October, 09 2008, 01:35pm EDT
Markets Continue To Unravel
James Galbraith on What Needs To Be Done About The Financial Crisis
NEW YORK
The world financial markets plunged again on Wednesday despite the fact that the US Federal Reserve and other central banks synchronized an interest rate cut. Wall St. speculators sold off in the last half hour dropping the Dow 190 points. TRNN spoke to Dr. James K. Galbraith who said that markets will continue to unravel unless the mortgage crisis is stabilized and people are stable in their homes.
James K. Galbraith teaches economics at the University of Texas where he is a Senior Scholar of the Levy Economics Institute and the Chair of the Board of Economists for Peace and Security. The son of renowned economist, the late, John Kenneth Galbraith, he writes a column called "Econoclast" for Mother Jones, and occasional commentary in many other publications, including The Texas Observer, The American Prospect, and The Nation. He is an occasional commentator for Public Radio International's Marketplace.He directs the University of Texas Inequality Project, an informal research group based at the LBJ School.
The Real News Network is a television news and documentary network focused on providing independent and uncompromising journalism. Our staff, in collaboration with courageous journalists around the globe, will investigate, report and debate stories on the critical issues of our times. We are viewer supported and do not accept advertising, government or corporate funding.
LATEST NEWS
'Obvious Evidence of Genocide': Mass Grave Discovered in Gaza's Nasser Hospital
Palestinian rescue workers said they found hundreds of bodies, some with their hands bound and others with their skin, organs, or heads removed.
Apr 21, 2024
Palestinian civil defense discovered hundreds of bodies buried by Israeli forces in a mass grave inside the complex of Khan Younis' Nasser Medical Complex on Saturday.
Rescue workers said they had removed at least 200 bodies as of 12:00 pm local time on Sunday, and they estimated that at least another 200 remained, Middle East Eye reported.
"We found corpses without heads, bodies without skins, and some had their organs stolen," the director-general of the Government Media Office said in a statement shared by Quds News Network.
"Following the mass graves at Al-Shifa hospital, it looks like Israel is a voracious death machine turning hospitals in Gaza into graveyards."
The Israel Defense Forces (IDF) withdrew from Khan Younis on April 7. While they occupied the city, they stormed the Nasser Medical Complex in February, arresting several doctors, damaging the structure with shelling, and rendering it unable to function as a hospital.
Al Jazeera reporter Hani Mahmoud said the bodies found in the Nasser grave included children, young men, and older women. Rescues said that some of the bodies they found had been buried with their hands tied behind their backs, according to Middle East Eye.
"Our teams continue their search and retrieval operations for the remaining martyrs in the coming days as there are still a significant number of them," Palestinian emergency services said in a statement shared with Al Jazeera.
The news came as the U.S. House of Representatives voted on Saturday to send another $26 billion to Israel, including for military aid.
"These mass graves are obvious evidence of genocide and the most unthinkable war crimes. And yet, the House just signed off on $26 billion in weapons to fuel the genocidal Israeli military, while Israel threatens a full scale ground invasion to massacre Palestinians in Rafah," the U.S. Campaign for Palestinian Rights said on social media.
This is not the first mass grave that has been discovered near a Gaza Strip hospital since Israel began its devastating bombardment and invasion following Hamas' deadly October 7 attack on southern Israel. When the IDF withdrew from the al-Shifa hospital earlier this month, Palestinian journalist Hossam Shabat reported seeing hundreds of dead bodies outside the hospital, many that had had their hands and legs bound and their bodies run-over by bulldozers. Al Jazeera reported that several mass graves were found near al-Shifa.
"Following the mass graves at Al-Shifa hospital, it looks like Israel is a voracious death machine turning hospitals in Gaza into graveyards. Wake up world!" Palestinian politician and activist Hanan Ashrawi wrote on social media.
Muhammad Shehada, the communications chief for Euro-Med Human Rights Monitor, expressed shock that there was not more media coverage of the Nasser grave.
"I CANNOT find a single headline in any mainstream media about this!" Shehada wrote on social media. "Imagine it was Ukraine? or Israel?"
Over the weekend, the the Gaza Health Ministry reported that the death toll from Israel's war on Gaza surpassed 34,000, though this is likely an undercount since several people remain trapped beneath rubble.
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Historic Number of Democratic Reps Vote Against Unconditional Aid to Israel
"Most Americans do not want our government to write a blank check to further Prime Minister Netanyahu's war in Gaza," a group of nearly 20 of the 37 no-voting lawmakers said.
Apr 20, 2024
Nearly 40 House Democrats voted against a measure to send around $26 billion more to Israel as it continues its war on Gaza that human rights experts have deemed a genocide.
While the Israel Security Supplemental Appropriations Act passed the Republican-led House by a vote of 366-58, party insiders said it was significant that such a large number of Democrats had opposed it, with more centrist lawmakers joining progressives who have called for a cease-fire since October.
"Despite the weapons aid package passing, this is the largest number of Democratic lawmakers to vote against unrestricted weapons aid for Israel in recent memory," senior Democratic strategist Waleed Shahid observed on social media.
"If Congress votes to continue to supply offensive military aid, we make ourselves complicit in this tragedy."
Human rights lawyer, lobbyist, and former Democratic National Committee committeewoman Yasmine Taeb posted that it was "incredibly significant that 37 Democrats voted NO and rejected AIPAC's role and influence in the party."
Senior Democrats who opposed the funding included Reps. Jamie Raskin (D-Md.), Maxine Waters (D-Calif.), Lloyd Doggett (D-Texas), Bennie Thompson (D-Miss.), Jim McGovern (D-Mass.), and Bonnie Watson Coleman (D-N.J.)
The bill earmarks around $4 billion for Israel's missile defense systems and more than $9 billion for humanitarian aid to Gaza, according toThe Associated Press. However, while lawmakers approved of individual expenditures, they balked at giving more unconditional military aid to the far-right government of Israeli Prime Minister Benjamin Netanyahu.
"U.S. law demands that we withhold weapons to anyone who frustrates the delivery of U.S. humanitarian aid, and President Biden's own recent National Security Memorandum requires countries that use U.S.-provided weapons to adhere to U.S. and international law regarding the protection of civilians," McGovern said in a statement explaining his vote. "To date, Netanyahu has failed to comply. It's time for President Biden to use our leverage to demand change."
Nearly 20 Democratic representatives released a joint statement explaining their vote. They were McGovern, Doggett, Watson Coleman, Joaquin Castro (D-Texas), Nydia Velázquez (D-N.Y.), Pramila Jayapal (D-Wash.), Ro Khanna (D-Calif.), Alexandria Ocasio-Cortez (D-N.Y.), Becca Balint (D-Vt.), Greg Casar (D-Texas), Mark Takano (D-Calif.), Barbara Lee (D-Calif.), Earl Blumenauer (D-Ore.), Judy Chu (D-Calif.), Hank Johnson (D-Ga.), André Carson (D-Ind.), Jesús "Chuy" GarcÃa (D-Ill.), Jonathan Jackson (D-Ill.), and Jill Tokuda (D-Hawaii).
"This is a moment of great consequence—the world is watching," the lawmakers wrote. "Today is, in many ways, Congress' first official vote where we can weigh in on the direction of this war. If Congress votes to continue to supply offensive military aid, we make ourselves complicit in this tragedy."
The lawmakers clarified that their no votes were specifically "votes against supplying more offensive weapons that could result in more killings of civilians in Rafah and elsewhere."
While they acknowledged that Israel had a right to defend itself, they argued that its greatest security would come from a cease-fire that enabled the release of hostages, humanitarian aid to enter Gaza, and peace negotiations to begin in earnest.
"Most Americans do not want our government to write a blank check to further Prime Minister Netanyahu's war in Gaza," they concluded. "The United States needs to help Israel find a path to win the peace."
Mark Pocan (D-Wis.), who also voted no, said that he "could not in good conscience vote for more offensive weapons to be given to Israel to be used in Gaza without any conditions attached."
Pocan further called the "devastation inflicted upon innocent civilians in Gaza" "unjustifiable" and argued that "further arming Netanyahu and his extreme coalition could only lead us to a wider conflict in the Middle East."
In a speech on the House floor, Lee also criticized the bill for failing to restore funding to the United Nations Relief and Works Agency for Palestine Refugees in the Near East, which provides the bulk of aid to the Gaza Strip. The U.S. paused funds for the agency following Israeli allegations that 12 of its employees participated in Hamas' October 7 attack, but other nations have since restored funding as the veracity of these allegations has been called into question.
"This is a grave abdication of U.S. humanitarian obligations," Lee said. "It is simply nonsensical to provide badly needed humanitarian assistance while simultaneously funding weapons that will be used to make the humanitarian crisis in Gaza worse."
She added, "The United States taxpayers should not be funding unconditional military weapons to a conflict that has created a catastrophic humanitarian disaster."
The bill sending funds to Israel was only one of several measures passed on Saturday as part of a $95 billion foreign spending package that will also provide a long-delayed approximately $61 billion for Ukraine in its war with Russia and around $8 billion to counter China in the Indian and Pacific oceans. Among the bills passed Saturday was one banning popular social media app TikTok in the U.S. if the Chinese company that owns it refuses to sell, theAP reported further.
The package will now go to the U.S. Senate, which could pass it as early as Tuesday. President Joe Biden has promised to sign the measures as soon as he receives them.
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'Shame': Bill Including Warrantless Spying Expansion Passes Senate, Becomes Law
"The Make Everyone A Spy provision will be abused, and history will know who to blame," one civil liberties advocate said.
Apr 20, 2024
The U.S. Senate voted early Saturday morning to reauthorize Section 702 of the Foreign Intelligence Surveillance Act for two years, including a "poison bill" amendment added by the U.S. House that critics and privacy advocates dubbed the "Make Everyone a Spy" provision.
The reauthorization, officially called the Reforming Intelligence and Securing America Act, passed the Senate 60-34 despite the more than 20,000 constituents who called opposing the measure, which the Brennan Center for Justice said would enable "the largest expansion of surveillance on U.S. soil since the Patriot Act." President Joe Biden then signed the bill into law later Saturday.
"It's over (for now)," Elizabeth Goitein, the co-director of the Brennan Center's liberty and national security program, said on social media. "A majority of senators caved to the fearmongering and bush league tactics of the administration and surveillance hawks in Congress, and they sold out Americans' civil liberties."
"There is no defense for putting a tool this dangerous in the hands of any president, and doing so is a historic mark of shame."
Section 702 is the provision that allows U.S. intelligence agencies to spy on non-U.S. citizens abroad without a warrant. Currently, they are able to do so by acquiring communications data from electronic communications service providers like Google, Verizon, and AT&T. The existing provision has already been widely abused and criticized, as the communications of U.S. citizens are often caught up in the searches.
However, an amendment added by Reps. Mike Turner (R-Ohio) and Jim Himes (D-Conn.) redefined electronic communications service providers to include any "service provider who has access to equipment that is being or may be used to transmit or store wire or electronic communications."
Former and current U.S. officials toldThe Washington Post that the new language was intended to apply to data cloud storage centers, but civil liberties advocates like Goitein warn it could be used to compel any business—such as a grocery store, gym, or laundry service—to allow the National Security Agency (NSA) to scoop up data from its phones or computers.
"The provision effectively grants the NSA access to the communications equipment of almost any U.S. business, plus huge numbers of organizations and individuals," Goitein wrote on social media early Saturday. "It's a gift to any president who may wish to spy on political enemies, journalists, ideological opponents, etc."
"It is nothing short of mind-boggling that 58 senators voted to keep this Orwellian power in the bill," Goitein wrote.
Privacy advocates also criticized how the vote was forced through, as the Biden administration and Senate leaders including Senate Majority Leader Chuck Schumer (D-N.Y.) and Chairman of the Senate Select Committee on Intelligence Mark Warner (D-Va.) had emphasized that Section 702 was set to expire on Friday and raised alarms about what would happen to national security if the Senate allowed this to happen. However, as The New York Times pointed out, a national security court ruled this month that the program could run for another year even if the law expired.
"The headlines of state-aligned media screech and crow about the nefarious designs of your fellow citizens and the necessity of foreign wars without end, but find few words for a crime against the Constitution."
"Senator Warner and the administration rammed this poison pill through the Senate by fearmongering and saying things that are simply false," Demand Progress policy director Sean Vitka said in a statement. "There is no defense for putting a tool this dangerous in the hands of any president, and doing so is a historic mark of shame."
Once Biden had signed the bill, Vitka added on social media: "Shame on the leaders who let House Intelligence veto reform in the darkness, and ram through terrifying surveillance expansions on the basis of outright lies. The Make Everyone A Spy provision will be abused, and history will know who to blame."
Goitein used similar language to condemn the vote.
"This is a shameful moment in the history of the United States Congress," she said on social media. "It's a shameful moment for this administration, as well. But ultimately, it's the American people who pay the price for this sort of thing. And sooner or later, we will."
NSA whistleblower Edward Snowden added, "America lost something important today, and hardly anyone heard. The headlines of state-aligned media screech and crow about the nefarious designs of your fellow citizens and the necessity of foreign wars without end, but find few words for a crime against the Constitution."
Schumer announced a deal late Friday to vote on a series of amendments to the bill clearing the way toward its passage, according toTheHill. However, all five amendments that would have added greater privacy protections were voted down, The Washington Post reported.
"If the government wants to spy on the private comms of any American, they should be required to get approval from a judge, as the Founding Fathers intended."
These included an amendment from Sen. Richard Durbin (D-Ill.) to require a warrant and another from Sen. Ron Wyden (D-Ore.) to remove the House language expanding the entities who could be forced to spy, according to Roll Call. The amendments were rejected 42-50 and 34-58 respectively.
"Congress' intention when we passed FISA Section 702 was clear as could be—Section 702 is supposed to be used only for spying on foreigners abroad. Instead, sadly, it has enabled warrantless access to vast databases of Americans' private phone calls, text messages, and e-mails," Durbin posted on social media.
"I'm disappointed my narrow amendment to protect Americans while preserving Section 702 as a foreign intel tool wasn't agreed to," Durbin continued. "If the government wants to spy on the private comms of any American, they should be required to get approval from a judge, as the Founding Fathers intended."
Wyden said in a statement: "The Senate waited until the 11th hour to ram through renewal of warrantless surveillance in the dead of night. But I'm not giving up. The American people know that reform is possible and that they don't need to sacrifice their liberty to have security. It is clear from the votes on very popular amendments that senators were unwilling to send this bill back to the House, no matter how common-sense the amendment before them."
Wyden was not the only one who pledged to keep fighting government surveillance overreach.
Vitka praised Durbin and Wyden, as well as other legislative privacy advocates including Sens. Rand Paul (R-Ky.) and Mike Lee (R-Utah) and Reps. Pramila Jayapal (D-Wash.), Warren Davidson (R-Ohio), Zoe Lofgren (D-Calif.), Andy Biggs (R-Ariz.), Jerrold Nadler (D-N.Y.), and Jim Jordan (R-Ohio), saying the lawmakers had "built a formidable foundation from which we will all continue to fight for civil liberties."
Goitein also said the opposition of outspoken senators and concerned citizens were "silver linings."
"Because of the heat we were able to bring, we extracted some promises from the administration and the Senate intelligence committee chair. I do think they'll be forced to make SOME changes to mitigate the worst parts of the law, which they can do by including those changes in an upcoming must-pass vehicle, like the National Defense Authorization Act," she added.
The American Civil Liberties Union also responded to the vote on social media.
"Senators were aware of the threat this surveillance bill posed to our civil liberties and pushed it through anyway, promising they would attempt to address some of the most heinous expansions in the near future," the organization said. "We will do everything in our power to ensure these promises are kept."
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