Web Letters: Creative Destruction on Wall Street

The main feature of this time is of predation.

Those entities with cash or what can be easily converted to cash, can buy.

The assets of Lehman Brothers, Bear Stearns, AIG are transferred from some entities TO some entities.

In ten years, that will be 90 percent of the story of this time, the change in power structure.

The predatory cash and oil-rich (many other commodities as well) over the leveraged. And, the predatory nature of private equity (comprising the cash and oil-rich) over even publicly traded entities.

And that that transfer was financed largely by the US government, primarily in the tax code that created a preference for speculation over investment in exchange of goods and services.

Richard Witty

Greenfield, MA

If the Democrats win the election and rely on "free trade" or the "free market" to solve this nation's economic problems, they will be destroyed as a political party. Since they reject "New Deal American solutions" for Republican-Lite "free trade" solutions, I am going to vote for Ralph Nader. I would not be surprised if the Democratic Party lost the election, because they have not convinced ordinary Americans that they have their interests at heart.

Pervis J. Casey

Riverside, CA