Having survived the '60s and early '70s and having a pretty good life, I support legalizing pot. Like someone said earlier, legalize it, regulate it's quality, and tax it. It won't drive the cartels completely out of business, but it'll put a dent in their net worth. As for making liquor illegal, nope. I think we've tried that once before and it didn't work, it just spawned the early cartels, aka Organized Crime.
With any mind/mood altering substance, you have to know your limits. It doesn't matter if it's grass, beer, or Zoloft.