White House Plan on Antitrust Laws
I read in The Times that “The Bush Administration on Monday unveiled its long-awaited proposal to loosen antitrust laws so that companies can more easily form joint manufacturing ventures” (Part A, May 8).
When the government loosened the restrictions on the savings and loans, it cost the taxpayers hundreds of billions of dollars that it will take generations to pay off.
The hoped-for result will be economic growth and a more advantageous competitive position in the world. But do they actually know what the results will be? Some experts have a different negative opinion. We can’t stand another goof like the savings and loans.
The economic interests have persuaded the government to ignore other antitrust laws which have allowed gigantic monopolistic enterprises to take over everything in sight. The result is huge profits by the financiers at the expense of the workers who actually produce the wealth, many of whom are thrown out of their hard-earned jobs.
The duty of the government is to the welfare of the people. The economic trickle-down theory is too roundabout, too uncertain, and too devious.
BERNARD C. WATERHOUSE
Pasadena
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