Economic mess likely to get worse

The current economic mess is likely to get worse before it gets better. The liberals are quick to blame the previous administration. It is important to recognize a few facts.

Most important for the collapse of the financial system is the huge accumulation of debt over the last 20 years, especially the bad debt which existed in the subprime mortgage market aided and abetted by Democrats Barney Frank and Chris Dodd and others.

This excess debt, especially the bad mortgage debt, has to be worked off. To its credit, the current administration, while ignoring their own party’s culpability, seems to...