How about an oil industry takeover, too?

Stanley R. Goldfarb, Las Vegas

Wednesday, Sept. 24, 2008 | 2:06 a.m.

Now that we’ve put to rest the idea that the private sector can operate well on its own and can do things better than the government, and now that we know we can easily come up overnight with close to a trillion dollars to save the financial industry, can we discuss “saving” Social Security and GOP objections to universal health care?

Seems like we’re borrowing lots and lots of money. So how are we going to get out of debt and improve our balance of payments?

When the world price of oil reaches $300 a barrel, the oil deposits in America will be far more valuable. If we nationalize the oil industry immediately, and preserve resources for about a decade while we invest all of the nation’s current oil profits in efforts to convert to alternative energy sources, we can later export the untapped oil (drill later) that we will no longer need and pay off the national debt.

Yes, I understand this is not the capitalist way. But it’s rather clear that capitalism has no incentive to accomplish the job of saving America’s long-term viability as a major economic power (which is an absolute requirement for maintaining a powerful military). If we can nationalize the financial system, I see no argument against doing the same with oil. The fact that one industry was failing and the other is profitable is irrelevant when the fate of the entire country is at stake.