Of all the material published in recent months on the S&L debacle and the so-called banking crisis, John Steele Gordon’s article entitled “Understanding the S&L Mess” (February/March) is by far the most useful. Those of us who deal with the current calamity can benefit from Mr. Gordon’s clear and concise historical perspective. I have commended it to all my members, more than four hundred California banks, as part of their required readings.

I am hopeful that the public policymakers who have the opportunity, born of crisis, to make our national banking system rational will also read this extraordinary issue of American Heritage.

Thank you for this truly remarkable commentary.