ITS OFFICIAL: — U.S. Treasury secretary announces plan to take over troubled mortgage giants Fannie Mae and Freddie Mac….Biggest Takeover in History—

NEW YORK (CNNMoney.com) — Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back.

The move, which allows the Treasury to provide as much as $200 billion in capital to the two companies, marks Washington’s most dramatic attempt yet to shore up the nation’s housing market, which is suffering from record foreclosures and falling prices.

Let’s see what happens when the market reopens today.

THE MCCAIN CAMPAIGN–THE NEW WILD WEST SHOW
COPS TARGET JOURNALISTS IN ST PAUL
THE BOOKS SARAH WANTED BANNED

SAN FRANCISCO: Last week, when Sarah Palin made her prime time debut, just a day or two before the head of the GOP campaign assured us that this election is NOT about issues but character, I realized something had clearly changed. The Republicans know better than to try to run on their unpopular record so they are reframing the election, throwing out one script and trying out a new one (albeit from an old playbook) even as the Democrats keep saying “its all the same.”

It isn’t. We are now in the era of electotainment. (If I keep saying it, maybe it will sink in.)

Rather than vetting a running mate, the McCain campaign went in another direction. It decided to steal Obama’s rather vague change orientation and make it their own. Stealing plot lines is done everyday in Hollwood where ideas were cloned well before scientists discovered cloning. Next, they adopted The Democratic campaign to run against Washington even though they control it. (It reminds me of an old saying attributed to the comic strip POGO: “we have met the enemy and they are us.”) They realize the depths of dissatisfaction out there so they co-opted that too, talking about how they “understand” that people feel let down. Its a vague but symbolic way of distancing themselves from the Adminitration they have been supporting.

They fashioned slogans to undercut Democratic themes. For them, the war became a non-issue because “victory” is near. Next. Taxes? They are against them (even as the Freddie/Fannie bailout puts taxpayers on the line for billions) but Obama is for them. Etc. To Obama’s call for better relations with the world, they say simply “country first.” (It sounds a bit like “America First,” the line used by those opposed to the US entering World War ll.) The McCainites are now everything to every one, isolationists and interventionists, peacemakers and terrorist killers.

Big John has also becomea bipartisan in spirit Mr. Nice, Mr. Open and Mr. Civil, speaking of embracing Democrats and Independents (save the angry left.” Of course!) . At the same time his surrogates continue the bashing and swiftboating of Obama with an escalating level of nastiness and invented charges. One Southern Member of Congress even calls him “uppity.” Rupert Murdoch tells him Fox News will be fair just as their rhetorical knives are sharpened.

But their piece de resistance was to find as very big must for every major production: a leading Lady, a new face audience appeal and a proven track record. She has to be attractive, appeal to younger voters and women. Poof, The casting was perfect. Enter at stage right, the “gal” that has it all: Governor, Mom, A Character, Executive, Folksy, Jesus loving and rifle toting. Purrfect, especially for a Party that wants to wreck government, not strengthen it.

Bristling with one liners including the false claim that she sold the State Plane on E-BAY (no one bought it and it was sold later by a broker for a loss). Why let facts get in the way of an embellished record? This Alaskan is proving to be a pipeline of propaganda all by herself. She’s hip, she’s devout, she’s youngish compared to McCain she’s in love with her husband (and her own words), and loving mother. (Well let’s not hit that theme too hard.)

ENTER THE NEW WILD WEST SHOW

The older Arizonan has now recreated one of the most popular phenomenons from years past, just reeking in Americana: The Wild West Show. He is the “maverick” reincarnation of Wild Bill (Buffalo Bill) Cody and she is a modern Annie Oakley, who can do anything he can do,,,and so it better—yes she can! When this parallel struck me last week, I forgot that the show Annie Get Your Gun that brought that heroine into the modern age on screen and stage, has, as another of its key songs, There’s no Business Like Show Business, a perfect anthem in the age of the merger of news business and show business.

Wild Bill was a maverick of his time and a soldier not unlike McCain. He claims he killed 4280 Buffalo and was proud of being an “Indian fighter.” He opposed slavery in Kansas while he scouted for Indians with the 3rd Cavalry and was, like McCain, considered a war hero. He claimed to have scalped a Cheyenne warrior in revenge for the death of General Custer. Unlike McCain, who also killed an unknown number of Vietnamese civilians—some US soldiers in Vietnam thought of them as Injuns or gooks— he didn’t go into politics but created the WildWest Show. And unlike McCain he ended up pushing for the rights of Indians and women.

His Wikipedia entry explains: “Buffalo Bill and his performers would re-enact the riding of the Pony Express, Indian attacks on wagon trains, and stagecoach robberies. The show typically ended with a melodramatic re-enactment of Custer’s Last Stand in which Cody himself portrayed General Custer.” He understood the power or showbusiness and was considered the in his day, the most famous celebrity on earth.

Thats what the Republicans are trying to do–depoliticize politics by celebratizing it, making it post-political and a personality contest with star appeal. And so far, they are succeeding in part because the media is not being challenging enough or going along.

Today, literally today, Buffalo Bill is back as a fabricated figure in an art expo on a beach in San Francisco. And Guess who is with him?

Yup, a life sized model of sharpshooter Annie Oakley.

I also never expected that I would run into the original Annie here in San Francisco after writing about her last week. Yet, I felt like I conjured her up from the dead. She’s not alive, of course, but a perfect life size copy stands in a public exhibition on Ocean Beach along the Pacific. It was there, in 1902, that Cody brought his Wild West Show to town and lined up l00 Indians in war dress on horses on the beach for a photo op. Annie was there. A famous picture of this sensational moment memorialized the survival of the wild west in the modern era. Western artist Thom Ross saw the photo 40 years ago, and it stuck with him.

He has now recreated–or perhaps reimagined– the photo on the same beach with larger than life art pieces which when viewed from a distance are a perfect optical illusion, not unlike the Republican campaign. The San Francisco Chronicle took a picture of his version and ran it along side the original on page one. Almost a perfect match.

The artist told me that back then the Indians volunteered to be in the show because they had been defeated and “had nothing better to do.” And besides, he said, “they got a trip to Europe. How else could Indians get to Europe.” Ross, dressed in period costume like his “art pieces”, says he likes Palin and is a conservative.

The GOP convention was a costume drama too with Cindy McCain dolled up in borrowed clothes and jewels worth, according to Vanity Fair, around $300,000.

As the Republicans reignite the culture wars, San Francisco at least fought back. The local TV news didn’t seem to cover singer Michael Franti’s annual POWER TO THE PEACEFUL concert in Golden Gate which reminded me of Frisco in the 60s, With support from Pacifica Affiliate KPFA, more than 50,000 people came to the part to hear Speahead and Ziggy Marley and others stir it up with rebel music.

It was a great time. Your news dissector was even jumping around putting hands in the air and waving them like I just don’t care.. I felt like the only one there without tattoos but what seemed clear is that progressive music and politics still has a big base in the Bay Area.

OTHER NEWS IN SF

Even as the ativist Cindy Sheehan, who lost her son in Iraq, is challenging SF pol and House Majority leader Nancy Pelosi in the election, Pelosi was off in Japan one upping her by meeting Hiroshima survivors.

Less visible are the difficult strains progressive are facing as the counterculture ages. It was painful to walk through the ruins of the New College in the Mission District which collapsed recently after thirty years as an excellent educational alternative. Internal conflicts and contradictions within the faculty and student body brought it down. Some of the politically correct critics were so self-righteous about being right that they destroyed the institution inorder to save it.

It was also distressing to visit KPFA which has served this community so well for so long and find one more internal battle dividing its staff and volunteers over an incident involving the police. It was the only media outlet reporting on the police state tactics and repression aimed at protesters in the Streets at the Republican convention. You can listen in at KPFA.org.

Environmentalists here were frustrated when tree-sitting did not stop the destruction of a grove of old trees in Berkeley which are being cut down by the University of California to make way for a new gym. Another historic site, The Peoples Park is now a home to the homeless and drug addicts. There will be a conference here on remembering the 1960’s next week. It was not surprising that singer Michael Franti and Spearhead close their great new album with a song he describes as a prayer to not lose faith. It is quite moving but also sign of the times.

It was hard to feel very optimistic when the Chronicle reported that there are now 25,000 unemployed people in San Francisco, a number that jumped up by 50% since the start of the year. (This is as of July. Unemployment jumped to 6.1% in August.) The economic decline is already here with the State and City cutting back right and left. The city’s big Banks. the Bank of America and Wachovia recently reported the loss of more billions.

PROMOTING PLUNDER

In a sense it was, sadly, a perfect time for me to try to promote my new book PLUNDER about our deepening economic calamity. (Incidentally, if any of you agree with the concerns I have been raising for over a year on this issue, please help me get the book out. I would welcome help in organizing speaking gigs, paid if possible, book parties and publicity assistance. Write dissector@mediachannel.org

I was in SF at the invitation of LINK TV which has expanded its programming and website at Link.org. They do the show MOSAIC on news from all sides in the Middle East and are using the model to introduce more global sources of information. I worked with Wendy and Toni and others among the great people there who are very dedicated to independent media. I intro-ed a show they are doing with my film IN DEBT WE TRUST and did a program to showcase another new film RECOUNT DEMOCRACY (on the 2000 election.) See LinkTV.org.

The next day, I was also on the lively morning show at KPFA with the very competetent and affable Aimee Allison and then later on KALW’s weekly media wrap up, hosted by the extremely well informed Rose Aguilar. Its the best show of its kind on the air and should go national. I was on with Tina Sussman of The LA Times live from Baghdad and the Nation’s John Nichols who was covering the McCain campaign. Unlike other press shows, they bring indy journalists and mainstream reporters together and offer a fusion of more in-depth reporting and media critiquing. It was a good feeling to get my ideas out there on the collapsing economy. I seem to be on more foreign outlets than American ones these days.

Personally, I think there is a connection between the economy and what happened in the Streets of St Paul where the federal government and its Homeland Security bully boys pumped in millions to train and incite the local cops with tough tactics and infiltrators.

I think this was a testing ground for crowd control because the real fear in Washingtnon is not with the black block or anarchist street fighters but with what will happen when more Americans run out of credit and money and realize that it was government policy and corporate crime that did them in. Why aren’t people talking about this scenario and the contingency plans that are being made ( I just read about a big clash in China between people ripped off in real estate schemes and thousands of cops.) If it can happen there, it can happen here.

You heard it here first.

More –at least 50 more deaths– in Haiti as Ike smashes into Haiti. Storm heading to Cuba, and Maybe USA…Another evacuation in Florida underway…Few media outlets typing this outbreak of severe weather to global warming…..

NBC REPORTS THAT General PETRAUS EXPECTS MORE TROOP WITHDRAWALS IN IRAQ | PENTAGON EXPECTS TO CONCEDE MORE AFGHAN DEATHS BY US BOMBING IN HIGH PROFILE INCIDENT IN AFGHANISTAN THAT WASHINGTON TRIED TO DOWNPLAY OVER THE OBJECTIONS OF THE UN…