Newspaper article The Christian Science Monitor
Letters to the Editor
Let market forces resolve the US credit crisis
Regarding the Nov. 5 Opinion piece, "What's really burning down the financial house": Natural market forces should be used to correct this matter. Why bail out institutions that made grave mistakes and floated investments with inadequate funds to support them? When a Main Street gambler loses, no one comes to bail him out, despite his legitimate effect on the economy.
I propose letting market forces resolve the banking institutions' failures by letting them be fully exposed to the consequences of their ill-fated gambles. In other words, let capitalism do its job. After all, a market economy should not have allowed for the trading of intangibles.
Michael Wolf Colfax, Wash.
Mr. Lange was correct in his description of the cause of the financial collapse in the world. I think he is right in his call to buy the foreclosed mortgages and refinance the other mortgages to a fixed-rate loan. In addition, I think the US government should declare all of the credit default swaps null and void. As noted by Lange, the value of these swaps are more than the world can afford to pay.
We need to stop teaching free-market capitalism as a valid economic theory in our schools. Not having enough laws or regulations for the exchange of goods and services or the investment of other people's money is unworkable. A bank or a business is the sum of the people running it. At times, even the best people make unwise decisions. That is why we need to have reasonable rules and regulations for everyone who handles the public's money.
Luther Browning Corpus Christi, Texas
Yes to US Embassy as an Iraqi school
In regard to the Nov. 4 Opinion piece, "A bold step for US goodwill in Iraq": Author Adil E. Shamoo's suggestion that the US Embassy in Baghdad be turned into a university as a means of contributing to Iraq's socioeconomic development is absolutely brilliant. …