Russia’s Crony Capitalism
Regarding your Aug. 28 news analysis on Russia’s disastrous “crony capitalism”: It was unnecessary to go into a lengthy discussion of how it arose and how it has led to economic disaster; we had an analogous experience here in the United States, namely the savings and loan scandal. In both cases, massive private economic projects were guaranteed by the general public but the taxpaying public had no patriotic representatives at work to safeguard the feasibility of the private projects that the public was forced to guarantee.
Similar situations continue to exist in this country in various subsidy programs maintained at public expense to guarantee private gain rather than public benefit. Subsidies to tobacco growers and tax breaks to polluting industries are egregious examples of such programs, and there are others. We should learn from the Russian experience, and examine ourselves and clean our own house lest we bring ourselves to a similar predicament.
LARRY SELK
Los Angeles
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With all the reports of crime, corruption and financial instability, it seems our leaders should have seen this Russian economic meltdown coming a mile away.
Maybe they, like our media, have been too distracted by Monicagate to notice Russia tottering on the brink, something which could lead to an economic or even military crisis with grave consequences for the whole planet.
We spent so many hundreds of billions, if not trillions, of dollars to win the Cold War, you would think that we could have invested a fraction of that in Russia to stabilize the situation there a little better. Since the fall of communism in the former Soviet Union our response has been pathetic. Is it too late for a Marshall Plan for Russia?
STEFFEN TUROFF
Los Angeles
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The Russians failed the ABCs of democracy, and instead allowed “Absolute Baldfaced Corruption” to replace communism. My question is where has all the money been hidden?
NANCY RIGG
Los Angeles