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While the U.S. Senate predictably capitulated to the demands of Wall Street, for the first time in recent memory the House listened to the American people and blocked Paulson’s bailout of his rich buddies by U.S. taxpayers. The same House that refuses the public’s demand that the Bush regime be held accountable and its gratuitous wars halted refused to hand over $700 billion to the financial institutions whose irresponsibility has brought the U.S. to its worst economic crisis since the Great Depression.

We must be thankful for this sign that American democracy is not completely dead and supplanted by executive branch authority. However, whatever bailout package that emerges will fail unless it takes into account the following.

Any package that maintains the mark-to-market rule and permits the resumption of short-selling will undermine itself. In panic conditions without the existence of a market, the mark-to-market rule results in asset prices being driven below their values, thus eroding balance sheets and producing insolvencies. Short-selling permits short-sellers to profit by destroying the share prices of institutions suffering balance sheet problems, thus eliminating their ability to borrow and driving them into failure. A bailout, however large, that maintains the mark-to-market rule and permits short-selling will pour money into a black hole. [More]

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Video blog The Frank Factor on the U.S. finanical crisis and the way Republicans privatize profits and socialize failure. . . read more
Democrat Speaker of the House Nancy Pelosi blames the Bush administration for the mess in the U.S. financial markets. Her partisan tone has been blamed for scuttling the bailout deal in Congress. . . read more

What we are witnessing right now is the end of an era: the death of turbo capitalism, writes RENATE OGILVIE.

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Don't let Congress seal this Wall Street deal. High financial crimes have been commited... Democrat Congresswoman Marcy Kaptur wasn't happy with the attempt to drive the $700b bailout through. . . read more
Republican Congressman Michael Burgess claims Republicans were cut out of the process and called unpatriotic for not blindly supporting the fraudulent financial bailout. He also said the Speaker had declared martial law. . . read more

Time is short, but even at this late date, it would be a simple matter to impeach the president on some issues... President Bush has essentially dared Congress to act, admitting that he openly violated the FISA law - a felony, and openly admitting that he has refused to enact laws passed by the Congress, claiming a power - unitary executive authority - not even mentioned in the Constitution. He has openly admitted to having known about, and approved, “enhanced interrogation techniques” devised by his subordinates - techniques like waterboarding which clearly violate the Geneva Conventions and U.S. law. No hearings would be required to establish these high crimes and misdemeanors. They could simply be voted on by an Impeachment Committee and sent to the full House for a vote.

Even if there were no time for a Senate trial, the simple act of impeaching the president for one or more abuses of power would serve notice on future presidents that future such abuses would not be tolerated. Failure to do so, and allowing this administration to leave office unimpeached, would send the opposite message: that Congress is no longer a co-equal branch of government, but is merely a consultative body, at best, and that a president is in effect a dictator.

That Pelosi buckled and permitted a hearing on impeachable crimes by the Bush/Cheney administration is a major victory for the impeachment movement, but it must not be the end of the line... As former Republican representative Bob Barr, now the Libertarian candidate for president, told Friday’s hearing, “We had a nuclear clock during the Cold War. In the ‘90s we had a debt clock. Now we have a Constitution Clock.” That clock is getting close to midnight, and it is ticking. [More]

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American Veterans for Peace confront Democrat Congressional Chairman Conyers over his indecision to move forward with the impeachment of President George W Bush and Vice President Dick Cheney. . . read more

U.S. Special Operations Forces have been conducting cross-border operations from southern Iraq, with Presidential authorization, since last year. These have included seizing members of Al Quds, the commando arm of the Iranian Revolutionary Guard, and taking them to Iraq for interrogation, and the pursuit of "high-value targets" in the President's war on terror, who may be captured or killed. But the scale and the scope of the operations in Iran, which involve the CIA and the Joint Special Operations Command (JSOC), have now been significantly expanded, according to the current and former officials and some congressional leaders have had serious questions about their nature.

Under U.S. Federal law, a Presidential Finding, which is highly classified, must be issued when a covert intelligence operation gets under way and, at a minimum, must be made known to Democratic and Republican leaders in the House and the Senate and to the ranking members of their respective intelligence committees - the so-called Gang of Eight. Money for the operation can then be reprogrammed from previous appropriations, as needed, by the relevant congressional committees, which also can be briefed.

"The Finding was focussed on undermining Iran's nuclear ambitions and trying to undermine the government through regime change", a person familiar with its contents said, and involved "working with opposition groups and passing money"... Some members of the Democratic leadership - Congress has been under Democratic control since the 2006 elections - were willing, in secret, to go along with the Administration in expanding covert activities directed at Iran, while the Party's presumptive candidate for President, Barack Obama, has said that he favors direct talks and diplomacy. [More]

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Congressman Denis Kucinich has re-introduced Articles of Impeachment for George W Bush including criminal intent for conflating the attacks of 9/11 with misrepresentation of Iraq as a security threat as part of fraudulent justification for a war of aggression. . . read more
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Now our planet itself is in peril. Not simply the Earth, but the fate of all its species, including humanity. The situation calls not for hand-wringing, but rather informed action.

Optimism is fueled by expectation that decisions will be guided by reason and evidence, not ideology. The danger is that special interests will dilute and torque government policies, causing the climate to pass tipping points, with grave consequences for all life on the planet.

The President-elect himself needs to be well-informed about the climate problem and its relation to energy needs and economic policies. He cannot rely on political systems to bring him solutions - the political systems provide too many opportunities for special interests.

Here is a message I think should be delivered to Barack Obama. This is a first draft. Criticisms would be much appreciated.

Climate threat. The world's temperature has increased about 1°F over the past few decades, about 2°F over land areas. Further warming is "in the pipeline" due to gases already in the air and the inevitable additional fossil fuel emissions.

Effects already evident include:

1. Mountain glaciers are receding worldwide and will be gone within 50 years if CO2 emissions continue to increase. This threatens the fresh water supply for billions of people, as rivers arising in the Himalayas, Andes and Rocky Mountains will begin to run dry in the summer and fall.

2. Coral reefs, home to a quarter of biological species in the ocean, could be destroyed by rising temperature and ocean acidification due to increasing CO2.

3. Dry subtropics are expanding poleward with warming, affecting the southern United States, the Mediterranean region, and Australia, with increasing drought and fires.

4. Arctic sea ice will disappear entirely in the summer, if CO2 continues to increase, with devastating effects on wildlife and indigenous people.

5. Intensity of hydrologic extremes, heavy rains, storms and floods on the one hand, and droughts and fires on the other, are increasing. Some people say we must learn to live with these effects, because it is an almost god-given fact that we must burn all fossil fuels. But now we understand, from the history of the Earth, that there would be two monstrous consequences of releasing the CO2 from all of the oil, gas and coal, consequences of an enormity that cannot be accepted. One effect would be extermination of a large fraction of the species on the planet. The other is initiation of ice sheet disintegration and sea level rise, out of humanity's control,eventually eliminating coastal cities and historical sites, creating havoc, hundreds of millions of refugees, and impoverishing nations.

Recent evidence reveals a situation more urgent than had been expected, even by those who were most attuned.

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12 oct

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I really like the quality of your content. It's remarkably consistently intelligent. Since I live in the American West a great deal is irrelevant for me personally, but its still worthwhile for the rest. Thank you :) - Anna 

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 Re: Bush: "Don't turn inwarddue to crisis"

Great slice and dicing of an addled administration in its age of collapse. A few rapier hits with Track Changes and Bush and Rice stand naked in cyberspace. Pity they can't hear the laughter. Can we have some more...? - Trish

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 Re: Fidel Castro's Blog

The international community is very close to resume diplomatic relations with Cuba. It will be interesting to see how it plays out. http://machete.gummyprint.com/cubas-reforms-solidarity-in-latin-america-and-declining-us-influence/ - Jonathan

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Re: No God higher than truth

Even tho' I believe truth is flexible under certain circumstances, I still relish Richard Neville's take on disinformation & the U.S military's pitiless war on civilians. Mainly I write to endorse his praise of the SBS series, The First Australians - edgy, balanced, enlightened. Unlike most commentators, this old hippie connects the dots - Emma
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