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Exclusive to CounterPunch Newsletter Subscribers! How Bill (and Monica) Saved Hillary from a Federal Indictment Here's the second in Alexander Cockburn and Jeffrey St. Clair's series as they describe Hillary Clinton's years in Little Rock and her narrow escape from federal charges that would have destroyed her political career for ever. PLUS KEVIN ALEXANDER GRAY on how Hillary Clinton, Barack Obama and John Edwards are failing Black America even as they hunt for votes in So uth Carolina's "Black Primary." Get your copy today by subscribing online or calling 1-800-840-3683 Remember contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now Order CounterPunch By Email for Only $35 a Year and Receive a Free Copy of "Imperial Crusades: a Diary of Three Wars" by Cockburn and St. Clair

Today's Stories August 31, 2007 Jeff Gibbs Why I Am Not Going to the Protest August 30, 2007 Gary Leupp Larry Craig on the Seat John Ross Dead Forest Defenders Anthony DiMaggio Arabic as a Terrorist Language: the Right-Wing Assault on the Gibran Academy Jordan Flaherty Racism and Criminal Justice in New Orleans Michael Donnelly The Sierra Club Greenwashes Al Gore (and Desecrates John Muir) Russell Mokhiber Whiskey is for Drinking, Water is for Fighting Dennis Brutus and Patrick Bond Global Financial Apartheid William S. Lind The Truth Tellers Martha Rosenberg They Call Him Dr. Cruel Jeff Leys / Brian Terrell Seasons of Discontent: a Presidential Occupation Project Website of the Day Bragg: "Old Clash Fan Fight Song" August 29, 2007 Patrick Cockburn Maliki and The Mass Shia Pilgrimage to Kerbala Winslow T. Wheeler The Costs of the Afghanistan War David Rosen The GOP's Outed All-Stars: The Forced Freeing of Gay Men from the Republican Closet Dave Zirin Confronting Katrina Paul Craig Roberts More Shame, More Sorrow Diane Farsetta Christie Todd Whitman's Nuclear Spinning Wheel Ben Davis Who Won't Stand Up for Kenneth Foster?: Charles Rangel, For One Alan Farago The Housing Crisis and the Environment Jenna Orkin Echoes of 9/11: Another Fire at Ground Zero Don Monkerud The Vanishing American Vacation Richard Nasser Surfing Gaza: More Uplifting News from NPR Website of the Day Don't Sleep on the Struggle   August 28, 2007 Uri Avnery The Language of Force Bill Quigley Katrina, Two Years Later Joshua Frank The Fight to Save the Rocky Mountains China Hand "I am Alden Pyle:" Bush's Vietnam Fantasy Firmin DeBrabander Drug Wars: From Afghanistan to Baltimore Charles Peña Nuclear Fear Factor Andy Worthington Good Riddance, Gonzales Ramzy Baroud Abbas and the Abyss Anthony Papa Roger Stone's New Patsy Ashley Smith Drawing the Line at Kennebunkport Website of the Day B is for Bomb August 27, 2007 Jorge Mariscal The General Reports Bill Christison Why the US and Israel Should Lose Middle East Wars Manuel Garcia, Jr. 911 Emergency! Calling Robert Fisk!: You are Now Entering a Black Hole Anthony DiMaggio Chronicle of a Coup Foretold?: Bush, al-Maliki and the Press Bruce A. Roth India and the New Nuclear Era John Walsh Abe Foxman's Genocide Denial Roadshow, Part 2 Dave Lindorff Gonzo's Gone Ron Jacobs Taking It to the Streets Binoy Kampmark Poshed Up: Why the Beckhams Should Go Back to Brighty Russell D. Hoffman My Favorite Scientist: John Gofman, Bane of the Nuclear Industry Website of the Day George W. Told the Nation   August 25 / 26, 2007 Alexander Cockburn Don't Carpool with Nouri al-Maliki James Petras The Great Financial Crisis Jeffrey Buchanan / Chris Kromm Where Did the Katrina Money Go? Marjorie Cohn Turning Iraq into Vietnam Rev. William E. Alberts Jesus, the Theological Prisoner of Christianity Robert Fantina Ari Fleischer, Freedom Watch and the Pro-War Lobbyists Brian Concannon Whitewashing the History of Abolition Ralph Nader What Do They Have to Hide? Laura Carlsen Extending NAFTA's Reach Fred Gardner Notes from Hempfest David Michael Green History, the Last Refuge of Scoundrels Stephen Soldz Why Mary Pipher Returned Her APA Award Mike Ferner Combatants for Peace: Former Enemies Find New Way Forward Paul Krassner Mort Sahl's Punchline Ben Tripp Resistance is Impossible--But Not Futile Missy Beattie President Druzilla Website of the Weekend Blue Print for Gulf Renewal   August 24, 2007 Paul Craig Roberts A Hegemonic Hubris Greg Moses A Cruel and Unusual Excuse William Schroder Bush, Vietnam and Iraq Alan Farago The Pain of Paper Millionaires Jackie Corr Uncle Ben Bernacke and the Nanny State Jeff Ballinger Naomi Klein and the Path Not Taken Bill Quigley Pere Jean-Juste Comes Home Dave Zirin Inching Toward Insanity Richard Rhames Deaver and the Making of Reagan Ryan Haygood How Newark Can Mend Website of the Day Lindorff's Iraq Rag   August 23, 2007 Kathy Kelly We Shouldn't be Causing This P. Sainath Meeting the Mahatma Ron Jacobs Bush, Vietnam and 14 More GIs Dead Christopher Brauchli Beyond Kafka: Mistakes, Soreheads and Eavesdropping D.K. Wilson When Sports Journalists Talk Race Joshua Frank The Weeds of Willapa Bay Dan Bacher Schwarzenegger's True Lies About Dams and Canals Brenda Norrell Bush's House of Snakes: Indians, Border Biometrics and Migrating Corporations John Wright The Ongoing Tragedy of Afghanistan David Vest Elvis and Racism, Round 2 Website of the Day Urgent Plea: the Black Agenda Report Needs Your Help!   August 22, 2007 Norman Finkelstein Remembering Raul Hilberg Marc Levy Sleepless in Iraq Lawrence R. Velvel When Courts Bow Down to Secrecy Ray McGovern Bush's Iran War Drums Beating Louder Norman Solomon How to Survive at the Pentagon on $2 Billion a Day John Walsh Abe Foxman's Genocide Denial Road Show Michael Dickinson Little Brother is Watching You William S. Lind Operation Kabuki?: the Credibility of David Petraeus Bill Hatch A Short Walk into the Valley of Death Kenneth E. Foster and John Joe Amador How We Will Protest Our Executions David Vest Predictable Parallels: CNN and PBS Website of the Day The Once and Future Steve Perry August 21, 2007 Saul Landau The FBI's New Power Alan Farago Sand Houses and Missing Beaches John Stauber Iraq: the Gift that Keeps on Bleeding Phillip Rizk Gaza and the Jordanian Option Debbie Nathan Giuliani's Garden District Binoy Kampmark The Art of Sinning Martha Rosenberg The Fastow Economy Sunsara Taylor Back to School During Wartime Website of the Day Coffee with the Troops   August 20, 2007 Paul Craig Roberts Padilla Jury Opens Pandora's Box Uri Avnery Stumbling Toward Another War Rannie Amiri Nasrallah's Surprise: a Warning from Beirut's No Bluff Zone John Ross The Fine Art of Bad Elections Harvey Wasserman The Senate's Radioactive Rip-Off Robert Billyard Canada's Disgrace: the Cases of Maher Arar and Omar Khadr Dave Lindorff Excuse Us, Nancy Pelosi James Rothenberg Why Your Vote Will Never Matter David "DC" Larson To Smear a King Website of the Day Bird Cinema August 18 / 19, 2007 Alexander Cockburn Exit Karl Rove, Everyone's Useful Demon Saul Landau The FBI in War and Peace Ralph Nader Greed and Folly on Wall Street Patrick Cockburn A Bloody Week in Iraq Robert Fantina Cannon Fodder: Beau Biden and other "Deployable Assets" Robert S. Eshelman Azar's Story: an Iraqi Refugee Living in Syria P. Sainath The Last Battle of Laxmi Panda Dave Lindorff Tossing Fuel on a Fire: US Military Aid to Israel Anthony DiMaggio Iraq, Iran & the Vanishing Context in American News Fred Gardner The Politics of Schizophrenia Ron Jacobs The Virtues of Resistance Tom Turnipseed War Profiteering and Corruption: From Lexington, S.C. to the White House Paul Krassner Assholes of the Week: Special Preachers, Priests and Clerics Edition! Ben Tripp I'm So Screwed Andrew Wimmer Living With Grief Nancy Oden Where Inmates Can Grow for Free N.D. Jayaprakash India Backtracks on Disarmament Rick Smith Reflections on Cuba: an Interview with Doug Morris Missy Beattie The Suicide Bomber Poets' Basement Engel, Ford, Orloski and McLellan Website of the Weekend Imperial Storm Troopers in Action August 17, 2007 Joanne Mariner Terrorizing Social Protest Paul Craig Roberts China is not the Problem Shepherd Bliss Returning to the Scene of the Crime: Chile, 30 Years Later Dave Lindorff Convicting Padilla: Bad News for All Americans John Muthyala The Water and the Road: Katrina, Poverty and the American Dream Patrick Cockburn Deepening Divsions in Iraq Sherwood Ross Military Interrogators are Posing as Lawyers at Gitmo Phil Doe The Old West Moves East: the Political Science of Colorado River Water David Michael Green Karl Rove and the Damage Done Website of the Day Gorilla Slaughter: a Personal Account August 16, 2007 Jonathan Cook The Second Lebanon War, a Year Later Christopher Brauchli Babes in Toxic Toyland Norman Solomon Backspin for War Lee Sustar / Orlando Sepuldeva Victory on the Picket Line: How Immigrant Workers Won Their Strike Against Cygnus George Bisharat Boycott Movement Targets Israel Binoy Kampmark Tasteless: Gordon Ramsey and the Death of Gastronomy Evelyn Pringle Protection Racket?: the FDA and Avandia Hugo Blanco The Epic Struggle of Indigenous Andean / Amazonian Website of the Day Burning Man: the Field Recordings   August 15, 2007 Paul Craig Roberts "No American President Can Stand Up to Israel" Michael Neumann In Memoriam: Raul Hilberg Jordan Flaherty The Struggle to Free the Jena Six Sonja Karkar Can You Hear the Cries from Gaza? Felice Pace NPR Watch: Will Linda Gradstein Go to Gaza? Joshua Frank On Censoring Pearl Jam Dave Lindorff Terrorist Nation? Carla Blank Elvis Presley: King or Apprentice? David Vest Guralnick, Elvis and Racism Harvey Wasserman Why the Neocons Won't Miss Karl Rove Peter Rost, M.D. FDA Approved Drug Makes You Hypersexual and a Compulsive Gambler Russell Mokhiber An Arab American's Pocket Political Dictionary Website of the Day Stoners Busted   August 14, 2007 Paul de Rooij Humanitarian Wars and Associated Delusions Winslow T. Wheeler Congress's Busted September: Disingenuous Gestures Amid Catastrophe David Rosen The Case of Genarlow Wilson: Racism, Justice and Age-of-Consent Laws in America Gary Leupp Bush Warns Puppets Not to Praise Iran Clifton Ross Latin America at the Crossroads Muhammad Idress Ahmad The Politics of Democracy Promotion Jacquelyn Godin A Circle of Poison: Pesticides in the Plantations Uri Avnery Oslo Revisited Ramzy Baroud A Palestinian Miracle at the UN? James McEnteer Philistines as Cultural Critics Website of the Day When Cheney Called Iraq a Quagmire   August 13, 2007 Jeremy Scahill The Mercenary Revolution F. William Engdahl The Hidden Agenda Behind Bush's Biofuel Plan Alexander Cockburn The Veldt Will Never Be the Same Kathy Kelly Iraq's Refugees: "et to Work" Chris Floyd No Light, Light Tunnel: the Bipartisan Guarantee of More War in Iraq Paul Craig Roberts Hegemony of the Cockroach William Blum First Pullout, Then Bloodbath? Kenneth Couesbouc The Language of Dominion Rannie Amiri Tancredo's Screedo: a Lethal Mix of Ignorance and Insanity Brenda Norrell Priests Expose Secret Cycle of US Torture Fran Shor All Fall Down Ron Jacobs Dr. Strangelove Meets Dubya's Double Buzz Twofer Website of the Day The Beauty of Defiance   August 11 / 12, 2007 Alexander Cockburn How the Democrats Blew It in Only 8 Months Stan Goff The Cover-Up of Pat Tillman's Death Ralph Nader GM Radio: Payola to Rightwing Talk Shows? Vijay Prashad Destination Darfur: a New Cold War for Oil Greg Moses SubPrime People: Behind the Banking Crisis Alan Farago The Cratering Mortgage Market, WCI Communities and Amb. Al Hoffman Patrick Cockburn The Cracks in Saddam's Dam Ben Tripp On Fleeing the Country Robert Fantina Romney's Dance: The Rightwing Flip-Flop John Ross The Guelaguetza Strategy in Oaxaca Seth Sandronsky Organizing Nurses Paul Krassner Assholes of the Week: From Mitt Romney to Bill Richardson Website of the Weekend Pearl Jam: Censored by ATT   August 10, 2007 Paul Craig Roberts China's Threat to the Dollar is Real Stan Goff How Pat Tillman Died Marjorie Cohn A Blank Check for Domestic Spying Saul Landau In the Age of Immigrant Panic Chris Floyd Goading Xerxes: the Coming Strike on Iran Daniel Ellsberg A Vision for Cindy Sheehan's Campaign Anthony Papa The Upside Down Flag: a Country in Distress Farzana Versey On the Heels of Sir Salman Sgt. Kevin Benderman Freedom or Totalitarianism? Nuri Nuri Memories of T99 Nelson Website of the Day Lessons in Obfuscation from Sen. Larry Craig: How to Talk About Looting the Public Domain   August 9, 2007 Stan Goff The Fog of Fame: Pat Tillman as Everyone's Political Football Paul Craig Roberts In the Hole to China Alan Farago The Terror of the Mortgage Pools William S. Lind The Surge's New Math: One Step Forward, Two Back Doug Giebel Letter from Montana: What the Bushvolk Have Done to America Harvey Wasserman Radioactive Bailout in Advance Jacob Hill The Tail End of Free Trade: NAFTA's Impact on the Manufacturing Sector Raul Zibechi The Dark Side of Agrofuels Dave Zirin The Making of Barry bin Laden Website of the Day "Babies Just Come with the Scenery"   August 8, 2007 Andy Worthington Backing Up Lt. Col. Abraham on Gitmo Abuse Jeff Halper The Catch in Israel's "Generous Offers" at Jericho Greg Moses No Light in August for Texas Refugees: Judge Orders Baby Sent to Palestine Nurit Peled-Elhanan The Murder of Abir Aramin, 9 Years Old Sukant Chandan British Prisons as Islamic Universities Robert Fisk A Lebanese Surprise George H. Strauss The Military Society D.K. Wilson Bonds, the Haters and 756: Why Bob Costas Can't be Trusted Bill Day Leonardo DiCaprio's Baggage: the Perils of Celebrity Environmentalism Tim Campbell Monkey See, Monkey Do Politics Website of the Day Periodic Table of Visualization Methods   August 7, 2007 Patrick Cockburn Why the Surge Has Failed Andy Worthington Why Do We Need the Democrats?: They Have Failed to Restrain Bush on Gitmo, Iraq and Domestic Spying Kathy Kelly The Little Girl of Hiroshima Stan Cox The Antiwar Majority: Look Quickly, You Might Miss It Sonja Karkar Israel's Settlement Project Sen. Russ Feingold A License to Wiretap--Anyone Alan Farago Dancing in the Light of Florida Norman Solomon Let Us Now Praise an Infamous Woman Binoy Kampmark Giving Good Face: What Jeremy Bentham and Facebook Have in Common Dave Lindorff The Gelding Congress John Stauber Coffee with the Troops at Yearly Kos Website of the Day George Carlin on Education       Subscribe Online

August 31, 2007 Hooray for the Market! Subprime Lending and Shady Mortgages By MATT VIDAL Does anyone remember corporate ethics? This was the big economic issue after the collapse of Enron, WorldCom and other major companies at the beginning of the 21st century. Books were cooked, winks and nods acknowledged. Enron and WorldCom used a range of fraudulent accounting practices: hiding debts, lying about profits, backdating contracts, understating costs, etc. Ultimately, both the energy and telecommunications sectors each saw one of their largest companies go bankrupt. The WorldCom bankruptcy was the biggest in US history. We've gotten over that. The problem was one of corporate ethics, and it has been fixed some corporate governance legislation, criminal prosecution and moral outrage. But the bad apples are back, this time in mortgage lending rather than accounting. Financial markets are currently reeling from a meltdown in the mortgage lending market, following shady financial dealings in the so-called subprime market, which serves borrowers with bad credit history. The story in the mortgage lending sector is largely the same as in the earlier accounting scandals: shysters using opaque, complex financial instruments to conduct transactions, pump up markets, and manipulate hard working people. The financial instruments in the subprime lending market are numerous and often esoteric. In the category of straight-up manipulation, we have questionable lending tactics that include offering home loans to borrowers who have no down payment, interest rates with low introductory levels that soon shoot to double digits, and prepayment penalties. As recently reported by the New York Times, the country's largest mortgage lender, Countrywide Financial, steered subprime borrowers into higher-cost loans -- more profitable for Countrywide and more expensive than necessary for homebuyers -- by using a computer system that excluded the cash reserves of borrowers. At Countrywide and many of its competitors, mortgage lenders repackaged these shady loans and used them to back securities sold to investors. These mortgage-backed securities, which contributed to the housing market bubble, have come to wreak havoc in the credit markets. The crisis has intensified in recent weeks as major Wall Street hedge funds that had invested in mortgage-backed securities began to flop. Questionable lending in the subprime market grew in a context of soaring real estate prices that gave a false sense of security to potential borrowers and homeowners. A steady stream of hot air fueled the housing markets, while seasoned investors happily bet away. The warning signs were there -- the explosion of dubious mortgages followed by increasing bankruptcies -- and, indeed, a few hedge fund managers predicted the mortgage market meltdown and accordingly bet against subprime loans. Most investors, however, went along for the ride. Countrywide was able to continue its subprime-driven strategy in large part because it was backed by banks and investors willing to give it a seemingly endless supply of money. After the contradictions of purely credit-driven growth came to a head, Countrywide's share prices began to tumble and it had to secure over $11 billion in emergency loans. What should be made of all this? For starters, consider the recent attempts to privatize social security. The current regime of goons in the White House tried to implement the long-standing conservative goal of taking the retirement security of the majority of the country's workers and throwing it to the vicissitudes of the market. The example of the mortgage market is instructive. It reminds of what capitalist markets consist: wild fluctuations, bubbles and drops, caused by extremely complex interdependencies in the political economy that are hard to understand, even for experts. Schemers and cheaters trying to find opportunities to screw hard working people are an inevitable part of the system. But they distract attention from the economic system's structural problems. At an immediate level, the mortgage market crisis provides a reminder that turning social security over to the market is a bad idea. At a deeper level, we can see that it's not really the free market after all. Sure, people are exchanging things and the forces of supply and demand are felt. But many of the forces behind these market fluctuations are institutional: Very complex financial instruments; winks and nods from regulators, analysts and auditors; and a whole range of economic transactions that are based on social conventions, unwritten rules, and long-term relations between key organizations and individuals. More importantly, a key lesson here is not simply that "the market" is actually constituted at many levels by social institutions. Much of market behavior is driven more by the dynamics of capitalist organizations, rather than supply and demand creating efficient outcomes through price signals. Why did major capitalist organizations such as Countrywide delve so aggressively into the subprime market? Quite simply, because the profit margins on subprime loans were higher than loans to prime investors. This is why we should expect schemers and cheaters, because at the end of the day, the name of the game is not efficiency-enhancing markets but profit-seeking organizations and individuals. We are told, over and over, that it's really all about the market, that this is the governing institution. But as left critics have been saying since Karl Marx, this line is simply part of the bourgeois ideology that works to mystify true workings of the economy. The action is in organizations (and individuals) competing for profits. And whether these organizations seek their profits in the financial, manufacturing or service sector, they are the building blocks of an economic system that, in its regular workings, leaves not only scandal, but unemployment, underemployment, inequality and poverty in its wake. Matt Vidal is pursuing his doctorate at the University of Wisconsin in Madison. He can be reached at: mvidal@ssc.wisc.edu Your Ad Here

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