Thank you for printing a most thought-provoking article on the savings and loan catastrophe (February/March). It was especially interesting to see the historic perspective tied in with the beginning of our nation.
One of the most frightening aspects of the debacle is the cleverness of the political class (Republicans and Democrats alike) in treating this situation as if it had been caused by forces unrelated to their legislation.
Another interesting sidelight to this issue: What changes should be made in current regulation to make the system sound? With government still in a deregulatory mood, will Congress be able to pass sensible legislation, or will we get a sensible system through political appointment and rule making? It is sad to think that the United Kingdom was able to survive equally wild gyrations in interest rates recently without major bankruptcies.
Edward C. Johnson 3d
Chairman and CEO
Fidelity Investments
Boston, Mass.
S&L Story
On February 2, 1991, I bought my first copy of American Heritage and thoroughly enjoyed your historical article on the banking industry in the United States. I admired it on two professional levels. First, as a Wall Street lawyer in the banking industry, I was intellectually touched by the subject matter. Second, I admired the clear, fluid writing. It is an especially pleasant and refreshing respite in my environment, where I am frequently surrounded by the opposing counsel’s brackish verbosity. Their swampy writing style results in confused, ambiguous legal product and makes me a strong advocate of your style to the thirty attorneys in my department.
Lawrence A. Swenson
New York, N. Y.
Prescott’s Logic
The article “Prescott’s War” startled me while I was reading your February/ March issue, as Linzee Prescott was a 1942 member of my 505th Parachute Infantry Regiment Intelligence Platoon— later to be part of the 82d Airborne Division.
He was quite a bit off the wall even then, but the regimental commander, Col. James M. Gavin, was always high on Prescott’s artwork as a morale booster, and he was a regular contributor to our raunchy unit newspaper, The Static Line.
Much as we admired his art, Prescott was every bit as famous for a stroke of logic he employed as a just-dropped paratrooper in Sicily in July 1943. The challenge that night was “George Marshall”; the questioning “George?” had better be answered quickly by a hoarsely whispered “Marshall!”—or blooey. Prescott forgot it in all the excitement, so when he broke radio silence, he said, “Come in, Beechie Howard!” No German or Italian was likely to know Beechie Howard’s was a Phenix City, Alabama, bawdyhouse frequented by the jumpers. “Anybody who answered me,” Prescott explained later, “could only be a friend!” I laughed in memory of him as I turned all those pages you allocated to him. Thanks!
Col. Barney Oldfield, USAF (Ret.)
Beverly Hills, Calif.
Must Reading
American Heritage is must reading. It brings momentum, relevance, and perspective to the issues of the day. I never miss reading it. It’s an important contribution to literature, and I am delighted that Forbes is publishing it.
R. E. Cartledge
Chairman and CEO
Union Camp Corporation
Wayne, N.J.
