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JULY 26, 2004
Clinton: The Best U.S. President In Decades Many people are interested in Bill Clinton's story ("Messy life, messy memoir," News: The United States, July 5). Clinton gives the impression that he is "one of us" more than any other President before or since, even including the Monica Lewinsky case. Many here in Europe and elsewhere think he was the best U.S. President in decades. The way he came up defines for me the American dream -- which of course includes making as much money as possible. So don't be too critical. Try to relax and enjoy the book. And you never know: Maybe you'll find him back in the White House one day soon, together with the first woman U.S. President. This would be the Clinton dream, Part II, worth another entertaining book. Michael Schoening Waldfeucht, Germany The Power Of A Power Shortage The Chinese government wanted to slow the "roaring economy" ("Power shortages are zapping China," Asian Business, July 5). What better way than to let a lack of electricity do it? Robert Linington Tokyo   A Recession For The Average Citizen In my opinion, the Greenspan/Bush economic policy will fail because of the increasingly negative impacts realized from macro multiplier effects ("High stakes for Alan Greenspan," Editorials, July 5). As domestic economic activity and sales are increasingly satisfied by imports, offshore employment, and offshore investment -- to the detriment of domestic equivalents -- these negative multiplier effects will eventually curtail domestic consumer spending. With lower corporate tax revenues and decreased tax rates for the wealthy, the average citizen's disposable income drops as the domestic economy is forced to absorb more debt and higher interest rates. Citizens will be forced to make up the difference in lost state revenues, where borrowing is not available as an alternative. Additional multiplier effects that are having a negative influence on the economy: foreign entanglements, inflation realized from increased economic concentration, higher oil prices, and higher medical bills. This will result in decreased consumer spending and economic recession for the average citizen, with higher productivity (fake productivity, since business processes are being shipped offshore), greater incomes for the wealthy, and even greater offshore investment. Rich Woods Sarasota, Fla. Asia: "Budget" Airfares Aren't Enough The recent introduction of budget airlines in Southeast Asia has traditional carriers setting up low-cost subsidiaries to compete on price ("Will Asia's low-cost airlines fly high?" Asian Business, June 21). Customers realize that, unlike the case in Europe, fares on Asian budget airlines are not much lower than traditional airlines -- and that even budget airlines have separate pricing tiers, with very limited seat availability in the $25-to-$45 promotional range. Larger airlines may therefore compete in the $100-plus bracket as well as in this discounted seat range. Budget airlines need to shift away from pricing competition -- large carriers may shock the market by introducing no-frills options themselves. Budget carriers should instead focus on building efficiencies along key routes, service differentiation such as Valuair's "fun" staff or "service with attitude," lobbying for lower-cost airport terminals by increasing traffic volume, and creating different value propositions appealing to different customer segments. Calvin Chu Yee Ming Singapore Let's Not Forget The Reagan Recession I read the pros and cons of "Reagan's economic legacy" (News: The United States, June 21). I am surprised that no economist mentioned that, under Ronald Reagan, the U.S. witnessed the highest postwar levels of interest rates and the highest rates of bankruptcies since the Great Depression. With most rates around the world more or less following those of the U.S., Reaganomics also triggered a worldwide recession. Nicolas Saade Dubai
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