'Hardly a Depression'

'Hardly a Depression'

The biggest difference between the Great Depression and the current financial crisis is that this crisis hasn't ended yet [Oped, "Hardly a Depression," July 3, 2008].

Yes, the modern news press and broadcast press hypes every crisis, but even Peter can see a real wolf.

Amity Shlaes is cited by Mr. Stossel, contrasting our current economic plight with the 1930s, " ... in the depression America confronted deflation ... today we are in an inflation. If this period is like anything, it is like the 1970s."

Did America's house prices plummet in the 1970s? The current housing crisis is unprecedented since the Depression.

The shock to the financial and economic system today, brought about by subprime and the constriction in credit markets, is very much reminiscent of the asset deflation of the 1930s and the initializing shock to our nation when the major equity market indices — and many American households speculating in them — lost most of their value.

STEPHEN TANENBAUM

Brooklyn, N.Y.

'Unequal America?'

In a recent article you wrote that, "71% of Americans agreed with the opinion that 'the poor could escape poverty if they worked hard enough'" [Oped, "Unequal America?" July 7, 2008].

You added that "only 40% of Europeans agreed with the same statement." Often beliefs do not conform to reality.

The huge endowment that Harvard has and what it does with it is not relevant. As "unequal America" is exacerbated, true democracy will be one of its victims; the interests of the wealthy will merge with the government.

DAVID CHOWES

Professor

Baruch College/CUNY

New York, N.Y.

Bravo for your editorial taking on Harvard Magazine's article about income disparities in America [Oped, "Unequal America?" July 7, 2008].

In addition to the factual errors you noted, the article failed to consider differing views.

For example, many economists view consumption statistics as more reliable than income statistics and the former do not show disparities expanding as much or at all.

They also show all income groups making significant material progress over the years, in contrast to the article's assumption that the poor keep getting poorer.

FREDERICK MILLER

New York, N.Y.