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How the Press Gave Madoff Four More Years to Steal His Billions
It’s one of the greatest and most shameful failures in the history of journalism. In the new edition of our newsletter Eamonn Fingleton traces how the Wall Street Journal was handed a precise outline of Madoff’s Ponzi scheme in 2005 and sat on it. The New York Times also passed on chances to nail Madoff. Thousands, poor as well as rich, lost their life savings in consequence. Read Fingleton on how the watchdogs of the Fourth Estate took good care to snooze in their kennels. ALSO in the new edition, Paul Craig Roberts concludes the shortest, sharpest outline of economics ever written with a brilliant essay on the economics of a full, green world. Get your new edition 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 February 17, 2009 Michael Hudson February 16, 2009 Patrick Cockburn Oscar Guardiola-Rivera Paul Craig Roberts Uri Avnery P. Sainath Dedrick Muhammad / Michael Brown Carla Blank Patrick Irelan Dan Bacher Fidel Castro Harvey Wasserman Website of the Day February 13 - 15, 2009 Alexander Cockburn Joshua Frank Mike Whitney George Ciccariello-Maher Nikolas Kozloff Brian M. Downing Paul Craig Roberts Christopher Ketcham Ron Jacobs Dave Lindorff Alan Maass Chuck Spinney Phil Gasper Stephen Lendman Charles Thomson Kathy Sanborn Saul Landau Len Wengraf Harvey Wasserman David Macaray Tom Stephens Seth Sandronsky David Yearsley Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend February 12, 2009 P. Sainath Jean Bricmont Michael Hudson Peter Lee Dave Lindorff February 11, 2009 Neve Gordon Peter Morici Andy Worthington Marjorie Cohn Fred Gardner Niranjan Ramakrishnan Zoe Blunt Belén Fernández Martha Rosenberg Website of the Day Blues of the Day
February 10, 2009 Kathy Kelly Nikolas Kozloff Uri Avnery Michael J. Berg Russell Mokhiber Joe Bageant Gareth Porter Dave Lindorff Rannie Amiri Harvey Wasserman Niranjan Ramakrishnan Website of the Day February 9, 2009 Vicente Navarro Paul Craig Roberts Julio Sanchez / National Lawyers Guild Jonathan Cook Alana Smith Binoy Kampmark Sam Bahour Nicole Colson Ron Jacobs Website of the Day February 6-8, 2009 Alexander Cockburn Ishmael Reed James Abourezk William Blum Patrick Cockburn Henry A. Giroux Manuel Garcia, Jr. Mouin Rabbani David Yearsley Saul Landau Jules Rabin Raymond J. Lawrence Janette Habel Dave Lindorff Missy Beattie Dale Gieringer John Ross Richard Rhames Bob Wing Robert Bryce David Macaray James L. Secor Jason Flom / Norm Kent Kim Nicolini Lorenzo Wolff Poets' Basement Website of the Weekend February 5, 2009 Michael Mandel Saul Landau / Ralph Nader Robert Bryce Russell Mokhiber Sameh Habeeb / Dave Lindorff Carmelo Ruiz-Marrero George Ochenski Website of the Day February 4, 2009 Arno J. Mayer Paul Craig Roberts Patrick Cockburn Jonathan Cook Fred Gardner Stan Cox Margaret Kimberley Lawrence Velvel Dave Lindorff Doug Giebel Serge Quadruppani Website of the Day February 3, 2009 David Price Bill Moyers Kirkpatrick Sale Conn Hallinan Peter Morici George Ciccariello-Maher Muhammad Idrees Ahmad Allan Nairn Norman Solomon David Macaray Website of the Day February 2, 2009 Uri Avnery Ralph Nader Gareth Porter Paul Craig Roberts Harvey Wasserman Rannie Amiri Cal Winslow Steve Early Alan Farago Diane Farsetta January 30 / February 1, 2009 Alexander Cockburn Michael Hudson Ismael Hossein-Zadeh Dave Lindorff Saul Landau Andy Worthington Subcomandante Marcos Robert Jensen Ron Jacobs Gareth Porter Allan Nairn Laura Carlsen Rev. William E. Alberts Christopher Brauchli Jules Rabin Col. Dan Smith Missy Beattie Tom Barry J. Michael Cole Manuel Garcia, Jr. Dan Bacher David Rosen Don Monkerud Binoy Kampmark Lorenzo Wolff David Yearsley Poets' Basement January 29, 2009 Peter Linebaugh Paul Craig Roberts Riz Khan M. Reza Pirbhai Wajahat Ali Gregory Vickrey Dina Jadallah-Taschler Alison Weir Alan Farago Walter Brasch Website of the Day
January 28, 2009 Norman Finkelstein Noam Chomsky Patrick Cockburn Rob Larson George Wuerthner Allan Nairn M. Junaid Stefan Simanowitz Charles R. Larson Website of the Day January 27, 2009 Winslow T. Wheeler Yigal Bronner / Joshua Frank Jordan Flaherty Ralph Nader Rev. José M. Tirado Benjamin Dangl Russell Mokhiber Martha Rosenberg C. G. Estabrook Website of the Day January 26, 2009 Paul Craig Roberts Deepak Tripathi Vijay Prashad Peter Lee Allan Nairn Uri Avnery John Sayen Dave Lindorff Lawrence R. Velvel David Macaray Roger Burbach Norman Solomon Website of the Day January 23 / 25, 2009 Alexander Cockburn P. Sainath Patrick Cockburn Saul Landau Sasan Fayazmanesh Alan Farago Christopher Brauchli Andy Worthington Ron Jacobs Lawrence Velvel Henry A. Giroux David Yearsley Raymond F. Gustavson Dave Lindorff Roberto Rodriguez Dina Jadallah-Taschler Fidel Castro J. Michael Cole Bob Fitrakis / Ramzy Baroud Mohammad Ali Shabani Richard Rhames Stephen Martin Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend January 22, 2009 Paul Craig Roberts Kathy Kelly Allan Nairn Lawrence Velvel Andy Worthington Peter Morici Joseph G. Davis Adriana Kojeve Benjamin Dangl Website of the Day January 21, 2009 Gabriel Kolko Harry Browne Michael Colby Lawrence R. Velvel Audrey Stewart Wajahat Ali Binoy Kampmark David Kεr Thomson John Ross Allan Nairn Sheldon Richman Website of the Day January 20, 2009 Chuck Spinney Kathy Kelly Raymond Deane Ralph Nader Audrey Stewart Jonathan Cook Harvey Wasserman Christopher Ketcham Robert Jensen Dave Lindorff David Macaray |
February 17, 2009 The Only Answer to Organized GreedWhy America Needs Labor UnionsBy DAVID MACARAY
As Detroit’s multi-millionaire executives continue to mix it up with the struggling UAW, arguing over how to resuscitate a dying and woefully mis-managed industry without totally annihilating the wages and benefits the union spent 60 years fighting to get, the Obama administration agonizes over what to do next. Of the Big Three automakGM seems to be in the worst shape. In fact, on Feb. 14, it was leaked that GM plans to announce this week that unless it receives more federal loan guarantees (in addition to the $13 billion it already received), it will declare bankruptcy. When the conversation turns to the topic of unions, it’s discouraging to hear people praise organized labor’s historical role in reshaping American society—more or less “inventing” the middle-class—and then, in the same breath, declare that unions are, at best, anachronisms, or, at worst, unwieldy obstacles to economic progress. Many of the same folks who glowingly acknowledge labor’s contributions—equal pay for women, abolishing child labor, the 8-hour day, the 5-day week, overtime premiums, paid vacation, sick pay, pensions, maternity leave, mandatory safety programs, and company-paid health insurance—will sigh and announce that, alas, we don’t really need unions any more. Presumably, because we now have all those goodies, they’re unable to think their way to the next level. And that next level yields two truths: (1) Relations between Labor (those who work) and Management (those who pay for work) will always be adversarial; and (2) because Management possesses the lion’s share of the wealth, resources, power, education, prestige and government patronage, Labor’s only hope lies in organizing. With the post-New Deal federal government having demonstrated that it is slavishly accommodating to Corporate America (despite the occasional crumb thrown labor’s way), it should be apparent even to those who are uncomfortable with “collectivism” that the only entity capable of taking on Big Business is Big Labor. The choice for working people is either accepting “genteel poverty,” or joining together and rising up. Corporations are predictable. They hate paying taxes; they hate paying wages (the U.S. Chamber of Commerce has spent millions lobbying against raising the minimum wage, which, even today, at $6.55, is pitifully low); they hate unions; and they more or less hate the federal government, which they view as an impediment—until they need bailouts or regulations to stifle their competitors. Kevin Phillips, former Republican strategist and speech writer for Richard Nixon, and author of the book, “The Politics of Rich and Poor,” is no friend of labor. Far from it. But Phillips believes that citizens should be given the opportunity to prosper; and having watched in disbelief and disgust what happened during Ronald Reagan’s two terms as president, he’s afraid that, unless something reverses the trend, the phenomenon known as Middle-Class America will vanish forever. What alarms Phillips is not only the “financialization” of the economy (the move away from manufacturing and into the credit industry), but the staggering gap that has developed between the wealthy and those in the middle and at the bottom. The rich are not only getting richer, they’re manipulating the means by which they continue to broaden that gap. Which brings us back to unions. As Phillips notes, the average worker’s income hasn’t risen in real dollars (taking into account cost of living) since 1973. Two incomes are now required to support a standard of living previously supplied by one. Polls show that while only 12.4 per cent of the workforce is organized, close to 60 per cent of America’s workers say they’d be interested in joining a union. But why the discrepancy? Why only 12.4 per cent membership when so many more would like to join? While the abandonment of the manufacturing sector has, undoubtedly, resulted in the loss of many union jobs, Big Business is largely to blame for it. In collusion with Republicans and gutless Democrats, corporations—through stalling and intimidation tactics—have made it extremely difficult for workers to unionize. Again, corporations are, by nature, neither altruistic nor generous. They are acquisitive. They are selfish. They are predatory. Corporations resent anything that stands in the way of making money, which is why they regard taxes as “robbery,” and wages and benefits not as an investment in the workforce, but as “overhead.” And because union wages and benefits are roughly 15-20 per cent higher than non-union wages and bennies, Corporate America dreads labor unions and does everything in its power to neutralize them. Meanwhile, that staggering gap between the rich and the rest of us continues to grow. Even hardcore Republicans are alarmed by it. Given the direction of the country, shouldn’t labor unions be seen not only as relevant, but as absolutely vital? Without the unions propping up wages and benefits, who would do it? Arguably, without unions, the U.S. would become a glorified post-industrial oligarchy. David Macaray, a Los Angeles playwright (“Borneo Bob,” “Larva Boy”) and writer, was a former labor rep. He can be reached at dmacaray@earthlink.net |
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