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Today's Stories August 4 / 5, 2007 Alan Farago The Candidates and the Collapsing Economy August 3, 2007 Gabriel Matthew Schivone An Interview with Noam Chomsky on Responsibility, War Guilt and Intellectuals Jonathan Cook Israel's Jewish Problem in Tehran Patrick Cockburn Sunnis Walk Out of Iraq Government Little Steven Van Zandt Die, Greedy Swine! Die! Die!: How the Record Companies are Killing Rock Music Christopher Brauchli Bush Makes Putin Look Like James Madison D. K. Wilson Two Sides and a Middle: Michael Vick Ain't the One to Ask Linda Ford and Ira Glunts Maxwell's Silver Hammer: Syracuse University Enlists in the Global War on Terror Kelly Overton The Casualties of Green Scare: the Feds' War on the Animal Rights Mvt. Monica Benderman In Freedom's Name Manuel Garcia, Jr. Minneapolis Bridge Collapse: Was Cheney at the Scene? Website of the Day A Cinematic Look at the Police State in Action   August 2, 2007 Paul Craig Roberts The Return of the Robber Barons Stanley Heller Report from the Land of Apartheid Eric Ruder Fighting PTSD; Fighting the Army Robert Fantina Still Getting It Wrong: the NYT and Iraq Alan Farago The Toxic Mortgage Waste Crisis Chris Floyd Chertoff, Chiquita and Death Squads Franklin Lamb Lebanon's Crucial Special Elections Sen. Russ Feingold Closing the Book on the Abramoff Era Anthony Papa Drug Treatment isn't a Silver Bullet Norman Solomon The Big Guns of August Website of the Day Louie, Louie Video Contest   August 1, 2007 Debbie Nathan More Secret Payments by Former NYT Reporter to Web Porn Star Surface in Nashville Courtroom Fred Gardner Ciao, Michelangelo Gary Leupp Why Iraq's Best-Loved Athlete Can't Go Home David Rosen America's Top 10 Political Sex Scandals Winston Warfield Is the Tillman Case Still a Coverup? Daniel McBride Lessons from Bomber Harris: If the US Strikes Pakistan Glen Ford The Corporate Plan to Crush Black Resistance Thomas P. Healy The Toxic Career of Indiana's Environmental Commissioner John V. Whitbeck The Five Percent Solution David Krieger Nuclear Weapons and the University of California Website of the Day The Tragic Story of Hisham Mohammed   July 31, 2007 Kathy Kelly Dancing in the Darkness: the Story of Abu Mahmoud Clancy Sigal The Ghosts of Passchendaele Paul Krassner Assholes of the Week: From Baby Doll to Cheney Joe DeRaymond Return to the Republic of Death? Diane Christian "Winning": What Bush Could Learn from the Shade of Achilles Chris Floyd Good News is No News: Why the Bush Adm. Buries Accounts of Extremist Recantations Ramzy Baroud Bush's Real Agenda in Palestine Alan Farago Battle for the Soul of Florida Fidel Castro In Spite of Everything: Reflections on the Pan American Games Dan Bacher The Fish Terminator: Schwarzenegger's Campaign to Build the Delta Canal and More Dams   July 30, 2007 Marjorie Cohn: Independent Counsel Time Patrick Cockburn Four Million Iraqis on the Run Peter Quinn Irish in America Uri Avnery A Warning to Tony Blair John Ross Zapatista Intergalatica Lands on Earth Ron Jacobs Free the San Francisco 8 David Vest Farewell, Old Friend: Another Legend of the Blues is Gone Jeffrey St. Clair T99 Nelson: Seduced by a Legend of the Blues Website of the Day Collateral Repair Project   July 28 / 29, 2007 Alexander Cockburn Now the NYT is Selling "Bloodbath" as a Rationale to Stay in Iraq Ralph Nader Rotten Justice Robert Fantina American Lies and Iraqi Nationalism Fred Gardner Prohibitionists Attack, Reformers Fundraise   Yves Engler Handwashing and the Bottomline   July 27, 2007 John Ross Bombing Pemex--or Not? Arthur Neslen Gaza was a Gas for Blair Dave Lindorff Declaring the US a Battlefield: Martial Law is Now a Real Threat Julene Blair The Environmentalist Within Christopher Brauchli Bush Uses Children as Shock Troops in His War on Socialized Medicine Jesse Hagopian Fund the Wounded, Not the War Charles Modiano Manufacturing a Villain: Sports Illustrated's Vilification of Barry Bonds Bill Day The Hollow Environmentalism of Leonardo DiCaprio Walter Brasch Leaders Afraid to Lead M.D. Mitchell Farm Based Camps Website of the Day Fighting Sarcoma   July 26, 2007 Kathleen Christison The Siren Song of Elliot Abrams Andy Worthington Why the Pentagon's Gitmo Study is a Joke Clancy Chassay How the Bush White House Seeks to Destroy Lebanon Marjorie Cohn Showdown Over Executive Privilege Susie Day Apartheid Americana David Price Tour de Witch Hunt: Drugs, Diaries and Purges Marie Trigona Argentina's "Dirty War" Crimes Trial: The Torturer Priest Norman Solomon Media Spin on Iraq: We're Leaving (Sort Of) William S. Lind How to Win in Iraq Natsu Saito Ward Churchill and the Regents at the University of Colorado John Stauber Netroots and the Iraq War: Does Ending It Matter to Them Anymore? Website of the Day Sticking It to the Man   July 25, 2007 Andy Worthington Gains and Losses at Gitmo Gary Leupp Bush Speechwriter, Michael Gerson, Calls for Attack on Syria Ray McGovern The Sad Decline of John Conyers Dr. Susan Block Bonobo Bashing in the New Yorker Joshua Frank Hillary's Neocon: the Imperial Vision of Richard Holbrooke Tina Richards What Harry Reid Doesn't Know About His Own Bill Ben Terrall Indonesia's Bloody Brand of CounterTerrorism Farzana Versey God Acquitted!: Lessons from the Case of Darwood Ibrahim Mohammad Ali Salih A Bomb in My Briefcase? Laura Carlsen A Strange Homecoming: Reflections on the First US Social Forum Ron Jacobs Come to Kennebunkport! Sunsara Taylor Knocked Up is F**ked Up Website of the Day Wal-Mart's Flip Flops: Feet Killers July 24, 2007 Saul Landau How to Walk in Bushtime Kathy Kelly The Plight of Iraqi Refugees in Jordan Russell Mokhiber The Michael Vick / George Bush Thing M. Shahid Alam Islam Now, China Then Patrick Cockburn and Anne Penketh Meeting in Baghdad Dave Lindorff Overcoming John Conyers Binoy Kampmark You Tube You Can't: Failure of a Medium Richard Neville Murdoch's Transplant: a Warning to the Wall Street Journal Cindy Sheehan We Must Move Beyond Politics as Usual Evelyn Pringle Anti-Depressants and Birth Defects: Why is the CDC Downplaying the Risks? Norman Solomon Media Corrections We'd Like to See CP Newswire Reading Harry Potter Not Sinful Website of the Day Sea Islands Black Heritage Festival   July 23, 2007 Andy Worthington Narcolepsy on Gitmo Detainees Uri Avnery A Trap for Fools Patrick Cockburn Turkish Prime Minister Threatens to Invade Northern Iraq Sousan Hammad The Children Without a Title John Walsh Todd Gitlin's Nader Fixation Harvey Wasserman Spinning Kashiwazaki: PR Flacks Rush to Aid of Crippled Nuke Martha Rosenberg The Life and Times of a Hog-Hanging Farmer Collin Baber Here Come the MRAPs: Resurrecting Apartheid Armor for Iraq Reza Fiyouzat Iran's Forgotten Anti-Nuke Movement Stephen Lendman Saving a President: Scare-Mongering and Executive Orders Website of the Day The Port Huron Project   July 21 / 22, 2007 Alexander Cockburn Giuliani and the Dogs of War Werther How to Read a National Intelligence Estimate Ralph Nader Atomic Blowback David Keen Buy Hard: How to Sell an Endless War Fred Gardner Karl Rove, Pothead: When Good Drugs Happen to Bad People Gary Leupp Edelman's Edict: Is Hillary "Reinforcing Enemy Propaganda?" Robert Fantina Fear in Iraq Saker The Future of Palestine: an Interview with Jonathan Cook Rannie Amiri Nasrallah in the Crosshairs: How will the Third Lebanon War Start? Mike Whitney The Crisis in Hedgistan Dr. Susan Rosenthal, MD The Hidden Injuries of Powerlessness: Linking Alienation and Dissociation Monica Benderman Facing the Truth Dan Bacher Deltagate: the Politics of Fish Kills Michael Baney Fujimori's Long Race From Justice Missy Beattie Here, There and Everywhere Ron Jacobs Tremble, Tyrants Adam Engel Radical Language: an Introduction Thomas Naylor California Split: an Open Letter to Schwarzenegger Poets' Basement Landau, Ford and Engel Website of the Weekend Surge in Action   July 20, 2007 Eliza Szabo Fatal Neglect: Civilian Casualties in Afghanistan Pam Martens Doctoring the News: CNN's Sanjay Gupta, Laura Bush and Merck Alan Farago Winners and Losers in the Housing Market Crash Harvey Wasserman Lies and Leaks: The Earthquake That Screamed "No Nukes!" Marjorie Cohn Iraqis will be the Deciders Dave Zirin White Noise and the Black Athlete Anthony DiMaggio American Public Opinion and Israel Scott Liebertz Oaxaca on Edge Linn Washington, Jr. British Cops Assault Rape Allegations Bill Piper / Anthony Papa Flying High?: The Political Junkets of Bush's Drug Czar Ramzy Baroud Bush's War Policy: When Time Heals Nothing Website of the Day The Prankster Art of Mark Jenkins   July 19, 2007 Patrick Cockburn The Next Invasion of Iraq Remi Kanazi Is This Ben Gurion or Hell?: a Palestinian Adventure Through Israel's Largest Airport Winslow T. Wheeler The Surging Costs of the Iraq War Sharon Smith Democrats and Health Care: Behind the Rhetoric Dave Lindorff Killing Cabbies in Iraq Conn Hallinan Have Gun, Will Travel: Mercenaries in Iraq and Afghanistan D. K. Wilson The Michael Vick Case Pulls Back the Veil on Who We Really Are Joshua Frank Democrats as Leviathan: Another Step Toward War with Iran Norman Solomon The Ghost of Wayne Morse Russell Hoffman Rattling the Reactor: Quakes, Fires and Leaks at the World's Largest Nuke Ray McGovern Bush's Wooden Headedness Kills Website of the Day Protesting Power July 18, 2007 Brenda Norrell Spy Towers on the US Border Col. Dan Smith How the US Could "Lose" Saudi Arabia Martha Rosenberg Lord of Crookharbour: the Trial of Conrad Black Conn Hallinan Bombing and Spraying Afghanistan Binoy Kampmark The SIM Card Terror Case Patrick Bond / Rehana Dada Who Killed Sajida Khan? Tom Johnson The Long Road ... to Nowhere Paul Craig Roberts A Free Press or a Ministry of Truth? Bob Quellos Pushing the Poor Out of House and Home Felice Pace Falling for Lieberman's Iran Resolution Robert Weissman National Health Insurance: More Humane and More Efficient CP Newswire Shocking Report Showing Involvement of US Psychologists in Torture Website of the Day Gilad Atzmon Live!   July 17, 2007 Patrick Cockburn Just Another Day in Iraq: 100 Fathers, Mothers and Children Killed Marjorie Cohn Out of Control: Executive Power Plays Evelyn Pringle Inside Bush's FDA David Rosen Moral Hypocrisy on the Hill: the Christian Right, Sexual Scandal and the Pleasures of the Courtesan Susan Miller Width Matters: Displacement and Israel's Wall Franklin Lamb Did the UN Cave to Israel on Lebanon's Shabaa Farms? Don Monkerud Considering Victory in Iraq Harvey Wasserman Nuclear Surge Russell Hoffman Japan Dodges a Radioactive Bullet Dave Lindorff Feingold Turns to Dross Dave Zirin Reclaiming Sports as True Fiction Website of the Day Che at the UN: 1964   July 16, 2007 Gary Leupp Cheney Urges Bush to Strike Iran Ellen Cantarow The Untold Story of Iraqi Women Paul Craig Roberts Impeach Now Allan J. Lichtman The D.C. Madam's Public Service Dan Bacher Cheney and the Klamath: Was the Veep Behind the Nation's Worst Salmon Kill? Patrick Cockburn The Killing of Khalid W. Hassan Manuel Garcia, Jr. Property is Racism James Brooks AIPAC and Mahmoud Abbas: the Undemocratic Road to Defeat Liaquat Ali Khan The Judicial Crisis in Pakistan Julie Flint Suleiman Jamous in Limbo Website of the Day Free Suleiman Jamous!   July 14 / 15. 2007 Alexander Cockburn Support Their Troops? Andy Worthington Gitmo's Tangled Web: Khalid Sheikh Mohammed, Majhid Khan, Dubious US Convictions and a Dying Man Ralph Nader Lawlessness, Waste and Incompetence Robert Fantina The Illegalities of the Iraq War Ron Jacobs Architecture as Military Strategy Joshua Frank Eat, Fight, Screw, Pray: An Interview with Joe Bageant Conn Hallinan Guns, Foundations and Free Trade: How the Right Targets Africa Dr. Susan Rosenthal, MD War and Dissociation John Ross No En Nuestro Nombre!: a Letter to the Mexican Antiwar Movement Fred Gardner Who's Afraid of Cannabidiol? Rannie Amiri A Primer on Israeli Doublespeak Charles Modiano ESPN's Rap Sheet: Pacman as Black Man Anthony DiMaggio America's Parochial Press China Hand Executive Orders and Coercive Diplomacy Missy Comley Beattie Reprobate Rhetoricians Dr. James J. Murtagh, Jr. Harry Potter Battles Big Brother Kenneth Rexroth On Thomas More's "Utopia" Poets' Basement Engel, Davies and Orloski Website of the Weekend GOP Sex Hypocrites: a Slideshow

Weekend Edition August 4 / 5, 2007 The Candidates and the Collapsing Economy Mis-Pricing the Risk By ALAN FARAGO In the summer of 2000, I looked out this same window in a small house on an island in Maine and, watching the tide emptying and filling the cove, contemplated what it would take for Gore to win the 2000 election. I had a lot of company in despairing that advisors had prevailed in persuading candidate Gore to stifle the environment as a campaign issue. At the time, I was spearheading a campaign to stop the Clinton administration from allowing political insiders and powerful campaign contributors in Florida’s largest county, Miami-Dade, from hijacking a former military base at the edge of the Everglades and turning it into a privatized, commercial airport. Voters were upset enough how Clinton and Gore both were avoiding the environment that the beneficiary in the November 2000 election would be Ralph Nader—as indeed he was in Florida. To be fair, Gore advisors had a rationale for believing that “the environment’ was on balance negative. The air base fiasco was far from the only mistake made in that respect. But the lesson is this: insiders, cocooned in political campaigns and preoccupied with the challenge of raising campaign cash from an economic elite, tend to mis-price specific risks that touch ordinary people and ordinary voters. In this respect, Florida is again instructive to candidates who may be the next president of the United States. Bloomberg reported (July 20,2007) on the weird manifestation of the housing boom and bust as dozens of construction cranes in Miami edge skyscraper condominiums toward foreclosure. “The oversupply will force prices down as much as 30 percent, the worst decline since the 1970s, and help push Florida's economy into recession as early as October, said Mark Zandi, chief economist at West Chester, Pennsylvania-based Moody's Economy.com, who owns a home in Vero Beach, Florida.”  Forget about October: the Florida economy is in a recession today. “Thirty-seven new high-rise condos and 20,000 new units are being built in Miami's 1,040-acre downtown, where sales fell almost 50 percent in May, according to the Florida Association of Realtors. The new units will join the 22,924 existing condos in Miami-Dade County that were for sale in April, according to Jack McCabe, chief executive officer of McCabe Research & Consulting LLC in Deerfield Beach, Florida.” Government statisticians roll out serial reasons for optimism in the broader economy: employment remains strong, unemployment at 4.5%, and consumer confidence is said to be high.  But I’m on the side of the recent Wall Street Journal/NBC poll conducted July 27-30 showing that the nation’s economic mood is gloomy. In coastal Maine you can feel it big time. “More than two-thirds of Americans believe the U.S. economy is either in recession now or will be in the next year.” Florida is the epicenter of the housing bust in the United States, for the political connections between Jeb Bush’s election in 1998, W’s in 2000, and a cast of characters tied to the biggest speculative bubble in housing in Florida history.  Al Hoffman, the former chair of Florida-based WCI Communities crowed in 2003 to the Washington Post that development in Florida was “an unstoppable force”. Indeed, during the housing boom local county commissions and the Florida legislature spent entire sessions making it harder and harder for citizens to intervene in protecting their water quality, their communities from bad development, and even from petitioning their own government. Hoffman was campaign finance chair for Jeb Bush in 1998 and 2002 and national co-chairman for President Bush in 2000. Today Florida’s housing markets are in tatters. The state budget is nearly $1.5 billion in the hole, as receipts from real estate transactions dry up. WCI Communities’ stock price has plummeted. The company retained Goldman Sachs to explore options for the sale of its business or assets and can’t find a buyer.  The reason WCI Communities can’t find a buyer is that company decision-makers price its value at the other side of the economic chasm into which the fortunes of publicly traded homebuilders are falling. So far, the presidential candidates are ignoring the distress, as if to avoid taking the hit when you are forced to mark an asset to the market and not some conjured value. This is exactly the discussion that is ricocheting around Wall Street today and hundreds of billions of dollars of financial derivatives whose value is up in the air. With each passing day and report of condo busts in Miami and production homebuilders leaning into the stiffest headwind in modern history, it is becoming clearer and—and with as much certainty as the tide moving in and out of Long Cove—that the defining issue in the 2008 campaign will be the unfolding maelstrom in housing markets across the nation. David Leonhardt, in the New York Times “Keep your eyes on adjustable-rate mortgages” (August 1, 2007) dryly noted, “… the carnage in the mortgage market thus far has come even before the bulk of mortgages have reset.” President Bush called it “the ownership society”. You don’t much about that anymore. Nor did you hear much about the recent visit to China by HUD Secretary Alfphonso Jackson who was rebuffed in his effort to persuade the Chinese to buy more US mortgage debt. In early July, Jackson told the Chinese, according to Bloomberg: "Mortgage securities offer China's central bank better returns than U.S. Treasury bonds at the same level of credit risk." Is that so? “The peak month for resetting of mortgages will come this October, according to Credit Suisse, when more than $50 billion in mortgages will switch to a new rate for the first time. The level will remain above $30 billion a month through September 2008. In all, the interest rates on about $1 trillion worth of mortgages, or 12 percent of the nation’s total will reset for the first time this year or next. A couple of years ago, by comparison, only a marginal amount of mortgage debt—a few billion dollars—was resetting each month.” The odds of containing the financial contagion in mortgage markets to a few hedge funds or just the matter of financial derivatives tied to housing and not the massive markets in corporate debt before November 2008 are low. Wall Street and the current administration are applying tremendous pressure to keep traders from marking risk to market. It has been a Herculean effort and the sweat is showing. The economic tide is now running as inevitably against Wall Street as it does here on Long Cove: on one side, millions of homeowners at or beyond the point of distress as they struggle to meet the costs of maintaining high mortgages in falling property markets, and, on the other side, holders of petrodollars and the beneficiaries of America’s trade imbalances who are disinclined to make bad investments, or, to be scammed. Ordinary people and most voters aren’t up to the challenge of understanding the risks in financial derivatives. But the signals are everywhere. The candidate who can tap into the frustration around collapsing home markets and the proliferation of unsustainable risk to the economy will be the next President of the United States. Alan Farago writes about the environment and politics. He can be reached at alanfarago@yahoo.com.

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