I believe in capitalism and free enterprise, but only with strict regulation. Otherwise it produces too many of the following:

• Ponzi schemers like Bernie Madoff, who cheated investors out of roughly $50 billion.

• Deceitful Realtors who talked ignorant people into buying homes that they couldn't afford so the former could collect healthy commissions and the bankers and appraisers who fraudulently jacked up house prices for the same reason.

• Company executives who got millions of dollars in compensation while their companies were failing - like the $3 billion in bonuses given in secret to Lehman Brothers executives as well as more millions to executives of Merrill Lynch and AIG.

• Politicians who took bribes and/or engaged in "pay-to-play" schemes like three previous governors of Illinois now serving prison terms and ousted governor Rod Blagojevich.

• Progeny of wealthy who get millions of dollars unearned by them and increase it in lucrative schemes because they have connections, not because of honest effort or exceptional intelligence.

• Those millionaires who got sweet deals before the general public knew about them, e.g., the former CEO of Qwest Communications International, Joseph Nacchio, recently convicted of insider trading.

Only tough regulation and high estate taxes will inhibit the wealthy from setting up a plutocracy to shape society to their own advantage to the detriment of others. The estate tax is scheduled to be abolished next year, but President Obama wants to reinstate a 45 percent rate on estates above $3.5 million. Hopefully this will be enacted as a beginning to curb the relentless push of the rich.

Werner A. Mukatis, Corvallis