Who can afford this face-lift?

Regarding the story, ”Neighborhood face-lift gives Hollywood pause,” (May 6):

What amazes me more than anything is the consistent lack of mention of a population’s ability to afford all of this development. Certainly a walkable neighborhood is desirable, but every development I have seen with those types of features requires you to make a healthy six-figure income to be able to reasonably afford it.

Yet that is the assumption being made to support all of these developments. How many luxury apartment complexes and condo communities can we really support? The current housing debacle demonstrates far fewer than developers would ever admit.

Jeff Magill,

Group Finance Manager

City National Bank,

Los Angeles

Let’s share cost of health insurance

Except for the healthy and the wealthy, the rest of us – not just employers – are being pinched, if not strangled, by rising healthcare costs. (”Healthcare costs pinch employers,” May 7.)

People with supposedly excellent insurance are forced to declare bankruptcy because of out-of-pocket expenses from major illness. We lose high paying jobs to Canada, Britain and Europe, where companies can provide quality products and services without the expense of healthcare.

If the U.S. were to have national health insurance, we could provide quality that no other country has accomplished while achieving similar cost savings.

The challenge is not to make for-profit health insurance affordable for employers but to establish public financing for national health insurance.

Jerry Frankel

Plano, Texas

Yahoo shows money isn’t all

I am not defending Jerry Yang in his recent debacle, but what is so disturbing is the trend over the last two decades of the cart leading the horse. (”Yahoo’s Yang in hot water,” May 7.)

Many companies like Yahoo are built by entrepreneurs who use their skills and passion to create a great product. They eventually sell out for the big bucks only to realize later that their vision is no longer part of the picture.

The company is now being challenged by individuals who have no passion or concern for the product, but rather a greedy desire to cash in, even if it means diluting the vision. Somewhere along the way we will eventually realize that it isn’t always about money.

Bernard Lax

Los Angeles

Fed chief’s advice is infuriating

Ben S. Bernanke’s comments in the May 6 story, ”Fed chief urges action on foreclosure crisis,” are absurd and should infuriate anyone who repays their debts as promised.

I find it incomprehensible that the chairman of our Federal Reserve system is recommending that taxpayers pitch in to help reduce the mortgage balance of their neighbors – just so they have an “incentive” to repay their loans. I am no economist, but Mr. Bernanke’s rationale seems terribly flawed.

Will future home buyers expect similar assurances that they will never lose money if they buy a home? Are financial contracts worth the paper they are printed on? Will lenders leave the market in droves? Will that result in mortgages being even more difficult and costly to get? And will that lead to fewer buyers and even lower property values?

Dan Weiss,

Residential Mortgage

 

Broker

Toluca Lake

Getting the most out of savings

The story ”Cashing Dad’s IRA — in 9 trips” (May 4) involves a more subtle lesson for those who have invested 40 or more years in a career and have managed to save up a nest egg for themselves: Enjoy it while you are still healthy.

Nobody I know wants to outlive their money, but neither is it the best thing to be stingy in those years after 60. Have some fun while you can. Do the things that you’ve always wanted to do.

Although you don’t want to drain the savings, neither do you want to hand over all that you have been working for all of your life to healthcare givers.

Bob Jack

North Las Vegas, Nev.

Oil profits could aid clean energy

It seems that economists are in disagreement over the advisability of taxing the “windfall” profits of the oil companies. However, it is a no-brainer to put an immediate halt to the ridiculous subsidies that Big Oil currently enjoys. (”Levy is needed on oil profit windfalls,” Consumer Confidential, May 4.)

I understand why the two oilmen in the White House have not acted on this issue, but where has the Democratic congressional majority been? Why haven’t the three presidential candidates come out strongly on ending these absurd gifts to the oil companies?

The subsidies could be redirected to the development of alternative energy sources. This certainly would be more beneficial than the gimmicky “gas-tax holiday” that McCain and Clinton are advocating.

Felice Sussman

Los Alamitos

I think you are correct that windfall profit taxes are not likely nor perhaps appropriate, but something other than price has me angry at oil companies.

At congressional hearings this spring, executives from several of the oil companies said the reason they were not investing in alternative energy was because there was no short-term benefit for shareholders. I guess, like many other industries, they don’t care about the customers or the long-term future of the company as long as they meet quarterly goals and get their high pay and retirement benefits. Instead of a windfall tax, how about a levy on petroleum to pay for research and development on alternative energy?

Jim Hayes

Fallbrook

I agree that profits are not undeserved. As a retired citizen, still holding a few shares of Exxon (with fingers firmly clamped around my nose), I would like to point out that the shareholders are not seeing drastic gains in their profits, short of selling. Dividends have risen, but not by much.

But I do think that the time for subsidies is over for these behemoths. I propose using a windfall profit tax as a bargaining chip: Either allow the repeal of all subsidies, or expect them to be offset by additional taxes. Then use the subsidies to fund public transportation.

Randi Slaughter

Clark, Wyo.

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