Crash! The sound of yet another house of cards collapsing. Accounting alchemy has now destroyed WorldCom, a paper tiger masquerading as a telecom titan. Where will it all end?

An epidemic of corporate fraud has rattled investor and voter confidence. President Bush has called for new measures to protect shareholders and punish corporate crooks. But will they restore faith in the system?

• Nearly half of American households and a majority of voters are shareholders.
  
  
• 63% of Americans think government regulation of big business is necessary to protect public welfare.

Old-fashioned American capitalism - robust competition based on price, quality and service - has been replaced by mega-moguls who dictate prices, inflate profit statements and collude to eliminate competition. Corporate law and a merciless marketplace force managers to serve only one end: stockholder gain. And when profits head south, employees are left with no jobs and worthless stock.

America is still the land of opportunity, but the bloom is off the rose. Economists warn that foreign investors disillusioned by accounting scandals may pull their support for the dollar, hastening its fall.

• To cover our trade deficit, the U.S. must attract a net $1.3 billion in foreign inflow every day.
  
  
• Only 32% of European investors now rate the U.S. as the most attractive market, says a June Gallup poll.

Will proposals by President Bush and Congress really clean up corporate corruption? How can we revive the American tradition of honest, responsible service to employees, communities and investors?