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Galbraith on U.S. Economy

January 23, 1991

I once again find myself in complete disagreement with Galbraith's distorted perspective. As an 18-year-old college freshman studying economics and now as a 30-year-old successful businessman, I find Galbraith to be illogical. Unlike this ancient Harvard professor, I believe free-market capitalism is society's only option.

The savings and loan disaster was not caused by not enough regulation, but too much regulation. If we removed the federal government's insurance of $100,000 per account, per institution, and let each savings and loan attract depositors by its own merits, both private and public interests would be better served. Individual investors could elect what risk/reward tolerances he or she would want to accept and invest. In such a utopia, the government's only function would be to protect investors from fraud.

WILLIAM A. CARROLL

Cathedral City

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