Hi jugheadtheegghead,
You cannot use a Local Variable for a Boolean Control that has its mechanical action set to any "Latch" mode. The solution is to change the Boolean control to one of the "Switch" modes (I prefer the "Switch Until Released" mode).
Another solution is to set the value of a Boolean indicator when the first loop exits. Then use a Local variable of this indicator to stop the second loop. This solution will enable you to use a "Latching" button for the first loop. Please see the attached ParallelLoops.JPG for an example.
Have fun!
- Philip Courtois, Thinkbot Solutions