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Home

Paulson's Plan is a Fraud

Why Paulson's Plan is a Fraud
by Paul Craig Roberts
Is the Paulson bailout itself as big a fraud as the leveraged subprime mortgages?

Yesterday, here on CounterPunch, I discussed the bailout as proposed and noted that the proposal cannot succeed if it impairs the US Treasury’s credit standing and/or the combination of mark-to-market and short-selling permits short-sellers to prosper by driving more financial institutions into bankruptcy.
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House Re-votes on Bailout, New Concerns Raised

As House Re-votes on Bailout, New Concerns Raised
by Danny Schechter
How quickly the news frame changes. Discussions of the bailout have given way to speculation about the Palin-Biden debate or NY Mayor Michael Bloomberg's decision to run for a third term.
 
Even a good old apocalyptic crisis only gets its 15 seconds of fame these days. Today, the House votes again.
 
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A Bill Too Far: Threatening War Measures Should Bailout Fail

House Representative Claims Threat of Martial if Bailout Bill Fails
by C-Span 
California Democratic House representative, Brad Sherman claims he and other members were told martial law would follow a "No" vote on Monday's failed bailout package.
 
The sky didn't fall as predicted, but the U.S. Senate has broken with normal procedure and rushed a revised package through, leaving an even bigger bailout bill for the House to vote on today.
 
 
 
Again, the bill is touted as a make or break move for the American, and World economy. - lex
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Reviewing 'No Innocent Bystanders - Riding Shotgun in the Land of Denial'

Reviewing 'No Innocent Bystander - Riding Shotgun in the Land of Denial' by Mickey Z.
by Joel S. Hirschhorn
It is never easy to communicate wisdom. Even more difficult to do so in an engaging way that makes it very, very easy to read and understand. Mickey Z. has accomplished this difficult task in his new book No Innocent Bystanders.
 
This book is designed to reach deep into a person’s consciousness, pierce normal psychological defenses, and overcome a lifetime of facile rationalizations. This is a book to inspire a revolution spirit in Americans, the kind needed to achieve what Thomas Jefferson had the wisdom to say our nation would need: a revolution every generation or so.
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Iraq: Creating "Paradise" in Hell

Iraq: They Make It a Desert and Call It Peace
by Eric Margolis
Those Wall Street financial alchemists who turned garbage into gold must have helped John McCain prepare for his debate with Barack Obama last Friday.

Senator McCain’s insistent claims that the US is winning the war in Iraq thanks to his "surge" strategy are the military-political equivalent of the junk securities that Wall Street’s shady financiers have been selling around the globe.

McCain successfully peddled this latest untruth about Iraq on Friday night with skill and verve. Sen. Barack Obama mostly let him get away with it. 
 
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Somalia's "Rendition" Pipeline

Update: Not a Report on the Bristol Palin-Britney Spears Sex Tape
by Chris Floyd 
Here is a follow-up to yesterday's post about Somalia. The BBC has a report from inside "Africa's Guantanamo," the Ethiopian prison where refugees fleeing the American-backed invasion of Somalia were "renditioned," often with help of U.S. agents.

[Yes, I know that no one cares about this. I know that the fact that thousands of Somalis have been slaughtered and millions more driven into suffering and desolation by a vicious war being conducted at every step with American assistance, in America's name -- in your name, if you're an American -- is not nearly as important as whether or not Joe Biden strikes the proper tone in his "debate" with Sarah Palin tonight. I know that even to most true-blue "progressives," the Somalis are non-people -- except when they show up as wild-eyed beserkers on late-night re-runs of "Black Hawk Down." I know that every time I write about Somalia, the traffic for the site plummets like the stock of a clapped-out merchant bank just before it gets a government bailout. But I don't really care. With the full approval of the entire bipartisan political elite, America is breeding death, hate, extremism and a hellish storm of blowback through its actions in Somalia. You might not give a damn that this evil is being wrought in your name, but I do. So here's more.]
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A Bailout to Bail Out the Bailout?

Will it Take a Bailout to Bail Out the Bailout? What's Next?
by Danny Schechter
The crisis is deepening. The Senate tacked on $150 BILLION in tax cuts and a rise in FDIC insurance–something banks have NOT been paying for, by the way– and passed the bailout 74 to 25 with Obama, Biden and McCain voting yes.
 
Senator Kennedy was not there. 9 Dems said no along with Vermont independent Bernie Sanders.
 
The NY Times notes the bill does “little to avert foreclosures or defaults.” The Times introduces a new figure saying now that SIX MILLION homeowners are expected to default. The House votes Thursday or Friday.
 
The Wall Street Journal reports the Fed is considering another rate cut. “as recession fears mount.”
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Keeping Media Safe for Big Business

Intellectual Cleansing: Part I - Keeping Media Safe for Big Business  
by Media Lens
Martin Tierney is one of a tiny number of mainstream journalists willing to review our book, 'Guardians of Power'. In June 2006, he published an accurate outline of our argument in the Herald, commenting: "It stands up to scrutiny."

He added that we "do not see conscious conspiracy but a 'filter system maintained by free market forces.'" "After all it wouldn't be appropriate to show the limbs of third world children during Thanksgiving as it would only remind consumers who was really being stuffed."

Exactly so. But if no conspiracy is involved, how on earth does the market manage to filter dissident views with such consistency?
 
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American People vs. U.S. Senate

The American People vs. The Bailout of Wall Street Crooks
by Nader '08
In late September,  Senator Obama said to the Democrats – vote for the bailout. Senator McCain said to the Republicans – vote for the bailout. President Bush said to the Congress – vote for the bailout.

But the American people were fed up. They told their members of Congress – if you vote for the bailout, we will vote against you.

 
 
 
 
And now, the action is shifting from the corporate occupied territory of Washington, D.C., back to the country. Where the uprising continues. Nader/Gonzalez is taking the lead. Standing with the American people. Against the corporate Republicans and corporate Democrats.
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Hassan Almrei's Secret Trial

Secret Trials Hearing in Toronto October 2nd 
via Katherine Hughes
"Syrian refugee Hassan Almrei is the last of Canada's secret trial detainees to remain behind bars at the notorious Kingston Immigration Holding Centre, aka Guantanamo North.
 
This October, he is again applying for bail, and needs your support. If you are near Toronto, please consider coming to court and supporting Hassan's constitutional challenge to his indefinite detention.
 
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Bipartisan Terror War Intensifies in Somalia

Silent Surge: Bipartisan Terror War Intensifies in Somalia       
by Chris Floyd     
In the recent presidential "debate," both candidates expressed their eager, unstinting, even feverish support for the so-called "War on Terror" being waged by Washington and its proxies around the world.

Indeed, throughout the entire campaign, Barack Obama and John McCain have repeatedly pledged their fealty to the Terror War, and all that it entails: an even larger war machine (with even more public boodle for war profiteers); a continued military presence in Iraq (under one guise or another); a substantial expansion of the hate-fomenting war in Afghanistan (with a concomitant raise in "collateral damage"); an extension of that war into Pakistan (destabilizing and radicalizing a fractious state with a nuclear arsenal); pressing ever closer to the threshold of war with Iran (with bellicose threats, blockades and demonizing propaganda); establishing even more military satrapies to exercise dominion over the regions of the earth (including new proconsular commands for Africa and the United States itself); and -- as we have noted here over and over -- the bloody rendering of Somalia into a boiling, hellish cauldron of slaughter, suffering and chaos.

Somalia is the invisible third front of the Terror War, an American-backed "regime change" operation launched by the invading army of Ethiopia and local warlords in December 2006. In addition to helping arm, fund and train the army of the Ethiopian dictatorship, the United States has intervened directly into the conflict, carrying out bombing raids on fleeing refugees and nomads, firing missiles into villages, sending in death squads to clean up after covert operations, and, as we reported here long ago, assisting in the "rendition" of refugees, including American citizens, into the hands of Ethiopia's notorious torturers. [See note below for more links.]
 

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