Free College for Poorest Students Puts Ivy League to Shame

By Leonard Doyle, Independent UK
Posted on July 26, 2008, Printed on July 26, 2008
http://www.alternet.org/story/92827/

Berea University in rural Kentucky is one of the wealthiest colleges in America but it only accepts the poorest applicants. The dropout rate is negligible and its students go out into the world debt-free, unlike the majority of those who emerge every year from America's universities, proudly clutching a degree but burdened by massive debts.

Berea is lucky. It has a $1bn endowment which, wisely invested, produces enough income, topped up by fundraising, to teach 1,500 students. Some of Berea's students even leave with money in their pockets.

How Should the Next President Deal with the Bush White House's Crimes?

By Amy Goodman, Democracy Now!
Posted on July 26, 2008, Printed on July 26, 2008
http://www.alternet.org/story/92829/

Amy Goodman:The dominant role of corporations is one of a number of issues fueling skepticism around the 2008 campaign. Criticism has also mounted recently over presumptive Democratic nominee Barack Obama's perceived shift to the right.

In an apparent reversal, Obama backed a new bill authorizing the Bush administration's domestic spy program and granting immunity for the telecom companies that took part. He also supported a Supreme Court decision to overturn a D.C. handgun ban. On foreign policy, Obama said he'd be open to revise his pledge to withdraw US troops from Iraq and also called for a major increase to the size of the US occupation of Afghanistan. And like all top Democratic leaders, Obama has refused to support calls for the prosecution of President Bush and top White House officials for war crimes and other abuses of power.

Fannie’s and Freddie’s free lunch

By Joseph Stiglitz

Published: July 24 2008 18:25 | Last updated: July 24 2008 18:25

Much has been made in recent years of private/public partnerships. The US government is about to embark on another example of such a partnership, in which the private sector takes the profits and the public sector bears the risk. The proposed bail-out of Fannie Mae and Freddie Mac entails the socialisation of risk – with all the long-term adverse implications for moral hazard – from an administration supposedly committed to free-market principles.

Defenders of the bail-out argue that these institutions are too big to be allowed to fail. If that is the case, the government had a responsibility to regulate them so that they would not fail. No insurance company would provide fire insurance without demanding adequate sprinklers; none would leave it to “self-regulation”. But that is what we have done with the financial system.

AP: Food industry bitten by its lobbying success

By LARRY MARGASAK, Associated Press Writer
Fri Jul 25, 7:14 AM ET

One of the worst outbreaks of foodborne illness in the U.S. is teaching the food industry the truth of the adage, "Be careful what you wish for because you might get it."

The industry pressured the Bush administration years ago to limit the paperwork companies would have to keep to help U.S. health investigators quickly trace produce that sickens consumers, according to interviews and government reports reviewed by The Associated Press.

The White House also killed a plan to require the industry to maintain electronic tracking records that could be reviewed easily during a crisis to search for an outbreak's source. Companies complained the proposals were too burdensome and costly, and warned they could disrupt the availability of consumers' favorite foods.

Selling the Family Jewels

Desperate American banks are selling everything that isn't nailed down (except the private jets).

By Daniel Gross
Posted Wednesday, July 23, 2008, at 4:17 PM ET

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President Bush neatly summed up the complex problems in the financial sector last week in terms he could understand. "Wall Street got drunk," he said. "It got drunk and now it's got a hangover." And to pay for the hangover cure, Wall Street is now selling Grandma's silverware and little Billy's new bicycle.

In recent weeks, American financial services companies have moved from the post-binge phase of dilutive capital raising—running around the world with a tin cup, urging well-heeled foreigners to invest in the crippled firms on purportedly advantageous terms—into the phase of selling the family jewels. Over the past year, banks have taken write-downs and raised new cash from investors, only to take new write-downs within weeks, thus turning those new investors into losers. And so as they face the need to raise more capital, banks can no longer raise billions from Dubai gazillioniaries and Chinese investment funds, who've been burned once. Now banks are having to sell their hard assets—in some cases, extremely valuable hard assets that have been passed down from generation to generation.

'Fuel battery' could take cars beyond petrol

13:11 25 July 2008
NewScientist.com news service
Colin Barras

A new approach to storing electrical energy can store more energy than gasoline in the same volume, and could help extend the range of electric vehicles. But some experts say other approaches are more practical.

The biggest technological hurdle facing electric vehicles is their range. Even the best rechargeable batteries cannot match the density of energy stored in a fuel tank.

Democrats: White House must publish 'chilling' climate change document

by Elana Schor
guardian.co.uk
Friday July 25 2008

The row over US inaction on carbon emissions reached new heights yesterday after the White House allowed Congress to look at last year's government proposal to officially deem climate change a threat to public health – a plan that aides to George Bush refused to acknowledge or read.

The climate plan was finished in December by the US Environmental Protection Agency (EPA) in response to a supreme court ruling that required the Bush administration to state whether carbon emissions should be regulated to protect public health.