act of 2006 Alan Farago As Florida Sinks: the View from the Titanic Russell Mokhiber Why Picket the New York Times in DC on Friday? William S. Lind Kicking the Can Down the Road in Iraq Peter Morici Beyond the Sophistry: Why the Trade Deficit Matters Josh Reubner Sudan vs. Israel: Double Standard on Divestment Mike Roselle The Pursuit of Happiness Website of the Day Bottles of Tears on the Wall: Steve Perry on NH       Subscribe Online

Weekend Edition February 16 / 17, 2008 CounterPunch Diary The Terrorists Still at Ground Zero, 7 World Trade Center, Lower Manhattan By ALEXANDER COCKBURN Terrorism flourishes brazenly at Ground Zero, in the new 7 World Trade Center building. Here can be found a secretive entity of fabulous wealth and power. Kingdom and corporations alike tremble at its shadow and make haste to pay it tribute. I refer to Moodys Investor Services, wholly owned subsidiary of Moody's Corporation, which reported $2 billion in revenues in 2006. On January 10 Moody's, in concert with the other main bond rating firm, Standard and Poor's, gave the United States its top AAA credit rating. The terrorist blackmail threat came in the form of a demand by Moody's that the U.S. government "reform" Social Security and Medicare: "In the very long term, the rating could come under pressure if reform of Medicare and Social Security is not carried out as these two programs are the largest threats to the long-term financial health of the United States and to the government's Aaa rating." Steven Hess, Moody's top analyst for the US economy spelled it out even more explicitly to the London Financial Times: "If no policy changes are made, in 10 years from now we would have to look very seriously at whether the US is still a triple-A creditThe US rating is the anchor of the world's financial system. If you have a downgrade, you have a problem." US interrogators torture men in secret prisons seeking to catch those members of Al Quaeda still at large, starting with Osama bin Laden and Aiman al-Zwahiri. Yet here's Moody's man calmly threatening to destroy the US government's credit ranking unless it follows his agenda, and he strolls around Lower Manhattan unmolested, even if his threats could add up to the financial equvalent of a thermonuclear device planted under the Statue of Liberty. Moody's runs a protection game. It issue credit ratings, (in 2007 no less than 39 percent of the global credit rating market by revenue, according to Bloomberg) based on public data and private information made available by those clients that have "voluntarily" retained their services. The price of not volunteering can be high. As vividly described by Alec Klein in his excellent 2004 series in the Washington Post on the credit-rating giants, the giant German insurance corporation Hannover declined repeated Moody's offers to rate its credit, at a time when the latter was trying to extend its reach in the European Community. Moody's promptly issued an unsolicited and adverse rating, then--just like a small time mobster after hurling a brick through the window of a liquor store--went back to Hannover and reissued its invitation to offer protection-by-rating. Hannover's top man said he wouldn't surrender to blackmail and so between 2001 and 2003 Moody's steadily reduced Hannover rating all the way down to Junk. This cost Hannover a great deal of money in paying the higher risk premiums on money it borrowed. By contrast Enron handled relations with Moody's with ermine gloves. All the way through 2000 until a few days before Enron filed for Chapter 11, Moody's, like S&P, declined to lower the boom by demoting bonds issued by Enron company to below-investment grade. Banks with huge sums at stake allegedly pressured Moody's to keep quiet, even though Moody's had privileged access to Enron's internal financial operations. Today, the world's credit system is strained to bursting point by such financial scams as CDOs (collateralized debt obligations) which are bundles of debt instruments, ranging from junk bonds through subprime mortgages. Moody's and the other rating agencies have played a crucial role in putting the CDOs together in the first place. Of course the terrorists in lower Manhattan want Wall Street to get its mitts on the pools of money held in the Social Security trust funds. But if Moody's is going to present itself as a major political player, presuming to dictate national policy down the barrel of a financial gun, its executives and analysts should be hauled into the Star Chamber. Let's have a war on terror and a rendition of Moody's executives to explain, before a special investigative committee of congress with full subpoena power, their own role in causing the financial upheavals afflicting the planet right now, due to the collapse of the housing bubble and its impact on the home mortgage market. As Prof. Robert Pollin of U Mass/Amherst remarked last week to me, "We could say the Bubble and crisis occurred because people like Moody's rating agency always misread the build up of bubbles. They assume the rise in asset prices represents something fundamentally different about the economy, and then open the floodgates for financial speculation. Based on this, we should rather be talking about the stability of U.S. and global financial markets coming under immediate pressure due to the fact that market analysts, like Moody's, don't have a clue as to what they are talking about." Right now the US deficit is around $200 billion, 1.5 percent of GDP, not large and presenting no danger in itself to U.S. financial soundness. But as Pollin adds, if Moody's analysts want to discuss causes of fiscal laxity, "why not look at the Iraq war? The Defense budget for 2006 was $617 billion. That is 4.8 percent of a $13 trillion GDP. Before the Iraq war, the defense budget was about 3.0 percent of GDP. So Iraq alone is costing between $150 - 200 billion annually, about 1.5 percent of GDP.. And what has that war achieved? Social security and medicare combined were about $900 billion in 2006. Why assume we first have to attack our minimal welfare state, and leave the imperial budget intact? " In fact it's almost entirely Medicare, not Social Security, that accounts for the projected rising costs in our shrivelled welfare state. The culprit here is not the swelling ranks of older people but the insurance and drug companies' grip on our health system. Conversion to single-payer would mean huge savings. The U.S. pays around 14 per cent of its gross domestic product for health care, twice what other advanced industrial countries pay. Shift to single payer and quit shoving money--4.8 per cent of GDP--down the imperial sink-hole and there's no fiscal crisis of any sort, short or long term for Moody's or anyone else to fret about. And in the even shorter term, if Moody's sees fiscal crisis looming, why don't its overpaid executives for once put the national interest first and call for a tax hike on the rich? Bob Pollin tells me that just going back to Clinton, as opposed to Bush-2, on taxes for those making over $200,000 a year, would generate $60 billion a year. Do this and end the war in Iraq and you wipe out the deficit at a stroke. Let a real war on terror commence! Amid its blackmailing threats to launch a terrorist onslaught on the credit rating of the United States, Moody's has its moments of honesty about the capitalist rackets in which it is a major player. Witness its extraordinarily forthright recent background document, "Archaeology of the Crisis", part of its series, "Moody's Global Financial Risk Perspectives" "In the financial industry, in contrast with other businesses, there is a point beyond which increased competition is not stability-enhancing, but rather potentially destabilizing past a certain point--difficult to identify--more competition means more, and perhaps socially undesirable risk-taking." With bracing frankness Moody's archeologist of capitalism concedes " it is also possible that the welfare benefits of some financial innovations may be lower than expected Accepting the existence of crisis is the Faustian pact that policymakers have made with the financial industry. However, the pact is an implicit one, as policymakers are reluctant to concede that they will have to intervene in extreme situations--that is when almost no capital cushions could be large enough to absorb truly exceptional problems." In other words, says Moody's man, capitalism is impelled by competitive pressures that are often profoundly anti-social in consequence and lurches from lurches from crisis to crisis, -- on average roughly 7.5 years apart since the late 1800s, as the late Charles Kindleberger once demonstrated -- that in the end require the intervention of the state, which has to save the system from the consequences of the market's excesses--which is why we have the scant protections we do, such as Medicare and Social Security. Finally, why did Moody's man suddenly flourish the supposed threat to national security of the Social Security and Medicare programs? Chances are he was reading Niall Ferguson´s Colossus where the Wall Street Journal's favored historian uses some transparently bogus calculations to argue that "Imposing democracy on all the world´s rogue states would not push the U.S. defense budget much above 5 percent of GDP" whereas Medicare and Social Security are a far greater drain on the pubic purse, and should be pruned back. The fellow at Moody's probably gulped down this exciting dram and duly issued his terrorist demands. Footnote: a much shorter version of this column ran in the print edition of The Nation.

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