The author is commenting on the recent efforts to deregulate interest rates for financial institutions. They believe that deregulation, if not done gradually, could have catastrophic results. The author suggests limiting investments in money market funds, treasury bills, and money market certificates to a minimum investment of $25,000 as a practical solution. They also discuss the Federal Reserves efforts to curb inflation and the effects of deregulation on financial institutions. The author raises concerns about the solvency of these institutions and suggests three possible solutions: disallowing tax deductions on interest, reducing the corporate tax rate, and limiting investments in certain funds. They express the hope that the pitfalls of deregulation can be avoided before any catastrophic events occur.