Thank you for printing a most thought-provoking article on the savings and loan catastrophe (February/March). It was especially interesting to see the historic perspective tied in with the beginning of our nation.

One of the most frightening aspects of the debacle is the cleverness of the political class (Republicans and Democrats alike) in treating this situation as if it had been caused by forces unrelated to their legislation.

Another interesting sidelight to this issue: What changes should be made in current regulation to make the system sound? With government still in a deregulatory mood, will Congress be able to pass sensible legislation, or will we get a sensible system through political appointment and rule making? It is sad to think that the United Kingdom was able to survive equally wild gyrations in interest rates recently without major bankruptcies.