Guinta needs to do his homeowrk

Thursday, December 22, 2011

To the Editor:

I see from Representative Guinta’s most recent column that he is right on the party line – if only Congress could get rid of the pesky regulations, companies could hire more people.

Is it that he has not been briefed or that he has not done his homework or that he is just simply ignorant of the fact that lack of regulations for the banks, Wall Street, and big companies has put us into this terrible depression – the worst since the 1920s? Every economist worth his/her salt knows that and has so stated it. All the Republicans say, “If we would just let the big boys just police themselves, they could do so much more with their money. It is all the regulations that hold them back.”

I wish we could trust them to regulate themselves, and then Congress could reduce the number of regulations. However, they have demonstrated that they can not regulate themselves as evidenced by the depression we are in now.

Do you think for one minute that we would have good, clean drinking water and generally clean air to breathe now if there were no regulations? The Republicans would do away with The Environmental Protection Agency in a minute if they could. They would also do away with the Consumer Protection Agency that was just recently formed, and in fact, they will not permit the President’s appointed head of that agency be approved just to keep it from being able to control the bank’s interest rates on credit cards, the interest rates on payroll banking, as well as the mortgage fraud that persists today. Do you think that the pharmacy companies would make certain drugs were safe before placing them on the market? Would you trust the manufacturers of all our products including cars to not skimp on safety if they could get away with it?

It would be nice if we could trust those banks, manufacturers, etc., to police themselves. I am certain things could be more economical then, if the savings were passed on to the consumers, and I doubt that would happen either.

Keith Cordes

Bedford