Today's Stories

July 26 / 27, 2008

Joseph Nevins
Death as a Way of Life on the Borderlands

July 25, 2008

Harvey Wasserman
NRC: New Nukes Not Ready for Prime Time

Paul Craig Roberts
Are You Ready for the Facts About Israel?

Alan Farago
Where's the Outrage?

Paul D'Amato
The Arrest of Radovan Karadzic and the Selective Prosecution of War Crimes

Gary Leupp
War With Iran? State Dept. Realists vs. Cheney's Ultras

Niranjan Ramakrishnan
Eyes Wide Shut in India

Mike Whitney
Obama Dazzles Old Europe, While McCain Cries, "No Mas!"

Paul Krassner
Inside Camp Mogul

Mike Roselle
All Hail Nero!

Website of the Day
Pressing Starbucks

July 24, 2008

Greg Moses
Who Killed Azem Hajdari?

Andy Worthington
Folly and Injustice: Salim Hamdan's Guantanamo Trial

James Bovard
Daniel Ellsberg's Lessons for Our Time

Joe Bageant
Life in the Post-Political Age

George Wuerthner
Boondoggle in the Fields

DC Larson
Shutting Out Ralph Nader

William Willers
The Forest Products Industry in Public Education

David Macaray
On the Prospects for a SAG Strike

Website of the Day
Pacifica Radio Archive of 1968 Democratic Convention in Chicago

July 23, 2008

Winslow T. Wheeler
An Air Force in Free Fall

Paul Craig Roberts
The Mother of All Messes

Ralph Nader
Pavlov's America

Mike Whitney
Visualizing Dow 6,000

Susie Day
Senator Sicko: Jesse Helms and the Theatre of the Depraved

Website of the Day
"A Kinder and Gentler Machine-Gun Hand..."

July 22, 2008

Nikolas Kozloff
Ten Years On, Bolivarian Revolution at Crossroads

Patrick Cockburn
Boost for Obama Over Iraq Withdrawal

Soldz, Olson, Reisner Arrigo and Welch
Torture After Dark

Moshe Adler
Everyone Must Share, Not Just Charlie Rangel

Martha Rosenberg
Protecting Bones from Drugs that Protect Bones

Dan Bacher
Bechtel and the Big Dig

Harvey Wasserman
Is Gore Inching Toward Solartopia?

Anthony Papa
A Slugger's Drug Redemption

Binoy Kampmark
Mad Over Benedict

Website of the Day
Hiroshima: A-Bombed Objects

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

Weekend Edition
July 26 / 27, 2008

Bailing Out Fanny Mae and Freddie Mac

Socializing Losses

By BINOY KAMPMARK

In another installment of the demise of free-market optimism, the US House of Representatives has passed the package effectively giving the green light to the government to protect the two mortgage giants, Fannie Mae and Freddy Mac. 

Both these monuments of the mortgage landscape guarantee something in the order of $5.2 trillion of America’s $12 trillion market.  The package raised the national debt limit to $10.6 trillion.  Refinancing for mortgages is also provided, upwards of $300 billion. A measure where some $4 billion worth of local government grants for the purchase and refurbishment of foreclosed properties has also been slipped in.

The package, authored primarily by Representative Barney Frank, Democrat of Massachusetts, has successfully seduced George W. Bush.  Despite initial rumblings of dissatisfaction, the President had to relent.  He had been cornered, looking mean spirited for threatening to veto a package for its $4 billion block grant program.  All fine to help Wall Street, not ‘ordinary’ Americans struggling on the mortgage belt.

But both Fannie and Freddie are curious anomalies in the free market system.  While they operate as private companies with stocks, they have that curious title of ‘government-sponsored enterprises.’  They purchase loans from lending institutions and package them as bonds, thereby selling them to investment firms (for instance, pension funds).

The nature of their constitutions, it must be said, seems to give them a direct link to government assistance in the event of crisis.  As Paul Krugman of the New York Times points out, this system tolerates a pernicious practice: ‘profits are privatized but losses are socialized’.

The package is being labeled as revolutionary as the Home Owners’ Loan Corporation of the 1930s, a New Deal creation that was designed to soften the brutal Great Depression foreclosures. 

But this package is getting more opposition than previous bailout and subsidizing measures that have provided a blank check for economic imprudence and incompetence.  During the Reagan administration, it became clear that, on the one hand, supply side economics and private buccaneering would be encouraged; on the other hand, if that buccaneering should fail, the state would happily extend the purse.

This package, which is bound to pass both houses, may be different in so far as it targets Fannie and Freddie mortgage holders, not the pirating exploits of Wall Street.  But the argument is the same, whether one is shoring up the foolish ventures of a well-moneyed executive, or the foolish decisions of a small home owner: preventing economic slide.  To not rescue such institutions as Mac and Mae would see half a million house owners on the streets.  Mortgage prices will be driven up as a result. 

The package has proven revealing in how it has split the Republican Party.  Consensus in the minority party of both houses has dissolved (some 45 Republicans joined 227 Democrats in passing the bill).  House Republican leader John Boehner of Ohio was baffled at this mobilization of the treasury to bailout bad loans. The fiscally responsible Republican, or so one is supposed to think, is bucking the trend of the fiscally irresponsible glutton. 

Opponents of the package cannot be dismissed lightly.  Whether you agree with the ‘sink or swim’ attitude of the finance measure, a dogma that is of only limited utility these days, the package was never asked for by the two giants.  It comes as a rather costly, unsolicited gift. 

Some columnists insist on a sober assessment – Krugman insists that a government rescue may be needed but only to patch over problems which have otherwise been ‘overblown’. In the second place, these giants had little, if almost nothing to do with the high-risk speculation that engulfed the American housing market after the 1990s.  Nor can they actually engage in subprime lending. 

In short, Fannie and Freddie were actually regulated to begin with.  The scale of the market meltdown has simply proven so extensive, that Fannie-Freddie regulated mortgages have not been enough to insulate the market and its desperate borrowers. Nor have these giants assured a deep enough capitalization.

Many will wish that the Treasury’s authority will never be used – but this precedent is yet another aimed nail into the coffin of free market buccaneers.

Binoy Kampmark was a Commonwealth Scholar at Selwyn Collge, University of Cambridge.  He can be reached at bkampmark@gmail.com

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