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October 5, 2012

Letter: Republican greed sent country into free fall

Gloucester Daily Times

To the editor:

U.S. Sen. Scott Brown’s support for reining in federal taxes and regulations during the debate in Lowell (“Brown, Warren stake out stands in second debate,” Times, Oct. 3) is code for holding middle-class tax relief hostage to tax cuts for the wealthy, cutting back on sensible controls of the oil industry and much needed standards for the financial industry.

While Brown has pitched his bipartisanship to Massachusetts voters, he tells Republican funders otherwise. His votes have closely adhered to the positions of the Republican leadership, including his support for Wall Street when House Democrats pushed reforms for the financial industry. Even those who differ on other issues in the Senate campaign should agree that we need a strong advocate for reining in the financial industry whose excesses caused the economic meltdown in 2008.

The failure of the Bush administration and its congressional allies to provide appropriate protections resulted in a free fall in the stock markets, collapse of housing prices, downfall of major financial institutions, devastation of retirement savings, and the most pervasive employment crisis since the Great Depression.

With Elizabeth Warren Massachusetts can elect a senator who has strong skills in health care, the environment, education, and corporate responsibility, but also is a proven leader in the fight to expose and respond to irresponsible financial industry practices which wrecked our economy.

Richard F. Howard

Gloucester

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