The Bush Economic Challenge

Jonathan Alter and Howard Fineman haven’t come close to realizing my crisis of confidence and anger with President Bush in his handling of the market downturn and corporate fraud (“A Dynasty’s Dilemma,” July 29). Signing the corporate-accountability bill does nothing to address the fact that, like countless others, I have lost most of my 401(k) and pension plan in the market crash. Thankfully, I did not invest my Social Security in the market. I am going on 59 years of age and now don’t know when I can retire. If the government can bail out corporations when they get into trouble, they can surely figure out a way to refund the hard-earned cash that I put into my retirement plans. This November I will not vote for any candidate–Republican or Democrat–who does not satisfactorily address these concerns. If Bush hasn’t done anything before the next election to somehow get my investments returned to me, I will not vote for him either. He is lucky that the election is not being held today. John Ingram Albuquerque, N.M.

President Bush has likened our financial suffering to that of a hangover from some self-inflicted binge. We are not in pain because of mistakes we made. While Bush is not to blame for this crisis, he shouldn’t whitewash it by claiming it was precipitated by only a “few bad apples.” Many Americans have lost their retirement savings because of criminal fraud, deception and betrayal. This systematic problem will not be resolved until we are able to restore faith in the integrity of corporate executives, board members, investment bankers, security analysts, the SEC and, most of all, auditors and accountants. I hope that Bush will lead the effort to restore confidence in corporate governance with the same vigor he used in the war on terror, and that his father used during the gulf war. Tom Austin Cleveland, Ohio

Although approval ratings thus far have been high for George W, there is still time for collapse. His father’s once high ratings turned abysmally low by the end of his term. While each man faced a singular military challenge effectively (the gulf war for No. 41 and the war on terror for No. 43), on the domestic front, George H. W. Bush’s presidency ushered in a recession that increased unemployment to 7.8 percent. George W’s presidency is tangled in a downward-spiraling market. George W’s effective handling of September 11 does not necessarily translate to the economic front. He must stabilize the economy lest his time as president be as short as his father’s. Brent Mittleman North Caldwell, N.J.

It is impressive that George W. Bush and his team have been able to successfully deal with running a war against terrorism and increasing the nation’s security and yet still have time to clean up the economic mess left over from the ’90s. The eight years preceding Bush’s presidency are stained by the false boom of the dot-com economy. These years inspired much of the book-cooking and fraud that is now coming to light. How nice to see corporate America brought back down to earth after having gone unchecked for so long. Let’s hope that this long-needed correction in the economy will result in a more steadied and realistic rate of increase in the future. Jake Ankeny Jackson, Wyo.

Please. Let’s all remember the last time we blamed and punished a Bush for a bad economy. We got Clinton. Kristen Micklos Salt Lake City, Utah

This lifelong Republican and strong supporter of President Bush will sit out the next presidential election if the stock market has not returned to some semblance of normalcy by then. For families like ours there is something more important than party loyalty, and that is survival. The savings of millions of Americans are being lost on President Bush’s clock. He’d better fix it or he’ll be put out of office. Daniel Saras Edison, N.J.

I never felt that George W. Bush was anything but a privileged prince. How can anyone other than the very wealthy expect Bush to understand the rest of us? He has been well scripted, but does anyone believe he can understand the pain of those who have lost their jobs and their retirement savings caused by the heads of corporations who paved his path to great wealth? Gabe Hausmann New Orleans, LA.

Speaking of Her Mind

Cheers to Mary Seymour for speaking openly about being bipolar (“Call Me Crazy, But I Have to Be Myself,” My Turn, July 29). Having her manic-depressive condition identified and treated allows Seymour to rejoice in the important things of life, as well as the opportunity to help others. It reminds me of my journey upon discovering my alcoholism 22 years ago. Why is it that in this enlightened age of science and medicine we still treat some illnesses as the ancients did: shameful or sinful? Mike Dennehy Washington Township, N.J.

Mary Seymour’s My Turn column was an excellent discussion of what it feels like to battle such a misunderstood disease. My mother, who was bipolar, wasn’t properly diagnosed until the mid-1970s. Prior to the diagnosis, she spent a great deal of her adult life (and my childhood) in the psychiatric units of state hospitals. I have vivid memories of seeing her in these wards, and even more vivid memories of the way family members and neighbors acted toward my mother when she returned home. Seeing their lack of understanding and their fear of the “crazy woman” was almost as hard as having a mother who suffered from the disease. It is comforting to know that 30 years later people are beginning to understand bipolar disorder and that those with the disease are “coming out.” This very real disease needs real treatment and understanding. Brenda Steen Apex, N.C.

Books Bring People Together

Oprah’s Book Club may no longer exist, but I am pleased to see that other book clubs are going strong (“Reading All About It,” July 29). According to a survey conducted by the American Library Association and the Lila Wallace-Reader’s Digest Fund, more than 61 percent of libraries offer book-discussion groups. People are going to libraries in growing numbers to meet authors, artists and performers, to talk to each other and build a community. If you aren’t in a book club, check out your local library. Librarians are eager to help people pick good books to discuss and they can also guide you to a club at your library or assist you in forming your own. Maurice J. Freedman, President American Library Association New York, N.Y.

‘By Hook or by Crook’

David Gates’s insightful column [“Greed R.I.P. (For Now),” July 29] states that not long ago “what’s now called greed was called enterprise [or] ambition.” The fact that so many people do not understand the difference between “ambition” and “greed” is precisely the problem. Building a company from scratch into a multimillion-dollar corporation that ultimately becomes the leader in its field is ambition. To then seek–by hook or by crook–to put all competitors out of business and monopolize a market from which you already extract enormous profit is greed. This great country of ours was built on ambition. It is being destroyed by greed. Scott Thomas Cape Canaveral, Fla.

A free-market economy is partially driven by pure, basic avarice–the simple need for more, regardless of what you have. The tragedy, however, is the reckless way some corporate executives pursued their fortunes, and the number of people they were willing to hurt to obtain it. Daniel Chaikin Houston, Texas

Money in the Scheme of Things

While I don’t mind being the poster boy for losing money in the stock market and I appreciate the attempt to make me look down and out by photographing me against my garage wall, I would like to correct this misimpression (“The Real Price of the Slide,” July 29). The truth is, my wife and I live in a lovely, small West L.A. home–that wasn’t used as a backdrop–and we are very happy. If I’ve learned anything from losing $700,000, it is how little money means in the great scheme of things and how out of sync our values are in this material culture. Life is much more about the friends you keep and the love you share. In that way I feel very rich. Brett J. Love Los Angeles, Calif.

Physician and Patient

The American Medical Association is disappointed with Anna Quindlen’s characterization of physicians as practicing a one-time-fits-all brand of medicine (“And Now for a Hot Flash,” The Last Word, July 29). The vast majority of physicians are deeply concerned with every patient’s well-being and prescribe the best treatment possible. Women who received hormone-replacement therapy were given it based on the most up-to-date research–not because of a doctor’s indifference or because it was the “easiest” way to treat them. Quindlen is correct that there are “boundless” sources for learning about treatment options. Unfortunately, far too many of these sources aren’t grounded in scientific evidence. Some are even dangerous. Patients need their physicians to help them sort through all the information and make an informed decision. Good medicine requires a full partnership between patient and physician. Yank D. Coble Jr., M.D., President American Medical Association Chicago, ILL.

Correction

We attributed a July 29 perspectives quote to Rep. Charles Grassley of Iowa. He is, in fact, a senator.