Rep. Jay Inslee writes that the “unregulated approach to our financial system” has been tried for many years (June 2 Reporter). That’s true — government control of the financial system has been unregulated.

The government has had a kind of supreme and arbitrary power over the financial system since the Federal Reserve Act was passed in 1913. Their power to manipulate the money supply gives them ultimate control over the financial system and the rest of the economy, as well. Using this power, financial bureaucrats have expanded credit, causing misallocation of capital and leading to a boom-bust cycle which impedes the normal functioning of the market.

The system is inherently flawed and no smart or effective legislation will ever fix it!

Richard Opheim, Kenmore