The article, "Examining Corporate Balance Sheets" (CU Times, Oct. 15), on corporate credit unions is fairly balanced and should enlighten those who want to believe the worst about corporates. Credit unions and corporates are dealing with the current serious situation very effectively.

I consider myself impartial, although I have worked in credit unions for about 40 years and who knows. Sure there are severe real estate and market problems, particularly in Florida, California and Nevada, and everyone is affected in some way but credit unions and corporates are meeting the challenges. They are managing their accumulated reserves to resolve problems during a time of very unusual market turmoil. It will take some time but we have the resources, reserves and management to do it.

Lest we forget, in the late 1970s and early 1980s, the economy was in the tank: 11% to 12% unemployment, double-digit inflation, interests rates at 21% for mortgages (if you could get one), massive plant and company closings, the price of a gallon of gas doubled and you had to get in line to buy just a few gallons. Credit unions and corporates for the most part had almost no capital or reserves, and almost half were losing money. A thousand credit unions and corporates a year were being liquidated or merged. The NCUSIF was out of money and had to recapitalize itself from the same thinly capitalized credit unions it insured. We came out of that strong, and we will come out of this strong and continue to provide a safe, working alternative to the banking system.