Recession Redux

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"The Price of Greed" is great reporting [Sept. 29]. Andy Serwer and Allan Sloan compressed a staggering amount of information into five pages and still made this trajectory of avarice remarkably clear. Now that I think I understand it, I wish I didn't feel so angry.
Edward Claymore, LAGUNA WOODS, CALIF., U.S.

The government is much more responsible for this mess than Wall Street is, by refusing to reform Fannie and Freddie in 2005 and by allowing subprime mortgage loans to be made to unqualified buyers.
Forrest S. Walters, ERIE, PA, U.S.

Where has the government been? 
 Remember Ronald Reagan's mantra: Regulation is bad. The Reagan, Bush I and Bush II administrations believed in three main things: deregulation, tax cuts that provide little relief for most Americans and government subsidies for huge corporations. John McCain now has a "comprehensive" plan for the economy that begins with firing the chairman of the Securities and Exchange Commission. Yet in September his initial response to this crisis was, once again, to make the Bush tax cuts permanent and to increase Federal Government support for corporate America. Maybe McCain hasn't noticed, but this isn't working.
Ruth Parente, MIDDLETOWN, CONN, U.S.

It is too simplistic to blame greed for the financial mess. The fault is a broader human trait: the reluctance or inability to consider the downside of a situation that has so many attractive features. The financial products at issue were profitable, and people were getting houses. Any problems that arose would be taken care of tomorrow. Wonderful invention, tomorrow!
Kenneth Viste, BOISE, IDAHO, U.S.

The federal government can and should encourage buyers to head back into the real estate market by announcing that people who buy a home during the next year will be exempt from federal income tax if and when they later resell that home for a profit. Driven by the profit motive — and tax-free profit at that — real estate investors and others would soon begin snapping up short sales, foreclosures and any other bargains they could find. Unsold housing inventories and mortgage foreclosures would decline, and the housing market would be on its way to recovery. Good old-fashioned capitalism would again save the day.
Charles Lingenfelter, CARLSBAD, CALIF., U.S.

I am from China, where it is extremely difficult for leaders to apologize publicly for the mistakes they make. I always thought Americans were much better in this respect. However, I wonder why there has been no one from Wall Street or the White House who would apologize to the American people or even to the global community for the horrible financial mess we are now facing — someone who would have the guts to stand up and say, "I am sorry for my mishandling, my misjudgment, my negligence."
Wang Zhixue, MONTEREY PARK, CALIF., U.S.

It is sad that so few journalists in 
 the media wrote or broadcast critically about global financing, investment banks and subprime loans — before the crisis of the last weeks. Investment banks and their CEOs and staff were hailed as heroes. Now they suddenly are the villains. The role of the media could also be on the balance sheet, now that it seems to be time for the big blame game.
Roger Almeberg, HELSINGBORG, SWEDEN

We urgently need a Kyoto Protocol for financial climate change with clear objectives: elaborate policies to reduce the greed-house effect and reverse the decline of ethical values. Take measures to stop and fine the emission of toxic investment funds. Promote and reward the development of sound long-term financial products.
Ray Moser, LAUSANNE, SWITZERLAND

In Defense of Wall Street
The financial industry is under attack for the supposed greed that has taken place [Sept. 29]. A few CEOs made an ungodly amount of money but are just a small portion of those who work on Wall Street, most of whom are considered middle class. Those who got rich off the real estate boom haven't had to share any of the blame. So what if they made millions? So what if speculators were flipping houses without ever intending to move into them? So what if people took out numerous credit cards and bought homes they couldn't afford? I had nothing to do with these securitizations, yet my children, my grandchildren and I will be paying for all of it over the next 30 years, thanks to the Fed's bailout. And if excessive lending and borrowing got us into this mess, how is the Fed acting differently by taking out a 30-year mortgage on our nation's future? Please stop the backlash against Wall Street; do not criticize me for my place of business.
Kevin M. Nichols, NEW YORK CITY