Different views of the economy

Re “Symptoms of depression,” Opinion, Dec. 9

Fundamental changes in fiscal policies are essential to avert the depression envisaged by Steve Fraser.

Of all the drains on our resources, the most egregious is the lengthy occupation and wasteful “nation building” in Iraq. Objective conditions increasingly favor withdrawal of U.S. troops and funding. War’s drain on our resources was a major reason we withdrew from Vietnam. Today’s economy is weaker and the drain far greater.

President Bush’s legacy aside, immediate withdrawal from Iraq is crucial not only to restore our foreign policy and armed forces but equally to help rescue our economy.

Howard Hurlbut

Redlands

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I was confused by this article. The stock market has recorded a gain, and the yield curve on Treasury securities shows short-term interest rates below long-term rates, a sign that the market thinks there will be continued growth.

And I found an article on your website about a study from UCLA that says there will not be a recession next year.

After all this, I was surprised to read Fraser’s article, which foretells that a “depression, or a slump so deep it’s not worth quibbling about the difference, appears to be on the way, if indeed it is not already underway.”

This statement seems to be in stark contrast to the other evidence. I am fairly confident that the only impending depression will be Fraser’s emotional one should the Republicans regain Congress and White House, keep taxes at their current levels and launch another four years of economic expansion.

Joe McMahon

Manhattan Beach