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Today's Stories December 21, 2007 John Ross New Massacres Loom in Mexico Dick J. Reavis A Way Out of the Newspaper Abyss   December 20, 2007 David Rosen Mitt Romney's Secret Life as a Pornographer Alan Farago The Huckster and the Wreckage: Jeb Bush and the Subprime Mortgage Crisis Laura Carlsen Standing Up to NAFTA Ashley Dawson The Return of the Bread Riot Wayne Smith and Jennifer Schuett Cuba Changes, US Policy Stagnates Website of the Day How to Talk to a FoxNews Reporter   December 19, 2007 Saul Landau Is the NIE Bush's Watergate? Paul W. Lovinger Hillary the Hawk Norman Solomon The Mad Corporate World of Glenn Beck Dave Zirin George Mitchell's Drugs of Choice Marjorie Cohn Bush Still Spinning Iranian Nukes Sen. Russell Feingold The Iraq War is Exhausting Our Nation Sonja Karkar A Christmas Reflection on Palestine Anthony Papa Open the Drug Gulags Christopher Ketcham Pave the Holy Lands with Good Intentions Davey D Britney's Little Sister is Pregnant: Should We Blame Hip Hop? Website of the Day When Republicans Use the F-Word on TV   December 18, 2007 R. F. Blader The Politics of Teen Pregnancy George Wuerthner Gunning for Wolves in Idaho Steven Higgs Can the NAFTA Superhighway be Stopped? Vijay Prashad Encounters with Ghadar David Macaray The Free Rider Problem Ralph Nader Nine Books That Make a Difference: a Reading List for the Holidays Eva Liddell Privatizing War Abroad, Invading Privacy at Home Martha Rosenberg While the Bodies are Still Warm: Drugs, Shrinks and Shooters Dave Lindorff When Impeachment is Out of Print Peter Morici The Consequences the Trade Deficit Website of the Day Ron Paul: How Fascism Will Come to America   December 17, 2007 Mike Whitney Staring Into the Abyss Tom Barry Planning the War on Immigrants Uri Avnery A Gaza Masada? Greg Moses Crossing the Line in Texas Allan Nairn Terrorism; Counter- Terrorism: Excuses for Murder Patrick Bond South Africa's Fight Between Hostile Brothers Stephen Lendman Police State America Charles Jonkel Grizzly Right of Way Laray Polk An Inside-Out Crisis in Gaza Stephen Fleischman Pawns in Their Game December 15 / 16, 2007 Peter Linebaugh A People's Penny for the Magna Carta Howard Zinn Bomb After Bomb Standard Schaefer The Greening of Big Tobacco Raymond J. Lawrence Let's Take Christ Out of Christmas Alan Farago Down on Desolation Row: the Vultures and the Growth Machine Saul Landau Lord Byron and the Bad Tourists Jenna Orkin Lying to "Reassure" the Public: Bush's EPA and the Post-9/11 Toxic Air Cover-Up Ahmad Samih Khalidi Why a Palestinian "State" is a Punitive Construct Robert Fantina Politics By Photo-Op Missy Comley Beattie Resistance Amid the Ruins Ramzy Baroud Of Mormons and Muslims James L. Secor A Vision for China's Future Elijah Wald Ike Turner's Music Won't be Forgotten Website of the Weekend The Alliance for the Wild Rockies Needs (and Deserves) Your Support   December 14, 2007 JoAnn Wypijewski The Dirty Cad: What Giuliani's Sex Life Tells Us About Him John Ross Iraqi Refugees Return: One Cruel Hoax Jacob Hornberger Terror Suspects Belong in Federal Court Andy Worthington Guantánamo and the Supreme Court: What Happened? Allan Nairn "Shoot Them on the Spot": Rewarding War Crimes Dave Zirin The Mitchell Report: Absolving the Owners Dave Lindorff The First Cut is the Deepest Misty MacDuffee Toxic Grizzlies Ben Terrall What Happened to Lovinsky Pierre-Antoine? Dr. Mustafa Barghouthi Prerequisites for Peace Website of the Day Sen. Kit Bond: "Waterboarding is Like Swimming"   December 13, 2007 Paul Craig Roberts Shrinking the Dollar from the Inside-Out Mike Whitney Dershowitz for the Defense--of Waterboarding Ron Jacobs Blank Check DemocratsL the Great War Funding Conspiracy Norman Solomon The USA's Human Rights Daze Peter Morici The Dragon and the Toothless Dog: China Doesn't Flinch Sandy Mayes Blocking the Strykers: 13 Days of War Resistance at Port Olympia Franklin Lamb The UN in Lebanon: Whose Mission Is It Fulfilling? Jacob Hornberger Don't Reform the CIA, Abolish It Nadim Rouhana An Interloper in My Own Land Dave Zirin On Pigskin and Petrol Website of the Day Rachel's Needs (and Deserves) Your Support! 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               Subscribe Online

December 21, 2007 The Energy Bill, the Subprime Mess and China Business as Usual as Recession Looms By PETER MORICI TThe stock market remains unsettled, as the nation's economic problems grow. Washington from the White House to Capitol Hill to the Federal Reserve gives us lots of bustle but no truly comforting action. The Democrats pushed through an energy bill that will likely leave the nation in the desperate in the gasp of Middle East oil exporters. Wall Street banks continue to sell out their shareholders to Chinese and Middle East investors to pay for their big bonuses. The Federal Reserve cracks down on predatory lending on Main Street, when the real crooks work on Wall Street. The recession watch continues. Working at a university only a subway ride from the seats of political power gives this observer a new appreciation for the apathy that accelerates the decline of empire. Nero was an amateur fiddler compared to musicians in Washington serenading the nation into complacency. Energy Bill The Democrats in Congress pushed through the first increase in U.S. automobile mileage standards in 32 years. Don't cheer loudly. The 35 mile-per-gallon standard to be achieved by 2020 is far less than what is possible. Along with new light bulb and appliance standards, the nation's energy use will be cut by 8 percent at some distant moment, likely, beyond my lifetime. The bill also requires the production of about 2.4 billion barrels a day of ethanol, and overall the energy bill could reduce U.S. petroleum consumption by 4 million barrels a day by 2030. Over the last 23 years, petroleum consumption has increased by about 5.5 million barrels a day, despite improvements in mileage standards, automobile and appliance technology, and conservation. Being optimistic, in 2030 we will be just as dependent on imported oil as before. Factor in falling production from U.S. oil fields, the situation gets worse. We could do a lot better. More hybrids, electric vehicles, lighter vehicles, better furnaces, and more nuclear power are attainable, and the Chinese are likely to turn in those directions in greater force than we do. Then we can buy our cars from the Middle Kingdom just like our coffee makers. Got to love Washington's unquenchable thirst for breakneck change! Subprime Mess China's sovereign investment fund will take a $5 billion stake in Morgan Stanley. Morgan joins Citigroup, UBS and others. Having sold financial alchemy to investors and shareholders in the form of engineered securities, they must now seek foreign funds to restore their capital. At the most fundamental level, to justify huge compensation packages, Wall Street bankers and private equity gurus have been overvaluing mortgage-backed bonds, auto loans, and other securities that finance private equity acquisitions. The culpability of bond rating agencies in these shenanigans is revealed by the fact that in just one day Standard & Poor's was forced to cut its rating of one of the major insurers of bonds, ACA Financial Guaranty Corporation, from "A" to "CCC." One is left to ponder what new data S&P econometricians unearthed to warrant such a dramatic and sudden recalibration? Sadly, more downgrades are likely to follow as the bond insurance industry may fail. The party line on Wall Street is that the subprime mess was a one time lapse. At S&P some adjustments in the econometric models that determine the risk of default will be needed. If all that is true, why can't outfits like Cerberus and their bankers unload the bonds that are needed to finance its shrewd takeover of Chrysler? Why do bond investors no longer trust the promises of private equity wizards like John Snow and buy more of their paper? That is the crisis of confidence in America's capital markets. The meltdown threatening the bond market from a wholesale failure of bond insurers is the modern analog of a 1930s run on the bank. Just much worse. Back in Washington, the Federal Reserve cracked down on predatory lending practices of mortgage writers. That is a necessary exercise, but the real game is on Wall Street. Neither Ben Bernanke nor Henry Paulson seem to grasp that or have the stomach to take on the big, powerful and corrupt that eat cake and drink champagne in the Empire State. Hence, if Wall Street is to reform, it must reform itself. The man of the hour would have to be new Citigroup CEO Vikram Pandit, who promises a top down clean up where he works. However, have you heard him talking miscalibrated compensation and perverse incentives on Wall Street? I also don't know many alcoholics volunteering to attend their first AA meeting. By the time Mr. Pandit is finished cleaning up Citigroup, you can be darn sure all the redundant mail room clerks will be gone, but so too will be another big chunk of shareholder equity, sold to Beijing, the Saudi Royal family and other guardians of western capitalism and democratic values. Recession Watch Despite the profound misjudgment of the nation's bankers and financial regulators, the U.S. economy remains vibrant and has some chance of avoiding a recession. November retail sales and industrial production numbers were encouraging. Although the October and November robust gains in jobs are likely to be revised down, the nation's payrolls and wage income keep growing. A weaker dollar against the euro has yielded a modest gain in non-petroleum exports equal to about $95 billion or 0.7 percent of GDP. These figures are so small because the dollar remains overvalued against the Chinese yuan. Henry Paulson does not have to stomach to endorse U.S. actions to combat Beijing's $400 billion subsidies on foreign purchases of yuan that prop up Chinese exports and shutter U.S. factories. Hence, to avoid recession, Americans are going to have to keep on spending. This will require borrowing at much higher rates on credit cards, now that easy home mortgages are gone. On the face of things, economists would say that is not likely but most of economists don't have much of a life and don't go out to the malls. The parking lots are filling again, retail sales are up, and cash registers are jingling. When Visa and Master Card fail under the weight of non payments, the Chinese sovereign debt fund can buy the rest of Citigroup. Given they way Mr. Pandit and his pals behave, they deserve such beneficent employers. Peter Morici is a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.     The Week Ahead: Forecasts for the Weeks of December 23 and 30   Forecast Previous Period/Result 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 Mich Cur Conditions 92.1 Mich Expectations __._ 63.2 Week of December 24 December 27 Durable Goods 1.0% -0.4 Initial Jobless Claims 340k 346 Consumer Confidence ­ Dec 86.8 87.3 December 28 New Home Sales - Nov .723m .728 .725 Chicago PMI ­ Dec 52.0 52.9 Help Wanted Index ­ Nov 23 23 Week of December 31 December 31 Existing Home Sales - Nov 5.04m 4.97 January 2 Construction Spending ­ Nov -0.2% -0.8 ISM Index ­ Dec 50.8 50.8 ISM Prices 64.8 67.5 January 3 Auto Sales - Dec 15.83m 16.20* Car Sales 7.80 7.97* Domestic 5.30 5.47* Foreign 2.50 2.50* Truck Sales 8.02 8.22* Domestic 6.53 6.73* 1.49 1.49* *SAAR as published by Motor Intelligence Factory Orders - Nov 1.0% 0.5 Durable Goods Orders 1.0 -0.2 Nondurable Goods Orders 1.0 1.3 January 4 Nonfarm Payrolls - Dec 75k 94 Manufacturing Payrolls -15k -11 Unemployment Rate 4.7% 4.7 Average Work Week 33.8hrs 33.8 Hourly Earnings 0.3% 0.5 ISM Services ­ Dec 54.8 54.1 ISM Prices 76.5 76.5 Peter Morici is a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.   Your Ad Here

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