This letter to the editor on July 7th at USA Today caught my eye:
The financial overhaul bill being considered by Congress is laughable. Like pouring molasses on an ant hill, this bill is certain to slow the nation's economic recovery ("7 things that helped break the economy ... and how Congress aims to fix them," Cover story, Money, June 28).
With government regulations handcuffing the banks and making them set aside more capital to cover potential losses, consumers will see an increase in the cost of capital. How is the housing market going to recover if we deter lending?
Government regulation got us into this mess by forcing irresponsible loans on the banks then bailing them out with taxpayer dollars when they failed. Do we really expect government regulation to be the saving grace this time around?
Lastly, the bill inexplicably ignores Fannie Mae and Freddie Mac. These institutions will continue to bleed taxpayer money with their blank checks from the government.
Hopefully, the damage to our nation will be limited until we can elect some economically competent and market-oriented representatives in November, if they exist.
Mark King; Atlanta
Thanks, Mark King -- couldn't have said it better myself. . .