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JULY 12, 2004
Honored To Be Honored The judges of the Gerald Loeb Awards for Distinguished Business & Financial Journalism have honored a pair of BusinessWeek stories that examined white-collar offshoring. "Is your job next?" (Feb. 3, 2003) by Pete Engardio, Aaron Bernstein, and Manjeet Kripalani spotted the trend early, and "The rise of India" (Dec. 8) by Kripalani and Engardio explored how India's world-class engineering graduates are becoming enmeshed in America's New Economy. These two stories won in the Loeb's magazine category. Also, "Boeing: What really happened" (Dec. 15) by Stanley Holmes was a finalist in the deadline-writing category. We are honored, and we thank the G. & R. Loeb Foundation and UCLA's John E. Anderson Graduate School of Management, administrators of the award. Reagan Still Inspires Heated Debate Your excellent article "Reagan's economic legacy" (News: Analysis & Commentary, June 21) made me wonder whether 1981 was the beginning of a once-in-a-lifetime event where the overhaul in the tax system, coupled with the start of the Information Revolution and soon-to-be start of a multiyear decline in interest rates, set the stage for the biggest boom in financial markets that may ever occur. While you are accurate in identifying the multiple impacts of Reagan's legacy, I believe a seminal impact was that it spurred renewed investor interest in the financial markets. After the horrible returns of the inflationary '70s, investor interest in the stock market hit an extraordinary low. Reagan's policies were a critical ingredient in the 18-year bull run that has resulted in record levels of stock ownership and, more important, record interest in the stock market by the public. Robert Parish Jupiter, Fla. Restrictions on free-market activities such as a higher minimum wage and increased unionization benefit particular constituencies at the expense of everyone else and have led to stagnant labor conditions in Germany and France. If our politicians could stand up to all special interests (labor unions, attorneys, and other entities seeking special treatment), we could improve our educational system and provide employees who are worth more to employers -- and can command reasonable compensation in a free labor market. Dave Berry Kennesaw, Ga. "Reaganomics vs. Rubinomics" comes out a draw only if you're completely ambivalent about rising debt levels (News: Analysis & Commentary, June 21). But no reasonable person is. Would it make a difference if our national debt were suddenly forgiven in full? You bet it would! Deficits are a very blunt instrument to stimulate growth. That's why anybody can grow an economy, or a company for that matter, by piling up debt. It takes extraordinary skill to grow an economy while simultaneously reducing debt and thereby improving confidence in our fiscal management. That both private sector job growth and gross domestic product growth during the Rubin years exceeded those of the Reagan years is quite remarkable in light of the role deficits can play to stimulate growth. Rubinomics wins hands down. Jim Staudt North Andover, Mass. You forgot to say that six months before Clinton took office, gross national product was up five out of six months and that when he left office it was down five out of six months. Not a good record. Clarence Sills Wilmington, N.C.   Nextel: Cellular Has Plenty More Room To Grow Re "Finally, serious cell-phone capabilities and services are rolling in" ("Wireless," The Info Tech 100, June 21): Nextel Communications Inc. (NXTL ) disagrees with In-Stat/MDR's assertion that the cellular voice-communications market is slowing to 1% revenue growth in 2004. Nextel continues to experience impressive and significant growth through the sales of its wireless voice and data services. In fact, in the first quarter of this year, Nextel delivered a 31% increase in revenue from the year before -- and aggregate service revenues for the six major U.S. wireless carriers were up over 13% when compared with the same period in 2003. Additionally, Nextel raised its guidance and expects to add 1.9 million or more new customers this year. Our bullish outlook is shared by several leading investment firms that see a bright future for the entire wireless industry as well. Nextel recognizes the important growth potential that enhanced data services bring to our industry and its long-term success, but the fact remains that voice services are likely to remain the driver of wireless industry revenues for the foreseeable future. Tom Kelly Chief Operating Officer Nextel Communications Inc. Reston, Va.
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