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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers! Why Wall St is Betting Millions on Obama In part 2 of her investigation, market veteran Pam Martens traces the money big Wall Street players are sluicing into Obama's war chest and exactly why they are investing big-time in the "campaign for change". Plus more on the "No federal lobbyists on my team" fraud. You've heard about the plutonium-powered spy transmitters the CIA tasked climbers to haul up 25,000 feet to the high peaks of the Himalayas? What happened to the one they lost and to the men who carried them? Peter Lee gives CounterPunchers the full amazing story. Get your copy today by subscribing online or calling 1-800-840-3683 Contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! CounterPunch books and gear make great holiday presents.
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Today's Stories March 7, 2008 Patrick Cockburn Robin Blackburn Saul Landau Will Potter Binoy Kampmark Chris Floyd Andy Worthington March 6, 2008 Vincent Navarro Forrest Hylton Peter Morici George Ciccariello-Maher John Ross Jacob Hornberger Paul Watson Dan Bacher Website of the Day
March 5, 2008 Cockburn /
St. Clair Joanne Mariner Fidel Castro Christopher
Brauchli Steven Sherman Dave Lindorff James Murren Adam Engel Website of Day
March 4, 2008 Wajahat Ali William Blum Bill Quigley Ralph Nader Patrick Irelan James J. Brittain
/ Norman Solomon Jacob Hornberger Andy Worthington Mike Averko Website of the Day
March 3, 2008 Jennifer Loewenstein Alan Farago Richard Gott Wajahat Ali Paul Craig Roberts Robert Weissman Uri Avnery Martha Rosenberg Eva Liddell Michael Donnelly Website of the Day
March 1 / 2, 2008 Alexander Cockburn Paul Craig
Roberts Kathleen and Bill Christison Nelson P. Valdés Christopher Brauchli Ron Jacobs John Ross Robert Fantina Robert Weissman Mohammed Omer Remi Kanazi Bob Jackson Richard Rhames Franklin Lamb Rannie Amiri David Michael
Green Conn Hallinan Faheem Hussain Poets' Basement Website of
the Weekend
February 29, 2008 Matt Gonzalez Jonathan Cook Joshua Frank Anthony DiMaggio Linn Washington, Jr. Binoy Kampmark Robert Bryce Sonja Karkar Dave Lindorff Website of
the Day
February 28, 2008 Patrick Cockburn Fred Gardner Michael Levitin William S.
Lind David Macaray Stephen Fleischman George Wuerthner Laura Carlsen Carl Finamore Michael Dickinson Website of the Day
February 27, 2008 David Rosen Vijay Prashad Harvey Wasserman Andy Worthington Wajahat Ali Peter Morici Stephen Philion Michael Donnelly Erica Rosenberg / Website of
the Day
February 26, 2008 Debbie Nathan Alan Dershowitz
Harvey Wasserman Michael Colby Gary Leupp David Orchard Martha Rosenberg Fran Shor Serge Halimi Global Balkans Website of
the Day
February 25, 2008 Roger Morris Anthony DiMaggio Ralph Nader Patrick Cockburn Paul Craig Roberts Peter Morici Dave Lindorff Saul Landau
/ Heather Gray Robert Weitzel John Halle Website of the Day
Alexander Cockburn Paul Craig
Roberts Wajahat Ali Ralph Nader Jürgen
Vsych Fidel Castro Andy Worthington David Macaray Jeremy Scahill David Krieger Ron Jacobs Michael Garrity Brian McKenna Missy Beattie Fred Gardner Boris Kagarlitsky Mike Ferner Dan Bacher Christopher
Ketcham Poets' Basement Website of
the Weekend
February 22, 2008 Mike Whitney Jason Hribal Liaquat Ali Khan Joshua Frank Dave Lindorff Liliana Segura Robert Fantina Yifat Susskind Norm Kent Website of
the Day February 21, 2008 Saul Landau Elizabeth Schulte Helen Redmond Benjamin Dangl Michael Levitin Liam Leonard Patrick Irelan Linn Cohen-Cole Michael Simmons CounterPunch
News Service Website of the Day
February 20, 2008 Paul Craig
Roberts Paul Krassner Fawzia Afzal-Khan Farzana Versey Allan Nairn John V. Whitbeck Niranjan Ramakrishnan Steve Eckardt Lee Sustar Mike Ferner Website of the Day
February 19, 2008 Uri Avnery Paul Craig
Roberts Gary Leupp Fidel Castro David Macaray Reza Fiyouzat Valerie Morse Walter Brasch Website of the Day
February 18, 2008 Wajahat Ali Diana Johnstone Paul Craig Roberts Andy Worthington Debbie Nathan Anthony DiMaggio Bill Simpich Eva Liddell Christopher Brauchli Stephen Soldz Johann Rossouw Website of
the Day
February 16 / 17, 2008 Alexander Cockburn Ralph Nader David Macaray William J.
Peace Ron Jacobs Diane Christian Alan Maass Ramzy Baroud Michael Donnelly Cpt. Paul Watson James L. Secor Eve Bachrach Nikolas Kozloff Stephen Gowans Missy Beattie David Michael
Green Wajahat Ali Poets' Basement Website of the Day
February 15, 2008 George Szamuely Patrick Cockburn Wajahat Ali Mike Whitney Alan Farago Chris Genovali Jacob Hornberger Dave Lindorff Website of the Day
February 14, 2008 Kathleen and
Bill Christison Mike Whitney Clancy Sigal George Wuerthner Peter Morici John Ross Allan Nairn Rannie Amiri Niranjan Ramakrishnan Donna Volatile Seth Sandronsky Website of
the Day
February 13, 2008 Nikolas Kozloff Alan Farago Christina Kasica Vicente Navarro Hall Greenland Lee Sustar David Macaray Roderick Frazier
Nash Patrick Irelan Anthony Papa Carl Finamore Website of
the Day
February 12, 2008 Frank J. Menetrez Paul Craig
Roberts Dr. Trudy Bond Andy Worthington Col. Dan Smith Ronnie Cummins Ralph Nader John V. Walsh Dave Lindorff Michael Donnelly Ron Jacobs Ben Tripp Website of the Day
February 11, 2008 Cockburn /
St. Clair Wajahat Ali Ray McGovern Allan Nairn Uri Avnery Chris Floyd Martha Rosenberg Stephen Fleischman Marc Lamont Hill Liliana Segura Peter Morici Christopher
Brauchli Website of the Day
February 8 / 10, 2008 Paul Craig
Roberts Patrick Cockburn Mike Whitney Anthony DiMaggio Andy Worthington Linn Cohen-Cole Firmin DeBrabander Cpt. Paul Watson Kenneth S. Pope Jacob G. Hornberger Robert Bryce P. Sainath Allan Nairn Fred Gardner
/ Andrew Wimmer Robert Fantina David Michael Green Kevin Zeese Peter Morici Chris Driscoll Prairie Miller Poets Basement
February 7, 2008 Patrick Cockburn Bill Christison David Anderson Ron Jacobs Nikolas Kozloff Jane Rockefeller Andy Worthington
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March 7, 2008 It's the Stupid EconomyBy SAUL LANDAU Traveling through the country, I see the results of the economic downturn – from urban Miami neighborhoods to poor rural areas like Collinsville and Bird’s Landing north of San Francisco. In January alone, California employers cut 20,300 jobs from their payrolls. I notice more homeless people sleeping in the Oakland and San Francisco streets, or jornaleros, (day workers) waiting in vain for work! But for those who assume affluence as an axiom of life, such everyday reality seems as strange as science fiction. Back in 1992, President George H. W. Bush acted stunned when he first saw a scanner read a code on an item at a grocers' convention in Florida. By this time, the scanner and bar code had become routine in stores throughout the country – for those who went to stores to shop – not for the upper class. The son of President George W. Bush, looked equally surprised in late February when a reporter informed him that gas prices might rise over $4 a gallon. “Gee whiz,” said the expression on his face. Wait for his tax rebate, he advised the public. These checks amount to a few hundred dollars for people not in the lowest levels of income and are scheduled to be mailed in May. Bush then ridiculed the idea that the US economy had gone into recession. Well, he hadn’t noticed any change in his life style. With his ubiquitous smirk, he declared: "I don't think we're headed to a recession.” Then, sensing some disquiet in the room, he added: “but no question we're in a slowdown." As Bush reassured the public about the economy despite its downturn, more a more knowledgeable analyst reported that the U.S. banking sector is headed for a credit downturn that will be the “worst in generations.” Duncan Mavin’s February 27 Vancouver Sun article quoted Meredith Whitney, an analyst with Oppenheimer &Co. Inc. and Fox News panelist. She predicted “widespread defaults on a range of debts and a national housing price slide not seen since the Great Depression.” Whitney pointed to massive “dramatic” loan losses by banks that “will be the highest in the past 20-plus years as a result of greater numbers of individual defaulting on mortgages and/or other loans and from [loan balances that] are far higher than they were in the last housing cycle." Whitney whom Forbes put as second on its list of top stock pickers for 2007 predicted previously that the subprime loan problems facing Citigroup Inc. would lead to a crisis. Indeed, a worldwide sell-off of banking stocks ensued. On February 25, Whitney forecast that large U.S. banks’ earning in 2008 will drop by almost 30 per cent. The reasons: mortgages, credit-card balances and other risky loans. The Bushes haven’t had to deal with shopping for food or houses; nor do their close friends. When they hear about housing prices dropping six per cent across the United States in the last months, they shrug. Whitney predicts “national home prices will decline by a factor of three times such levels." A member of my family found it difficult to get a loan. The prospective lender phoned his employers and checked and rechecked his credit before deciding to allow him to get part of the sum he asked for. This drying up of liquidity results from bankers becoming wary of the once solid individuals and businesses that have defaulted in the last year. On Friday, February 29, leap day in leap year, stocks fell over 315 points on the Dow Jones. Citigroup, the largest banking conglomerate in the world announced it would sell at least $100 billion of its assets so that its stock price doesn’t fall more than expected. Nobel prize winning economist Joseph Stiglitz claimed that Bush’s Iraq war had drained trillions from the US economy. Five years ago, Bush’s neocon advisers had guaranteed the war would be quick and cheap. In a February 23 London Times article, Stiglitz and Linda Bilmes claim “we have a war that is costing more than anyone could have imagined.” The cost of direct US military operations - not even including long-term costs such as taking care of wounded veterans - already exceeds the cost of the 12-year war in Vietnam and is more than double the cost of the Korean War.” Defense Secretary, Donald Rumsfeld and Deputy Defense Secretary Paul Wolfowitz had assured Bush that “postwar reconstruction could pay for itself through increased oil revenues.” Rumsfeld thought $50 to $60 billion would cover the costs and some of that would be paid by allies. Bush has now requested $200 billion more in supplemental war funds for 2008. Stiglitz and Bilmes calculate that if this passes, “Congress will have appropriated a total of over $845 billion for military operations, reconstruction, embassy costs, enhanced security at US bases, and foreign aid programs in Iraq and Afghanistan.” In 2008, projected war expenses will “exceed $12.5 billion a month for Iraq alone, up from $4.4 billion in 2003, and with Afghanistan the total is $16 billion a month,” an amount equal to the annual UN budget. These figures do not include other military-related expenses, including the maintenance of US bases throughout the world, the costs for wounded and dead (death benefits to families); nor does it cover intelligence. Stiglitz and Bilmes, after reviewing the Pentagon figures, arrive at costs for Iraq and Afghanistan of “more than $3 trillion. Our calculations are based on conservative assumptions.” NBC Reporter Ann Curry Ann Curry paraphrased Bush saying “you're saying you're gonna have to carry that burden [of the Iraq War]. Some Americans believe… they're carrying the burden because of this economy. Bush: Yeah well- Whereas the old military Keynesianism before and after World War II stimulated economic growth, Stiglitz explained, current military budgets work in the opposite way. But not for the great economist in the White House! With his ubiquitous smirk, Bush not only dismissed the predictions of experts like Meredith Whitney and Stiglitz, but stood firm if not stubbornly for continuing his war in Iraq. For that reason alone, he endorsed John McCain, who boasts of his economic ignorance and glories in the notion of perpetual war. Like the truly rich, the Bush family doesn’t see or feel material suffering. They may read about such affairs, but never really come into contact with it. When former First Lady Barbara Bush, W’s mother made a celebrity appearance visiting refugees from the Katrina hurricane in a Houston arena, she said she was alarmed because "they all want to stay in Texas. Everyone is so overwhelmed by the hospitality. And so many of the people in the arena here, you know, were underprivileged anyway, so this - this is working very well for them." (Marketplace, American Public Radio, September 7, 2005) Such statements of imperial arrogance combine nicely with upper-class ignorance in her son, who has cost the country and the world materially and spiritually. Bush has ruled by throwing hardballs of fear at Congress and the public and then getting Congress to throw money – away – to pay for fear remedies: ongoing war. In 1932, a different kind of patrician, Franklin Roosevelt, eschewed fear-throwing and fostered hope. By November 2008, voters may tire of catching Bush’ and McCain’s fear-filled pitches and overcome, momentarily, lingering racism or sexism and vote for a more prudent candidate. We’ll see! Saul Landau is an Institute for Policy Studies fellow, a regular columnist for Counterpunch and progresoweekly.com and author of the Counterpunch Press book A Bush and Botox World (forward by Gore Vidal). His new film, We Don’t Play Golf Here is available on dvd through roundworldproductions.
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