Dear Editor,

Remember when the famous economist Adam Smith told us that when businesses act in pursuit of their own self interest, society’s interest is always protected and that this process is made possible by an “invisible hand.”  Looking back at the recent mortgage crises in the US (and our own Globe Trust fiasco), it appears that “the invisible hand is shaking” (coined by NY Times columnist Robert Frank). Also, capitalism and competition without government intervention are supposed to be the sacred hallmarks of American democracy.

In this ‘democracy,’ it’s a survival of the fittest private enterprises; either you keep up or get out. It therefore confounds me why the Bush administration is asking Congress to bail out, by injecting billions of federal dollars, mortgage finance companies like Fannie Mae and Freddie Mac.

Yours faithfully,
Clinton Urling