On Saturday, independent presidential candidate Ralph Nader was interviewed on National Public Radio’s Weekend Edition. Last week, Libertarian candidate Bob Barr was on the show. You can listen to the interview here, and read part of the transcript below.
Weekend Edition Saturday, October 11, 2008 · Independent candidate Ralph Nader first came to national attention more than 40 years ago as a young lawyer taking on the U.S. automotive industry over safety. Now in his third run for the presidency, Nader offers his explanation — and solution — for the economic crisis.
“This was an entirely preventable economic calamity. It was produced by extraordinary risk-taking and the development of very abstract financial instruments that bet on a bet on a bet on a bet.” Nader says the government should take action to re-regulate, giving more power to shareholders. He also recommends criminal prosecution in addition to making speculators pay for their own bailout through a special stock tax.
Nader favors a major public works program to retard the recession and unemployment. Rather than discourage investors, he believes more regulation would encourage good enterprise investment instead of “speculative, risky, paper investments.”
Instead of a military presence in Afghanistan, Nader prefers a major economic development plan with public works programs that give tribal chiefs a stake in improving their communities.