Bernanke Was Wrong: Subprime Contagion Is Spreading

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he $2 trillion market for mortgages not backed by government- sponsored agencies is at a standstill. That's just the beginning. Other types of mortgages are suffering. So are firms and banks that package the debt for investors. The ripples were felt in Europe and Asia, where central banks offered cash to banks amid a credit crunch. And some corporations, from countertop makers to railroads, are blaming the mortgage meltdown and housing slump for earnings that fell short of analysts' estimates.

Even a mobile-phone company, Dallas-based MetroPCS Communications Inc., says it's feeling the pinch from customers facing foreclosure. And experts such as William Ford, former president of the Federal Reserve Bank of Atlanta, say the chance of a recession is growing.

``Housing created a lot of ancillary economic activity and jobs, and now we are in the reverse process,'' says Paul Kasriel, chief economist at Northern Trust Corp. in Chicago and a former Fed economist.

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Good Ol' Bill, the Liberal Hero

The Clinton scam is symptomatic of the death of liberalism – not its narcissistic, war-loving wing ("humanitarian intervention"), which is ascendant, but the liberalism that speaks against crimes committed in its name, while extending rungs of the economic ladder to those below. It was Clinton’s promotion of the former and crushing of the latter that so inspired new Labour’s "project." Clinton, not Bush, was Cool Britannia’s true Mafia godfather. Keen observers of Tony Blair will recall that during one of his many farewell speeches, the sociopath did a weird impersonation of Clinton’s head wiggle.

Clinton is able to make a shedload a money because he is contrasted with the despised Bush as the flawed good guy who did his best for the world and brought economic boom to the US – the fabled American dream no less. Both notions are finely spun lies. What Clinton and Blair have most in common is that they are the most violent leaders of their countries in the modern era; that includes Bush. Consider Clinton’s true record:

In 1993, he pursued George H. W. Bush’s invasion of Somalia. He invaded Haiti in 1994. He bombed Bosnia in 1995 and Serbia in 1999. In 1998, he bombed Afghanistan; and, at the height of his Monica Lewinsky troubles, he momentarily diverted the headline writers to a major "terrorist target" in Sudan that he ordered destroyed with an onslaught of missiles. It turned out to be sub-Saharan Africa’s largest pharmaceutical plant, the only source of chloroquine, the treatment for malaria, and other drugs that were lifelines to hundreds of thousands. As a result, wrote Jonathan Belke, then of the Near East Foundation, "tens of thousands of people – many of them children – have suffered and died from malaria, tuberculosis and other treatable diseases."

Long before Shock and Awe, Clinton was destroying and killing in Iraq. Under the lawless pretense of a "no-fly zone," he oversaw the longest allied aerial bombardment since the Second World War. This was hardly reported. At the same time, he imposed and tightened a Washington-led economic siege estimated to have killed a million civilians. "We think the price is worth it," said his secretary of state, Madeleine Albright, in an exquisite moment of honesty.

These days, you see Good Ol’ Bill, or the Comeback Kid, as he is variously known, wiggling his head on the TV news, campaigning for his wife, Hillary, among Americans who, terminally naive, still believe the Democratic Party is theirs and that "it’s time to vote a woman into the White House." Together, the Clintons are known as "Billary" and rightly so. Like Good Ol’ Bill, Hillary wants to continue Iraq’s torment for perhaps a decade. And she has "not ruled out" attacking Iran.

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Gay linguists Fired from US Military ( Must work too cheaply)

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Around 40 Congressmen and women signed a letter to the chairman of the House Armed Services Committee, that the continued loss of such "capable, highly skilled Arabic linguists continues to compromise our national security during time of war."

Representative Marty Meehan, a Democrat from Massachusetts, serves on the House Armed Services Committee and has led the fight for repeal of the current policy towards gays in the military.

He organised the written request after it emerged that 58 Arab speakers had been dismissed under "Don't Ask Don't Tell."
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