To the Editor:

Re: “Sold Short: American Capitalism at Its Finest,” Opinion, March 25

This author’s very interesting column has one problem — or shortcoming. He addresses the issue of short selling as a fundamentally negative operation that is “invested in market failure.” This is a simplistic view of short selling that flies well with the public’s general feeling of indignation towards Wall Street.

Students listen as a panel of Johnson School of Management faculty members discuss the current credit crisis at Sage Hall yesterday. The panel attracted 250 attendees.

“Expediency is not a good guide for policy, and that is where we are right now,” said Prof. Maureen O’Hara, the Robert W. Purcell Professor of Management in the Johnson School of Management.

As Congress continues to debate Bush’s proposed $700 billion economic recovery plan, last night a panel of professors from the Johnson School analyzed the causes of the financial crisis and offered solutions for the future. Over 250 people attended the discussion.

Moderated by Prof. Doug Stayman, marketing, and the associate dean for curriculum at the Johnson School, the Market Crisis Panel addressed the tumultuous events in the finance world that have happened over the past days.

NEW YORK (AP) — The Federal Reserve, working with central banks in Europe, Canada and Asia, pumped as much as $180 billion into money markets on Thursday to combat a seizing up of lending between banks that is intensifying global financial crisis.

The move was aimed at boosting waning confidence and getting banks around the world to open their ever-tightening purse strings. Asian markets closed lower, but the Fed action helped send European stocks higher after three days of losses.

Wall Street appeared headed for a higher opening, after dropping 450 points Wednesday when a Fed bailout of American International Group Inc., one of the world's largest insurers, failed to settle the markets' frayed nerves.

NEW YORK (AP) — Wall Street began the fourth quarter with a huge rally Monday, sending the Dow Jones industrial average to a record close. Stocks were buoyed by a growing belief that the worst of the credit crisis has passed.

The Dow rose 191.92, or 1.38 percent, to 14,087.55, surpassing its closing record of 14,000.41 set in mid-July. The blue chip index rose as high as 14,115.51 to eclipse its previous intraday high of 14,021.95 set July 17.