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Today's Stories April 24, 2007 Ishmael Reed How Imus' Media Collaborators Almost Rescued Their Chief   April 23, 2007 Saul Landau The Courage to Withdraw Patrick Cockburn Time of the Death Squads: Iraq as Revenge Tragedy Robert Fantina Changing Sentiments Sam Husseini The Gonzales Distraction Corporate Crime Reporter Bought-and-Paid-For Journalism at the Philly Inquirer Elizabeth Lalasz Sick and Getting Sicker Harvey Wasserman Earth Day, Incorporated Dave Lindorff Huge Win for Impeachment in Vermont: Are You Listening Sen. Leahy? Gary Leupp Maoist Homophobia in Nepal? Stephen Lendman A Short History of the Christian Right Website of the Day No to OLF April 21 / 22, 2007 Alexander Cockburn Bring Back the Posse Fred Gardner Prozac Madness Kristoffer Larsson The Islamic Threat to Europe: By the Numbers Barbara Rose Johnston Nuclear War and Its Consequences Manuel Garcia, Jr. The Heart of Whiteness: Racism, Wealth and IQ John Scagliotti Unlocking Closets, Locking Free Speech Marjorie Cohn Gonzo Justice: Counting on Alberto Patrick Cockburn Sadr Raises the Stakes Diana Johnstone The Absent Middle East Ron Jacobs Explaining the Spectre Evelyn Pringle How Iraq Was Looted BANCO Travesties of Justice in a Black City in Michigan: the Persecution of Rev. Pinkney Paul Richards Thinking Big in the Northern Rockies Dan Bacher Zapatistas in the Colorado River Delta Ben Terrall Showdown at Chevron: SF Protest Against New Iraq Oil Law Sherwood Ross How the Taliban Defeated the Pakistani Army in Waziristan Remi Kanazi Bill Maher's "Towel-Headed Hos" Aseem Shrivastava Behind the Curtain of SEZs Poets' Basement Valentine, Reed, Harley and Engel Website of the Day Reading Sappho in New Orleans   April 20, 2007 Doug Peacock Beginning of the End for the Yellowstone Grizzly? Diane Farsetta Onward, Free Market Soldiers!: Privatizing Public Diplomacy Tom Clifford The Surge in Iraqi Civilian Deaths: the Bloodiest 12 Months of the War Amira Hass The Holocaust as Political Asset Nicole Colson Desperation in Gitmo's Camp 6 Sonja Karkar Double Jeopardy Entraps Palestinians Heather Gray The Supreme Court Looks a Lot Like the Taliban Dr. Bouthaina Shaaban Syrian Expeditions Agustin Velloso Spain and Iraq, Four Years On Matthew Koehler Distorting the News in a Timber Company Town Website of the Day Gonzo's Monica   April 19, 2007 Emad Mekay / Jim Lobe Scoring at the World Bank: Wolfowitz's Quid Pro Quo Patrick Cockburn A Day of Bombs and Blood in Baghdad Larry C. Johnson The Hobbesian Hell of Iraq: How Many Dead Equal a Failed Government? Norman Solomon Bowing Down to Our Own Violence Saul Williams Notes from a Hip Hop Head: an Open Letter to Oprah Winfrey Sunsara Taylor From Iraq to the Supreme Court: a New Dark Ages for Women Harvey Wasserman How Green is Tom Friedman? Christopher Brauchli Apologies, Incorporated Anthony Papa Nightmare Behind Bars: John Valverde's Fight for Freedom Dave Lindorff Betraying Thomas Jefferson Website of the Day The Best Antiwar Song of the Iraq War? April 18, 2007 Lila Rajiva More Gun Laws or Fewer Idiots? How the Va Tech Administration Failed Its Campus Landau / Hassen Tancredo as 17th Century Indian Chief? Charles Fisher / Randy Fisher Don Imus's Firing and the Hip-Hop Culture Diane Christian Facing Death Politically Kevin Prosen Meeting the Resistance in Iraq China Hand Gold Digging: The U.S. Treasury Department's Economic Campaign Against North Korea Peter Rost, MD The Strange Profits from a Re-Branded Cancer Drug Justin Akers Chacón What's Inside the STRIVE Bill Jerry Kroth Virginia Tech and Cho Seung Hui: Love and Unhappiness in an Alien Culture Sherwood Ross Massacre at Va Tech: a Brief Glimpse into Daily Life in Iraq Niranjan Ramakrishnan The Bonfire of the Hannities Alice Cherbonnier Why South Dakota's "Informed Consent" Law Doesn't Go Far Enough Website of the Year? "I Hope I Die Before I Get Old"   April 17, 2007 Jean Bricmont / Diana Johnstone The Elections in France: a Coming Political Tsunami Paul Craig Roberts Bloodbath in Blacksburg Frida Berrigan Militarizing the Border Alison Weir The Message of PBS's "Crossroads" Series: Some Muslims Aren't Bad John Walsh Why is the Peace Movement Silent About AIPAC? Jason Hribal Resistance is Futile: Emily the Cow and Tyke the Elephant Evelyn Pringle The Iraq Money Trail Ben Terrall Cuban Exiles Get Hero's Welcome; Haitian Refugees Get Shafted Stan Cox 1040s and Death Certificates Soren Ambrose Confidence Crisis at the IMF Website of the Day Go Ahead and Yell: "FIRE!"   April 16, 2007 John F. Sugg Hate and Hypocrisy in the Cox Empire Ismael Hossein-Zadeh Escalating Military Spending: Income Redistribution in Disguise Carl G. Estabrook The Politics of the Useful Threat: It Didn't Start with the Neo-Cons Paul Craig Roberts The Party of Brownshirts Uri Avnery Blood on Our Hands Ralph Nader Where Are the Cries of Outrage Over Military Rapes? Eamon McCann Shame of the Empire: Simon, Sir Bono and Tinkerbelle Lee Sustar Decoding the Democrats Mike Whitney Trouble in Squanderville: Bubble People and the Faith-Based Market Don Fitz Solar Capitalism? Stephen Lendman Ecuador Votes for Revolutionary Change Website of the Day Black Mesa Water Coalition   April 14 / 15, 2007 Alexander Cockburn Ho Industry Whores Jorge Mariscal Gen. Petraeus's Field Manual: a Traveler's Guide to Big Muddy Jeffrey St. Clair The Beautiful and the Dammed: How the West Got Flooded Dave Marsh The Imus Affair, Hip Hop and Politics Dr. Trudy Bond Shrinks, Lies and Torture: How Psychologists Became the Pentagon's Bitches Joe Bageant A Feral Dog Howls in Harvard Yard Fidel Castro The Terrorist Walks Alfredo Molano "More Than Complicated" Alan Farago When Miami Crashes Michael Neumann Anglophone Fantasies and French Realities Fred Gardner Barbara McNair's Unsung Heroism: Bringing Down the Owner of EST Ron Jacobs A Conversation with Three Iraq Veterans Against the War Gail Dines Racy Sex, Sexy Racism Linda Ford Imus and Lady Hoopsters: a Long History of Bias Against Women Athletes Missy Beattie What Would Imus Do?: Iraq, Ho, Ho, Ho Dan La Botz Farm Labor Organizer Murdered in Mexico Giuliana Sgrena The Lies of Mario Lozano Laura Carlsen A Moratorium on Free Trade Agreements Abu Spinoza Wolfowitz's Real Crimes Elizabeth Schulte Grinding It Out with Quentin Tarantino Poets' Basement Davies, Harley, Engel and Landau Website of the Weekend Vonnegut's Final Interview   April 13, 2007 Patrick Cockburn The Shattering of Mosul Stephen Soldz Aid and Comfort for Torturers: Psychology and Coercive Interrogations in Historical Perspective George Ciccarriello-Maher The Failed Chávez Coup: Five Years On Laith al-Saud Kirkuk, Oil and the Kurds Dave Zirin Memo to Imus John Ross Drawing a Line in the Heartland Ramzy Baroud America as Proxy Harvey Wasserman The Novelist Who Hated War: Peace Be With You, Mr. Vonnegut Lopez, Olivo and Garcia Columbia University's Two-Tiered Punishments Dols, Fukumori, Judd and Tillett-Saks Columbia: On the Wrong Side of Justice Website of the Day Democrats: an Iraq Scorecard   April 12, 2007 JoAnn Wypijewski We May be Rid of Imus, But We're Still Stuck with the Culture Paul Craig Roberts Big Profits from Big Brother Marjorie Cohn U.S. Attorneys and Voting Rights Evelyn Pringle Bush Family War Profiteering: Will Congress Finally Cut Them Off? Ron Jacobs God Bless You, Mr. Vonnegut Norman Solomon The Awful Truth About Hillary, Barack and John Joe DeRaymond The Release of Dennis Counterman: The Justice Game, the Alford Plea and Death Row Nicola Nasser Squeezing Palestinians into an Impossible Mission Nikolas Kozloff Chile, a Country Geographically Located in South America "By Accident" William S. Lind Horatio Hornblower's Worst Nightmare Siegfried L. Sassoon A Statement Against the Continuation of the War Website of the Day Where You Want This Killin' Done?   April 11, 2007 R. T. Naylor Quebec's Lessons for the US: How "Wars on Terror" Should be Fought Vijay Prashad The Generation of IEDs and iPods Patrick Cockburn The Myth of Tal Afar Winslow T. Wheeler When Will the War Money Really Run Out? Jack Balkwill Prison for a Peacemaker: A Vietnam Vet Interviews Kathy Kelly Alan Farago Florida's Fundamentally Weak Environmental Movement Russell D. Hoffman The Carbon Offset Tax is Just Another Nuke Bailout Peter Rost, MD The Fine Print on Drug Industry Kickbacks Mike Whitney Doomsday for the Greenback? Dave Lindorff Torture and Selective Outrage Susie Day Peter Pace Porks a Peck of Pinko Perverts Website of the Day Save the Internet!   April 10, 2007 James G. Abourezk How Syria Helped the US in the "War on Terror"-and How Bush Said "Thanks" Earl Ofari Hutchinson Why Imus Should be Fired-And Why He Won't Be Joshua Frank Democrats for War Lee Sustar How Concessions by UAW Lost Jobs Joseph Grosso Tiger Woods in Dubai: Luxury and Exploitation Nirmal Ghosh China and the Fate of the Tiger Robert Jensen Impeach the System Ramzy Baroud Not an Intellectual Squabble Paul Rockwell History Will Vindicate Lt. Ehren Watada Mario Joseph and Brian Concannon Solidaridad? Chávez in Haiti Fred Wilhelms Why the New Royalty Rates Hurt Artists Website of the Day Thaw!   April 9, 2007 Saul Landau Whining Imperialists Uri Avnery Shalom, Shin Bet Nicole Colson Sami Al-Arian's Nightmare: an Interview with Nahla Al-Arian Gideon Levy Israel Does Not Want Peace Corporate Crime Reporter Big Coal Invokes Reverse Nuremberg Defense Evelyn Pringle The Surge in Casualties Hill Kemp Mega Lessons from Iraq War, Year 5 Martha Rosenberg Monsanto's Desperate Plea: "Regulate Our Competitors!" Keith Rosenthal Behind Boston's Recent "Crime Wave" Jane Stillwater Green Zone Cabin Fever Website of the Day Support Norman Finkelstein April 7 / 8, 2007 Alexander Cockburn Dead Dogs Don't Bleed: How Giuliani Lost America Sara Roy A Jewish Plea Arno J. Mayer Back to Cleopatra's Nose: Bush-Bashing and Empire's Onward March Jeffrey St. Clair In the Realm of the Grizzly Kings Vicente Navarro Why Huntington and Beck Are Wrong Fidel Castro Where Have All the Bees Gone? And Other Reflections on the Internationalizaton of Genocide Fred Gardner Medical News from the Business Pages Ralph Nader The IRS Owes You Money David N. Rahni Test Tube Zealots: American Chemical Society Purges Iranian Chemists Arthur Neslen When an Anti-Semite is Not an Anti-Semite Pratyush Chandra Joseph Stiglitz's "Another World" Missy Beattie Enough Already! The Politics of Exasperation Marc Levy A Beginner's Guide to Combat Poets' Basement Reiss, Holt, Orloski and Louise Website of the Weekend Reactor Man   April 6, 2007 Franklin Lamb Why is Hezbollah on the Terrorism List? Gloria La Riva On the Case of the Cuban Five and Luis Posada Carriles Corporate Crime Reporter The Politics of Coal in West Virginia Ron Jacobs Good Friday, Beethoven and Patti Smith Felice Pace Simon Says: The Pro-Israel Bias of NPR Walter Brasch Treason in the White House? David Swanson Heroes, Sung and Unsung Sylvia Syracuse Roadside Rampage: Salvadoran Murders in Guatemala April 5, 2007 Patrick Cockburn A De Facto Hostage Exchange Tom Barry The Fred Thompson Factor Richard W. Behan Congressional Complicity Nicola Nasser Playing US Politics with Iraqi Blood for Oil Bernadine Dohrn The New and Old SDS: Convergence Not Division Laray Polk Lucky Dragon: Does the World Really Need a New H-Bomb? Helen Redmond Female Chauvinist Pigs?   April 4, 2007 Col. Dan Smith "Have You No Sense of Decency?": the Tillman Affair and the Moral Decay of the Army Joshua Frank Democratic Blood Money: Sen. Feinstein's War Profiteering Margaret Kimberly Of Confessions and Torture Sharon Smith Circuit City's Guinea Pigs: the Latest Trend in Corporate America Jeff Cohen and Norman Solomon The Martin Luther King You Don't See on TV Martin Luther King,Jr. Beyond Vietnam Bill Quigley Incident at Fort Huachuca, the Army's Torture Training Center Dave Zirin Picking Chicago's Pockets with the Olympics Evelyn Pringle Drug Companies Want Women of Childrearing Years Peter Rost, MD Pfizer's Puny Fine Website of the Day Crash of the Honey Bees   April 3, 2007 Patrick Cockburn US's Bungled Plan to Kidnap Iran's Top Spook Prompted hostage Taking Marjorie Cohn Coming Up Short on Habeas Corpus for Gitmo Detainees Brian M. Downing The Army's Road to Iraq Corporate Crime Reporter Coddling Pfizer: Praise the Criminal, Dis the Whistleblower Carol Norris A Psychologist on Sexual Assault: Yes, Virginia, There is a Sollution Ralph Nader Tailpipe Blues Dave Lindorff I Quit: A Movement of One (Or a Maybe a Million) Scott Bontz The Great Depletion Thomas Dolby Stevie Wonder, Marvin Gaye, Racism and the National Anthem Website of the Day Cockburn on BookTV April 2, 2007 Gary Leupp A Bogus Hostage Crisis Uri Avnery Condi in the Middle East: Olmert and the Pussycat James Petras Palestine: The Political Economy of a Disaster Norman Solomon McCain in Baghdad: Walking in McNamara's Footsteps Robert Fisk War of Humiliation Stanley Heller A Neocon Looks Two Conquests Ahead: The Ravings of James Woolsey Sherwood Ross How the Pentagon Cheats Iraq Vets Out of Medical Care and Disability Pay Monica Benderman On Keeping Men Alive: Report from Ft. Stewart Stephen Fleischman Winners and Losers in a Dog-Eat-Dog System Anne McElroy Dachel Never Mind the Mercury Website of the Day Midwestern Common Sense on the War March 31 / April 1, 2007 Cockburn / St. Clair That Was an Antiwar Vote? Fred Gardner How Corrupt is Malcolm Gladwell? Shilling for Enron and Breast Cancer Greg Moses The Pirates of Homeland Security Gary Leupp 300 vs. Iran (and Herodotus) Robert Fisk Shakespeare and War Roger Morris The Politics of the Witch Hunt Conn Hallinan The Price of Fire: Oil, Water and Resistance in Bolivia Kristin J. Anderson A Protocol for Death Jason Hribal California's Most Unhappy Cows John Ross Strange Fruit Down South Christopher Brauchli Bush and the Politics of Falsehoods: If You're Going to Lie, Lie Big David Underhill War Breeds Stranger Bedfellows Elizabeth Schulte The Pentagon's "Don't Ask" Disaster Ben Terrall Time for Lula to Stop Doing Bush's Dirty Work in Haiti Missy Beattie Guess Who Isn't Coming to Dinner: The Story of King Abdullah and the O-Word Sonja Karkar How Palestine Became Israel's Land Daniel Wolff Have You Heard the News? David Vest A Romanian Jazz Rebel Drops a Bomb on Paris Ron Jacobs Wynton Marsalis Checks In on the Land That Never Has Been Yet Poets' Basement Davies, Holt, Wigley and Landau Website of the Weekend Kansas City Rocks   March 30, 2007 Alan Maass Oil and the Empire Veteran Intelligence Professionals for Sanity A Memo on Iran: Brinksmanship in Uncharted Waters Richard W. Behan George Bush's Land Mine: If Iraqis Get Revenue Sharing, Exxon Gets Their Oil Gabriel Kolko Israel's Last Chance William S. Lind Operation Anabasis Stedjan / Weis The Cluster Bomb Treaty: Again, It's the US vs. the World Kevin Zeese Is Bush Lame or Is Congress? David Busch Homeless in LA Fidel Castro Biofuels and Global Hunger CounterPunch News Service Mistrial in Olympia 15 Case Website of the Day Free Shaquanda Cotton March 29, 2007 Saul Landau Comparing Padillas Patrick Cockburn When Iraqi Cops Go on a Rampage Dave Lindorff War and the Futures Market: Oil Traders Fear an Attack on Iran Arthur Neslen Normalizing Injustice: Jaffa's Ugly Truth Michael Dickinson Incident at Westminster Abbey Ingmar Lee Plantskyyd: Planting Trees with Pig's Blood in British Columbia Aseem Shrivastava As India Goes Global, the Public Goes Private Marlene Martin Sacco and Vanzetti, Revisited Mahmoud El-Yousseph Wake Up, You Live in America! Michael Foley A Citizen's Peace Lobby Website of the Day Impeach Bush Club Parade March 28, 2007 Nicole Colson The Ongoing Persecution of Sami Al-Arian Harry Clark Michigan Peaceworks on Palestine Larry Everest Another $100 Billion to Continue the War Jonathan M. Feldman Citigroup, Property and Theft Dave Zirin Yet Another Book on Muhammad Ali (and Why I Wrote It) Jane Stillwater How Runaway Inflation Has Slipped Under the Radar Ayesha Ijaz Khan Pakistan's Cry for Justice Jim Wilfong Who Owns Maine's Water? Hawra Karama An Open Letter to Kanan Makiya, an Iraqi Uncle Tom Website of the Day Free Fire on Iraqi Civilians March 27, 2007 Iain Boal / Standard Schaefer British Petroleum and the New Greenmail Patrick Cockburn The Hostage Game Monica Benderman On Ending War: Is America Ready for the Troops When They Come Home? Corporate Crime Reporter Political Players and Single Payer Joshua Frank Dems in Power: Broken Promises and Bald-Faced Lies Harvey Wasserman Will Al Gore Deliver Us to Solartopia? Sen. Russell Feingold FBI Abuses of the Patriot Act Tillman Family Crimes and Cover Ups are Not "Missteps" Patrick Bond Zimbabwe's Descent David Judd Arbitrary Discipline at Columbia Website of the Day Why Work? March 26, 2007 Patrick Cockburn Seven Days on Iraq's Cruel Roads Uri Avnery Schoolbooks and Borders Greg Moses Hothouses for Hapless Masses on the Rio Grande Bill Hatch A Plague of Big Shots John V. Walsh The Democrats' War Funding Debacle Diane Christian God Does Not Love the Aggressor Dan La Botz The Immigration Movement at a Crossroads Frederico Fuentes Latin America Tells Bush to "Get Out!" Sunsara Taylor Democrats' Victory Means More Iraqi Deaths Mickey Z. Pat Tillman: Beyond the Hype Website of the Day DynCorp's Iraq Training Policy   March 24 / 25, 2007 Alexander Cockburn Where are the Laptop Bombardiers Now? Jeffrey St. Clair Nuclear Saviors?: Kyoto, Gore and the Atomic Lobby David Rosen An American Obituary: Anna Nicole Smith and the Exploitation of Nature Ron Jacobs The Political History of the Car Bomb Robert Fantina Vietnam and Iraq, the Rhetoric Remains the Same Alan Maass Why Ralph Nader Took a Stand Atul Gawande On Washing Hands: A Surgeon's Notes on How Infections Spread in Hospitals Marianne McDonald Staging Anti-Colonial Protest China Hand Zealots Scheme to Derail North Korea Accord Kaz Dziamka The Iroquois Way of Impeachment Andrew Wimmer The Nursemaid's Tale Don Monkerud World's Biggest Debtor Nation Anthony Papa Bong Hits 4 Jesus Case Matthew Provonsha Return of the Black Bloc Missy Beattie Calling Youth and Young Adults Stephen Fleischman Confrontation, At Last Poets' Basement Newberry, Laymon, Harley and Buknatski Website of the Weekend An Interview with Ron Jacobs Song of the Weekend "Who Would Jesus Bomb?" March 23, 2007 Saul Landau Return to Syria Patrick Cockburn Welcome to Iraq, Mr. Ban Greg Moses Protesting Immigrant Prisons in the Rio Grande Valley Rep. Ron Paul The War Funding Bill Franklin Lamb Will Hezbollah Hand Israel Its 6th Defeat? Stephen Gowans Mugabe Gets the Milosevic Treatment Roger Burbach Leftist Victory in Ecuador Dave Lindorff The Gutless Mini-Politics of the Congressional Democrats William S. Lind Candles in the Hurricane Alan Mammoser The New Rules of Food Russell Hoffman Al Gore's Nose is Glowing Website of the Day Global Outsourcing and the US Working Class   March 22, 2007 Patrick Cockburn Oil-Rich Kirkuk at the Melting Point Robin Blackburn Toxic Waste in the Sub-Prime Market Michael Donnelly Mr. Green Goes to Washington: Another Oscar Performance from Al Gore Uzma Aslam Khan Down Pakistan's No-Constitution Avenue Lee Sustar Bush's Braceros: The Ugly Truth About the Guest Worker Program Robert D. Skeels LA's Vicious War on the Homeless Rev. William Alberts The Forbidden C-Word Anne McElroy Dachel The Search for the Elusive Autism Gene Mickey Z. This is Your Brain on Meat Website of the Day Raimondo Does Hitchens   March 21, 2007 Tao Ruspoli A Conversation with Robbie Conal James Petras Meet the Global Ruling Class Fred Gardner A U.S. Army Pipe Dream Corporate Crime Reporter Cramer Comes Clean: Lies, Market Manipulation and Wall Street Faisal Kutty Too Guilty to Fly, Too Innocent to Charge? Robert Fantina U.S. Imperialism in Action Isabella Kenfield and Roger Burbach Brazilian Opposition to Bush-Lula Ethanol Accords Lucinda Marshall Missing in Action: Why is the Peace Movement Ignoring the Impact of War on Women? Winslow Wheeler Dem Budget Tricks: Reform Means What We Say It Means! Website of the Day Student Day of Action Against the War     March 20, 2007 Patrick Cockburn Iraq is a Vast, Blood-Drenched Human Disaster Winslow T. Wheeler The Blank Check War Sharon Smith Hillary's Cojones: Our Bleached-Blond Thatcher? Uri Avnery The New Palestinian Unity Government Stan Cox Down-to-a-Trickle Economics Roxanne Dunbar-Ortiz Hating the Rich Alan Farago Why Al Gore Soft-Peddled the Environment in 2000 Richard W. Behan Impeachment and Patriotism Juan Antonio Montecino Latin America Has Moved On David Krieger The Treaty of Tlatelolco Peter Rost, MD An Open Letter to Pfizer's CEO: $11 Million Salary, 36% Raise, 10,000 Fired Employees Mickey Z. A Cat-Eat-Cat World: Beyond the Pet Food Recall Website of the Day Bringing the War Home Webclip of the Day Sunsara Taylor Beats O'Reilly, Again   March 19, 2007 Paul Craig Roberts Crime Blotter: 1600 Pennsylvania Avenue Patrick Cockburn Operation Deepening Nightmare Stauber / Rampton Why Won't MoveOn Move Forward? Werther Plame Wars: Valerie Plame, the Washington Post and the Ghost of Joe McCarthy Noam Chomsky In Memory of Tanya Reinhart Jeff Leys Tap Dancing on Graves: How Democrats Bought the War Richard May And Then There Were None: Europe's Afghan Backlash Ron Jacobs Lessons of the Antiwar Movement and the Washington Post's Lessons of the Iraq War Mike Whitney Rove in the Dock Website of the Day Ringtones That Roar     March 17 / 18, 2007 Alexander Cockburn Here Comes Another "Crime Wave" John Scagliotti A Sissy's Manifesto Jeffrey St. Clair The Green Imposter: When Al Gore Was Veep Paul Craig Roberts The Confession Backfired Greg Moses Jailing Immigrant Mothers in El Paso Harry Clark Thrice-Told Tales: Those Israel-Syria Peace Talks Brian Cloughley In the Name of Improving People's Lives: Mounting Civilian Deaths in Afghanistan and Iraq Mehran Ghassemi An Interview with Sasan Fayazmanesh on the US, Israel and Iran William Loren Katz A Disturbing Expulsion: Racism and the Cherokee Nation John Ross Being a Zapatista Where You Live Ralph Nader Ban the Bomblets! Walter Brasch An Intolerant Minority: the Witch Hunt Against Gays in the Military Samer Assad The Palestinian Unity Government: Another for US Diplomacy Dave Zirin Bowie Kuhn: Death of a Baseball Reactionary Ron Jacobs The Darker Nation's: Remembering and Re-examining the Third World Missy Beattie No to War and Pace Don Santina First, They Came for the Democrats Sami Adwan What Hillary Should Know About Palestinian Schoolbooks Dr. Susan Block Gods of Spring: the Erotics of the Equinox Poets' Basement Reed, Landau, Engel, Buknatski Website of the Weekend God Save Helen Mirren   March 16, 2007 R. T. Naylor The Political Economy of Diamonds Paul Craig Roberts The Last Days of Constitutional Rule Joshua Frank Obama's Israel Problem Diane Farsetta How Reporters Learned to Stop Worrying and Love Nuclear Front Groups Tom Barry Tancredo's Putsch: Anti-Immigrant Agenda Veers Hard Right Stephen Lendman Plays from a Political Fake Book: Congress's Phony Opposition to War Al Krebs Compounding Infamy: Chiquita, Its Workers and Colombia's Death Squads Jackie Corr Senator Schumer and the Corruption Culture Ramzy Baroud Palestinians Must Redefine Struggle Reza Fiyouzat The Chinese Way of Capitalism Website of the Day Introducing: the iRak   March 15, 2007 Alison Weir Strip-Searching Children at Israeli Checkpoints Patrick Cockburn Baghdad Under Surge Veteran Intelligence Professionals for Sanity Memo to Congressional Leaders on Iraq Funding: First Stop the Bleeding Franklin Spinney Of Character and Contractors: the Unauthorized Rumsfeld Standard Schaefer Biofuels and the Green Resistance Conn Hallinan The Right's Stuff in Africa: Neocons, Evangelicals and Sudan Maureen Webb Another Patriot Act Abuse Sonja Karkar Rachel Corrie and Palestine Margaret Kimberly The Profits of Self-Hatred: Malkin and D'Souza, Incorporated Anthony Papa The New Capones: It's Time to Rethink Drug Prohibition Katherine Hancy Wheeler Bush's Latin American Tour: Good Will Lost Video of the Day The Easiest Targets Website of the Day Memo to Kucinich: Watch Your Back!   March 14, 2007 Tao Ruspoli A Conversation with Peter Linebaugh on the Slave Trade, Magna Carta and the State of the Left Philip Agee The Decline of the US, the Rise of Latin America Bruce Dixon The Digital Redlining of African-Americans John Walsh How One Senator Could End the War Sunsara Taylor Red Light, Green Light: the Democrats and Iran William Johnson Still Reeling from Katrina: The Spirited Strike at Pascagoula Shipyards Richard Thieme Entitlement and Empire Jeffrey Klein Right-Wing Academic Values Nicola Nasser This Time, Israeli is Missing an Historic Opportunity Dave Lindorff Political Hide-and-Seek with the Democrats Website of the Day Oil Change   March 13, 2007 Catherine Wilkerson, M.D. Scenes from a Cop Riot Jonathan Cook The Real Goal of Israel's Invastion of Lebanon Robert Bryce Beyond Redemption: the Legacy of George the Second Corporate Crime Reporter Coal-Powered Democrats Pierre Rimbert Libération and the Evolution of French Neoliberalism Dave Lindorff What's Good for Halliburton is Good ... for Dubai Elizabeth Schulte The Repackaging of John Edwards Norman Solomon The Pragmatism of Prolonged War Kevin Zeese The Democrats' Fraudulent Iraq Exit Plan Jeff Conant Greeting Rumsfeld in Taos Website of the Day Tacoma and the Big Heat     March 12, 2007 Marjorie Cohn Patriot Act Unbound Col. Dan Smith Ghost Prisoners, Shadowy Jails and Secret Trials Paul Craig Roberts Neocons in Kafkaland Ingmar Lee The Sentencing of Betty Krawczyk: a 78-Year-Old Eco-Heroine Fred Gardner Cannabis for the Wounded: Another Walter Reed Scandal Ron Jacobs Showdown at Port Tacoma: Confronting the War Machine in the Northwest Ralph Nader Send the Bush Twins to Iraq! John Ross Political Prisoners in Calderon's Mexico Stephen Fleischman Bush's Latin American Slip Eva Carazo Vargas Why We Reject CAFTA Website of the Day Mountain Justice Spring Break   March 9 / 11, 2007 Sameer Dossani Interview with Noam Chomsky: War, Neoliberalism and Empire in the 21st Century Jeffrey St. Clair Crude Alliance: The Bi-Partisan Politics of Oil Dave Marsh Bono's Bullshit: Not One Red Cent Patrick Cockburn Shia Pilgrims Die Despite US Offensive Jennifer Van Bergen A Gonzo Argument: Alberto Gonzales's Defense of NSA Domestic Spying James P. Stevenson Pardon Whom? Libby and the Cheney Unseen Arthur J. Versluis Crusade for Commercialism Corporate Crime Reporter Not a Dime's Worth of Difference: Congress and Corporate Crime Missy Beattie Too Much Info, Newt!: Sex, God and Praying Michael Simmons Annie Get Your Gums: Why I Like Ann Coulter Kevin Zeese Making Democrats Pay the Price: Voting Against the War is No Longer Enough David Swanson Shocking Video: The Dark Side of the Democrats John A. Murphy Are the Congressional Democrats Spineless? Dave Lindorff Bush Dodges a Constitutional Bullet in New Mexico: Abetted by Democrats Nikolas Kozloff Lights! Camera! Chavez! Christopher Fons Bush Goes to Latin America: Is It All About (N)PR? Mike Roselle A Thousand Miles of Bad River Mike Mejia Justice for Sibel Edmonds Susie Day Anna Nicole Smith Bombs Iran! Michael Donnelly LA Story: Rock Stars, Porn Stars and Peace Tao Ruspoli Just Say Know (Parts 4 and 5) Poets' Basement Reed, Laymon, Mezmer and Harley Website of the Weekend Japanese Dolphin Massacre   March 8, 2007 Elaine Cassel The Tragic Case of Jose Padilla Yifat Susskind Iraq's Other War: Violence Against Women Under US Occupation Corporate Crime Reporter Politics and the Prosecutors Col. Dan Smith The Sins of Walter Reed William S. Lind The Washington Dodgers Mark Engler Bush's Latin American Spring Break Roger Burbach With Negroponte as Tour Director, Bush's Trip Destined to Fail Dana Cloud Return of the Campus Witch Hunts: David Horowitz and the Thought Police Isabella Kenfield Brazil's Ethanol Pland: Breeding Rural Poverty and Environmental Degradation Lucinda Marshall We Stand with the Women of the World Tao Ruspoli Just Say Know: a Personal Look at Drugs and Drug Addiction (Part 3) Website of the Day Filibuster for Peace March 7, 2007 Christopher Ketcham What Did Israel Know in Advance of the 9/11 Attacks? Christopher Ketcham The Kuala Lumpur Deceit: a CIA Cover Up Alexander Cockburn / Jeffrey St. Clair Ketcham's Story: Coming in From the Cold Winslow T. Wheeler Mismeasuring the Defense Budget Sean Donahue Free Scooter Libby! Dave Lindorff The Fall Guy Has Fallen Evelyn Pringle Psychosis and Mania: ADHD Drug Warnings Come Too Late for Many Tao Ruspoli Just Say Know: a Personal Look at Drugs and Drug Addiction Website of the Day Debating Iraq: Gaffney Against the World!   March 6, 2007 Gary Leupp Meet Eliot Cohen: "As Extremist a Neocon and Warmonger as It Gets" Uri Avnery Esterina Tartman: The Big Mouth of Israeli Fascism Patrick Cockburn The War on Terror is a Bust: Bush is Now Al Qaeda's Top Recruiter Saul Landau World in Crisis, Candidates in Denial Corporate Crime Reporter John Edwards' Big Lie Ron Jacobs The Legacy of Lordstown: The Union Makes Us Strong! Mike Roselle Judi Bari: Ten Years Gone P. Sainath Neoliberalism and the Ideology of the Cancer Cell Joshua Frank Dump the Dems, Unite Against the War Aniket Alam Women's Day, Lenin and a Riot in Copenhagen Dave Zirin Resurrecting Don Barksdale: Basketball's Forgotten Pioneer Website of the Day Physicians for a National Health Program   March 5, 2007 Greg Moses Holding Suzi Hazahza for Profit Patrick Cockburn Exodus of Iraq's Ancient Minorities James Petras Bush vs. Chavez Frida Berrigan US Nuclear Hypocrisy and Iran Marjorie Cohn Conscientious Objector Faces Court-Martial: the Case of Augustín Aguayo Douglas Kammen and S.W. Hayati The Rice Crisis in East Timor Sen. Barack Obama On Israel and AIPAC: "We Must Preserve Our Total Commitment to Our Unique Defense Relationship with Israel" Michael Young Sy Hersh and Iran: the Dark Side of Spun a Lot? Dave Lindorff It's the People of Washington vs. Pelosi, et al Sonja Karkar Raiding Nablus: Israel's Hot Winter Offensive Website of the Day How Obama Learned to Love Israel   March 3 / 4, 2007 Alexander Cockburn The Persecution of Sami Al-Arian Corporate Crime Reporter "No Fingernails, No Good:" Al-Arian Prosecutor's Anti-Muslim Bias Jeffrey St. Clair Glory Boy and the Snail Darter: Al Gore, the Origins of a Hypocrite Patrick Cockburn War Reporting in Iraq: Only Locals Need Apply Ralph Nader Hillary, Inc.: Sen. Clinton and Corporate America M. Shahid Alam American Mamlukes Gilad Atzmon From Esther to AIPAC Fred Gardner It's Official!: Cannabis Reduces Pain George Ciccariello-Maher The Fourth World War Started in Venezuela Rock & Rap Confidential Do the James Brown!: "No One Could Speak More Authoritatively for Blacks" Gillian Russom The Court Martial of Agustín Aguayo Michael McPhearson My Small Act of Civil Disobedience Kevin Zeese The Democrats and the Peace Movement: Who Owns Whom? Sunsara Taylor Four Years of an Unjust War Wendy Thompson Re-Organizing the UAW Kenneth Rexroth Gibbon's "Decline and Fall" Missy Beattie Regarding Cheney Don Monkerud Jesus Turned Away at US Border Tina Louise Stuffed with Terror, Starved of Dreams Poets' Basement Richards, Landau and Davies Website of the Weekend John Prine: Flag Decal   March 2, 2007 Roger Morris Cheney's Bagram Ghosts Phil Gasper Prisoners of Ideology Mike Roselle Buffalo Gore: The Blood-Stained Snow of Yellowstone Robert Bryce The Ethanol Scam John V. Walsh Who is He This Time?: Kerry's Strange Call to Filibuster the War Sherwood Ross Bush and Walter Reed Hospital: Praise the Care, Slash the Budget China Hand Who Let North Korea Get the Bomb? David Rosen To Cut or Not to Cut?: the Politics of Circumcision in America Chris Genovali Connecting the Dots Peter Harley The Wall, Apartheid and Mandela Website of the Day Courage to Resist   March 1, 2007 Laura Carlsen Return to Sender: Migrants as Globalization's Junk Mail Paul Craig Roberts The Tragedy of a Dozen Evil Men Ray McGovern How Far is Iran from the Bomb? Who the Hell Knows? Christopher Brauchli Bush's Theater of the Absurd Najum Mustaq America's Musharraf Dilemma Brent Bowden The War on Terror and the Terror of War Tina Richards Demoralizing the Troops? The Mother of an Iraq War Vet Responds Ethan Nadelman Mexico and the Drug War Mike Stark "Tough on Crime" is the Problem, Not a Solution Wadner Pierre / Jeb Sprague Haiti's Poor Under a State of Siege by UN Mike Whitney Market Meltdown: the Dead Hand of Greenspan Website of the Day Dylan Hears a Who     Subscribe Online

April 24, 2007 "Is It Too Late to Get Out?" Housing Bubble Boondoggle By MIKE WHITNEY Treasury Secretary Henry Paulson delivered an upbeat assessment of the slumping real estate market on Friday saying, "All the signs I look at" show "the housing market is at or near the bottom." Baloney. Paulson added that the meltdown in subprime mortages was not a "serious problem. I think it's going to be largely contained." Wrong again. Paulson knows full well that the housing market is headed for a crash and probably won't bounce back for the next 4 or 5 years. That's why Congress is slapping together a bailout package that will keep struggling homeowners out of foreclosure. If defaults keep skyrocketing at the present rate they are liable to bring the whole economy down in a heap. Last week, the Senate convened the Joint Economic Committee, chaired by Senator Charles Schumer. The committee's job is to develop a strategy to keep delinquent subprime mortgage holders in their homes. It may look like the congress is looking out for the little guy, but that's not the case. As Schumer noted, "The subprime mortgage meltdown has economic consequences that will ripple through our communities unless we act." Schumer's right. The repercussions of millions of homeowners defaulting on their loans could be a major hit for Wall Street and the banking sector. That's what Schumer is worried about---not the plight of over-leveraged homeowners. Every day now, another major lending institution unveils its plan for bailing out the housing market. Citigroup and Bank of America have joined forces to create the Neighborhood Assistance Corporation of America which will provide $1 billion for the rescue of subprime loans. This will allow homeowners to refinance their mortgages and keep them out of foreclosure. The new "30- year loans will carry a fixed interest rate one point below the prime rate, putting it currently at 5.5 percent. There are no fees, and the banks pay all the closing costs." But why are the banks being so generous if, as Paulson says, "the housing market is at or near the bottom." This proves that the Treasury Secretary is full of malarkey and that the problem is much bigger than he's letting on. Last week, Washington Mutual announced a $2 billion program to slow foreclosures (Washington Mutual's subprime segment lost $164 million in the first quarter) while Freddie Mac committed a whopping $20 billion to the same goal. In fact, Freddie Mac announced that it "would stretch the loan term to a maximum of 40 years from the current 30-year limit." 40 years!?! How about a 60 or 80 year mortgage? Can you sense the desperation? And yet, Paulson says he doesn't see the subprime meltdown as a "serious problem"! Paulson's comments have had no effect on the Federal Reserve. The Fed has been frantically searching for a strategy that will deal with the rising foreclosures. On Wednesday, The Washington Post reported that "Federal bank regulators called on lenders to work with distressed borrowers unable to meet payments on high-risk mortgages to help them keep their homes". Huh? When was the last time the feds ordered the privately-owned banks to rewrite loans? Never--that's when. That gives us some idea of how bad things really are. The details of the meltdown are being downplayed in the media to prevent panic-selling among the public. But the Fed knows what's going on. They know that "U.S. mortgage default rates hit an all-time high in the first quarter of 2007" and that "the percentage of mortgages in default rose to a record 2.87%". In fact, the Federal Reserve and the five other federal agencies that regulate banks issued this statement just last week: "Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrowerInstitutions will not face regulatory penalties if they pursue reasonable workout arrangements with borrowers." Translation: "Rewrite the loans! Promise them anything! Just make sure they remain shackled to their houses!" Unfortunately, the problem won't be "fixed" with a $30 or $40 billion bailout scheme. The problem is much bigger than that. There is an estimated $2.5 trillion in subprimes and Alt-A loans---20% of which are expected enter foreclosure in the next few years. Any up-tick in interest rates or unemployment will only aggravate the situation. Kenneth Heebner, manager of CGM Realty Fund (Capital Growth Management), provided a realistic forecast of what we can expect in the near future as defaults increase. Heebner: "The Greatest Price Decline in Housing since the Great Depression" (Bloomberg News interview) "The real wave of pain and foreclosures is just beginning.subprimes and Alt-A are both in trouble. A lot of these will go into default. The reason is, that the people who took these out never really intended to fully service the mortgage---they were counting on rising home prices so they could sign on the dotted line without showing what their income was and then 2 years later flip into another junk mortgage and get a big profit out of the house with putting anything down "There's a $1.5 trillion in subprimes and $1 trillion in Alt-A the catalyst will be declining house prices which is already underway. But as we get a large amount of these $2.5 trillion mortgages go into default, we'll see foreclosed houses dumped on an already weak market where homebuilders are already struggling to sell there houses. The price declines which have started will continue and may even accelerate in some of the hotter markets. I would expect that housing prices in "2007 will decline 20% in a lot of markets". "What you are going to see is the greatest price decline in housing since the Great Depression..The one thing that people should not do, is go near a CDO or a residential mortgage backed security rated Triple A by Moody's and S&P because these are going to get down-graded by the hundreds of millions---because they are secured by subprime and Alt-A mortgages where there'll be massive defaults". Question: "Will the losses in the mortgage market exceed those in the S&L crisis?" Heebner: "They're going to dwarf those losses because the losses could easily approach $1 trillion---that dwarfs anything that has ever happened. Enron was $100 billion---this will be far greater than that..The good news is that most of these loans are owned by Hedge FundsYou hedge funds buying these subprime and Alt-A loans and leveraging them at 10 to 1. They buy a pool of mortgages at 8% and they borrow against it in yen for 3% and then lever it at 10 to 1so you have a lucrative profit And the hedge fund you are running, the manager is going to get 20% of the gain---so even if it's a year before you go broke; you get rich until the fund is shut down". Heebner added this instructive comment: "The brokerage firms created "securitization" they know the products are toxic. I don't think they are going to suffer losses; they simply passed them on to everyone else. The only impact this will have is the profits that flow from it will get less.But it is less than 3% of revenues in even the most exposed brokerage firm so THEY'RE NOT GOING TO GET CAUGHT." Although Heebner believes the brokerage houses will do fine; the same is not true for the small investor. Nearly 70% of subprimes have been securitized. That means that the vast number of shoddy "no down payment, no document, interest-only" loans (that are headed for default) have been transformed into securities and sold to hedge funds. As the housing market continues to falter, these funds will plummet at an inverse rate to the amount of leverage that has been applied. That may explain why, (according to Bloomberg Markets) the "wealthiest Americans have been bailing out" of hedge funds at an alarming rate. A report in last Thursday's New York Times stated: "Americans with a net worth of at least $25 million, excluding the value of their primary homes, reduced their exposure to hedge funds in 2006"-- The amount of money held by wealthy investors in hedge funds has dropped dramatically-- "The average balance, which was $2.8 million in 2005, was just $1.6 million last year, a 43 percent decline". So, what do America's richest investors know that the rest of us don't? Could it be that the over-leveraged hedge funds industry is about to get hammered by the subprime implosion? If so, it won't be the brokerage houses or savvy insiders who get hurt. It'll be the little guys and the pension funds that take a drubbing. In Henry C K Liu's "Why the Subprime Bust will Spread" (Asia Times) the author states that the bursting housing bubble will trigger a major pension crisis. After all, who are the "institutional investors? They are mostly pension funds that manage the money the US working public depends on for retirement. In other words, the aggregate retirement assets of the working public are exposed to the risk of the same working public defaulting on their house mortgages". (Liu) The origins of the housing bubble are complex, but they are worth understanding if we want to know how things will progress. The housing bubble is not merely the result of low interest rates and shabby lending practices. As Liu says, "the bubble was caused by creative housing finance made possible by the emergence of a deregulated global credit market through finance liberalization. The low cost of mortgages lifted all US house prices beyond levels sustainable by household income in otherwise disaggregated markets". The deregulated cross-border flow of funds (via the yen low interest "carry trade" or the $800 billion current account deficit) have played a major role in inflating the US real estate market. Liu adds, "Since the money financing this housing bubble is sourced globally, a bursting of the US housing bubble will have dire consequences globally."Since nearly 50% of "securitized" mortgage debt is owned by foreign investors; the subprime meltdown is bound send tremors through the entire global financial system. The housing decline is further complicated by Wall Street innovations in derivatives trading which has generated trillions of dollars in "virtual" wealth and is affecting the Feds ability to control inflation through interest rate manipulation. As Kenneth Heebner said, "You have hedge funds buying these subprime and Alt-A loans and leveraging them at 10 to 1. They buy a pool of mortgages at 8% and they borrow against it in yen for 3% and then lever it at 10 to 1so you have a lucrative profit." In other words, low interest foreign capital has flooded US markets and contributed to distortions in housing prices. In her recent article "War Drags the Dollar Down", Ann Berg refers to Wall Street's "swirling galaxy of exotic finance" which has "worked magic for the government and the elite", but has yet to weather a severe downturn in the economy. But how will market deal with sudden downturn in the hedge fund industry? Will the dodgy subprimes and shaky collateralized debt obligations (CDOs) trigger a crash or has the risk been wisely dispersed through derivatives trading? No one really knows. As Berg says, "Derivatives numbers are staggering. The Bank for International Settlements estimates that the notional amount of derivatives traded on regulated exchanges topped a quadrillion dollars last year and that the outstanding unregulated off-exchange (called over-the-counter OTC) amount stood at $370 trillion in June 2006. Because the OTC market is composed of endless strings of bilateral transactions the systemic risk is unknown." The comments of the President of the New York Fed, Timothy Geithner, help to clarify the abstruse activities of the modern market: "Credit market innovations have transformed the financial system from one in which most credit risk is in the form of loans, held to maturity on the balance sheets of banks, to a system in which most credit risk now takes an incredibly diverse array of different forms, much of it held by nonbank financial institutions that mark to market and can take on substantial leverage." Geither's right. The markets now operate as unregulated banks generating mountains of credit through massively leveraged debt instruments---a monster credit bubble larger than anything in the history of capitalism. So, where is all this headed? No one really knows. But when the housing bubble crashes into Wall Street's credit bubble,; we can expect the "big bang". That may explain why America's wealthiest investors are running for cover before the whole thing blows. (A number of investors have already cashed out and put there holdings into foreign funds and currencies) One thing is certain ---time is running out. With $1 trillion in subprimes and Alt-A loans headed for default the system is facing its greatest challenge. US- GDP has been revised to a measly 1.8%, foreign investment is down, and the dollar is losing ground to the euro on an almost weekly basis. Falling home prices have already precipitated a number of other problems. For example, Gene Sperling reports in "Housing Bust Meets the Equity Blues" that "The Fed data showed an amazing expansion (in Mortgage-Equity Withdrawal). In 1995, active MEW had been $37 billion. By the fourth quarter of 2005, it soared to $532 billion annualized, a 14-fold expansion". These equity withdrawals have translated into consumer spending which accounts for at least 1 full percentage point of GDP. Declining house prices means that extra boast for the economy will now disappear. Foreclosures are soaring and expected to get worse for the next two years at least. In California foreclosure filings jumped 79% in March alone. Other "hot markets" are reporting similar figures. The glut of new homes for sale on the market has slammed sales of the nation's major builders; most are reporting profits are down by 40% or more. The collapse of the subprime mortgage market is also pushing some big U.S. homebuilders toward Chapter 11. According to Bloomberg News, "Some builders are staying out of bankruptcy by relying on the profits they made when sales boomed" in 2004 and 2005. Starting next year they must begin to repay $3.6 billion in public debt in what will certainly be a falling market. The prospects don't look good. Also, Credit card debt is way up (nearly 7% in one year) and economists are predicting that the trajectory will continue now that home equity is vanishing. Americans savings rate is in negative numbers and the steep increase in credit card debt (with its high interest rates) only compounds the problem. The American consumer has now compiled more personal debt than anytime in history. The Grim Reaper Meets the Housing Bubble Those who follow developments in real estatehave heard many of the wacky anecdotes related to the housing bubble. Stories abound of young people buying homes just to pay off tens of thousands of dollars of collage loans with their "presto"-equity ---or low paid construction laborers securing 105% loans without any proof of income and a poor credit history. One of the stories that got national attention was about Alberto and Rosa Ramirez, who worked as strawberry pickers in the fields around Watsonville each earning about $300 a week. They (somehow?) qualified for a loan of $720,000 which paid for a "new" four-bedroom, two-bath house in Hollister. It's sheer madness! Obviously, those days are over. The speculative frenzy that was generated by the Fed's low interest rates, the banks lax lending standards, and the deregulated global credit market is drawing to a close. The fallout from the collapse in subprime-loans will roil the stock market and hedge funds, but, as Heebner says, the investment banks and brokerage firms will escape without a bruise. Where's the justice? Despite Hank Paulson's cheery predictions, we are no where "near the bottom". In fact, a recent survey showed that only 1 in 7 Americans believe that house prices will go down. Even now, very few people grasp the underlying issues or the potential for disaster. We're on a treadmill to oblivion and they think it's a merry-go-round. As housing prices tumble, more homeowners will experience "negative equity", that is, when the current value of their home is less than the sum of their mortgage. This is the very definition of modern serfdom. We can expect to see an erosion of confidence in the market, a rise in inventory, and a steady increase in defaults.More and more people will walk away from their homes rather than be hand-cuffed to an asset that loses value every day. This could transform a "housing correction" into a nation-wide financial calamity. Many peoples' futures are linked directly to the "anticipated" value of their homes.It is impossible to determine how shocked they'll be when prices retreat and equity shrivels. The housing flame-out has all the makings of a national trauma"another violent jolt to the fragile American psyche. So far, we're still in the first phase of a process that will probably play out for 10 years or more. (Judging by Japan's decades-long decline) None of the bailout plans are large enough to make any quantifiable difference.The numbers are just too big. Housing prices are coming down and the real estate market will return to fundamentals. That much is certain. The law of gravity can only be ignored for so long. Just don't count on a "soft landing". Special thanks to (Housing Crash News) See entire Kenneth Heebner interview at http://patrick.net/housing/contrib/future.html Mike Whitney lives in Washington state. He can be reached at: fergiewhitney@msn.com

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