The opposite, over-regulation and government domination & control of markets, isn’t especially better.

“Moderation in all things” is one mantra from the past which Americans understand. I usually refer to “balance” of forces (which might be seen as Taoist) or “let government do what government is meant to do and let business do what business is meant to do” (which is more of a Confucian idea). We need to let people be free except to the extent (again the extreme) where they begin to harm one another. That’s more of an American Constitutional view.

There are differences of opinion when the markets seem to be failing. Many Liberals think we have to control outcomes to prevent a major collapse which would harm the entire nation (and these days the world). More often Conservatives (economic Liberals) think we should leave people alone to do what they want and it will all work out for the best in the longer run.

Right now the stock market is down about 400+ points and European markets are tanking (about 5% per). Should government intervene in any way? Well, here government HAS offered to help firms though there is some question whether the Executive branch is doing (or will do) it’s duty to execute that law or whether firms will utilize the “bailout”. This is not good as it moves us further down the road towards the abyss without any obvious change in sight. We cross our fingers and hope Treasury Secretary Paulson convinces them to take the bailout.

Why would financial firms NOT want the bailout?

It’s possible there are some very weak firms and a bailout would act to create transparency they can’t afford. So, they might just hold on and hope they can survive. It isn’t likely that a weak firm would survive in tumultuous waters when they’re barely hanging on in the calm. If this is what’s happening we’re likely to see a pretty severe crash.

It’s also possible the Market is marking-down firm values before the firms utilize the bailout to effect it on their books. This scenario offers us the potential of a real bottom and some stability. How far things might have to drop would depend upon how weak the Market thinks these firms are. What is their TRUE value?

This isn’t a problem overcome by more regulation. The problems we got into were caused by that. Thanks Republicans! Just what America and the world needed while we’re fighting wars and anticipating others.

It’s time for a big change. America MUST elect Obama-Biden.

The Financial Service Modernization Act of 1999 was introduced by Phil Gramm REPUBLICAN. One of his closes friends and advocates of the bill was a guy named John McCain. They got rid of a lot of the regulations that kept separate the financial lives of many of the institutions of the country such as insurance companies, banks, brokerages. Phil Gramm is one of John’s big economic advisors. So I’m puzzled how this all got to be a Democratic problem, except that the Republicans have never been wrong.

He vacationed with and on Charles Keating for years. His wife and her father were in business with Keating, and McCain and other Democratic senators tried to get him out of a being punished for some highly illegal practices. McCain’s a master of influence peddling and got lots of campaign funds from Charles Keating. Charles, at the time, was busy looting Lincoln Savings and Loan. W’s brother, Neill, was also up to his neck in some other S&L failure. That’s why all these people got a lot of this swept under the rug at the time. Too many important people’s friends and relatives were involved in the pilfering.

When you read it all in black and white, you realize that just because John uses that nice reasonable voice when he gives speeches doesn’t mean he’s not a pretty awful person. And dense to boot.

The “witch doctor” will play big but the real stake that I’m amazed that Obama hasn’t driven through the heart of the McCrazy campaign is the Alaska Independence Party and the Palins and Exxon Mobil. The real “terrorists” and traitors have been legitimized by oilagrachy money in Alaska. If Crazy John thinks that the South Carolina Confederate flag issue was a killer for ‘im wait until folks find out about the real secessionists that are very close ta takin power in Palin’s Alaska…this is the issue that goes to the heart of the corporate fascist political structure now poised ta break up the US of A.

It’s just a little hypocritical and disingenuous of McCain to now say that he isn’t influenced by any of it. He is it.