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The Boston Globe


letters | where are the leaders?

Democrats helped create our fiscall mess, too

THE STORY “GOP’s ‘read my lips’ era may be a factor in fiscal crisis” (Page A20, Dec. 23) assigns blame for the current fiscal crisis to Republicans’ refusal to consider tax increases. However, President Clinton’s administration repealed Glass-Steagall allowing financial institutions to engage in unfettered derivatives trades, and pushed for more subprime mortgages — key ingredients for the financial meltdown.

True, George W. Bush fanned the flames with tax cuts while fighting two wars, but Barack Obama and the Democratic Congress did nothing to stanch the meltdown in 2008 except borrow and print money at unprecedented rates.

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