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Cato Dispatch for October 16, 2008

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(Links to outside sources were active as of the date of this dispatch; however, not all news sources maintain links to current stories indefinitely. Some links also may require registration.)

Banks Nationalized: Federal Government Buys Preferred Shares of the Nation's Largest Banks

Chairman Emeritus William A. Niskanen comments on the lessons for libertarians in the financial crisis. "Congress and the president must correct the institutional flaws that led to this collapse."

Senior Fellow Gerald P. O'Driscoll weighs in on a tough solution to the country's current financial situation. "Personal and government consumption must fall. It will do so through prudent restraint on spending, or inflation that reduces the real value of all economic magnitudes."

Senior Fellow Dan Mitchell continues to debate the wisdom of the bailout at the Los Angeles Times and on Google's forum, Knol. Debated questions include "What should be done to improve the economy now that the economic stabilization act is law?",and "Who are the villains of the mortgage mess?"

In light of the economic crisis, John Samples, director of Cato's Center for Representative Government offers two reasons to be optimistic.

For a comprehensive guide to all of Cato's work on the financial crisis, see our Global Financial Crisis page.

Presidential Candidates Hold Final Debate

 Daniel J. Mitchell weighs in on John McCain's economic plan in an LA Times debate. "During the Oct. 7 presidential debate, John McCain proposed to spend $300 billion of other people's money to buy "bad" mortgages. This is a very misguided proposal. Even if the myriad details were handled correctly, McCain's 'American Homeownership Resurgence Plan' would be a very costly and risky form of intervention."

Regardless of who is elected, Cato Vice President Gene Healy shows how neither of the candidates will curb executive power.

Associate Director of the Center for Educational Freedom Neal McCluskey gives his two cents on the educational polices put forth by each candidate during the presidential debate.

For in-depth analysis on where the presidential candidates stand on the economy, environment, trade, health care, foreign policy and the role of government, click here for Cato's special election coverage.

Latin American Drug War Escalates Close to Home

As drug-related violence increases in Mexico, Cato's Vice President for Defense and Foreign Policy Studies Ted Galen Carpenter reveals that there is little time for Mexico to improve. Could Mexico become the next Colombia?

Carpenter warned of the increasing violence in Mexico in a Cato study in 2005.

In an effort to slow drug trafficking violence, the president of Honduras has called for drug legalization. Cato's Project Coordinator for Latin America Juan Carlos Hidalgo explains thatthis is a becoming a growing trend in Latin America.

For more in-depth analysis on the Latin American drug war, read Carpenter's Bad Neighbor Policy: Washington's Futile War on Drugs in Latin America.

Chris Moody, editor, cmoody@cato.org