Values, Valuations in a Stock Market Mirror

Re “They Bet Against America,” Commentary, Sept. 19: John Balzar’s accusation that Wall Street let America down on its first day of trading after the Sept. 11 attacks could not be more wrong. Financial markets are the conduit for investors to trade securities with each new day’s information. These markets are impersonal and do not require kindness or patriotism to operate. Although Balzar cites the fall of the Dow Jones industrial average by some 7% overall as an act of cowardice, he fails to mention that the prices of government bonds actually rose, thus lowering the interest rate that the federal government will pay on war bonds.

He also failed to point out that many stocks actually rose in value. One example was the rise in the value of the shares of airport security equipment companies. Investors acted rationally and to the benefit of us all. Come on, do we really want investors not to shift capital to firms like these and to government war bonds? Wall Street simply executes the financial decisions of all us individual investors who live on Main Street.

Mike Stollenwerk

Marina del Rey

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Balzar is right on with his commentary spotlighting the lack of confidence and patriotism Wall Street has in America. Next time these money grubs come whining for a capital gains tax cut, i.e., an income tax break for themselves, tell them to get to the back of the line, behind the firefighters, police, rescue workers, volunteers, construction workers and everyone who pulled together in this time of need.

Jeff Hornacek

Dana Point

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It seems a pity that while most Americans still feel a sense of unity in the face of aggression, Balzar is in such a hurry to resume divisive, class-warfare rhetoric. Someone should explain to him that as many bought U.S. stocks as sold them this week. He might also consider that a substantial segment of equity investors are non-U.S. citizens, and it makes little sense to blame that group for a supposed lack of patriotism.

It is even possible that Americans are buying as foreigners are selling, a possibility that won’t fit neatly into Balzar’s us-against-them little world. Financial markets ought to represent differential economic valuations, and there are better days ahead. Balzar should focus his ire on the bad guys.

Leighton Anderson

Whittier

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Balzar spoke to my heart with his commentary on the Wall Street scoundrels who sank the stock market on the first day of trading since the WTC and Pentagon attacks. He is right. Stock market gamblers showed that they have zero allegiance to any country. Let’s take this as a wake-up call. Speculators have no place in our American financial affairs. While we are at it, let’s stop idiotically praising the mobility of capital. People with money must be forced to decide where their bucks are going to stop.

Bill Gallagher

South Pasadena