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How Bush Pushed Up Oil Prices

No newspaper has run the headline, “Bush to American drivers: drop dead!"It’s the biggest press failure since WMD. In fact Bush could easily cut oil prices in half. EXCLUSIVE to subscribers in our latest newsletter Michael Hudson lays out in detail exactly how the Great Oil Price scam works, and who’s benefitting. In 2003 he was on Don Rumsfeld’s bench urging war. Now he’s reinvented himself, yet again. Alexander Cockburn on the twists and turns of a pet intellectual of the Establishment, Fareed Zakaria. Copper, cobalt and zinc and villainy in the Congo: Colette Braeckman gives CounterPunchers the latest chapter in “the race for Africa". 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 presents.

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Today's Stories

July 22, 2008

Patrick Cockburn
Boost for Obama Over Iraq Withdrawal

July 21, 2008

Ishmael Reed
Remnick's Latest Blunder

Mike Whitney
The Democrats are the Real Problem

Andy Worthington
Dictatorial Powers Upheld: the Meaning of the Al-Marri Decision

Scott Pellegrino
Should "Meet the Press" Desegregate?

John Ross
McCain Crosses the Border, Gets No Satisfaction

Robert Weitzel
Blowback Through the Looking Glass

Mike Stark
I was Spied on by the Maryland Police

Website of the Day
Pinky Solves the Illegal Immigration Crisis

July 19 / 20, 2008

Alexander Cockburn
It's a Dull Race

Jeffrey St. Clair
How to Beat a Mining Company: Why a Gold Goliath Threw in the Towel

Dave Lindorff
I Was a Victim of the TSA

Saul Landau
Obits for Opposites: Carlin and Helms

Ron Jacobs
Why Afghanistan is Not the Good War

Uri Avnery
Different Planet:the Israel / Hezbollah Prisoner Swap

Neve Gordon
The Untold Story of Ni'lin

Roane Carey
Dr. Benny and Mr. Morris

Robert Fantina
Ashcroft, Torture and the U. S.

Christopher Brauchli
The General Lied

Fred Gardner
Cannabinoid Researchers Won’t Take the High Road

David Macaray
Labor Unions and the Courts

Richard L. Hutto
The Ecology of Severely Burned Forests

Bill Moyers /
Michael Winship
Mother's Milk of Politics Turns Sour

Ronnie Cummins
Netroots Nation or Nation of Sheep?

David Yearsley
Opera and Globalization

Alison McKenna
A Close Call for Medicare

Wajahat Ali
The Dark Knight Ascends

Poets' Basement
Ko Un

Website of the Day
What If Edward Said Had Told This Joke?

July 18, 2008

Corey D. B. Walker
A Kinder, Gentler Imperialism?

Mike Whitney
Swan Song for Fanny Mae

Robert Bryce
Iran Rising

Mike Roselle
Ed's Chicken
: Fighting King Coal in Appalachia

Bouthaina Shaaban
U. S. to Mandela: Happy 90th and You're No Longer a Terrorist

Eve Spangler
The Deaths of Children

Website of the Day
Lowbagger Needs Your Help

 

July 17, 2008

Paul Craig Roberts
Airport Gestapo

James G. Abourezk
Big Oil's Raid on the Great Plains

Ralph Nader
D. C. Socialists Save Crashing Capitalists

Allan J. Lichtman
Conservative Denial

Andy Worthington"Screwed Up" and"Abused": Omar Khadr's Interrogations at Gitmo

Ronnie Cummins
Move Over MoveOn

 

July 16, 2008

Jeffrey St. Clair
Star Whores: How John McCain Doomed Mt. Graham

Paul Craig Roberts
War Crimes Paradox

Conn Hallinan
To the Edge in the Middle East

Dave Lindorff
Torture for Torturers?

William S. Lind
Running the Narrows in Iraq

Christopher Brauchli
Sweepstakes Politics

Website of the Day
History of Iraqi Art

 

July 15, 2008

Michael Hudson
Why the Bail Out of Freddie Mac and Fannie Mae is Bad Economic Policy

Brian Cloughley
Iran's Missile Tests

Patrick Cockburn
Sadr's Militia May Live to Fight Another Day

John Ross
Crunchtime for Mexico's Oil

Howard Lisnoff
When Torture Was Practiced on U. S. Soil

Website of the Day
Rachel Corrie Soccer Tournament

July 14, 2008

Uri Avnery
Will Israel and / or the US Attack Iran?

Paul Craig Roberts
Enabling Tyranny

Trish Schuh
Talking to Iran's Only Jewish Member of Parliament: an Interview with Morris Motamed

Patrick Cockburn
Immunity in Iraq

Mike Whitney
Betancourt Unbound

Alan Farago
Will Miami's Cubans Vote Blue?

Seth Sandronsky
Taxing U. S. Stocks and Bonds

Phyllis Pollack
Stones Paint It Black

Website of the Day
Our Pal in Butte, Jackie Corr, RIP

July 12 / 13, 2008

Alexander Cockburn
Lock and Load--It's the Law!

Jeffrey St. Clair
The Origins of the Western Greens

James Abourezk
Talking World War III Blues: From Dylan to Iran

Nicole Colson
The Ethanol Scam

Stan Cox
Fixing a Broken Agriculture

Ismael Hossein-Zadeh
Is There an Oil Shortage?

Wajahat Ali /
Omid Safi
The Future of Iran: an Interview with Iranian Nobel Laureate Shirin Ebadi

John Stauber
There May be a Left, But is it Moving? An Interview with David Sirota

Alan Farago
The Crash of the King of Liquidity

Missy Beattie
Dark Neighborhoods

Robert Fantina
Bush's Last Yes Man: Canada, Guantanamo and Yankee Poodles

Rannie Amiri
Mubarak Hires the Mosque

Gregory Kafoury
After the Obama Betrayal

Fran Shor
The Audacity of Hype

Martha Rosenberg
Why Heifer International is Rolling in Dung

David Macaray
Will There be an Actors Strike?

Andrew Wimmer
No Lies! No War!

Ron Jacobs
They Call Me the Seeker

Farzana Versey
The Kashmir Chiaroscuro

Kim Nicolini
Angelina Jolie's Wanted: Taking the M-Fers Down with Guns and Exploding Rats

Poets' Basement
Wright, Fleming, Solomon and Birnbaum

Website of the Weekend
Parsing Jesse Ventura

July 11, 2008

Kevin Alexander Gray
Why Does Barack Obama Hate My Family?

Sasan Fayazmanesh
Historical Amnesia and the Shoot Down of Iran Air Flight 655

Peter Morici
Breaking Down the Trade Deficit

Mike Whitney
Worse Than McCain?

Manuel Garcia, Jr.
Oiling the War Machine

Robert Weissman
Crime, Punishment and ExxonMobil

Ramzy Baroud
The Not-So-Historic Barak-Talabani Handshake

Kelly Overton
If There is a Chimp Heaven

Adrian Burgos
In Praise of Jules Tygiel

Website of the Day
Wendell Berry on Mountaintop Removal

July 10, 2008

Brian McKenna
McCain's Melanoma Cover-Up

Paul Craig Roberts
Watching Greed Murder the Economy

Saul Landau
Mississippi River Blues

Ron Jacobs
Who Will Leave Iraq First?

Joshua Frank
Cutting Deals with Big Timber's Darth Vader

Peter Morici
What's Driving the Wall Street Rout

Alan Maass
Jesse Helms Finally Does the Right Thing

Robert Weissman
Humanitarian Failure at the G8

William Blum
Dr. Strangelove

Alan Farago
Coral Reef Meltdown

Website of the Day
Lieberman Must Go!

July 9, 2008

Ismael Hossein-Zadeh
Are They Really Oil Wars?

Luis Rodriguez
The Deadly Fallout from Gang Injunctions

Sheldon Richman
What's Wrong with Selling Your Vote?

Fatemeh Keshavarz
Lessons from Sa'di of Shiraz on"Enhanced Interrogation Techniques"

Chad Hanson
Blowing Smoke: Logging Industry Lies on Forest Fires and Climate Change

Sen. Russ Feingold
The Problems with the FISA Bill

Niranjan Ramakrishnan
Defining Deviancy Down with FISA

Dave Lindorff
Paul Krugman's Blind Spot

Stanley Heller
A Damned Good Assembly

Philip Rizk
Sick at the Gaza Crossing

Website of the Day
Mumia on Nader

July 8, 2008

Nikolas Kozloff
Riding the Colombia Gravy Train

Laura Carlsen
North America Doesn't Exist: the New Geography of Trade

Mike Whitney
Bush's Rampage in Somalia

Andy Worthington
Scandal at Diego Garcia

Patrick Irelan
The Empire Goes to the Movies

Chellis Glendinning
The Un-tied States of America

David Macaray
A Union Story

Dave Lindorff
Mumia's Long-Shot Appeal

John Chuckman
The Myths of Independence Day

Phillip Doe
FISA and the Decline of America

Website of the Day
Daniel Ellsberg on Warrantless Wiretap Bill

July 7, 2008

Patrick Bond
Can Reparations for Apartheid Profits be Won in US Courts?

Kathy Kelly
Cold Shoulders

Andy Worthington
Repatriation as Russian Roulette

Clifton Ross
A Rescue Staged for the Screen

Elizabeth Schulte
Obama's War Room

Ralph Nader
The Patriotism of Deeds

Dave Lindorff
Keeping Count

Binoy Kampmark
The World According to Jesse Helms

Stephen Fleischman
Life, Liberty and the Pursuit of Change

Website of the Day
Time for a Change

July 5 / 6, 2008

Alexander Cockburn
Could Anyone be"Worse" Than Bush?

Jeffrey St. Clair /
Joshua Frank

Preliminary Notes from No Man's Land

Patrick Cockburn
Blowback from a Strike on Iran

Mike Whitney
Hunkering Down in Afghanistan with Field Marshall Obama

Robert Fantina
Obama, Iraq and Change

Binoy Kampmark
The Anwar Case: Snitching and Sodomizing

Rannie Amiri
Can Nasrallah Unite Lebanon?

Eric Ruder
Hidden Casualties

Brian Cloughley
Israel Flexes Its Muscles

William Blum
Some Thoughts on Patriotism

Frank Barat
The One-Word Solution

Christopher Brauchli
Bush's Phony Pollution Accounting

David Yearsley
Rubbert Shines, as US Envoy Puts Foot in His Mouth

Ron Jacobs
U. S. Blues

Karim Makdisi
On Soccer and Politics in Lebanon

Wendy Thompson /
Chris Kutalik

What Can We Learn from the American Axle Strike?

N. D. Jayaprakash
The NPT as a Roadblock to Disarmament

Ramzy Baroud
Journalistic Imperatives

Kelly Overton
Animal Rights and Obama

Richard Neville
Bitch Fights and Tomorrow's Top Model

Poets' Basement
Anderson, Gibbons, Matson and Buknatski

Website of the Weekend
Ginsberg and Cassady on"Extremists"

 

July 4, 2008

Kathy Kelly
Istiklal

Dave Lindorff
My War Story

Paul Krassner
Confessions of a Barista

Jackie Corr
In the Footsteps of Evel Knievel: Obama Heads Back to Butte

Laray Polk
Military-Industrial Convergence

Dan Bacher
Dead Runs: Salmon Fishing Banned in Central Valley Rivers

Walter Brasch
The Rocket's Red Glare--May be Chinese

Charles Modiano
Hall of Fame Hypocrisy

Website of the Day
Springsteen: Independence Day

July 3, 2008

Sharon Smith
Exxon's Legal Guardians

Andy Worthington
Another Torture Victim Gets Charged

Laura Carlsen
NAFTA and the Elephant in the Room

Peter Morici
Crisis Grips the Jobs Market

Ramzi Kysia
Breaking Into a Prison

Martha Rosenberg
Mandatory School Milk and the Early Death of Football Players

Anne Landman
Who Really Benefits From Voluntary Codes of Corporate Conduct?

Dave Zirin
Grand Theft Hoops

Kristin Bricker
US Contractor Leads Torture Training in Mexico

Website of the Day
Bush Tours America to Survey Damage from His Presidency

 

July 2, 2008

Patrick Irelan
Holy Obama

Vijay Prashad
Lunch with Karzai

Brian Cloughley
Sense of Honor, French and US Style

Ralph Nader
Economic Domino Theory

Robert Fantina
General Stupidity: McCain, Obama and Clark

Dave Lindorff
What's So Special About Veterans?

Parvez Ahmed
Obama and Those Pesky Muslim Rumors

Robert Bryce
The Democrats and Off-Shore Drilling

Website of the Day
King Corn: Q&A

July 1, 2008

Alexander Cockburn
Two Months Later, Seymour Hersh Strains to Catch Up With CounterPunch

Mike Whitney
Getting to the Heart of America's Economic Crisis: an Interview with Michael Hudson

Douglas Macgregor
Obama's General?

Steven Higgs
Fighting the NAFTA Super-Highway

Andy Worthington
Guantánamo as Alice in Wonderland

Binoy Kampmark
The Global Seed Police

Dave Lindorff
Blood Money Democrats

Roger Burbach
Fighting Food Fascism

Richard W. Behan
The Story Behind George Bush's Lies

Gary Leupp
The McCain Edge Among Voters on Iraq

Website of the Day
Mountaintop Removal and the Fight for Coalfield Justice


July 22, 2008

The Rich in New York and Their Out-Sized Apartments

Everyone Must Share, Not Just Charlie Rangel

By MOSHE ADLER

Free market rents in NYC are notoriously high, and as a result about half of the rental units are subject to "rent stabilization." When it comes to these units everybody is a social engineer. US representative Charles Rangel had not one but four rent-stabilized apartments. "Shame," the headlines cried. "None of your business," Rangel shouted back (while vacating one of those apartments).

Well, isn't taking so much space, when space is so tight, wrong? Of course it is. But this is true for everybody, not just Charles Rangel, and for every apartment, regardless of whether it is rent stabilized, a market-rate rental, a coop or a condo.

Stories about outsized apartments have filled the New York papers since the mid 90's. But these have been in the Home or Real Estate sections rather than on the front page. And rather than vilified, the owners of these apartments were admired for the power of their money. A British financier, David Martinez, bought two whole floors of the large-footprint Time-Warner Center, and knocked the floor of the upper unit in order to get a higher ceiling in the lower one. Calvin Klein lives in an apartment that occupies three whole floors in a tower overlooking the Hudson in Chelsea, while Martha Stewart owns two floors in the same building. Swimming pools are the latest rage. Two-hundred forty-five East 58th Street is an apartment building with a full gym and a swimming pool on the third floor, but the resident of the penthouse in the same building has a 16 by 25 feet pool all to herself. Film director Marcus Nispel learned how to smash idols on the set of his remake of "The Texas Chainsaw Massacre." He built a swimming pool right inside his five-story town house because "space in New York is something very holy," as he told David Chen of the New York Times. He also likes to create beauty: "I love water, and I love the idea of how it contrasts with the city." The businessman Jonathan Leitersdorf, who has a 25 x 12 x 6 foot swimming pool in his triplex near NYU, recommends a swimming pool to anybody who wants to give a good party.

The hunger of the rich for space has real consequences for the rest of us. Since 1995, the price of a square foot in Manhattan grew seventy percent faster in large apartments with four or more bedrooms than in apartments with only two bedrooms. Since then the footprint of all apartment types -- studios, one bedroom, two bedrooms and three bedrooms -- has been decreasing, with one glaring exception: The footprints of apartments with four bedrooms or more has been increasing. My own calculations, based on for sale and for rent data, show that if Manhattan apartments were limited in size to 1,200 square feet, then without constructing even a single new building the supply of apartments for ownership would immediately increase by 32% and the supply of apartments available for rent would increase by 16%. Even if this overstates the actual proportions somewhat because fewer small apartments get listed with brokers, it is clear that large apartments have a significant negative effect on the availability of apartments in the city.

Rent stabilized apartments are of course regulated by the city government. What can the government do about the free market? Like smoking, the consumption of space is harmful to others. The government should curb it exactly the way it curbs smoking; by taxing it. Up to a particular threshold (which could be adjusted according to family size) space would be tax exempt. But beyond this threshold the tax should be sufficiently high to deter excess consumption even by the very rich. To gain an appreciation of how high this tax would have to be in order to make a difference, it's worth noting that a square foot in a large apartment in Manhattan commands a price premium of on average $662. (Part of this premium is due to location.) A tax of this order of magnitude would remove the incentive of developers to build out-sized apartments, curb the appetite that the rich have for them, and would make room for more of the rest of us.

Moshe Adler is the Director of Public Interest Economics.  He can be reached at ma82092@gmail.com.

 

 

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