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One more bank down. Washington Mutual fell today and was bought out by JP Morgan Chase. This means, in effect, that the debts and bad loans of a speculative investment firm have been merged into a commercial bank. This cannot be good. When we look back at one of the causes of the great depression, the investment firms and the commercial banks were allowed to merge. When you combine a high risk investment firm with a commercial bank it is inevitable for there to be problems without any government oversight. The first thing FDR did to get us out of a depression was to separate the two types of banks from each other and pass legislation stating that they were not allowed to merge anymore. Then he insured the commercial banks and told the investment banks that they were going to be on their own.  The Glass Stegall Act was created to oversee the investment firms and make sure that they were not gambling and taking impossible risks.

In 1999 under President Clinton the Glass Stegall Act was repealed.  The advice to remove this Act came from Barack Obama’s campaign advisor and then Secretary of the Treasury Robert Rubin.  I bring up this point to remind Democrats that they are not free from fault in this crisis and that it was under a democratic
president where the problem got out of hand.

Now we are seeing these investment firms falling and being bought out by commercial banks. It is only a matter of time before the bad loans catch up to them and they fall to. When Bank of America and JP Morgan Chase come crashing down, it will be Main street that will be in trouble. The government buy out of these bad debts will just put the burden on the tax payer. Should this bail-out occur there needs to be more oversight, complete transparency, equity for the government, and penalties for the banks that participate.

I recommend everyone to check Ron Paul and Ralph Nader on what they advise should be done about this crisis. Here are some videos that are worth watching.

Ron Paul:

Ralph Nader:

With these great opinions on what could be done to save our economy, how come Ralph Nader isn’t going to debate. Nader is on 45 States ballots. He’s a write in for all the other states but one, Oklahoma where you can’t write someone in. He is polling 9% in most polls.

How about Bob Barr a libertarian, America’s oldest third party. Those that are worried about Nader “taking away votes” should consider demanding that Bob Barr be included in the debates.  He is also on 45 State ballots and is polling well without any media coverage.

Here is what you can do to get these guys on the debates:

– AT&T (Main corporate sponsor of the first debate) 210-821-4105
Jim Lehrer (Moderator for First Debate) 703-998-2138
Commission on Presidential Debates 202-872-1020

– Call Barack Obama at 866-675-2008.
Hit 6 to speak with a campaign volunteer.

– Call John McCain at (703) 418-2008.
Hit 2 or 3 to speak with a campaign volunteer,
6 to leave a message in the general campaign voice mailbox.

– Email the executive director of the Commission on Presidential Debates.
E-mail Janet Brown jb@debates.org,


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This is in response to the following article:
http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20080920/NEWS01/809200491/1008

I’m an US citizen, who has lived on the East coast and the West coast of our beautiful country. I have also lived in Germany and Spain. I have seen first hand the difference of the health care industry when it is nationalized, how it is in Spain and how it is for the most part in Germany.

Here is the basic concept. Two sectors: private and public. The United States has its health care industry (for the most part) in the private. The sole purpose of the private sector is to make money. In the health care industry this results in adverse effects. It is more profitable for people to remain ill and continue to need medication than it is for the people to get better and no longer need any services. Thus a privatized health care system is counterproductive to the health of the people. There are ways around this. In Germany the private sectors is under strict regulation from the public sector, which ensures that contradictions like the one above don’t exist. In the US we pride ourselves on our free market economy, where the government imposes little to no restrictions on the private sector: allowing more fluidity in the market and increasing trade and commerce. That is all changing now. With the government buy out of Freddie Mae, Fannie Mac, and AIG, these private institutions are effectively now nationalized, thus a part of the public sector. The free market economy that the US was once so proud of is now a thing of the past.

That being expressed, I pose a question:
If were are willing to nationalize the worst of the gamblers and risk takers of the speculative investment firms, whose negligence has brought on a disaster in the market, then why don’t we nationalize the health care industry, an industry which will profit the government and ensure the health of the people?

Listen to Ron Paul; you know he’s a rare breed of a politician. Vote third Party. A vote for Nader is not futile, in fact it has more impact because along with being counted like a vote for the other parties, it also sends a message: no more two party system; we will no longer be slaves to the least worst candidate.

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