From The Dissident Voice
By Heather Wokusch

The lack of oversight characterizing both the Bush administration and crony capitalism have bankrupted the U.S. and created the need for perpetual war. With Cheney stirring up trouble over Iran, we can’t wait until November 2008 to fight back.

Toxic economy

Take the Fed’s recent $30 billion bailout of Bear Sterns. Why throw taxpayer dollars at a company with massive amounts of “toxic waste” on its books, created largely through reckless behavior chasing short-term profits?

Reigning in Wall Street would make more sense. Force investment banks to disclose off-balance-sheet risks and put aside substantial reserves, at minimum.

But no, the Fed instead hands Wall Street taxpayer dollars. Moral hazard be damned.

Bear Sterns won’t be the only bailout — the precedent has been set. We are looking at the start of a wealth transfer from normal Americans to large and unaccountable financial institutions.

And the cancer is spreading. In the same way that subprime mortgages have become toxic for major investment banks, the U.S. dollar has become toxic for overseas creditors.

Read more Legacy

From CounterPunch
By Paul Craig Roberts

The US Congress, the US media, the American people, and the United Nations, are looking the other way as Cheney prepares his attack on Iran.

If only America had an independent media and an opposition party. If there were a shred of integrity left in American political life, perhaps a third act of naked aggression–a third war crime under the Nuremberg standard–by the Bush Regime could be prevented.

On March 30, the Russian News & Information Agency, Novosti, cited “a high-ranking security source: “The latest military intelligence data point to heightened US military preparations for both an air and ground operation against Iran.”

According to Novosti, Russian Colonel General Leonid Ivashov said “that the Pentagon is planning to deliver a massive air strike on Iran’s military infrastructure in the near future.”

The chief of Russia’s general staff, Yuri Baluyevsky, said last November that Russia was beefing up its military in response to US aggression, but that the Russian military is not “obliged to defend the world from the evil Americans.”

On March 29, OpEdNews cited a report by the Saudi Arabian newspaper Okaz, which was picked up by the German news service, DPA. The Saudi newspaper reported on March 22, the day following Cheney’s visit with the kingdom’s rulers, that the Saudi Shura Council is preparing “national plans to deal with any sudden nuclear and radioactive hazards that may affect the kingdom following experts’ warnings of possible attacks on Iran’s Bushehr nuclear reactors.”

Read more Iran

From The Consortium News
By Ray McGovern

Events of the last week offer a metaphorical glimpse at the delusion pervading President George W. Bush’s White House and other enclaves of Iraq War supporters in Washington.

Bush and the First Lady spent last Monday clowning with the Easter Bunny (White House counsel Fred Fielding having donned the costume).

At the American Enterprise Institute, war-cheerleaders – dressed as academicians – were delivering a panegyric on how peaceful and stable the situation in Iraq had become. The “surge,” they announced, had nipped a civil war in the bud.

“The civil war is over,” AEI’s Fred Kagan, co-author of the surge, declared proudly. Brookings twins Michael O’Hanlon and Kenneth Pollack led the cheering section.

Meanwhile, back in the southern Iraq city of Basra and elsewhere, full-blown civil war seemed about to explode. And in Baghdad, formerly protected folks were getting killed by mortar and rocket fire in what is customarily referred to as “the highly fortified Green Zone,” which has sequestered U.S. embassy and military officials as well as those of Prime Minister Nuri al-Maliki’s government.

Two American officials and two Iraqi guards of Sunni Vice President Tareq al-Hashemi died in the Green Zone attacks.

At ABC in New York, Good Morning America’s Diane Sawyer was trying hard Thursday to understand it all.

Shaking her head in disbelief after four straight days of attacks on the Green Zone, she asked how a round “can actually get inside the embassy; how fortified is that?”

Read more Dancing Bush

From The Washington Post
By Dan Froomkin

There’s a reason President Bush almost never appears before members of the general public: They really don’t like him.

Despite the delirious mood of Washington Nationals fans on opening night at their new stadium, Bush was greeted with loud boos when he came to the mound to deliver the traditional first pitch.

Video from the Washington Times indicates that the boos were lusty. An ESPN video, via ThinkProgress.org, is more of a mixed bag of boos and cheers. But in additional Youtube videos from fans in right field and high above first base the boos had it.

It was a rare moment for Bush, who avoids public expressions of disagreement by appearing almost exclusively before carefully selected audiences. In fact, this is the first time in years I can recall him appearing before the unscreened masses. Far more typical are events like his most recent Thanksgiving address. As I wrote then, even when he was talking about something as uncontroversial as the essential goodness of our country, he wanted his audience prescreened for obsequiousness.

Back during Bush’s Social Security barnstorming, University of Texas political scientist Jeffrey K. Tulis noted: “Certainly, in the past, presidential advance teams have on occasion taken steps to assure friendly audiences. It has not been uncommon for presidents to seek invitations to speak at friendly venues. But systematically screening audiences. . . . may be a new phenomenon, and one that the president should be asked to defend and justify in terms of his constitutional obligations.”

Truly, it’s one of the most blatant, indefensible examples of how Bush has turned his into the most divisive of presidencies.

Read more Boos

From Crooks and Liars
By Silent Patriot

With all the talk lately of whether or not certain presidential candidates have passed the “Commander-In-Chief” test, Keith delves into the issue to figure out exactly what are the qualifications for this exam.

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From In These Times
By David Sirota

Google the phrase “Clinton firewall” and you will come up with an ever-lengthening list of scenarios that Hillary Clinton’s presidential campaign has said will stop Barack Obama’s candidacy. The New Hampshire primary, said her campaign, would be the firewall to end Obamamania. Then Super Tuesday was supposed to be the firewall. Then Texas. Now Pennsylvania and Indiana.

For four months, the political world has been hypnotized by this string-along game, not bothering to ask what this Clinton tactic really is. The “just wait until the next states” mantra has diverted our attention from the firewall’s grounding in race and democracy. But now, with only a few months until the Democratic National Convention in Denver, the firewall’s true composition is coming into focus. Whether Obama can overcome this barrier will likely decide who becomes the Democrats’ presidential nominee.

The Race Chasm

Since at least the South Carolina primary, the Clinton campaign’s message has been stripped of its poll-tested nuance and become a rather crass drumbeat aimed at reminding voters that Obama is black. Whether it is former President Clinton likening Obama’s campaign to Jesse Jackson’s; Clinton aides telling the Associated Press that Obama is “the black candidate,” or Geraldine Ferraro tapping into anti-affirmative action anger by claiming Obama’s success is a product of his skin color, barely a week goes by without a white Clinton surrogate injecting race into the nominating contest.

That is one of the twin pillars of the Clinton firewall—a well-honed strategy aimed at maximizing “the Race Chasm.” The Race Chasm may sound like a conventional discussion of the black-white divide, but it is one of the least-discussed geographic, demographic and political dynamics driving the contest between Clinton and Obama. I call it the Race Chasm because of what it looks like on a graph. Here’s how it works.

Read more Firewall

From Salon
By Glenn Greenwald

In a lengthy and largely (though not completely) admiring profile of John McCain, Newsweek’s Michael Hirsh writes:

Lieberman, [McCain’s] fellow centrist, recently seems to have assigned himself the role of McCain’s monitor. Just two weeks ago, when McCain mistakenly said Iran was training Al Qaeda in Iraq fighters, it was the Connecticut senator who again pulled him aside, gently reminding him that the Iranian regime has been accused of training fellow Shiite extremists, not Sunni Al Qaeda.

(There’s that generous and patently false “McCain-was-merely-mistaken” media defense again). And there’s also this:

There is much to like in both McCains. He’s pragmatic in the service of the national interest; he rises to passion when he believes that America’s best values are at stake. Even some of those who fret about his zeal and temper say they plan to vote for him (just as many ultraconservatives who worry about his centrism say they’ll reluctantly pull the lever as well).

And here’s the glorifying headline:

The World According to John McCain

He’s both the consummate pragmatist and a zealous crusader for causes he feels just. The question is which America needs now.

At the very core of the media’s reverence for John McCain is the blatant, tired myth that he’s a “centrist.”

Read more Fallacy

From Think Progress
By Ben

Referring to Sen. Barack Obama’s (D-IL) recent speech on race while speaking with a group of journalists last week, Secretary of State Condoleezza Rice said the U.S. “still has trouble dealing with race because of a national ‘birth defect’ that denied black Americans the opportunities given to whites at the country’s very founding.” Rice added that this “birth defect” makes it “hard for us to talk about it, and hard for us to realize that it has continuing relevance for who we are today.”

When asked to respond to Rice’s remarks on the Situation Room last Friday, CNN host Lou Dobbs became agitated. TPM’s Josh Marshall noted that Dobbs explained “how he’s sick of ‘cotton pickin’ black leaders telling him how he can and can’t talk about race (he catches himself at the last minute — sorta).”

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From CounterPunch
By Mike Whitney

It is being billed as a “massive shakeup of US financial market regulation”, but don’t be deceived. Treasury Secretary Henry Paulson’s proposals for broad market reform are neither “timely” nor “thoughtful” (Reuters) In fact, its all just more of the same free market “we can police ourselves” mumbo jumbo that got us into this mess in the first place. The real objective of Paulson’s so called reforms is to decapitate the SEC and increase the powers of the Federal Reserve. Same wine, different bottle. Paulson’s motive is to preempt any regulatory sledgehammer that might descend on the entire financial industry following the 2008 election. There’s growing fear that an incoming Democrat may tote a firehose down to Wall Street.

If Paulson’s plan is approved in its present form, Congress will have even less control over the financial system than it does now and the same group of self-serving banking mandarins who created the biggest equity bubble in history will be able to administer the markets however they choose without the inconvenience of government supervision. That’s exactly what Wall Street, the Treasury Secretary and the folk at the Fed want; unlimited power with no accountability.

Paulson is expected to lay out guidelines and principles that are intended to help regulators supervise the financial markets. According to AFP:

“The President’s Working Group on Financial Markets said the current regulatory structure is working well despite calls by some US lawmakers.”

In other words, the failing banking system, the housing meltdown, and the frozen corporate bond market are all signs of a robust financial system? This may be the most ludicrous statement since “Mission accomplished”. The system is imploding and people are being hurt by the fallout. Thirty years of industry-led lobbying has dismantled the (admittedly frail ad porous) regulatory regime which made US financial markets the envy of the world. Whatever credibility and transparency once existed were washed out in the Clinton era, as with Glass-Steagall and government oversight of the explosive growth of over-the counter derivatives instruments. Now the system is prey to all types of dodgy debt instruments, suspicious “dark pool” trading and off-balance sheets operations which further reinforce the belief that cautious investment is no better than casino gambling.

Read more Fixit Plan

From TruthOut
By Dean Baker

To help advance his 1980 presidential campaign, Ronald Reagan invented the “welfare queen;” a woman who drove to pick up her check every month in a Cadillac. This mythical figure helped galvanize support among working class whites who felt that their tax dollars were being frittered away on people too lazy to work, most of whom they believed to be black.

There was little truth to the mythology of the welfare queen, the vast majority of welfare stints were always short and were usually the result of family breakups or job loss. Furthermore, welfare never amounted to more than a trivial item in the federal budget, coming in near one percent of total spending. And, most welfare beneficiaries were white. But the welfare queen mythology proved to be an effective political tool, propelling Reagan to an election victory and boosting Republican prospects over the next two decades.

But the old welfare queen mythology has run out of steam. The Republicans are victims of their own success. Welfare rolls have plummeted in the decade following the 1996 welfare reform. Work requirements and harsher qualification rules make it hard to sell the image of a whole class of lazy freeloaders.

If the welfare queen is dead, then it’s time to say, “Long live the welfare king.” This person really exists, his name is James E. Cayne, and taxpayers just handed him almost $50 million. Mr. Cayne got this gift when J.P. Morgan renegotiated the terms of its takeover of Bear Stearns. The buying price went up fivefold, fetching Bear Stearn’s stockholders $1.2 billion instead of the $236 million in the agreement brokered by the Fed last week.

While Bear Stearns shareholders may still have been unhappy about their losses even at the higher price (the stock had been worth more than ten times as much a year earlier), in reality this was a very generous gift from US taxpayers. As an inducement to carry through the takeover, the Fed gave J.P. Morgan up to $30 billion in guarantees, in case the bank has to make good on Bear Stearns’ liabilities. In other words, J.P. Morgan is being given the opportunity to do some gambling, with the taxpayers committed to making good any losses. The money that J.P. Morgan paid for this privilege went to Bear Stearns shareholders, not the taxpayers.

Read more Welfare King