I am really surprised that someone of Peter Morici's academic standing and obvious financial experience would imply that "banks making loans on real estate assigned inflated values to borrowers who could not repay" and the ensuing financial crisis had nothing to do with "lack of regulation" ("Obama's faith in liberalism," Feb. 21).
It is that very lack of regulation that allowed it. Prior to that, it wasn't that banks were so much wiser and more concerned about their depositors and investors. Due to regulations, they had to be.
Mr. Morici knows this and for some reason wants people to believe otherwise.
Rev. Jenny Williams, Baltimore