Is It Wall Street’s Fault?
In May's “The Great Depression Debate," John Cassidy wrote, “The country is in a recession (or near recession) that’s stamped MADE ON WALL STREET.” I disagree. The stamp should read MADE BY THE FEDERAL RESERVE.

In the mid-1990s, the M₂ money supply—a key economic indicator of inflation—was $3.7 trillion, according to MarketBrowser.com. By early 2008, it had grown to $7.6 trillion, a jump of $3.9 trillion. This inflation over the past 12 years was spurred by the Fed’s actions. After the dotcom and real estate bubbles, and now perhaps with a commodities bubble under way, I don’t have much confidence that the Fed can save the economy.

Consumers are paying the costs of the Fed’s actions. The higher prices for food, gas, and other necessities are particularly hard-hitting for those on fixed retirement incomes. I should know. I’m 84.

—Clyde W. Richey, professor emeritus, University of Colorado, Boulder, Colorado

Oh, the Sexism
I read Harriet Rubin’s article on the recent stagnation in the progress of women’s professional accomplishments ["Sexism" April] with great interest, as I am married to a driven and accomplished, yet still very feminine, woman. She climbed the ranks at a software company, from receptionist to general manager for North American operations. When we married, she was making about twice as much as I was. My salary development came well after hers, so I have been catching up slowly. After a recent promotion, I finally moved beyond her in compensation—or so I thought. She took great delight in advising me that I was still a few thousand dollars short.

Brian Vance, Seattle, Washington

In your "Memorable Dates in the Gender Wars" time line, Cremin et al. v. Merrill Lynch, a historic class-action gender-discrimination case (certified in 1998), was omitted. Ultimately, more than 900 women filed claims, and while the majority were settled privately (with an estimated $250 million paid out), a few claimants went through public arbitrations.

In April 2004, at one of the hearings under Cremin, the panel ruled that Merrill Lynch had engaged in a “pattern and practice of gender discrimination.” This was the first time a major Wall Street securities firm was found to be discriminating against female brokers in terms of pay, as well as in respect to promotions to management positions. It is imperative to remember the significant historic events that create positive change for women, even those in which litigation was used as a last resort.

—Hydie Sumner, San Antonio, Texas

The Most Brilliant Is...
In May, Portfolio.com asked readers of our Brilliant issue for their ranking of those we named as the 73 biggest brains in business. Former Saturday Night Live regular Tina Fey is the most brilliant lady on our list and ninth overall, squeaking past World Bank official Ngozi Okonjo-Iweala (10) and Oprah Winfrey (12). Google’s Larry Page (4) beat out News Corp.’s Rupert Murdoch (5), who bested Google co-founder Sergey Brin (6). A drumroll, please, for our top three: In third place, Danny Hillis, co-founder of Applied Minds. The runner-up: James Thomson, the scientist who first isolated stem cells. And the readers’ choice for most brilliant mind in business? Director Steven Spielberg.

And the Ellie Goes to ...
May was Condé Nast Portfolio’s first anniversary, and on May 1, we were delighted to win our first National Magazine Award, or Ellie. The award recognized Brief, our wry look ahead at the month in business.