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The Great Bailout Swindle
The brilliant economist Michael Hudson lays out the stupidity of Paulson’s bailout plan and the lead role in Congress of Democrats in the bankers’ plot. What happened? What should be done? Read Hudson. PLUS the complete text of Alexander Cockburn and Fred Gardner’s probe of the McCain health dossier. Find the answers in CounterPunch newsletter. 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 presents.
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Today's Stories October 10 / 12, 2008 Alexander Cockburn Syed Saleem Shahzad Patrick Cockburn Paul Craig Roberts Mike Whitney Peter Morici Christopher Ketcham Stephen Martin Chellis Glendinning Saul Landau Ahmad Faruqui Serge Halimi Anthony DiMaggio José M. Tirado David Macaray Robert Fantina October 9, 2008 Robert Bryce David Vest Winslow T. Wheeler Andy Worthington Anthony DiMaggio Helga Serrano / Dave Lindorff Mats Svensson Rannie Amiri Website of the Day October 8, 2008 Alexander Cockburn Linn Washington, Jr. Mike Whitney Deepak Tripathi George C. Wilson Andy Worthington Charles R. Larson Patrick Irelan Matthew Koehler Stanley Heller Daniel Gross Kimberly Hartke Website of the Day October 7, 2008 Patrick Cockburn Gary Leupp Uri Avnery P. Sainath Peter Morici Conn Hallinan Martha Rosenberg Binoy Kampmark October 6, 2008 Paul Craig Roberts Mike Whitney Tariq Ali Emily Horowitz Michael Hudson Ron Jacobs October 3 - 5, 2008 Alexander Cockburn Paul Craig Roberts Saul Landau Jonathan Cook Andy Worthington Dave Marsh Sasan Fayazmanesh John Ross Brian Cloughley Wajahat Ali Robert Schwartz Alan Nasser David Ker Thomson Peter Morici William Blum William S. Lind Michael Donnelly Thom Rutledge Manuel Garcia, Jr. Dave Lindorff Cindy Ellen Hill Paul Krassner Daniel White Poets' Basement Website of the Weekend October 2, 2008 Paul Craig Roberts Joe Bageant Ralph Nader Mike Whitney Madis Senner Winslow T. Wheeler William Blum P. Sainath Website of the Day October 1 , 2008 Glen Ford Steven Conn Alan Maass / Lee Sustar Kenneth Couesbouc Stan Goff Adolfo Gilly Rannie Amiri Ismael Hossein-Zadeh Adam W. Parsons Dave Lindorff Douglas Valentine Adrien Rain Burke Website of the Day
September 30, 2008 Pam Martens Chris Floyd Stephen Martin Deepak Tripathi Mark Engler Jonathan Cook Dave Lindorff Manuel Garcia, Jr. Ahmad Faruqui John Chuckman David Macaray Fatemeh Keshavarz Website of the Day September 29, 2008 Mike Whitney Jeff Gibbs Paul Craig Roberts Peter Morici Tim Wise John Walsh Uri Avnery Alan Farago Andy Worthington David Michael Green Carl Finamore Iris Keltz Bill Hatch Website of the Day September 27 / 28, 2008 Alexander Cockburn Linn Washington, Jr. Christopher Ketcham Mike Whitney Kevin Alexander Gray Race in the Race: Is Obama Shining Us On? Anthony DiMaggio Mary Lynn Cramer Marc Levy / Stan Cox Saul Landau Ali Khan David Rosen Todd Alan Price Matts Svensson Ron Jacobs Robert Fantina Richard Rhames David Krieger Seth Sandronsky Charles R. Larson Kim Nicolini Poets' Basement Website of the Day September 26, 2008 Moshe Adler Bill Quigley Jonathan Cook Manuel Garcia, Jr. Madis Senner Brian Cloughley Niranjan Ramakrishnan Joanne Mariner Dan La Botz David Macaray Website of the Day September 25, 2008 Michael Hudson Sharon Smith Ralph Nader Christopher Ketcham Eric Toussaint Robert Weissman David Estabrook Nikolas Kozloff Steve Early Judith Scherr Laray Polk Website of the Day September 24, 2008 Paul Craig Roberts Nikolas Kozloff Robert Weissman Andy Worthington Steve Conn Karyn Strickler Diane Farsetta Dennis Loo John Halle Khalil Nakhleh Website of the Day September 23, 2008 Rev. Jesse Jackson, Sr. Michael Hudson Tariq Ali Patrick Dyer Franklin Lamb Joshua Frank Alan Farago Dave Lindorff Tanya M. Kerssen / Harvey Wasserman Website of the Day September 22, 2008 Michael Hudson Mike Whitney Christopher Ketcham Ron Jacobs Anne-Marie McManus Robert Weitzel Wajahat Ali John Ross Steve Breyman Patrick Bond Uri Avnery Carl J. Mayer Website of the Day September 20 / 21, 2008 Alexander Cockburn Michael Hudson Pam Martens Lila Rajiva Mike Whitney Richard Rhames Bill Moyers / Bill and Kathleen Christison Susan Block Robert Fantina Heidi Walters David Yearsley Raymond J. Lawrence David Rosen David Michael Green Anthony Papa Niranjan Ramakrishnan Howard Lisnoff John Goekler Missy Beattie Dave Zirin Charles R. Larson Tim Matson Susie Day Poets' Basement Website of the Weekend September 19, 2008 Steven T. Banko Mike Whitney Michael Hudson William Kaufman Brenda Norrell Keeanga-Yamatta Taylor Clifton Ross Dave Lindorff Cynthia McKinney Susan Hurlich Michael Donnelly Website of the Day September 18, 2008 Benjamin Dangl Harvey Wasserman Susan Abulhawa Robert Weissman Anne-Marie McManus Corey D. B. Walker William S. Lind Ron Jacobs Dave Lindorff Binoy Kampmark Website of the Day September 17, 2008 Stephen Conn Forrest Hylton Patrick Cockburn Gregory Elich Ralph Nader Franklin Lamb Pam Martens Dave Lindorff Peter Morici Stanley Heller Douglas Valentine Website of the Day September 16, 2008 Paul Craig Roberts Tiphaine Dickson Stan Goff Uri Avnery Michael Winship Jeff Halper Patrick Irelan Oscar Gonzalez Binoy Kampmark Fatemeh Keshavarz Sen. Russ Feingold Website of the Day September 15, 2008 Mike Whitney Peter Morici Patrick Cockburn Charles R. Larson Jonathan Cook Nikolas Kozloff Roger Burbach Helen Redmond David Michael Green David Macaray Ralph Nader Website of the Day
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Weekend Edition High Times for the Atom LobbyObama's Nuclear AmbitionBy JEFFREY ST. CLAIR and JOSHUA FRANK It is fast becoming one of the most important issues of the 2008 presidential campaign. Both major candidates want to search for more domestic oil supplies, promising to drill up and down the spine of the Rocky Mountains and off our fragile coastlines. The perceived threat of global warming is making even the most skeptical of politicians a bit nervous. The future of planet Earth, they claim, is more perilous than ever. Al Gore has made an impact. Too bad the Gore effect is like a bad hangover: all headache no buzz. The purported solution to the imminent warming crisis, nuclear technology, is just as hazardous as our current methods of energy procurement. Al Gore, who wrote of the potential green virtues of nuclear power in his book Earth in the Balance, earned his stripes as a congressman protecting the interests of two of the nuclear industry’s most problematic enterprises, the TVA and the Oak Ridge Labs. And, of course, Bill Clinton backed the Entergy Corporation’s outrageous plan to soak Arkansas ratepayers with the cost overruns on the company’s Grand Gulf reactor which provided power to electricity consumers in Louisiana. The Clinton years indeed saw an all-out expansion of nuclear power around the globe. First came the deal to begin selling nuclear reactors to China, announced during Jiang Zemin’s 1997 visit Washington, even though Zemin brazenly vowed at the time not to abide by the so-called “full scope safeguards” spelled out in the International Atomic Energy Act. A day later Clinton signed an agreement to begin selling nuclear technology to Brazil and Argentina for the first time since 1978, when Jimmy Carter canceled a previous deal after repeated violations of safety guidelines and nonproliferation agreements. In a letter to congress, Clinton vouched for the South American countries, saying they had made “a definitive break with earlier ambivalent nuclear policies.” Deputy National Security Advisor Jim Steinberg justified the nuclear pact with Brazil and Argentina as “a partnership in developing clean and reliable energy supplies for the future.” Steinberg noted that both countries had opposed binding limits on greenhouse emissions and that new nuclear plants would be one way “to take advantage of the fact that today we have technologies available for energy use which were not available at the time that the United States and other developed countries were going through their periods of development.” The atom lobby during the 1990s had a stranglehold on the Clinton administration and now they seem to have the same suffocating grip around the neck of the brightest star in the Democratic field today: Barack Obama. In 2006 Obama took up the cause of Illinois residents who were angry with Exelon, the nation's largest nuclear power plant operator, for not having disclosed a leak at one of their nuclear plants in the state. Obama responded by quickly introducing a bill that would require nuclear facilities to immediately notify state and federal agencies of all leaks, large or small. Despite his initial push to advance the legislation, Obama's office eventually rewrote the bill, producing a version that was palatable to Exelon and the rest of the nuclear industry. "Senator Obama's staff was sending us copies of the bill to review, we could see it weakening with each successive draft," said Joe Cosgrove, a park district director in Will County, Illinois, where the nuclear leaks had polluted local ground water. "The teeth were just taken out of it." Inevitably the bill died a slow death in the Senate. And like an experienced political operative, Obama came out of the battle as a martyr for both sides of the cause. His constituents back in Illinois thought he fought a good fight while industry insiders knew the Obama machine was worth investing in. Obama's campaign wallet, while rich with millions from small online donations, is also bulging from $227,000 in contributions given by employees of Exelon. Two of Obama's largest campaign fundraisers include Frank M. Clark and John W. Rogers Jr., both top Exelon officials. Even Obama's chief strategist, David Axelrod, has done consulting work for the company. During a Senate Committee on Environment & Public Works hearing in 2005, Obama, who serves on the committee, asserted that since Congress was debating the negative impact of CO2 emissions "on the global ecosystem, it is reasonable -- and realistic -- for nuclear power to remain on the table for consideration." Shortly thereafter, Nuclear Notes, the industry's top trade publication, praised the senator. "Back during his campaign for the U.S. Senate in 2004, [Obama] said that he rejected both liberal and conservative labels in favor of 'common sense solutions'. And when it comes to nuclear energy, it seems like the Senator is keeping an open mind." The rising star of the Democratic Party's ties to the nuclear industry run deep indeed, but Obama may not only be loyal to Exelon and friends. Sadly for the credibility of the atom lobby, some of their more eye-grabbing numbers don’t check out. For example, as noted in a report by the Nuclear Energy Institute, the nuke industry claims that the world’s 447 nuclear plants reduce CO2 emissions by 30 percent. But existing nuclear plants save only about 5 percent of total CO2 emissions, hardly a bargain given the costs and risks associated with nuclear power. As you go up the nuclear fuel chain, you have carbon dioxide emissions at every single step -- from uranium mining, milling, enrichment, fuel fabrication, reactor construction to the transportation of the radioactive waste. Moreover, the nuclear lobby likes to compare its record to coal-fired plants, rather than renewables such as solar, wind, and geothermal. Even when compared to coal, atomic power fails the test if investments are made to increase the efficient use of the existing energy supply. One recent study by the Rocky Mountain Institute found that “even under the most optimistic cost projections for future nuclear electricity, efficiency is found to be 2.5 to 10 times more cost effective for CO2-abatement. Thus, to the extent that investments in nuclear power divert funds away from efficiency, the pursuit of a nuclear response to global warming would effectively exacerbate the problem.” Clearly Senator Obama recognizes the inherent dangers of nuclear technology and knows of the disastrous failures that plagued Chernobyl, Mayak and Three Mile Island. Yet, despite his attempts to alert the public of future toxic nuclear leaks, Obama still considers nuclear power a viable alternative to coal-fired plants. The atom lobby must certainly be pleased. Jeffrey St. Clair is the author of Been Brown So Long It Looked Like Green to Me: the Politics of Nature and Grand Theft Pentagon. His newest books, Born Under a Bad Sky and Red State Rebels: Tales of Grassroots Resistance in the Heartland (co-edited with Joshua Frank) are just out from AK Press. He can be reached at: sitka@comcast.net. Joshua Frank is co-editor of Dissident Voice and author of Left Out! How Liberals Helped Reelect George W. Bush (Common Courage Press, 2005), and along with Jeffrey St. Clair, the editor of the brand new book Red State Rebels: Tales of Grassroots Resistance in the Heartland, published by AK Press in July 2008.
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