Let's be clear on a couple of points...

So, it's Sunday morning... church is done, Jacob is back from CCD, and the "drama" with the child's father is back into focus (please, don't ask... sigh). Football is about to start, UW lost to Michigan (ouch), the Twins STILL haven't clinched the Central Division... it's been a tough morning.

I've been trying to watch the entire debate on YouTube, but it's tough with 3 kids and a wife that ALL want to use a computer at the same time. None the less, I've managed at least half of it.

One point I want to make abundantly clear is the focus BOTH candidates made on the importance of maintaining a "free market" system for our economy. Mac harped on it, while selling himself as the choice when it comes to rational "regulation" on the part of the Feds... and (needless to say) Obama used the "free market" system as his example of how corruption and greed remain in the equation and cause problems like the current crisis.

I realized something this last week, as I was speaking to Jambo over the phone: In this case, the point goes to Obama.

The reason is, that since about (and this is NOT carved in stone, just my "off-the-cuff" opinion) 1965, we have NOT been a true "free market" economic system. Our currency value is based on the "perceived" strength of our economy, and not on a measurable and specific commodity (say, GOLD), we regulate very nearly EVERY aspect of trade, manufacturing, production and distribution in this nation (and many outside of it), and the means by which we charge interest for money borrowed is NOT determined by a global, or even national consensus... but instead by a SINGLE man, the Chairman of the Federal Reserve, who has no constituency and is answerable to no one but God.

We can debate the fact or fiction of "laissez-faire" economics in US history all day long, but the undeniable truth of the matter is that since Herbert Hoover came into office, it has not existed as a policy of the Federal Government (and certainly not of the Executive Branch) at all. Without a laissez-faire policy, there is NO free market economic system and capitalism does not dictate the means and manners of our trade markets.

In the past, Ryan and I have debated the necessity of symantics in our arguments time and time again, and he may feel this is simply another such debate, but I am convinced (now especially) that if the US is to overcome the current financial failure AND ensure that it can't repeat in the future, exactly this kind of understanding must be established in contemporary politics. The candidates and sitting politicians are going to have to STOP using terms that simply DO NOT apply to the American system and its economy.

I understand the need for Federal regulations in the economy... in fact, I advocate many of them (lest we all forget, I AM a registered Democrat)... and I will argue or debate with anyone that says that laissez-faire economics are what will save the US now or in the future. However, regulation for regulation's sake is NOT a good thing, and the regulation has to WORK, or it has to be REMOVED.

Good or bad, pro or con, many people look to FDR as an example of a President that meddled in the economy more than any other in our history. My opinion is that he implemented policies and programs (seemingly willy-nilly) to see what would work, and what wouldn't. Some worked, and many others didn't. Those that didn't work were cut, ended or stopped by Congress or the Supreme Court (and not all with the blessing of FDR, either). Many are still in place, and many others are "New Deal" programs instutued by Presidents AFTER FDR, including such illustrious names as Dwight Eisenhower and Richard Nixon... in fact, EVERY President until Ronald Reagan can be called a New Deal President.

What we CAN'T call ANY President of the US since Teddy Roosevelt is "capitalist". Wilson signed the plan for the Federal Reserve into law in 1913, which was authored by a Republican (the Party leader, in fact, Nelson Aldrich) and supported by every Democrat in Congress and almost NONE of the GOP. That act ended any semblance of "capitalism" in the US as regards Federal policy.

Whether the CIC broke monopolies, instituted regulations, forced legislation, vetoed Congressional measures, whatever the case was... every President since Teddy Roosevelt has worked to "regulate" the US economy in one way or another. So, from that historical viewpoint, I AM getting a little tired of listening to our current candidates repeating the mantras of "free market" and "capitalism" over and over again.