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LETTERS

Not all homeowners support Obama's housing bailout

March 15, 2009

Re: Tom Petruno's column: "Obama bad for stocks? It's not that simple," March 7:

Memo to Wall Street: Barack Obama is not George W. Bush.

That fact may seem obvious, but not to the asset manager quoted in Petruno's column who worries when President Obama talks about something like healthcare rather than the banking crisis.

The previous occupant of the White House seemed unable to focus on more than one topic at a time. If that was Iraq, then Afghanistan and Pakistan were ignored, along with Europe, Africa and domestic issues such as Hurricane Katrina and the SEC's failure to regulate Wall Street.

After eight years of government by take-a-number, it is reassuring to have a president who can multitask in this time of multiple crises.

Alexander Auerbach

Sherman Oaks

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Right, Mr. Petruno. It's complex all right, many parts . . . let's list the Obama parts. Warring on the private sector, dispossessing those that create jobs, approving wasteful government spending, pushing spendthrift socialistic reforms during a financial crisis, no recovery plan specifics, reneging on campaign promises to rein in wasteful earmarks, to mention a few.

It is now apparent, Mr. Petruno, that he's in over his head. The public sees it. The market sees it. Why not you? Check on the number of "change" bumper stickers you see on your way home tonight.

Sid Wing

Thousand Oaks

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Investment banker Jeffrey Schappe can whine foolishly about President Obama's "full-scale assault on capitalism." However, the 3% increase on the top marginal tax rate doesn't even rise to the level of a kick to capitalism's shins. The proposed marginal tax rate will affect only those people who are fortunate enough to earn five times or more than the average American family.

The proposed "assault" merely raises the top marginal rate to the same rate that existed under President Clinton, which is still far lower than the marginal tax rate during the terms of Presidents Eisenhower, Nixon or Reagan. It's almost amusing to hear the "masters of the universe" sniveling about such a tiny tax increase.

Come on Mr. Schappe, step up to the plate, make an investment in your country and stop whining about a stubbed toe.

Julie Brown, M.D.

Orange

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I'm afraid Mr. Petruno has missed the point regarding various attacks on President Obama and the stock market. Obama has dismissed Rush Limbaugh, Larry Kudlow and, by proxy, several other pundits, left and right, who have held him somewhat accountable for the slump in the market.

The market traditionally reflects confidence, or the lack of it, in the economy six months down the line. No matter how much Petruno would like to protect Obama from the consequences of his actions now, the private sector continues to make its voice heard. It has no confidence today and none for the future.

Steve Ackerman

Granada Hills

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