Whatever happened to free markets in this country? The idea that the author ("Why We Don't Need Any More Bank Charters," July issue) or some bureaucrat at the FDIC should decide how many banks should exist is ludicrous. If bank organizers put their money at risk and decide that opening a bank makes investment sense, the markets should ultimately determine the soundness of such decisions. Clearly, there are some markets in this country that are overbanked but some areas are quite likely in need of additional banking services. Markets should determine the viability and need for new banks, not the government. This is just another indication that the U.S. is well on the way toward a totalitarian society.

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