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Now Available! Other Lands Have Dreams: From Baghdad to Pekin Prison by Kathy Kelly Click Here to Order the Hot New CounterPunch Book by 3-time Nobel Peace Prize Nominee Kathy Kelly! Today's Stories July 27, 2005 Roger Morris The Source Beyond Rove: Condoleezza Rice at the Center of the Plame Scandal Paul Craig Roberts US Falling Behind Across the Board   July 26, 2005 Suren Pillay The Enemy Within: When the "Other" is One of "Us" JoAnn Wypijewski Fission and Fizzle in Chicago: SEIU and Teamsters Quit the AFL Patrick Cockburn Iraq: the Unwinnable War David Anderson When the Greatest Outrage is the Lack of Outrage: NYC's Subway Searches Joshua Frank Hillary Clinton: Outflanking Bush from the Right Lenni Brenner Biography as Wish-Fulfillment: Jefferson, Hitchens and Atheism David Swanson Nuking Native Land   July 25, 2005 Paul Craig Roberts China-Mart Takes Over M. Shahid Alam Terrorism: America Defines Its Targets Uri Avnery March of the Orange Shirts Stan Cox Kreationism in Kansas Norman Solomon "Wagging the Puppy" Ramzy Baroud London Bombings: Barbaric, But Not Unexpected Mickey Z. No Gun Ri: 55 Years Later Website of the Day The Birth of a Hummingbird in 15 Images   July 23 / 24, 2005 Alexander Cockburn Islamo-Anarchs or Islamo-Fascists? Tariq Ali The War Comes Home Robert Fisk Something Happened Dave Lindorff Return of the Academic Witch Hunts Ricardo Alarcón Kidnapping in Miami: the UN, the US and the Cuban 5 Col. Dan Smith Living in a Twilight Zone: Troop Strength, Recruitment and the Draft Brian Cloughley The Pentagon's China Hypocrisy Kevin Zeese Growing Republican Opposition to Iraq War Bill Quigley Harrowing Hours in Haiti Fred Gardner The Reverberations of Raich Rep. Ron Paul The Patriot Act is a Threat to Liberty Joshua Frank Framing Abortion: Gonadal Politics and the Democrats Shivali Tukdeo Project Mumbai Makeover: Casualties of Development Gilad Atzmon Blair's "Evil Ideology" James Petras Baghdad: Barbarism and Civilization (a Fiction) Ben Tripp When Being American Was Fun Poets' Basement Krieger, Louise, Buknatski, Albert and Engel Website of the Weekend Remember the West Memphis 3 July 22, 2005 Heather Gray Home Grown Axis of Evil: Corp. Agribusiness, the Occupation of Iraq and the Dred Scott Decision David Domke The American Press and Credibility Lance Selfa Battle of the Insiders: No Heroes in the Plame Leak Scandal JoAnn Wypijewski Is This Really an "Insurgency" to Shake Up the Labor Movement? July 21, 2005 Rose Ann DeMoro The Top 10 Problems with the "Crisis" in the Labor Movement William Blum London: Another Casualty in the War on Terror J.L. Chestnut, Jr. Whites Need to Learn Something: Dixie is Everywhere Christopher Brauchli Strange Affairs: Liberals and Alberto Gonzales Joshua Frank Plame Blame Game: the 5 Ws Brian Concannon, Jr. Haiti's Elections: Time for a Reality Check Patrick Cockburn The True, Terrible State of Iraq and the Link to London Website of the Day Who Blew Up the Murrah Building?     July 20, 2005 Cockburn / St. Clair Judge Roberts: Business as Usual Roxanne Dunbar-Ortiz Red Christmas Ray McGovern Did Dick Finger Valerie?: the Hand of Cheney Chris Floyd Judge Dread: John Roberts and the "Enemy Combatants" Uri Avnery "Silence is Filth" Dave Lindorff Westmoreland's Body Count Goes Up by One Norman Solomon Gen. Westmoreland's Death Wish Bill Quigley Travels in Haiti with a Wanted Priest       July 19, 2005 Tariq Ali An Isolated Regime John Ross Jihad Meets G-8 Davey D. More Clear Channel Censorship: "Don't F--K Around with Tha Police" Greg Weiher Muzzling Saddam: the Old Bait-and-Switch in Iraqi Jurisprudence Brian McKinlay An "Arse Licker" Goes to Washington: John Howard's Grand Tour Norman Solomon Nukes for India; Threats for Iran Dave Lindorff Get Back to Where We Once Belonged Bill Christison Bush's Itinerary: First Stop Syria, Next Stop Iran Joshua Frank Laura's Justice?: Meet Edith Brown Clement   July 18, 2005 Joshua Frank An Interview with Ward Churchill M. Shahid Alam A Muslim Problem: Did Thomas Friedman Flunk History? Jude Wanniski Memo to Patrick Fitzgerald Ron Jacobs A Weekend to Stop the War Mike Whitney The Straight Line Between Falluja and King's Cross Station William MacDougall From "Bring It On" to "London Can Take It" Seth Sandronsky Temporary Recovery: New Frontiers in Labor Flexibility Richard Lichtman The Consolations of George Lakoff Paul Craig Roberts Can Congressional Republicans End Bush's Wars? Website of the Weekend Novels of the Neo-Cons   July 15 / 17, 2005 Alexander Cockburn Don't You Dare Call It Treason Jeffrey St. Clair Sticky Fingers: the Making of Halliburton Paul Craig Roberts Economic Treason Harry Browne "What They Do to Us, They Will Do to You": Shell Oil in Mayo, Ireland Uri Davis, Ilan Pappe and Tamar Yaron A Warning from Israel Andrew Rubin End of the Enlightenment: an Open Letter to Stephen Plaut Patrick Cockburn Iraq's Ghost Battalions J.L. Chestnut, Jr. Changes in Selma: Standing Up to Racism in the South Fred Gardner A Professional Bust Christopher Brauchli An Olympic Feat: How to "Double" Aid with No New Money Chris Floyd The Great Iraq Oil Giveaway Ben Tripp The Dark Incontinent Col. Dan Smith General Abizaid, I'm Glad You Asked Jason Leopold What Did Rove Say and When Did He Say It? Jack Random Miller Time Norman Solomon War and Venture Capitalism George Ochenski Liberate Montana's Rivers: Come One, Come All! Website of the Weekend Vote for CounterPuncher David Vest     July 14, 2005 Jeffrey St. Clair Sticky Fingers: the Making of Halliburton Subcomandante Marcos This is What Will Do and How We Shall Do It: the Sixth Declaration of the Selva Lacandona Dave Lindorff No More Moral Relativism: the US is a Terrorist State Joshua Frank Rove Agency: Liberals and the CIA Jude Wanniski Those 8 Black Pages: What's the Real Story on Karl Rove? Dave Zirin Storming the Castle Kevin Zeese Exit Strategy: Within Reach? Robert Jensen War Myths and the Press Reza Fiyouzat A Worldwide Call to Free Akbar Ganji Carol Norris Governor Paranoid: Schwarzenegger Comes Unhinged Website of the Day Nate Osborn: Heroic Human Rights Activist and CounterPuncher   July 13, 2005 Brian Cloughley Cold Blooded Murders in Iraq George Galloway We Can't Separate the London Bombings from the Political Backdrop Carlos Fierro A Supreme Waste of Time Sarah Knopp Hate on the Border Norman Solomon "Isolated Pockets of Problems": the Fake Optimism of Washington's Warriors Mickey Z. Water on the Brain Jim Minick The Right Tree in the Right Place Pat Williams American Indian Education for All Andrew N. Rubin Life Behind the Wall: "We are No Longer Able to See the Sun Set" Website of the Day "London's Burning": the Mikey Mix     July 12, 2005 Laith al-Saud Voices of Resistance: an Interview with Dr. Mohammed al-Obaidi of Iraq's Peoples' Struggle Movement Kara N. Tina "This is How We Do It": Report from the Gleneagles Battlefield William A. Cook The London Bombings: Why Has It Come to This? Jack Bratich 2 Live Cruise: Tom Cruise v. Big Pharma Amina Mire The Problem with Speaking in the Name of Others Dick J. Reavis Lessons from the Christian Jihadists: the Virtues of Burning Crosses and Colored Smoke Kevin Zeese Depleted Uranium: States Take Action to Protect Their Vets Paul Craig Roberts No-Think Nation Website of the Day Coke Gags Indian Artist     July 9 / 11, 2005 Alexander Cockburn After the Bombings Uri Avnery War of the Colors in Israel Sheldon Rampton Blaming Galloway: Rhetoric vs. Reality in London Bill Christison Hiroshima's 60th Anniversary and Nukes in Iran: an Opportunity or Just More Hand-wringing from the Peace Movement? Robert Fisk Blair's Alliance with Bush Bombed Stephen Winspear Collateral Damage in London? Saul Landau Mission Accomplished: Iraq is Broken Behrooz Ghamari Thomas Friedman's Muslim Problem Karl Beitel False Promises and Real Debt Relief Brian Concannon, Jr. Throwing Gasoline on Haiti's Fires Fred Gardner Sentencing Season John Whitlow And What Does the Market Say? Niranjan Ramakrishnan The London Blasts: Who's Being Transformed, Them or Us? Lila Rajiva Witches and Bastards Laura Carlsen CAFTA: Deepening the Inequities Jackie Corr Ted Turner and Jiminy Cricket Dave Lindorff "My Brother Went Over There Gung Ho; Now He's Just Bitter" N. D. Jayaprakash Why the CIA Tried to Kill Chou En Lai at the Bandung Conference Seth Sandronsky Meet the "Truth Tour": Rightwing Radio Hosts Go to Iraq Norman Madarasz The Choking of Brazil's Worker Party Ben Tripp The Inevitability of George W. Bush Poets' Basement Louise, Albert, Landau, Davies and Engel Website of the Weekend The Mother of All Enemies Lists   July 8, 2005 Paul Craig Roberts Blowback Hits Britain: Londoners Pay Heavy Price for Blair's Deception Tariq Ali The London Bombings: Why They Happened Monica Benderman One Soldier's Fight to Legalize Morality Rick Jahnkow Beyond Opt-Out: the Counter-Recruitment Movement Christopher Brauchli Dear Vet: If You Want to Eat While You Recuperate, You Gotta Pay Extra Kim Peterson Bombs in the Underground: Terror Begats Terror Joshua Frank Leakers and Liars: Inching Toward Indictments? Norman Solomon Messages from the Carnage Website of the Day An Interview with Ray McGovern   July 7, 2005 Cockburn / St. Clair Judy Miller: the Luckiest Martyr John Walsh More Hawkish Than Bush: Dems in Full Battle Cry Mike Marqusee Message from London Gilad Atzmon London's Burning Nicole Colson Showdown at the Supreme Court Jack Random Judith Miller, Anti-Hero Norman Solomon Judith Miller, Drum Majorette for War Len Colodny Is Bob Woodward Still Protecting Al Haig? Cockburn / St. Clair Judy Miller: the Luckiest Martyr     July 6, 2005 Elaine Cassel Political Necrophilia in Florida: Jeb Bush and Terri Schiavo, a Strange Affair Sean Donahue Why the G8 Debt Relief Plan Won't Help Nicaragua's Poor Jeremy R. Hammond State Sponsors of Terrorism, Applying the US Standard Joshua Frank Will Rove be Indicted? Ali Khan The "Gift" of US Democratization Michael Dickinson Billy Graham's Final Crusade: Blessed are the Warmakers Norman Solomon How to Plunge Deeper into a Quagmire: Withdrawal and US Credibility Dave Zirin Triumph of the Shrill: Tony Blair's Olympiad Gary Leupp Accusing Ahmadinejad Website of the Day Humiliation in Baghdad: "Not Something We Would Do"     July 5, 2005 Behrooz Ghamari What's the Matter with Iran?: How the Reformists Lost the Presidency Elaine Cassel Why This Progressive Will Miss Sandra Day O'Connor Ron Jacobs Robert and Mabel Williams's Great Fight for Justice Bob Libal The Right's Assault on Academia Dr. Peter Rost Mea Culpa from a Big Pharma CEO Mark Engler The Big Debt Deal: Where's the Jubilee? Gideon Levy They Broke the Public's Heart Dave Zirin The Great Olympics Scam Sameer Dossani The Trouble with Gleneagles     July 2 / 4, 2005 Alexander Cockburn "Bomb Teheran!" Urges Jilted Condi? Lenni Brenner Jefferson, God and the Fourth of July Laura Carlsen Zapatista's Red Alert James Petras The Pretensions of Neoliberalism: Six Myths About the Benefits of Foreign Investment William A. Cook Kings of Serpents Brian Cloughley Quagmire of the Vanities Saul Landau The Mass Media, Symbols and Ownership Tom Crumpacker Who Has What to Hide About Luis Posada Carriles? Greg Moses Dylan's America Dr. Susan Block My Adelphia Story: a Tale of Censorship, Fraud, Christian Family Values and Really Lousy Cable Service Fran Shor Disassembling Bush's Iraq War: Liberated into a No Man's Land Fred Gardner Study: Smoking Marijuana Does Not Cause Lung Cancer Moshe Adler The New London Case: Corporate Giveaways That Destroy Communities, But Don't Create Jobs David Model The Downing Street Memo: So What's New? Seth Sandronsky California Spying, Schwarzenegger-Style Ramzy Baroud Managed Democracy in the Middle East Suzan Mazur Frank Carlucci the First: the "Sublime Prince" of Scranton Ben Tripp Voltaire, I Can Dig Your Rap Justin Taylor Faux Biography and the Pleasures of "Lint" Brendan Bailey Mesh Caps, Vice Magazine and the Trouble with Irony Poets' Basement Albert, Engel and Louise Website of the Weekend Radical Reference     July 1, 2005 Christopher Brauchli With Friends Like These: Bush Buddies Karimov and Musharraf Pat Williams What Real Westerners Think About Bush's Pseudo-Cowboy Palaver Gary Leupp Summer Surprise? John Stauber Mad Cow in America: the USDA Continues to Lie John Chuckman The Blessings of Canada Justicia y Paz Colombia's Disappeared: Their Names, At Least! Cockburn / St. Clair It's Put Up or Shut Up for Bush and the Dems on the Supreme Court   June 30, 2005 Kathy Kelly An Open Letter to Carl Levin: Compassion for Iraqis John Stauber Oprah Not the "Only" Mad Cow in America Virginia Rodino All Roads Lead to Baghdad: Unity in the Anti-War Movement Jason Leopold Meet the New Chair of the FERC: James Kelliher, the Man Who Invited Enron to Write Bush's Energy Policy Dave Lindorff What Was Bush Thinking? Greg Moses Racism at Cape Cod Norman Solomon Memo to the Iraq War Joshua Frank Israel's Theocrats Alexander Cockburn The Political Function of PBS   June 29, 2005 Mike Schaefer How the Washington Post Lied About Its Own War Poll Roger Burbach / Paul Cantor Bush's Big Democratic Hoax in Iraq Sharon Smith Democrats Shift into Reverse Sam Husseini A Quick Way to End the Insurgency John Stauber Put a Photo of Mad Cow #2 on a Milk Carton Ahmad Faruqui Is Militarism Irreversible in Pakistan? Linda S. Heard Bush's Speech: the View from Cairo Stew Albert Chet Helms: a Rock and Roll Hero Ray McGovern Bush at Ft. Bragg: Stay the Crooked Course     June 28, 2005 Paul Craig Roberts A Defeat Bred in Deceit Landau / Hassen Bush's Meddling in Internal Syrian Politics John A. Murphy Keeping Nader Off the Ballot: an Analysis of Political Profiling in Pennsylvania Mike Whitney More Lies from Rumsfeld: Those "Meetings" with Insurgents CounterPunch News Service JFK on Staying in Vietnam: Is Bush Reading from Kennedy's Playbook? Dave Zirin Pining for the Pistons Dave Lindorff Showtime in Washington Patrick Cockburn Iraq: a Bloody Mess     June 27, 2005 Paul Craig Roberts Blood Sacrifices for Empty Slogans Mike Marqusee G8: Who are the Hijackers? Mark Scaramella When a Corporate Raider Claims Economic Hardship: the Court-Approved Lies of Charles Hurwitz Leigh Saavedra Press Apologists for Torture Kathy Kelly Where is the UN? June 25 / 26, 2005 Alexander Cockburn The Supreme Court's Jackboot Liberals Jennifer Van Bergen America's Parallel Legal Systems George Corsetti This Land is Their Land: Condemnation for Corporations Mark Chmiel / Andrew Wimmer Let's Open the Gulag: a People's Mission to Gitmo Kevin Zeese Counter-Recruitment: How to Keep the Military From Getting their Hands on Your Kids P. Sainath Russian Roulette in Vidharbha John Stauber How to Bury a Mad Cow Scott Handleman Gay in the Third World Tom Barry The Politics & Ideologies of the Anti-Immigrationists John Walsh Looking for Peace in All the Wrong Places Justin E.H. Smith The Hairless Apes of Kansas vs. the Reality-Based Community: Why Progressives Have a Stake in the War on Evolution Alan Wallis The Story of Pinky: the Drug Trade in My Neighborhood Ben Tripp Negative Space: an Artful Lesson Frederick B. Hudson Songs to Lose Your Loneliness By: the Raised Voices of Sweet Honey in the Rock Poets' Basement Gaffney, Engel, Davies, and Albert     June 24, 2005 Ray McGovern The Downing St. Fixation: Fixing to Fix "Fixed" Jorge Mariscal "They Only Call Us Americans When They Need Us for War": the Paradox of Mexican Americans in Iraq Desiree Hellegers Portland vs. the FBI Zeynep Toufe What Do the American People Know and When Did They Know It? Joshua Frank Call Him Senator Con Job David Lindorff Which Flag Would Jesus Burn? Michael Neumann Victory and Recruitment Website of the Day Gagging Dr. Dean June 23, 2005 Christopher Brauchli Thomas Griffith and Rule 49: He Practiced Law Without a License; Now He's a Federal Appeals Court Judge Clay Conrad Killing Off the Jury with Tort Reform Standard Schaefer A Retort to Military Neo-Liberalism P. Sainath Vidharbha: No rains and 116F, But It Does Have "Snow" and Water Parks Mark Engler CAFTA Deserves a Quiet Death Norman Solomon Voluntary Amnesia in America Cockburn / St. Clair Frank Calzon Kathy Kelly Where You Stand Determines What You See   June 22, 2005 Kevin Zeese The Bush Administration's Psy-Ops on the American Public: an Interview with Col. Sam Gardiner William S. Lind Afghanistan: the Other War Arsalan Iftikhar Patriots Against the PATRIOT Act Dan Nagengast Give Populism a Chance: From France to Kansas David Krieger To the Graduates: We Live in an Interdependent World Kathleen & Bill Christison Tempest in Santa Fe: Confronting Israeli Myth-making     June 21, 2005 Brian Cloughley Destroy the Unbelievers! Mike Whitney President Disconnect Dave Lindorff Who Needs Big Bird, Anyway? Mark Weisbrot Bush's Lonely Campaign Against Hugo Chavez Matthew R. Simmons The Coming Saudi Oil Crisis Dave Zirin The Crass Slipper Fits: Ron Howard's Terrible "Cinderella Man" Virginia Rodino The Anti-War Movement and Impeachment Paul Craig Roberts A War Waged by Liars and Morons   June 20, 2005 Alan Maass The GM Job Massacre Tariq Ali To the Gates of the Gleneagles Hotel! Mickey Z. WMDs American-Style: It's 60 Years Since Alamogordo William Blum Some Things You Need to Know Before the World Ends Gary Leupp Old News Indeed: In 1999, Bush Craved Chance to Attack Iraq Jason Leopold Someone Tell Bush Iraq Wasn't Behind 9/11, Before He Starts Another War Dave Lindorff Why the Media Should be Schiavo'd Alan Maass The GM Job Massacre Uri Avnery Condi and Hamas Website of the Day Crimes Against Poetry                                                       Hot Stories Alexander Cockburn Behold, the Head of a Neo-Con! Subcomandante Marcos The Death Train of the WTO Norman Finkelstein Hitchens as Model Apostate Steve Niva Israel's Assassination Policy: the Trigger for Suicide Bombings? Dardagan, Slobodo and Williams CounterPunch Exclusive: 20,000 Wounded Iraqi Civilians Steve J.B. Prison Bitch Sheldon Rampton and John Stauber True Lies: the Use of Propaganda in the Iraq War Wendell Berry Small Destructions Add Up CounterPunch Wire WMD: Who Said What When Cindy Corrie A Mother's Day Talk: the Daughter I Can't Hear From Gore Vidal The Erosion of the American Dream Francis Boyle Impeach Bush: A Draft Resolution Click Here for More Stories.     Subscribe Online

July 27, 2005 Doomsday Approaches The End of the Housing Bubble By MIKE WHITNEY I sold my home three weeks ago anticipating what I believe will be "Economic Armageddon" in the United States. It wasn't an easy thing to do. My wife and I have lived in the same home for 25 years, raised both of our children there, and owned the property outright without any loans or mortgage. The house was paid for in "sweat-equity", that is, by wielding a shovel day-in and day-out in my one-man landscape business. I don't say that for sympathy, but to illustrate that we played by the rules, worked hard, paid our taxes, and took advantage of the American dream of home-ownership. All that has changed. I sold my home for one reason; George W. Bush. He and his protégé at the Federal Reserve have submerged the country into a morass of "unsustainable" debt, disrupted the nation's economic equilibrium and thrust us towards fiscal disaster. They've also generated a humongous housing bubble through their irresponsible and self-serving manipulation of interest rates. The facts are astonishing. The current housing bubble "is larger than the global stock market bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stock market bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history." (The Economist) The banks have lowered the standards for home loans to such an extent that the traditional loan of 20% down and a fixed interest rate is virtually a thing of the past. Instead, those conservative practices have been replaced with "creative financing" schemes that put the entire housing market at risk. Consider this: In 2004 "one-fourth of all home-buyers including 42% of first-time buyers"made no down payment". (New York Times) No down payment? Sorry, but if a buyer can't come up with at least $5 thousand dollars for a down payment, he shouldn't qualify for a home loan. Equally troubling is the fact that "nearly one third of all new mortgages this year call for interest-only payments (in California, its almost half)" (NY Times) This tells us that a large number of new buyers can barely make their payments, but are gambling that their property value will go up enough to justify their investment. This is "equity-roulette"; a shell-game that anticipates that salaries will go up while interest rates stay low. Is that a reasonable judgment? No, Greenspan has said that he will continue to ratchet up interest rates to head off inflation. This means that an economic slowdown is a near certainty. Remember, "class-warrior" Alan Greenspan lowered the prime rate to a ridiculously low 1% in 2002 to keep the economy humming-along while $300 billion was sluiced into Bush's "preemptive" war in Iraq and while the tax cuts were siphoning the last borrowed farthing out of the public coffers. The Bush tax cuts transferred an average of $400 billion dollars per year into the pockets of America's plutocrats. Now, the country is flat-broke and Greenspan will have to "incrementally" raise rates to stabilize the sagging dollar. This means a sluggish economy for most of us and doomsday for over-extended homeowners. Greenspan assumed he could carry out his plan without too much unnecessary carnage. Unfortunately, gluttonous mortgage lenders have lowered long-term loans while the prime rate continues to go up. The banks, it seems, are addicted to the "cash cow" of shaky lending and are providing even riskier loans to new applicants. This has upset the Fed-master's strategy for a "soft landing" and Greenspan has begun feverishly issuing warnings about an inevitable "adjustment" when the market bogs down. The bottom line is that the housing bubble is getting bigger by the day and increasing the potential for catastrophe. The current problem is compounded by the dramatic surge of speculation in the housing market. As "The Economist" says, "A study by the National Association of Realtors (NAR) found that 23% of all American houses bought in 2004 were for investment, not owner-occupation. Another 13% were bought as second homes. Investors are prepared to buy houses they will rent out at a loss; just because they think prices will keep rising"the very definition of a financial bubble." What will happen to these "speculative" buyers when the market "flattens out" or the economy takes a sudden dip? And, what will happen to the US economy when the jobs that depend on new home sales vanish overnight? "Over the past four years, consumer spending and residential construction have together accounted for 90% of the total growth in GDP. And over two-fifths of all private-sector jobs created since 2001 have been in housing-related sectors, such as construction, real estate and mortgage broking." (The Economist) "Two out of every five" private sector jobs are now entirely dependent on an industry that is built on pure quicksand. So, why would banks foolishly loan money to people who can't even scrap together a few thousand dollars for a down payment or who can scarcely meet their "interest-only" obligations? The reason is simple; because they are not the one's taking the risk. Mortgage loans are acquired by investment banks and chopped up into various securities where they are sold in mutual funds, hedge funds and pension funds etc. To some extent, this takes the lenders off the hook, but it also means that the shock to the system will be much more widespread when the day of reckoning finally arrives. If we encounter a major glitch in the economy the shock-waves will be felt throughout the world. "Investors now hold $4.6 trillion in mortgage backed securities. That's more than the outstanding value of the US Treasuries." (NY Times) Think about it. Shaky lending, interest-only loans, no down payments, a US government that is $8 trillion in debt due to Washington's profligate spending, and a "ticking-time bomb" of adjustable-rate mortgages that will reset within three years; the table is set for a disaster of Biblical proportions. If we hit a bump in the economic road ahead (rising gas prices? recession?) the "Land of the free" will be knee-deep in bankruptcies and foreclosures. We'll all be fighting for a soft-spot under the freeway on-ramp. The fatuous Greenspan believes that all this can be avoided by regulating the money supply. He's dead wrong, and I bet my house on it. Note: The current dilemma could have been avoided if Greenspan had incrementally raised rates as the bubble began to appear. Instead he lowered rates to facilitate Bush's war in Iraq. It was purely a political decision that "postponed" the economic pain of the conflict and allowed the Bush administration to shift the cost of the war onto future generations. Consider, also, how Greenspan paved the way for the budget-busting tax cuts (which he enthusiastically approved) and how they have increased America's debt by $3 trillion. This is real money that American workers will eventually have to pay back in the form of taxes and a higher cost of living. This "class loyalty" is strikingly at odds with his philosophy as a young man when he said, "Deficit spending is simply a scheme for the confiscation of wealth." So it is; and the $3 trillion dollars that evaporated on Greenspan's watch was in fact stolen from the American people while the Fed-chief concealed the crime behind the smokescreen of low-interest rates. In the final analysis, Greenspan will be seen as a greater traitor than Bush. Mike Whitney lives in Washington state. He can be reached at: fergiewhitney@msn.com