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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 Defending the EvictedSheriff Tom Dart vs. the BankstersBy ADAM TURL Bankers in Chicago are angry with--of all people--Cook County Sheriff Tom Dart. Dart announced October 8 that his office would no longer forcibly remove residents from foreclosed properties, essentially imposing a moratorium on any mortgage-related evictions in the third-largest city in the U.S. and a surrounding county, with a total population of 5.3 million people. Foreclosures are expected to reach a record high of 43,000 in Cook County this year, and the sheriff's department was expected to conduct 4,500 foreclosure-related evictions. Two thousand people are evicted from their homes every month in Cook County--as many as 500 as a result of a foreclosure. The Cook County moratorium applies to foreclosed homes, condominiums and apartment buildings. Renters will still be evicted for reasons not related to foreclosures. Still, this is the first moratorium on such evictions in a major urban area--at least in living memory. Dart cited the cases of renters unjustly thrown out of their apartments as a result of the mortgage crisis--at least a third of such foreclosure evictions affect renters, he said. "These mortgage companies only see pieces of paper, not people, and don't care who's in the building," Dart said. "Just in the past month," he continued, "about a third of the people we were asked to evict were under very questionable circumstances. It got to the point that enough was enough." Dart is demanding that banks and mortgage lenders send representatives to notify residents of impending foreclosures at least 120 days in advance. While renters and homeowners will sigh with relief at the moratorium, the bankers are hopping mad. The Chicago Tribune, acting as a mouthpiece for its friends in the city's business establishment, called the moratorium "curious" and claimed that it might be "confusing" for both homeowners and banks. The Illinois Bankers Association charged the sheriff with breaking the law and "vigilantism," and insisted that the moratorium "should not be tolerated." But it is the banks that have repeatedly broken the law. Chicago recently passed an ordinance that gives renters at least 90 days' notice of an impending foreclosure-related eviction. But lenders haven't been following the rule. The Tribune reported that "some mortgage experts" have "suggested" the moratorium on evictions "could compound problems by making lenders reluctant to extend credit at a time when loans are already hard to get." The president of the Illinois Mortgage Bankers Association agreed, telling reporters the moratorium "would have a significant impact, because obviously lenders would be hesitant to lend if they knew if someone defaulted, they wouldn't be able to take the property back." Setting aside the question of why anyone, in the face of the current crisis, should trust anything a mortgage banker says, this argument is absurd on its face. There is an international credit crunch underway, with banks refusing to lend to other banks and businesses, but this is because of the mountains of bad debts these banks have run up over years, mostly on immense speculative investments in obscure financial markets. The idea that a few thousand people getting to stay in their homes would make a dent in this crisis is ridiculous. More to the point, these banks just got an immense bailout for the crisis they created in the first place. Why should there be no break at all for working-class homeowners and renters? * * * DART'S OFFICE may be found in contempt of court if it refuses to carry out court orders to evict. The banks are likely to pursue this in court. Dart acknowledged that he may be breaking the law, but said his department "will no longer be party to something that's so unjust." Other sheriffs around Chicago have less problem being "party to something that's so unjust." A spokesperson for Will County Sheriff Paul Kaupas said, "If we disregard the law, what kind of message are we sending?" Nobody should be under the illusion that Dart is a latter-day Sid Hatfield--the turn-of-the-last-century police chief of Matewan, W. Va., who sided with workers against company thugs in the coalfield wars. Dart's office has done despicable things, especially to Black and Latino workers and poor youth. But Dart is a politician, and he's feeling pressure from below. In particular, activists in the northwest side neighborhood of Albany Park aggressively pursued the sheriff's office after they were nearly evicted from their apartments. As Chicago Sun-Times columnist Mark Brown reported, "Albany Park Community Council and the neighbors it represents...brought to Dart's attention the insane way banks were being allowed to evict innocent tenants whose landlords had lost their properties through mortgage foreclosure proceedings--even when the tenants had paid their rent and knew nothing of the problems." The people in Albany Park started fighting back after one of their neighbors was bullied by a real estate agent trying to get them to move. They then discovered they were victims of a real estate scam when deputies were called to their suddenly foreclosed apartment building to evict them, even though they were all paid up on the rent. As Dart put it, "The people in Albany Park opened a lot of people's eyes in a hurry." Their example shows the importance of people standing together in struggle. Adam Turl writes for the Socialist Worker. What you can do Call the Cook County Sheriff's office at 708-458-1000 and ask them to make the moratorium on foreclosure-related evictions permanent until there is a national bailout plan for homeowners. Call the Illinois Mortgage Bankers Association at 312-236-6208 and the Illinois Bankers Association at 312-347-3400 and tell them you support the Cook County moratorium on foreclosure-related evictions.
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