Regarding the Sept. 25 Viewpoints column, "Deposit Insurance Should Be Rolled Back: Take Federal Support Away, and Banks and Thrifts Will Do a Better Job":
R. Dan Brumbaugh Jr.'s proposal to reduce federal deposit insurance would leave widows, the disabled and the retired vulnerable to the risk of losing their savings and the moderate interest income they rely on for their support.
People in these situations put the funds they have saved or received from insurance as a result of personal catastrophes in federally insured accounts precisely because they know what can happen to money "invested" for them by stockbrokers and financial advisers. Does anyone remember the crash last fall? Little people can't afford that risk. And how often do we read about the widow "advised" out of her only livelihood by a stockbroker or adviser who has "churned" the money and invested badly to gain high fees and then lost it all?
Then the professional they trusted need only say how very sorry he feels and drive home in his Mercedes. After all, bad judgment isn't illegal; and he hasn't lost everything he had.