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In Norway, Obama a "Right Winger"
WASHINGTON - July 9 -
"When Norway hit a major financial crisis in the early '90s (from a real estate bubble and speculating banks), the Norwegians decided against bail-outs. Three of the biggest banks were simply taken by the government, their senior management fired, their stockholders sent packing. The government nursed the seized banks back to health over time while the economy made a quick recovery. The other troubled banks were left to declare bankruptcy or find new capital. Norway's action sent a clear message to the banks: mismanagement and greed don't pay. The result is that today its own financial sector is clean and only needs to deal with the impact of other countries' disasters. Norway's strategy was very far from Obama's bank-friendly game plan.
"When Norwegian oil was discovered, the country decided not to risk putting their new treasure in private ownership. Norwegians were therefore able to lead the world in environmental responsibility and to avoid boom/bust impact on their seacoast cities. Most important, Norway has been stashing the oil profits in a public, socially responsible 'Pension Fund' that will support the Norwegians' famously high living standard for many generations to come.
"Half a century ago Norway already had a universal health care system that is simplicity itself. There's a single payer (the government) and minimum red tape, something like Medicare but for everyone and better. The entire political spectrum supports this. By contrast, Obama says he backs the failed U.S. private insurance scheme and his team is wobbling on his own modest proposal to add a public option."
Lakey is author of several books, founded the group Training for Change and is now directing a research project at Swarthmore College.