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Letter: Market economy requires good government

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I would implore anybody who believes that government should have no role in the economy to take the time to either read a book on economics or to take an Economics 101 course at a local college (“Tea party ideology is refreshing, not irrational,” June 11 letter). Advocating a national economy without government oversight is every bit of irrational, uneducated and over the top. Without good government, a market economy and capitalism are simply not possible.

The former chairman of the Federal Reserve, Alan Greenspan — one of the major faces of the recent economic collapse — admitted, on the subject of government regulation during a congressional hearing, that he had put too much faith in the self-correcting ability of the free market and failed to anticipate the effects of selfishness and greed. Simply put, the lack of appropriate government regulation and oversight helped to put us into our recent economic downturn and we’re still trying to dig ourselves out. The American people put trust in the free market to do what was best for all of us and it failed immensely.

The tea party, the idea of total deregulation of the markets, and any other quasi-Libertarian ideology may be refreshing in principle, but in practice they do not work.

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