Clueless candidates - Freddie, Fannie, Lehman, Merryl Lynch, etc etc

Now with the meltdown of financial institutions like Lehman Brothers, neither candidate for Presidency of the US has a clue that we've been the world's leading economic power "without clothes," that the financial wealth we said we had never existed, it was a shell game that is now over - question is what will replace it?  The Titanic was piloted by sound fundamental principles but sank because the fundamentals did not account for a serious risk.  So now for Wall Street.  Should we raise the Titanic and repair it to its former glory?  If you do, you are qualified to be Secretary of the Treasury.

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Both John "it's my plan" McCain and Barak "it's necessary" Obama sit on the sidelines of cluelessness as Treasury Secretary Paulson begins the process of supporting banks and financial institutions that are at the heart of the world economic crisis.  In so doing, a major step toward national and international insolvency has been taken.  But, it doesn't have to be.  The first step toward the coming disaster was the relaxation of the Glass-Steagall Act that kept separate banks and financial institutions that were not banks, allowing speculative money flows to represent actual wealth, rather than the fictitious electronic wealth that they are.  It is apparent that there is no national, State, or local politician who understands this abomination to be unconstitutional, per Article I, Section 8...let alone the media that slants more rightward by the minute.  Congress has the obligation to pay Debts and provide for the..general Welfare of the U.S.  The Fannie Mae and Freddie Mac bailouts are NOT debts owed by U.S. taxpayers, just gambling losses incurred by offshore institutions, primarily...institutions where the wealthy of the world park their money to escape taxation for things like the war in Iraq and Afghanistan, support for the common Defense of the U.S., basic economic and physical economic infrastructure, and the healthcare for an aging U.S. citizenry.  The solution is to allow bad debts and the people/institutions that created them to go into bankruptcy, then start over with a U.S. credit system based on providing for the general Welfare, like high interest rates for loans for casinos and condominiums but low rates for physical economic infrastructure.  There are solutions, but nobody is talking about them.  It's as if those of the dominant political culture have all of us singing kumbaya at Jonestown Guyana, all clueless that Paulson's Kool-Aid is poison.

Link to Glass Steagall Act of 1933:

http://en.wikipedia.org/wiki/Glass-Steagall_Act