In his column Sept. 27, Rich Lowry defended Phil Gramm. He wrote that Gramm is not to blame for the financial meltdown. Instead it is because banks “lavished” sub-prime mortages on those who “truly” couldn’t afford them.

Lowry makes it sound as if bank officials were just being generous – you know, helpful. How about sharks – predatory lenders who knew it was a scheme that sooner or later would come crashing down.

Maybe bank officials rationalized it, maybe not.

Phil Gramm, and John McCain, created and supported a regulatory climate where predatory, unsustainable practices were allowed, even encouraged.

Gramm is not being scapegoated. It’s called being held accountable. Perhaps Lowry has heard of that term.

Democrats may have bought in, to their discredit.

Republicans such as Gramm and McCain led the charge, to their greater discredit.

Ed Ferreira, New Sharon