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To: Sig who wrote (170297)7/21/2002 5:34:28 AM
From: stockman_scott  Read Replies (1) | Respond to of 176387
 
The Confidence Crisis

The New York Times
Lead Editorial
7/21/2002

Wall Street's alarming dive in recent weeks, capped by the 390-point drop in the Dow on Friday, may just be another example of the irrationality that can sometimes grip the markets. The recovery, after all, has been progressing fairly well, and Alan Greenspan advised Congress last week that the economic outlook was reasonably promising. But economic fundamentals are being overrun by a host of uncertainties, which begin with doubt about America's corporate elite and end with concern about shaky leadership in Washington.

Although investors, watching their assets and retirement funds vanish, may wish that the Bush administration could end the market slide with a snap of the finger, everyone knows capitalism does not work that way. The president cannot simply add Wall Street bears to his list of evildoers and declare war on plunging equity prices. Still, it's hard to imagine an administration in a worse position to deal with the crisis of confidence in American business. Mr. Bush himself is a product of the cowboy end of the Sunbelt economy, and if Americans look at him and see the shadow of Enron ethics and WorldCom accounting, his effectiveness as chief executive will be undermined.

Yet so far, Mr. Bush has done little to separate himself from the excesses of some of his friends and campaign contributors. Vice President Dick Cheney continues to be mum about his role as chief executive of Halliburton. The secretary of the Army continues to be a former Enron executive whose attempts to vindicate his behavior as a businessman have been more embarrassing than convincing. The Securities and Exchange Commission continues to be run by the former lawyer for the accounting industry. Mr. Bush is a man who believes strongly in loyalty, and who as a result is able to run a White House that benefits from an extremely low level of public squabbling. But his current intransigence is not good for his administration or the nation.

The markets will not right themselves just because Army Secretary Thomas White is tossed to the dogs or the vice president finally agrees to discuss his business career. But Wall Street would certainly be soothed by some sign that Mr. Bush is firmly in control. The most chilling result in last week's New York Times/CBS News Poll was that 45 percent of the respondents said they thought "other people are really running the government" — exactly the same percentage as said the president was in charge. That is no way to run a White House when the nation's worst domestic problem is a lack of confidence in its economic and political leaders.

It has been repeatedly noted that Mr. Bush's economics team, led by Treasury Secretary Paul O'Neill and the chief economic adviser Lawrence Lindsey, does not have the stature that his foreign affairs advisers enjoy, or that Robert Rubin had when he held Mr. O'Neill's job. The very fact that everybody keeps saying it is one of the problems. When the public believes that an administration's underlings are really in charge, that administration is the last one that can afford to have lightweights in those positions.

Mr. Bush continues to enjoy the good will of the American people, but that will never be enough to stabilize the markets, especially if good will seems based in part on the perception that he is not really running the store. It is time for him to show that he's in control — by directing Mr. Cheney to talk about his financial past, by getting rid of obvious sore thumbs like Mr. White and by replacing appointees like Harvey Pitt at the S.E.C. with strong figures who have the confidence of the business community.

nytimes.com



To: Sig who wrote (170297)7/28/2002 3:36:22 AM
From: stockman_scott  Respond to of 176387
 
A True Miracle -- Trapped Miners Pulled From Pa. Shaft

By JUDY LIN, Associated Press Writer
Sun Jul 28, 3:22 AM ET

SOMERSET, Pa. (AP) - Rescue workers on Sunday pulled all nine miners one by one from the watery, 240-foot-deep shaft where they had been trapped for three days, a jubilant reward for an effort fraught with one gut-wrenching setback after another.

After three grim days of frantic drilling delayed by broken bits and busted seals, defiant crews — with no signs of life to encourage them since Thursday — bored a giant auger through the ceiling of 4-foot high chamber at 10:16 p.m. Saturday. The breakthrough allowed workers to drop a telephone line to the miners through a small air pipe.

Moments later, rescuers were seen hugging and giving the thumbs-up.

Then the word came from an unidentified, mud-caked rescue worker who shouted up from the pit near where they dropped the communication device: "They're all down there. They're waiting to come up. There's nine of them. We talked to them on the telephone."

The first words from the miners were blunt. "What took you guys so long?" one of the miners asked, according to a rescuer.

Gov. Mark Schweiker then appeared before reporters late Saturday night and raised his fists over his head.

"All nine are alive," he said. "And we believe that all nine are in pretty good shape."

Ron Svonavec, of Somerset, was at the top of the rescue shaft when contact was first made. He said one of them said, "There's nine men ready to get the hell out of here. We need some chew."

The Sipesville Fire Hall, where the families had been gathering, erupted in celebration. Families cried and hugged and many were in the street with hands in the air.

"Wow. Wow. Wow. It's just unbelievable," said mine worker Lou Lepley, who has been staffing the mine entrance for three days. "I have no words."

Two hours later, the first miner was pulled out at about 1 a.m. and dropped onto a stretcher to the wild applause of rescuers. After that, miners were brought up in roughly 15-minute intervals; the last emerged at about 2:45 a.m.

When the fourth was pulled up in the yellow, cylindrical capsule, a smile was visible on his blackened face. Battered American flags were seen on the sides of some of their helmets. One miner's helmet flashlight was still aglow.

Randy Fogle, 43, of Garrett, was the first pulled from the 26-inch wide hole. He had reported feeling chest pains while still in the mine, but officials at the hospital where he soon arrived said he was slightly hypothermic but otherwise well.

As they emerged, the miners surprised medical personnel who had prepared to treat them for symptoms of hypothermia or the bends, an excruciating condition caused by sudden changes in pressure. Decompression chambers, ambulances and 18 helicopters were at the scene 55 miles southeast of Pittsburgh.

In the end, however, little medical attention was required for the miners, who for days had been described as a tough breed that knows how to survive. Air was pumped into the chamber at a temperature of more than 100 degrees to warm the men before it was known they were alive.

All nine men were all taken to hospitals, where they were to remain for 24 hours and where they would be reunited with their families, officials said.

The miners became trapped in the flooded Quecreek Mine at about 9 p.m. Wednesday, when they inadvertently broke into an abandoned, water-filled mine that maps showed to be 300 feet away. As much as 60 million gallons of water rushed into the shaft where they were working, and they were able to warn a second crew, which escaped.

"They knew what was coming. We didn't. They are the heroes. If not for them, there'd be dead bodies," said mine worker Doug Custer, among the group who escaped.

Rescue workers had remained optimistic the miners were alive, even though there had been no contact since midday Thursday, when tapping was heard on an air hole.

"If there's any slogan (among the rescue workers) it's 'nine-for-nine,'" Schweiker said before the drill broke through. "We're bringing up nine of our guys."

Reaching the men was sometimes painfully slow. Drilling a rescue shaft to the men, age 30 to 55, didn't begin until more than 20 hours after the accident, because workers had to wait for a drill rig to arrive from West Virginia. And drilling was halted early Friday morning because a 1,500-pound drill bit broke after hitting hard rock about 100 feet down, delaying the effort by 18 hours.

A second rescue shaft was started and it wasn't until Saturday that measurable progress was being made on both shafts.

The rescuers worked cautiously toward the miners because they feared compromising a hollowed-out section of coal seam believed to be about 4 feet high, which may have been partially flooded.

Before the drill broke through, 30 feet of water had been drained from the mine, the amount needed to give the trapped men more room and ensure the pressure wouldn't cause water to rise when the ceiling was pierced. A cap was placed over the rescue shaft at the surface to ensure the chamber remained pressurized.

The rescue attempt has transfixed the nation and the region, a hilly, rural area long dependent on coal and one that suffered tragedy during the Sept. 11 terrorist attacks. The 40 passengers and crew on Flight 93 died when it was taken over by hijackers and crashed near Shanksville, about 10 miles from the mine. Schweiker said family members of Flight 93 victims sent an e-mail message to the families of the miners while they awaited word.

___