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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 CounterPunch DiaryMcCain and Sarah Palin: Till Death Do Them Part? And If So, How Soon? Is McCain A Lot Sicker Than We Know?By ALEXANDER COCKBURN In the crucial final weeks of the campaign John McCain is mostly doing only one event a day. This is the man of whom his primary care physician at the Mayo Clinic in Arizona, said to journalists in a conference call last May 23: “At the present time, Sen. McCain enjoys excellent health and displays extraordinary energy.” He looked tired and sick in the second debate in Nashville. As Sarah Palin rabble-rouses the crowds with calls for Obama to be forthright, she may be wondering, “how forthright has John McCain been with me? If he wins on November 4, will I be president in six months or a year?” But if McCain’s battle with melanoma has suddenly turned critical, wouldn’t his doctors feel compelled to divulge their knowledge about the candidate? The answer is No. The legal penalties under HIPPA (the medical privacy act) for disclosure of protected health information, without that patient’s consent, are extremely serious. No one is more under day-to-day scrutiny than the President. When Reagan ran for re-election he already knew he had colon cancer and that was kept quiet until after he won. In health matters, secrecy often wins out in the political crunch. What follows are the essentials of a story by Fred Gardner and myself in the latest issue of our CounterPunch newsletter. In the past fifteen years, John McCain has had four melanomas removed. The most dangerous was the one taken from his temple in 2000, classified by his doctors as an invasive melanoma, stage IIA, on a standard scale that makes stage IV the most serious. The 2000 surgery left McCain not only with a puffy jaw but also with a scar down his neck. Dr Eckstein’s public statement, released May 24 of this year, stated:
A press conference at the same time received relatively upbeat treatment. The New York Times’ medical correspondent, Dr. Lawrence Altman, sharing a byline with Elisabeth Bumiller, informed readers the next day, May 24, 2008: “Sen. John McCain, 71, is in excellent health and shows no evidence of the recurrence of the melanoma skin cancer that led to extensive head and neck surgery in 2000, McCain’s doctors said Friday.” The McCain campaign had just allowed three-hour access by a group of reporters to 1,173 pages of medical records. They were not allowed to make any copies or take any of the materials out of the room. Reporters did note that two pathologists at the Armed Forces Institute of Pathology who examined the melanoma specimen from McCain’s left temple in 2000 suggested there were two melanomas on his temple, not one, as his doctors had said publicly at the time. "Two experts in the field, who reviewed the report,” wrote Altman and Bumiller “said it was unclear whether the melanoma on McCain’s temple had metastasized from another, or whether there was one new primary melanoma. If the spread was through the nearby melanoma, then there is greater risk to McCain than the public has been led to believe, said Dr. Lynn Schuchter, a melanoma expert at the University of Pennsylvania, and Dr. Mohammed Kashani-Sabet, director of the Melanoma Center at UC San Francisco.” For stage IIA melanoma, the survival rate 10 years after diagnosis is about 65 per cent. But the outlook is much better, as McCain’s doctors noted, for patients who have already survived more than seven years. Dr. Suzanne Connolly, McCain’s dermatologist at the Mayo Clinic, told reporters that there was “no crystal ball to predict with certainty” if McCain’s cancer would return, but she put the chance at less than 10 per cent at this stage in his life.” On September 20, 2008, CounterPunch was contacted by a reader in Washington, D.C., reporting conversations pointing to a dramatic, recent worsening in McCan’s medical condition and prognosis. Though pressed by CounterPunch the reader insists on remaining anonymous. Over the course of several exchanges with our reader, we can report the following. An official in the National Institutes of Health, well known to our reader, has confided to her that in an informal conversation with a doctor in a California hospital the NIH official had learned that there had been a metastasis of McCain’s melanoma, and that this had come to light in a checkup in the past few weeks. Urged to reconfirm this news and to provide further details, our reader pressed the NIH official for more details and reported back to us on September 26 that after she had asked the NIH official to verify the details, the official:
Attempting to confirm this intelligence, CounterPunch contacted four physicians, none of whom want to be identified. Two remarked the subsidence of swelling in McCain’s left jaw in recent months. A UC San Francisco cancer specialist said, “It looked to me like he had something going on in his left jaw for a long time, and then it appeared much less puffy in the last few months. My theory was that he had gotten some radiation therapy. It was way pooched out compared to what it is now. He used to not show his left side on camera. And then he appeared to be going head-on. So my guess was that he had had some radiation.” An East Coast oncologist said of John Wayne Cancer Institute in Santa Monica, California, “That would be the place he’d go because the world’s expert surgeon for melanoma, Donald Morton, is there.” Dr. Morton, while head of surgical oncology at UCLA, developed a technique that minimizes the number of lymph nodes that must be removed during biopsies. A Los Angeles radiologist put the question of McCain being treated directly to two colleagues at John Wayne. “They said ‘no,’ but I had the strong impression they weren’t being forthright. I’ve known these guys 30 years and I sensed from their tone that they weren’t leveling with me.” You can get the full article by myself and Fred Gardner by subscribing to our newsletter. So subscribe now. Threat of Martial LawOn October 2, Representative Brad Sherman, a California Democrat and opponent of the bailout, stated in the House that members of Congress were threatened that “there would be martial law in America if we voted no.” A day earlier, here onCounterPunch, Doug Valentine had pointed out that George Bush was equipped with such powers, having issued in May 2007 National Security Presidential Directive 51 and Homeland Security Presidential Directive 20. These directives gave Bush the authority to assure the “Continuity of Government" in the event of a “Catastrophic Emergency”— which resulted in, among other things, some extraordinary disruption of the economy. By a pleasing coincidence amid these dramatic events, the Army Times reported on September 30 that the 3rd Infantry Division’s 1st Brigade Combat Team, lately in Iraq, would be employed October 1 on US soil "under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks." This new mission, wrote the Army Times' Gina Cavallaro, marks "the first time an active unit has been given a dedicated assignment to NorthCom." Obama helped arm-twist recalcitrant Democrats, particularly in the Congressional Black Caucus, to vote for the Paulson bailout, in the national interest, the line urged on House members by Speaker of the House Nancy Pelosi and Barney Frank. Sarah Palin’s Tax Returns Professors of accounting are being wheeled on to denounce the Palins for improper deductions and unreported income. What mostly interests me is that the Governor Palin and the First Dude use H&R Block to prepare their returns. I’ll bet Joe Biden, always eager to assert his credentials as a regular working stiff, doesn’t use H.&R. Block. Biden claims he spends a lot of time at Home Depot and I doubt that too, because if he did he wouldn’t have shown up for his debate with Sarah. He ‘d still be somewhere halfway down Aisle 19 in a Home Depot, waiting for someone to help him find the tile grout. Anyway, Sarah should hire Arianna Huffington’s accountant, assuming the fellow has time for any other client. McCain and Palin are whacking Obama for his ties with the Weather Underground. Obama’s defenders point out that at the time Bill Ayers and his wife Bernadine Dohrn were active in the 1960s, Obama was 8. So? I remember an antiwar newspaper some time in the late 1960s featuring a photo of a young kid standing beside a railroad line holding a chunk of metal and the caption said something like, “Youngster holds the steel pipe with which he derailed an arms cargo.” Is Sarah a racist? We had a piece on this site last week by Linn Washington Jr citing jazz musician Charles Greg Royal as saying in the National Press Club in Washington, DC that in 1990, when performing with the Duke Ellington Band in Anchorage, trombonist Royal struck up a conversation with a woman at a fast food restaurant who initially identified herself as Sarah. During that conversation, according to Royal. Sarah told him her last name was Heath, He also says Sarah’s whole manner changed when fellow band members came over. He asked her if anything was wrong. According to Royal, Heath’s response to his inquiry was, “Excuse me, but I don’t mess with black men.” Royal says he told Heath, “I’m a black man” and Sarah responded, “But, you’re not really black.” Royal, who told Washington he was trying to “hit on” Sarah, says he ended the conversation telling her not to worry about it and have a nice day. Hmm. Eighteen years… Young Sarah certainly made an impression on Royal. How much do you remember what you said to anyone after a concert eighteen years ago? And how does this charge of racism square Palin’s enthusiasm for the Kenyan witch exorcist? On the other hand, her gubernatorial record on minorities and natives in Alaska is poor. Odd, considering the First Dude is a quarter Yup’ik. I’ve had a few notes chiding me for seeming indulgence towards the governor of Alaska. My take is more or less that of a friend of Steve Conn, who quite rightly congratulated him for his excellent pieces on Palin on this site. The friend wrote to Conn:
Biden is the guy who pretty much singlehandedly, on behalf of MBNA -- the largest employer in Delaware, also the largest independent credit card company in the world, major contributor to Biden and sometime employer of Biden's son -- swung the Democrats in the Senate behind the credit card bill in 2005 which makes it impossible for Americans to go bankrupt and get clear of their debts. Think how many people are going to go bankrupt in the years ahead. As Eric Nguyen points out in an Friday NYT op ed: Lenders have been foreclosing on about 250,000 homes every month this year — one every 10 seconds. And among the hardest-hit Americans have been families with school-age children. Many of those families file for bankruptcy; indeed, nearly two-thirds of those trying to save their homes in bankruptcy have young children. Yet our laws make it especially difficult for families to keep their homes. Thank you, Joe Biden. Of that bankruptcy bill Biden said in the debate, "I though the glass was half full; Obama thought it was half empty." And then of course Obama voted against establishing interest rate caps and said of the bailout that it should NOT include bankruptcy reform. Only in CounterPunchCounterPunchers know that two and three years ago our writers were predicting the global crash that is now overwhelming markets and terrifying the citizens. Week by week Gabriel Kolko, Paul Craig Roberts, Mike Whitney, Michael Hudson and our other regular contributors have described the underlying fissures, the explosion of “securitized debt”, the huge credit overhang. Sometimes we were chided for excessive alarmism, party poopers at Belshazzar’s Feast. Not any more. In our latest newsletter we feature a brilliant essay by Michael Hudson on the Doomed Bailout, the collapse in Congress and What Has to be Done. You want to read Hudson? You want to help CountrerPunch bring you this daily, free site? SUBSCRIBE NOW!
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