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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers! THE COMING DESTRUCTION OF THE U.S. ECONOMY Paul Craig Roberts on the plummeting dollar, the soaring trade deficit and the hollowing out of the American economy. PLUS a special feature by Jennifer Loewenstein on Palestine after Annapolis and the horror that is Gaza. "Humanitarian catastrophe" only begins to describe it. PLUS Allan Nairn on the butchers of Dili. 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 holiday presents. 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 December 13, 2007 Paul Craig Roberts Shrinking the Dollar from the Inside-Out December 12, 2007 Allan Nairn US Intelligence is Tapping Indonesian Phones Alan Farago How Sprawl Eats Its Young Ray McGovern Torture, Lies and Videotape Winslow T. Wheeler The Phony Pentagon Budget Cuts Evan Jones The Raid on Great Western: Why an Australian Bank Might Spell Doom for the US Farm Belt James Petras An Open Letter to Sarkozy on the Exchange of Political Prisonsers Joel Hirschorn The Horserace Fiction: Clinton, Obama and the Democratic Machine Joshua Frank Why Ron Paul Deserves Our Attention Sherry Wolf Why the Left Should Reject Ron Paul Dan Bacher Survey of a Fish Graveyard Website of the Day Men Eating Bugs   December 11, 2007 Patrick Cockburn What's Really Happened During the Surge? Diana Johnstone The Next Kosovo War Paul Craig Roberts It's Waco All Over Again: Preventive Detention and the Constitution David Macaray Impasse in Hollywood Ralph Nader Gail Collins Versus the Underdogs Andy Worthington Guantánamo Britons to be Released: a Mixed Result Martha Rosenberg No Holiday for High Risk Sex Workers Steve Champion / Anthony Ross Words for Our Brother, Tookie Williams Kim Nicolini Tangled Up in Dylan Michael Dickinson Say Goodbye to Purgatory: Pope Rat Gets Indulgent Website of the Day A Charming (and Worthy) Pitch December 10, 2007 Uri Avnery How They Stole the Bomb From Us Debbie Nathan The Perils of Journalism and Child Porn JoAnn Wypijewski Is There a Left Here Left? If So, What Can It Do? Steve Kelly Cheap Chips, Counterfeit Wilderness Donna J. Volatile Welcome to the Revolution   December 8 / 9, 2007 Alexander Cockburn The Coup Against Bush and Cheney Brenda Norrell Seize the Land, Chain the Peace Activists Saul Landau The Ruins of Empire R. F. Blader A Rape in Every Drink? Ray McGovern Spinning Iran's Centrifuges Allan Nairn Imposed Hunger in Gaza, the Army in Indonesia Linn Washington, Jr Spotlight on Death Row Paul Craig Roberts When Will Bush Come Clean?   December 7, 2007 Sean Penn Piano Wire Puppeteers Arthur Versluis Mining Water in the Desert M. G. Piety Racism and the American Psyche: Some Thoughts on Race and Intelligence Pam Martens Banksters Gone Wild Alan Farago Will the Free Market Kill Suburbia? Sprawl and the Credit Crisis Allan Nairn It Takes (Out) a Village Col. Dan Smith Bush, Iran and the Politics of Doomsday Alice Slater The Iran Opening Robert Weissman The Story of Stuff Website of the Day Something About Mitt   December 5, 2007 Mike Whitney Why the CFR Hates Putin Sharon Smith The Anti-War Enablers: Tom Hayden and the Dead End Democrats James Petras Venezuela in the Aftermath Ron Jacobs The Iran Charade Dave Zirin Kicking a Dead Man: the Sliming of Sean Taylor John V. Whitbeck Two States or One? Time to Choose Peter Zinn Covered in New Orleans Niranjan Ramakrishnan Impeach Pelosi Instead Alan Farago The Credit Bomb Detonates in Florida Heather Gray US Meddling in Australian Politics Website of the Day A Donner Summit Night Before Xmas   December 4, 2007 Alexander Cockburn Jackboot State Stubs Its Toe in Ann Arbor Andy Worthington Guantánamo and the Supreme Court Paul Craig Roberts The Lies at the End of the American Dream Ray McGovern No-Nuke Iran Winslow T. Wheeler Admiral Mullen and the Defense Budget: When White Elephants are Too Small Allan Nairn The Regime Still Stands in Burma, Where "the People Just Want Food" Russell Mokhiber The USA v. Al Arian Nikolas Kozloff As Chávez Falters: Raising the Stakes for the South American Left John V. Walsh Peace Movement Paralyzed Ghada Ageel Will Peace Cost Me My Home? Stephen Soldz The Facts be Damned!: Psychologists' President Defends Psychologist Involvement in Interrogations Website of the Day Hands Off the People of Iran     December 3, 2007 Tariq Ali Venezuela After the Referendum Bill Quigley New Orleans: Bulldozers for the Poor, Tax Credits for Developers Eric Walberg The Bible and Middle East History Uri Avnery After Annapolis Marjorie Cohn Operation Iraqi Freedom Exposed Dave Lindorff Vengeance Isn't Sweet Stephen Fleischman Homeless in Paradise Martha Rosenberg Perp Walks for the Mink Clad on Chicago's Mag Mile Website of the Day So Just Lead!   December 1 / 2, 2007 Alexander Cockburn Emblems of the Bush Age: Adrift in a Sea of Booze Jeffrey St. Clair The Bear Minimum: the Grizzly and the Future of the Rocky Mountain West Mike Whitney "Iraq Doesn't Exist Anymore": an Interview with Nir Rosen Shemon Salam A Visit From the FBI Roger Burbach The Battle in Bolivia Benjamin Dangl New Politics in Old Bolivia Brian M. Downing The Quiet on the Middle Eastern Front: How Much Credit Goes to the Surge? Greg Moses Night of the Living Redneck: a Texas Horror Story Sonja Karkar The "Never-Never" Peace Conference Saul Landau Ethics and Evil in South Boston Margaret Kimberley Black America Left Behind John Ross What are the Prospects for a New Mexican Revolution? Reza Fiyouzat Exit on the Left: When Che's Children Visited Iran Judith Scherr Berkeley Turns Right for the Holidays Lance Olsen Of Forests and Finance: Logging for the Wealthy Christopher Brauchli Mr. Bush and the Despots Robert Fantina Iraq as U.S. Colony Dan Bacher Fish Triage on Prospect Island Michael Donnelly Remembering How to be Human: John Trudell and the Music of Urgency Website of the Weekend Appalachian Voices   November 30, 2007 Peter Stone Brown The Re-Packaging of Bob Dylan Wajahat Ali The Volatile Mistress: an Interview with Javed Jabbar, Pakistan's Former Minister of Information Allan Nairn Cold-Blooded Celebrity: Thomas L. Friedman and the Bali Bombers Alan Farago The Sorrows of Suburbia: Politics, Sprawl and the Housing Crash John Ross The Death of Latin America's First Revolution Corporate Crime Reporter America's Corporate Crime Capitals Lucia Alvarez Diego Gonzalez Argentina's Political Future James Rothenberg The Iraqi Miracle Website of the Day Bio-Bling?   November 29, 2007 R. F. Blader The Most Dangerous Kind of Bribe Ismael Hossein-Zadeh Distorting Fascism to Demonize Iran Stephen Soldz War on the Couch: Fear, Aggression and Empire Sheldon Richman Iraq 3.0 George Wuerthner Forest Fires, Lies and Chainsaws Felice Pace Did All Things Considered Self-Censor on Annapolis? Col. Dan Smith The Meaning of Annapolis Harvey Wasserman Terror Target Nukes Nikolas Kozloff Primetime Hate Debate: Lou Dobbs, Immigration and Campaign '08 Paul Krassner Huffington Post Bloggers Go On Strike! Dave Lindorff News Not Fit to Print: US Coup Planned for Venezuela? CP News Service The One State Declaration Website of the Day A Native View of Yellowstone Bison Slaughter November 28, 2007 James Petras CIA Destabilization Memo Surfaces on Venezuela Jeff Halper Annapolis: When the Roadmap is a One Way Street Pam Martens Crashing Citigroup Peter Morici Economy in Crisis: Avoiding a Recession Mohammed Khatib Separate and Unequal in Palestine Helen Redmond The Horror and the Hope: Health Care in America William S. Lind In the Fox's Lair: Quiet Before a New Iraq Storm? Ben Tripp We, the People: a Trope for All Seasons Liaquat Ali Khan Pakistan: First, Restore the Constitution and Reinstate the Judges Jeff Berg Holbrooke Says Bush Won't Attack Iran Website of the Day The Lies of Joe Klein   November 27, 2007 Joe DeRaymond On the Road to the Torture School Paul Craig Roberts Meet the Only Two Candidates Worse Than Bush and Cheney: Hillary and Rudy Marjorie Cohn Remembering Victor Rabinowitz Mike Whitney A Dollar the Size of a Postage Stamp Ron Jacobs The Myths of Military Progress Col. Dan Smith The Pentagon's "People System" Still Doesn't Work Ralph Nader Family Learning Karim Makdisi Annapolis and the Unholy Alliance: the View from Beirut Christopher Ketcham Memo to Hollywood Writers: Strike Until You Drop Ronan Bennett Martin Amis Does a Coulter Website of the Day Celebrating the Uncensored Media   November 26, 2007 Kathleen and Bill Christison Heading for Annapolis Paul Craig Roberts The End of All That David Macaray Enter Mediator Sameer Dossani Pakistan's Wounded Dictator Roger Burbach The Final Battle in Bolivia Mark Scaramella Guns and Greed in the Emerald Empire Brian McKinlay Howard's End Rick Kuhn The Fall of a Racist Union Buster Binoy Kampmark Ruddslide and Dull Alec Monica Benderman What Do You Know of War? Brenda Norrell Return to Alcatraz Website of the Day Ghostworld by DJ Spooky   November 24 / 25, 2007 Alexander Cockburn The Ordeal of Catherine Wilkerson, MD Robert Fisk Darkness Falls on the Middle East Saul Landau Norman Mailer will Not R.I.P. Jeffrey St. Clair Justice Stephen Breyer, Cancer Bonds and the Origins of Neoliberal Environmentalism Rannie Amiri Beirut's Black Friday Christopher Brauchli Iraq Embassy as Gilded Palace Daniel Gross The Gap and Black Friday Mike Whitney "A Generalized Meltdown of Financial Institutions" Marjorie Cohn Iran and the 2008 Elections David Rosen Senior Sex: the Real Sexual Life of Aging Americans David Michael Green If Conservatism is the Ideology of Freedom .... Kenneth Rexroth When Euripides Played the Hindu Kush: Greeks and Buddhists in Afghanistan Muhammad Iqbal Trans. Shahid Alam Ghazal Website of the Day Aerial Footage of Delta Fish Kill November 23, 2007 Gary Leupp Killing the Buddha in Pakistan's Swat Valley Laura Carlsen Coming to Terms with Diversity in Bolivia: an Interview with Alvaro Garcia, Bolivia's VP David Macaray Keeping Labor Unions Out Andy Worthington Former Guantánamo Detainee Seeks Asylum in Sweden Clifton Ross Trashing Chavez: Keith Olberman's Toxic Rant Seth Sandronsky Battling Sodexho Dan Bacher Death in the Delta: Thousands of Fish Stranded by Bureau of Reclamation William A. Cook The Myth of Middle East Peace Website of the Day Waiting for the Guards: Stress Techniques as Torture, a Short Film   November 22, 2007 Alan Farago Who Lost America's Everglades? Greg Moses A Thanksgiving Basting Dave Lindorff Impeachment is Back on the Table Mike Ely Native Blood: the Myth pf Thanksgiving Omar Azfar Gore for President of Pakistan?   November 21, 2007 Vijay Prashad Our Dictator, Their Democracy Martha Rosenberg Undercover at a Turkey Slaughtering Plant Manuel Garcia, Jr. Epiphany on the Glacier John Ross The Last Days of Mexican Corn Brian McKenna Cancer Terrorists Unmasked Stephen Soldz Isolation Torture Routine at Guatánamo Monica Benderman Needing Peace Ben Terrall Slavery in the Fields: The Real Price of Sugar Website of the Day Mercy for Animals   November 20, 2007 Oren Ben-Dor Why Israel Has No "Right to Exist" as a Jewish State Wajahat Ali An Interview with Norman Finkelstein Alan Farago The Dark Arts and the Bush Dynasty Marjorie Cohn Musharraf Plays Bush for a Fool Ralph Nader Green is Gold? Andy Worthington Guantánamo Whistleblower Launches a New Attack on Rigged Tribunals Sara Olson When Going AWOL is the Only Escape Dave Lindorff Likelihood of Iran Attack Gains Credence Paul Krassner The First Amendment, a Dialogue Website of the Day Joanne Mariner on Torture November 19, 2007 Winslow T. Wheeler Why Congress Won't Reform China Hand The U.S. Game Plan in Pakistan Allan Nairn Sitting Around Talking, in Indonesia Uri Avnery How to Get Out? David Macaray The Chalice that Poisoned the Labor Movements Dave Lindorff Democrats in Future Shock: They Could Lose It All in 2008! Bill Quigley Twenty Thousand Protest at Ft. Benning; Eleven Face Federal Criminal Trials Ron Jacobs Sitting on the Group W Bench: War, Thanksgiving and Arlo Guthrie Sunsara Taylor Legalized Rights for Fertilized Eggs? Binoy Kampmark Why Steve Irwin--You're Dead! Heather Gray Another Look at W.E.B. DuBois Website of the Day The Meat Market     November 17 / 18, 2007 P. Sainath Neoliberalism's Price Tag: 150,000 Farm Suicides in India David Rosen The Scarlet Hypocrites: Republicans, Christians and the Politics of Adultery Mike Whitney Pentagon Cover Up: 15,000 or More US Deaths in Iraq War? George Wuerthner Saving the Big Wild Brenda Norrell The Case of Jim Main, Jr: In Montana, Indians are Guilty Until Proven Innocent George Ciccariello-Maher Of Submarines and Loose Screws Karim Makdisi Lebanon is Hanging by a Thread Marie Trigona Wal-Mart in Argentina Valerio Volpi The Catholic Church, Incorporated Fred Gardner The Straight-Ahead Runner Robert Fantina The White House Press Office Mike Ferner Thank God for the Senate Republicans! Missy Comley Beattie The Radical Majority Kenneth Couesbouc Circles of Power Patrick O'Hayer A Portrait of Mailer and a Young Poet Poets' Basement Davies, Buknatski and Ford   November 16, 2007 Cockburn / St. Clair The Vices of Hillary Clinton: Secrecy, Intransigence and War Dave Zirin The Indictment of Barry Bonds: Busted by a Broken System Gary D. Barnett A Day in the Life of an Unwilling Federal Agent Alan Farago Sprawl, Mortgage Fraud and Political Corruption Dave Lindorff Two Brothers and Two Scandals Russell Mokhiber Pelosi and Me: "What Should be Done with Those Protesters?" Robert Ovetz Cargo Ships in Paradise: Shipping Lanes Threaten the Yosemite of the Sea Brenda Norrell "Today We Experienced America:" Arresting Indigenous People on the Border David Swanson Wolf Blitzer Loses Democratic Debate Peter Letheby Outside the Box on the Great Plains Website of the Day Why Activism Fails   November 15, 2007 Cockburn / St. Clair Hillary Clinton in Arkansas Adolfo Gilly The Spirit of Revolt Peter Bohmer 10 Days That Shook Olympia Andy Worthington The Trials of Omar Khadr: Gitmo's Child Soldier Gray / Derks Obama's Pitch to South Carolina's Black Churches Affronts Gay Groups Liaquat Ali Khan Liberating Pakistan Dave Lindorff Where's the Party? Christopher Brauchli Tipping Point: the Politics of Gossip Anthony Papa Racism as Law: Crack Cocaine Sentences Martha Rosenberg Merck's Big Write Off Ben Terrall Thank You, Ehren Watada Website of the Day On the Colorado: Drought, Climate Change and Water Supplies November 14, 2007 Cockburn / St. Clair The Making of Hillary Clinton James Petras Venezuela Between Ballots and Bullets Al Giordano Campaign 08: Don't Trust Anyone Over 50 Paul Craig Roberts The Lobby Andy Worthington Innocents and Foot Soldiers Stephen Lendman Torturing Palestinian Detainees Fatima Bhutto Aunt Benazir's False Promises: the Dismantling of Pakistani Democracy Martin Smith Norman Mailer and the "Good War" Jeff Leys Slip Sliding Away: House Votes on War Funding Website of the Day Why the Writers are Striking November 13, 2007 Alexander Cockburn Hillary's Big Problem and How Bill Can Fix It Jeffrey St. Clair Mailer and Us: the Writer as Fighter Robert Bryce The Pakistan Fuel Connection David Macaray The Teamsters and the Hollywood Strike Mike Whitney Bulletins from the Titanic Ralph Nader Pakistani Lawyers vs. American Lawyers Nikolas Kozloff Chavez Blasts the Spanish King Jordan Flaherty Education Versus Incarceration in Tallulah, Louisiana B. R. Gowani Dear Mrs. Bhutto Website of the Day Monty Python: "Fuck You, Very Much FCC"   November 12, 2007 Vicente Navarro Why Hillary's Health Care Plan Really Failed Ben Brown Letter from Ho Chi Minh City: a Tribute to My Vietnam Vet Father Omar K. A Pakistani Lawyer's Testimony: Life Under the Brutal Emergency Sadia Abbas The Roots of Pakistan's Political Crisis: Corrupt Elites and a Kleptocratic Military Farzana Versey Mailer's Miasma Richard W. Behan The Political Crimes of Complicity Paul Krassner Asshole of the Year: Congratulations Tim Russert! Cindy Sheehan Faith and War Peter Stone Brown The Return of Levon Helm Dave Lindorff Dennis, You are Not Alone Website of the Day Police Attack in Olympia   November 10 / 11, 2007 Alain Gresh Uncle Sam's New Backyard: How to Turn a Region into a Graveyard Mike Whitney For Whom the Closing Bell Tolls: the Last Dead Bull on Wall Street Ron Jacobs A View from the Pakistani Left: an Interview with Farooq Tariq Jeffrey St. Clair The First Dambuster: a Coyote Story Alan Farago Tangled Up in Blue: a Brief History of Florida Environmentalism Binoy Kampmark When Language Drowns: Torture in America Robert Fantina Legitimizing Torture Fred Gardner Psychological Torture in the Name of Family Values Ayesha Ijaz Khan The General in His Labyrinth Nicola Nasser NATO's Southward Drift Philip Rizk The Blame Game in Gaza Michael Dickinson Condom Nation: the Pope vs. Terry Higgins Joel S. Hirschhorn The Grand Delusion: a Conspiracy of Two Parties Paul Krassner Flunking Out of the Electoral College Wadner Pierre / Joe Emersberger The Ongoing War on Journalists in Haiti           Subscribe Online

December 13, 2007 China Doesn't Flinch The Dragon and the Toothless Dog By PETER MORICI This week, the big news continues to center around the dollar and the credit crisis. Secretary Henry Paulson returns from China empty handed on the dollar-yuan exchange rate, and Federal Reserve Chairman Ben Bernanke is stunned when an interest rate cut sinks the stock market. Henry and the Dragon Paulson continued his Strategic Dialogue with Chinese officials but was broadly rebuked in his efforts to persuade China to meaningfully revalue its currency. Since China pegged the yuan against the dollar in 1994, and adopted a gently sliding peg in 2005, the yuan has become progressively undervalued against the dollar. This is evidenced by the ever-widening gap between the demand for yuan created by foreign purchases of Chinese goods and private foreign investment in China, and the supply of yuan created by Chinese imports and private overseas investments. Rather than permit the yuan to rise and equilibrate demand and supply, as western market economies do, the Peoples Bank of China has intervened in currency markets, printing and selling yuan, and buying dollars, euros and other western currencies. This makes Chinese products artificially inexpensive in the United States and U.S. products artificially expensive in China. The magnitude of undervaluation of the yuan is revealed by the growing level of Chinese net intervention in currency markets, which was $47 billion in 2001 or 19 percent of exports, and is on track to be $450 billion or 45 percent of exports in 2007. Although China has permitted the yuan to rise about 5.8 percent in the last year, modernization and rapid productivity growth raise the yuan's intrinsic value at least 7 and 8 percent each year. The yuan is now 40 to 70 percent undervalued against the dollar. Federal Reserve Chairman Ben Bernanke has correctly concluded that China's yuan policy provides a subsidy on exports. By the scope of intervention, this is a 45 percent subsidy. However, the Bush Administration has rebuked any suggested U.S. policy to offset this subsidy as protectionist-a profoundly different view than the one it has adopted on other forms of industry aid offered by China. The Chinese government is using the yuan peg as an employment policy to create more jobs for rural workers moving to cities than comparative advantage and free competition would require in international markets without these subsidies. U.S. experiences with intellectual property and other protectionism teaches China will not relent on mercantilist practices until the United States is willing to take tangible trade actions to offset their effects. Mr. Paulson traveled to China without a stick, and the Chinese dragon did not flinch. Meanwhile, the United States is amassing a huge overseas debt, which the Chinese government now wants to convert into equity holdings in the United States. The U.S. government does not own stock in U.S. companies, now ironically, it is paving the way for the China's sovereign investment fund to do just that. Ben's Toothless Dog Tuesday, the Federal Reserve announced a quarter-point reduction in the target federal funds rate to 4.25 percent and equity markets gave Ben Bernanke's performance a failing grade. Within two hours, the major stock indexes shed more than two percent of value. Economists expected only a quarter point cut, because the jobs report last Friday indicated the U.S. economy continued to expand. Thursday, a strong retail sales report for November confirmed their confidence but investors remain skeptical. Investors are flabbergasted, because the Fed fails to recognize the country is not suffering from a liquidity crisis-banks can get all the funds they want from the Federal Reserve Discount Window and the newly announced Term Auction Facility. Credit markets and the economy are suffering from a profound crisis of confidence, and the Fed does not appear to understand or know how to cope. The subprime meltdown reveals fundamental structural flaws in the U.S. banking system. The write downs at Citigroup, UBS and others indicate that bankers have been overvaluing mortgage-backed securities. The motivation is clear. The compensation awarded bank executives who create mortgage-backed and other securities is directly related to the estimated values banks assign these complex and opaque instruments. The bonuses to bank executives have been paid and are gone, while the banks' stockholders find themselves selling off equity to Middle East investors. Mutual funds, U.S.-state run money market funds for municipalities, pension funds, and insurance companies that trusted Citigroup and other banks now hold worthless paper, and the market for mortgage-backed securities has evaporated. The whole chain that creates financing for mortgages has been corrupted from loan officers to banks that bundle loans into securities, to bond rating agencies like Standard and Poor's who demand payments from banks instead of charging investors to evaluate mortgage-backed securities. All along the chain, executives and smaller folks have been enriched and now there is no meaningful market for mortgage-backed securities, except those created by the federally sponsored banks. As Fannie Mae and others generally don't do jumbos-loans above $417,000-the cost of jumbo mortgages has rocketed. No recovery in the housing sector is possible without resurrecting the jumbo market and the market for somewhat riskier mortgages. Evidencing this sad state of affairs, the banks are so suspicious of each other's accounting they won't lend each other money. The Fed can cut the federal funds rate to zero without effect until this mistrust abates. It is no surprise that the inter-bank lending rate, Libor, is now well above the federal funds rate. Mr. Bernanke keeps pushing the buttons that work in textbook economics-the federal funds rate, discount window and similar vehicles-when for some time now those have had little effect on mortgage rates, and now have dwindling effects on short-term lending rates, as indicated by the decoupling of the federal funds rate and Libor. Central bank monetary policy becomes a toothless dog when the banking system becomes corrupted and confidence evaporates about the integrity of principal players in capital markets. It is high time for Bernanke to address the institutional problems in U.S. banking that undermine Federal Reserve efforts to effectively steer the economy: excessive compensation schemes on Wall Street and throughout the financial system that incentivize the overvaluation of assets; conflicts of interest in mortgage, commercial and investment banking; and self dealing at Standard and Poor's and other bond rating agencies. The Week Ahead: Forecasts for the Weeks of December 17 and 23 Forecast Prior Period December 14 CPI - Nov 0.6% 0.3 CPI - Core 0.2 0.2 Industrial Production - Nov 0.1% -0.5 Capacity Utilization 81.7 81.7 Week of December 17 December 17 Current Account--Q3 -$181.9b -190.8 Net Foreign Purchases - Oct $35.0b 26.4 (line 19 US Treasury TIC Report) NAHB Market Index 20 19   December 18 Housing Starts - Nov 1.185m 1.229 Building Permits 1.178 1.178 December 20 GDP - Q3 (f) 5.0% 4.9 GDP Deflator 0.9 0.9 PCE 2.7 2.7 PCE Deflator 1.7 1.7 Core Deflator 1.8 1.8 Leading Indicators--Nov -0.2% -0.5 Initial Jobless Claims 335k 333 December 21 Personal Income - Nov 0.5% 0.2 Personal Spending 0.4 0.2 PCE Index 0.6 0.3 Core PCE Index 0.2 0.2 Real Personal Spending -0.2 0.0 Mich Cons Sentiment - Dec (r) 73.5 74.5 Week of December 24 December 27 Durable Goods 0.5% -0.4 Consumer Confidence--Dec 86.8 87.3 December 28 New Home Sales - Nov .726m .728 Help Wanted Index--Nov 23 23 Peter Morici is a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission. 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