Kobe Steel Is Not About to Go Under (int'l edition)

I was astounded to find there are analysts who assert that the only way out ''is for Japan to close banks, write off all bad debt...and end wasteful public works.'' Writing off all bad loans entails writing off a large amount of deposits. Who but those analysts accept such sacrifice! Such harsh actions would lead to the Japanese economy's destruction and would require decades to heal.

Akio Shishime
Chiba, Japan

Capital Markets Are Full of Potholes (int'l edition)

Economies are not driven by capital markets but by wealth creation (''Nasdaq crashed. The new economy didn't,'' Editorials, Jan. 22). Those of us who have been around the block in global capital markets have seen it all. Remember junk bonds? Sovereign risk syndicated loans? Leveraged buyouts?

In the past 25 years, capital markets have been a bit like pyramid scams: The first in made money from nothing (neat idea!); later participants probably still have garage full of unsaleable gizmos.

Michael C. Feltham
Shoeburyness, Britain

Wyndham's Wastefulness Is Too Widespread (int'l edition)

Why would Wyndham International Inc. wait for a crisis to install energy-efficient light bulbs in its hotel rooms? (''Trying to break the chokehold,'' American News, Jan. 22). It would seem that a $1.4 million investment that will save $5 million over three years (an annual yield exceeding 50%) and that at the same time would be environmentally friendly should be made any time the opportunity presents itself.

Aaron Gewirtz
Ramstein-Miesenbach, Germany