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Depression Hurts

The end of what prosperity [Oct. 13]? For more than 20 years, working- and middle-class Americans have seen their jobs go overseas, wages diminish and savings disappear; they've had retirement funds stolen by companies going bankrupt or merging, and health care made unavailable as a result of cost. Suggesting that borrowing to live is the cause of the Wall Street collapse when the 400 richest people in the U.S. have as much money as several million average citizens shows ignorance of the greed and avarice controlling this country. Paul A. Heller, WASHINGTON, MICH.

Nowhere does Niall Ferguson inform readers that under the Clinton Administration, the Internal Revenue Service began giving out Individual Taxpayer Identification Numbers to assist illegal aliens in paying taxes, which also enabled them to take out home loans. Previously, a valid U.S. Social Security number was required to purchase a home, thereby excluding illegal immigrants from qualifying for such loans. Every media feature on the bursting of the housing bubble describes decimated neighborhoods in Florida, Arizona and California--all areas with large populations of illegal aliens--but no one tells us about the government's change in regulations that may have helped bring this situation about. Kathryn Bell, FRISCO, TEXAS

Your cover is a direct insult to those who lived through the Depression. If we can still spend $300 on an iPod, times can't be so bad. Yes, the economy is slowing, but not as severely as TIME has illustrated. John Nicoletti, NAPLES, FLA.

Bailout 101

I am a high school girl who usually flips straight to the Arts section of TIME, but I read Justin Fox's Q&A about the bailout, and I think it was really smart to boil it down that way [Oct. 13]. Even I understood most of it. Still, for me, the obese elephant in the room is the question of where all the money went in the first place! Sara Makaretz, YARMOUTH, MAINE

I'm shocked you would place so little blame on the people who borrowed more money on their homes than they could possibly pay back. I agree that the lenders were silly and that Congress should not have strongly encouraged such lending. Yet people effectively became speculators in home values rather than homeowners borrowing to finance a purchase. Peter Sallerson, NEW YORK CITY

Once upon a time, the Mantra was, Get a job, maybe two, and save. Building a cash reserve was required to obtain decent credit. One's work and savings history became one's credit rating. Why should we bail out lenders unless they can perform reasonable risk assessments? Lenders once insisted that consumers demonstrate a responsible financial history before lending. What has happened to this commonsense approach? Susan Staudt, WAUKESHA, WIS.

Newman's Own Legend

I enjoyed reading Robert Redford's tribute to Paul Newman but was disappointed that Redford felt the need to interject so much about himself [Oct. 13]. He should have kept the focus entirely on his exceptional and talented friend. Mary Knaus LeCluyse, LEAWOOD, KANS.

I'm glad I didn't know Paul Newman. It is hard enough to lose him, as millions of us did, as the fine actor that he was and as an example of what we Americans should be. Take care of yourself, Mr. Redford. You're too good to lose. Hunter A. Poole Sr., RALEIGH, N.C.

The Frugal Life