Editor,I wish to respond to a story that appeared in The NewTimes of June, 15 titled "Financial crisis: Turning from capitalism to socialism” where the author argued that the banks in the US were aware that they were giving out loans in a wrong way and were unable to recover the money.I feel obliged to disagree with the writer. First, the American economy is far from Laissez-faire. It is regulated closely by the US government. The steps of the recent bail-outs/collapse were due to: 1- Government backed banks for home purchase.2- Removal from the gold standard. 3- Zero accountability from the consumers. To summarize this, the consumers borrowed from government-backed banks without any repercussions. The banks, in turn, kept loaning out the money, which caused inflation of home prices; at the same time, they packed these loans and sold them to foreign investors. A bubble-burst followed, affecting all who invested, and the people who took the loans literally walked away with just ‘bad credit.’ Neil GunterEditor,On this matter, things were made worse by ‘bailing out’ their own investments from the same exact source. This is what happens when you ignore the gold standard, and it created an incestuous relationship between the private market and government, bypassing the invisible hand, and resulting in the collapse we’re dealing with now. That is only the housing portion; I haven’t addressed America’s credit card and student loan situations.Rwanda must embrace true capitalism; they are in the perfect position to become extremely wealthy. Tech firms will fight for the opportunity to help Rwanda build, as our opportunities in America are being stifled by our own government. But I do wish Rwanda all the luck, because the Rwandan society is on a good path to prosperity, as far as I understand.Agnes