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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
Why Iraq Could Blow Up in John McCain's Face

Robin Blackburn
Question for Barack Obama: Why Afghanistan is the 'Right War'?

Saul Landau
The Stupid Economy

Will Potter
Before the Smoke Even Clears in Seattle: Bringing Out the T Word

Binoy Kampmark
When Competition is Good: McCain and the Muddled Democrats

Chris Floyd
Crushing the Ants: Admiral Fallon and His Empire

Andy Worthington
Spanish Drop Extradition Request for Guantánamo Britons

March 6, 2008

Vincent Navarro
The Next Failure of Health Reform

Forrest Hylton
High Stakes in the Andes: Colombia's Cornered President

Peter Morici
Why the Dollar is So Cheap

George Ciccariello-Maher
Counter-Attack of the Bureaucrats

John Ross
Taxi! Taxi! The Dark Side of the Oscars

Jacob Hornberger
No Standing to Lecture on Justice

Paul Watson
Illegal Japanese Whaling by the Numbers

Dan Bacher
Off the Deep End

Website of the Day
A Katrina Reader Online

 

March 5, 2008

Cockburn / St. Clair
A Great Day for John McCain (and Maybe Nader)

Joanne Mariner
After Guantanamo

Fidel Castro
The Raid on Ecuador: Underestimating Rafael Correa

Christopher Brauchli
The Turkish Invasions

Steven Sherman
Obama and the Prospects for a Renewal of the Left

Dave Lindorff
Busting Bush & Co. in New England

James Murren
Bombing Somalia

Adam Engel
Necropolis Now

Website of Day
Remember Song

 

March 4, 2008

Wajahat Ali
Mumbo Jumbo: Naming Names with Ishmael Reed

William Blum
How Could Hillary Have Known?

Bill Quigley
The Cleansing of New Orleans

Ralph Nader
The Prince Harry Solution

Patrick Irelan
Oil and Health in Venezuela

James J. Brittain /
R. James Sacouman

Uribe's Colombia is Destabilizing a New Latin America

Norman Solomon
The War Election

Jacob Hornberger
Hillary in Waco: the Missing Apology

Andy Worthington
Guantánamo and the European Parliament

Mike Averko
Kosovo and the Press

Website of the Day
Tex-Mex Primary

 

March 3, 2008

Jennifer Loewenstein
Gazan Holocaust

Alan Farago
American Politics and the Faltering Economy

Richard Gott
Colombian Deaths in Ecuador

Wajahat Ali
Who Speaks for a Billion Muslims? Analyzing the World Gallup Poll with John Esposito

Paul Craig Roberts
The Mukasey Conspiracy: a Bi-Partisan Attack on the Constitution

Robert Weissman
When Multinationals Say Adieu

Uri Avnery
Good Morning, Hamas

Martha Rosenberg
When Your Meat is a Downer

Eva Liddell
Leave the Next Dance for Bill

Michael Donnelly
Will Ferrell Does Flint

Website of the Day
Muddy Waters: Train Fare Home Blues

 

March 1 / 2, 2008

Alexander Cockburn
The Race Card

Paul Craig Roberts
The Political Trial of Don Siegelman

Kathleen and Bill Christison
Nader the Best Antidote to American Imperialism

Nelson P. Valdés
Cuba After Fidel

Christopher Brauchli
Meet Mr. Nursultan Nazarbayev: Friend of Bill, George and Dick

Ron Jacobs
Inside the Secret City: Bomb Making at Oak Ridge

John Ross
The New Conquistadores: Spain's Reconquest of Mexico

Robert Fantina
Posturing Over Patriotism: Obama and Those Lapel Pins

Robert Weissman
Hidden in Plain Sight: Human Rights Hypocrisy

Mohammed Omer
Fear in Gaza

Remi Kanazi
Barack Obama and the Politics of Xenophobia

Bob Jackson
Why is Yellowstone Destroying Its Bison Herd?

Richard Rhames
Casual Threats: Loaded with Mercury

Franklin Lamb
Lebanon Awaits the Arrival of the USS Cole

Rannie Amiri
Showboat Diplomacy: US Warships Steam Toward Lebanon

David Michael Green
The Three Faces of Hillary: the Politics of Flim-Flam

Conn Hallinan
Notes from the Southern Cone

Faheem Hussain
Prince Harry of Afghanistan and the Meaning of Normalcy

Poets' Basement
Gibbons, Orloski, Gardner and Ford

Website of the Weekend
The Palestine Chronicle Needs (and Deserves) Your Help!

 

 

February 29, 2008

Matt Gonzalez
The Obama Craze

Jonathan Cook
Academic Freedom? Not for Arabs in Israel

Joshua Frank
Obama and Israel

Anthony DiMaggio
The Unilateral Presidency: Signing Statements and the Rollback of American Law

Linn Washington, Jr.
Cop Abuse in America

Binoy Kampmark
Hubris and Nemesis

Robert Bryce
Energy Efficiency May be a Good Thing, But It Won't Cut Energy Use

Sonja Karkar
Australia's Government Continues Its Love Affair with Israel

Dave Lindorff
A Manchurian Candidate in the White House? Obama or Bush?

Website of the Day
Olduvai George

 

February 28, 2008

Patrick Cockburn
"Iraq" Falls Apart

Fred Gardner
The Birth of NAFTA

Michael Levitin
The Crisis in Kosovo is Just Beginning

William S. Lind
The Fake State of Kosovo

David Macaray
A Ray of Hope for Organized Labor

Stephen Fleischman
Nader's Latest Run: Monkey Wrench or Cattle Prod?

George Wuerthner
The Myths of Forest Health: Why Ecological Logging is an Oxymoron

Laura Carlsen
The North American Union Farce

Carl Finamore
Why the Delta-Northwest Deal Hasn't Taken Off

Michael Dickinson
The Day I Bombed the House of Commons

Website of the Day
Plane Stupid

 

February 27, 2008

David Rosen
Playing the Race Card: Obama, Love Across the Color Line and Political Dirty Tricks

Vijay Prashad
Bomber John: McCain and the 100 Year War

Harvey Wasserman
Incident at Turkey Point: Did Florida Go to the Radioactive Brink?

Andy Worthington
Guantánamo's Shambolic Trials: Pentagon Boss Resigns, Ex-Prosecutor Joins Defense

Wajahat Ali
Pakistan for Sale: an Interview with Ayesha Siddiqa on Pakistan's Military Economy

Peter Morici
The Auction-Rate Securities Fiasco: a Drama of Greed and Betrayal

Stephen Philion
Conspiracy Theory, Fears of Betrayal and Today's Anti-War Movement

Michael Donnelly
Obama by Unanimous Decision

Erica Rosenberg /
Janine Blaeloch
After the Land Deals: Will There be Any Wilderness Left to Protect?

Website of the Day
Dress Blues

 

February 26, 2008

Debbie Nathan
Confessions of a Gitmo Guard

Alan Dershowitz
v. Frank Menetrez

On Finkelstein

Harvey Wasserman
How Ohio Got Nuked

Michael Colby
Ralph Nader vs. the Fundamentalist Liberals

Gary Leupp
Condi vs. Putin on Bullying Belgrade

David Orchard
The New Conquistadors: Canada in Afghanistan

Martha Rosenberg
The Big HRT

Fran Shor
The Electoral Circus and Nader's Sideshow

Serge Halimi
The Dom Perignon Socialist Manifesto: Bernard Henri-Levy's Plan for the French Left

Global Balkans
Neo-Liberalism and Protectorate States in the Post-Yugoslav Balkans: an Interview with Tariq Ali

Website of the Day
Texistentialism

 

February 25, 2008

Roger Morris
A Death in Damascus

Anthony DiMaggio
Military Bases, the Media and the Democrats

Ralph Nader
Why I'm Running

Patrick Cockburn
Iraq Broils

Paul Craig Roberts
Kosovo and the Empire Crazies

Peter Morici
Bernanke's Failing Policies: a Long Recession Looms

Dave Lindorff
General Welch's Whitewash: What We Still Don't Know About That Minot Nuke Incident

Saul Landau /
Farrah Hassen

Fanatics, Mountebanks and Drillers: a Bloody Oil Film

Heather Gray
James Orange, Civil Rights Legend

Robert Weitzel
Accomodating Torture

John Halle
Kucinich Goes Down

Website of the Day
Do the Trunk Monkey!


February 23 / 4, 2008

Alexander Cockburn
The Mushrooming Clouds That Hang Over McCain

Paul Craig Roberts
Obama and Global Trade

Wajahat Ali
Omissions of the Commission: an Interview with Phillip Shenon on the 9/11 Commission

Ralph Nader
Neutering the FDA

Jürgen Vsych
"What Was Ralph Nader Thinking?"

Fidel Castro
Watching the US Presidential Campaign from Havana

Andy Worthington
Britain's Guantánamo

David Macaray
Unions Under Assault

Jeremy Scahill
The Real Story Behind Kosovo's Independence

David Krieger
Stanley Sheinbaum
Caging the Cold War Monster

Ron Jacobs
Building for the Future

Michael Garrity
The Last, Best Hope for the Northern Rockies

Brian McKenna
Higher Ed's "Civic Engagements" Get Dumbed Down

Missy Beattie
Over the Hill with John McCain

Fred Gardner
American College of Physicians Takes Pro-Cannabis Stand (Mostly)

Boris Kagarlitsky
The Growth of the Russian Labor Movement

Mike Ferner
Kick That Barrel

Dan Bacher
On the Trail with the Border Angels

Christopher Ketcham
Hillary Goes Where Obama Fears to Tread

Poets' Basement
Davies and Buknatski

Website of the Weekend
Obama Mariachi

 

February 22, 2008

Mike Whitney
The Bonfire of Capital

Jason Hribal
Elephants and the Circus: The Story of Janet

Liaquat Ali Khan
Arresting Musharraf

Joshua Frank
That Obama Glow: the Nuclear Industry's Golden Child

Dave Lindorff
Vicki's John: Ask Not What She Did for Him, Ask What He Did for Her!

Liliana Segura
When Torture is Old News: McCain's Blonde Diversion

Robert Fantina
Castro, Bush and Cuba: a Fiasco Waiting to Happen?

Yifat Susskind
The ABCs of Death: Bush vs. Africa's Women

Norm Kent
Pushing 60 with Pot

Website of the Day
Bush Gets Down in Liberia

February 21, 2008

Saul Landau
Fidel Steps Aside

Elizabeth Schulte
Left Behind, With No End in Sight: America's Long-Term Unemployed

Helen Redmond
Health Care as a Human Right

Benjamin Dangl
Undermining Bolivia

Michael Levitin
Kosovo's Dilemma

Liam Leonard
Fear and Loathing on the Emerald Isle

Patrick Irelan
Land and Food in Venezuela

Linn Cohen-Cole
Poor Ohio: a Second Letter to Hillary on Her Ties to Monsanto

Michael Simmons
Daydream Believer: John Stewart, the Miles Davis of Folk Music

CounterPunch News Service
A Message from the Women of Okinawa to US GIs

Website of the Day
Cop Abuse in Shreveport

 

February 20, 2008

Paul Craig Roberts
Lies and Spies

Paul Krassner
My Brief Encounter with Fidel Castro

Fawzia Afzal-Khan
The Pakistani Elections

Farzana Versey
The Great Dictator: Musharraf, Peace and the Autumn of the Patriarch

Allan Nairn
Dying for a Second Round: Israel's New Plan to Attack Lebanon

John V. Whitbeck
If Kosovo, Why Not Palestine?

Niranjan Ramakrishnan
A Balcony Seat to Our Own Balkanization?

Steve Eckardt
Cuba Sans Fidel: No News is Big News

Lee Sustar
Union-Busting at Freightliner

Mike Ferner
How Sick of It are You?

Website of the Day
The US Military Index

 

February 19, 2008

Uri Avnery
Blood and Champagne

Paul Craig Roberts
Paying Insurgents Not to Fight

Gary Leupp
The Independence of Kosovo

Fidel Castro
The Moment Has Come

David Macaray
Management's Dirty Little Secret

Reza Fiyouzat
Buck the Circus! The Left and the Elections

Valerie Morse
The New Zealand Terror Raids: Land of the Long White Lie

Walter Brasch
Bush on Safari

Website of the Day
Don't Think Twice, It's Alright

 

February 18, 2008

Wajahat Ali
Free Pakistan: an Interview with Imran Khan

Diana Johnstone
NATO's Kosovo Colony

Paul Craig Roberts
What Do We Stand For?

Andy Worthington
Gitmo: "We're Making This Up as We Go Along"

Debbie Nathan
Bernie Ward's Sex Tapes

Anthony DiMaggio
Following the Money Trail: the Democratic Party and the Business of Elections

Bill Simpich
Ten Years Ago, People Power Stopped Clinton in Iraq

Eva Liddell
A Short History of Super-Delegates: Hope, Yes! But Pay in Cash

Christopher Brauchli
The President Who Couldn't Keep His Word: Short-Changing Veterans

Stephen Soldz
Wikileaks is Under Attack!

Johann Rossouw
The Ouster of Thabo Mbeki: South Africa and the Costs of Neoliberalism

Website of the Day
Sick of It Day!

 

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

Diane Christian
War Corrupts

Alan Maass
Oil, Blood and Greed: Taking Upton Sinclair to the Big Screen (and Beyond)

Ramzy Baroud
Iraq and the US Elections

Michael Donnelly
Genitalia First! Old Guard Feminists Play the XX Card

Cpt. Paul Watson
The Art of Finding Whalers

James L. Secor
China Diary: Spring Festival and New Year 2008

Eve Bachrach
Bush Returns to Africa

Nikolas Kozloff
Hugo Chávez's Anti-Imperialist Army

Stephen Gowans
Steven Spielberg, Faux-Humanitarian

Missy Beattie
To Vote or Not to Vote?

David Michael Green
Warming Slowly to Obama

Wajahat Ali
Attack of the Info-tainment Circus

Poets' Basement
Gibbons, Willson, Mickey Z., Orloski and Reuther

Website of the Day
Yellowstone's Bison Need Your Help--NOW!

 

 

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

 


 

 

 

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March 7, 2008

It's the Stupid Economy

By 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-
Curry: I mean they say they're suffering because of this war, spending on the war.” 
Bush: “I don’t think so. I think actually the spending in the war might help with jobs…because we’re buying equipment, and people are working.”

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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