New Hampshire: The Real FactsSununu made an early call for finance reform
Sununu made an early call for finance reform
The kind of leader N.H and America needs
Sunday, September 21, 2008
Foster's Daily Democrat
"The dirty little secret about Fannie Mae and Freddie Mac is when the investigators began discovering the books were being cooked, the companies were protected by Democrats, who stalled "for two years "efforts by Sen. John Sununu, R-New Hampshire to reform the lenders." - Detroit News, Sept. 19, 2008
A cabal of liberal Democrats and other left-wing interests are so intent on replacing John Sununu with one of their own, they are ignoring what their own leaders have been saying years.
Sen. Sununu has been calling for tighter regulation on government sponsored enterprises like Fannie and Freddie for years. He's been doing so dating back to when he was vice chairman of the House Budget Committee and later as a member of the Senate Banking Committee. He has been consistently vocal in wanting to rein-in greed-driven practices of mortgage lending giants.
It's an election year and Democrats - including Jeanne Shaheen - will spend the next several weeks trying to rewrite the history of the past decade. It's what they do when vision and public interest trail their political ambitions.
While members of Congress like Sununu understood and spoke out against the threat posed by subprime lending practices and the related risk to the country's financial structure, members of Congress like Rep. Barney Frank, D-Mass., and Sens. Chris Dodd, D-Conn., and Charles Schumer, D-N.Y, were dragging their feet on timely reform measures.
"We see entities that are fundamentally sound financially ..." Frank said on Sept. 11, 2003. "And even if there were a problem, the federal government doesn't bail them out."
But the federal government did "bail them out" - when there was no longer any choice. It came "after years of Democrats blocking the kind of legislation that would likely have averted the meltdown that did occur. Had action been taken earlier "when people like John Sununu were sounding alarms and when there were even officials in the Clinton administration raising concerns "the troubles at Bear Stearns, Lehman Brothers and, most recently AIG "might have been averted.
Tell a lie repeatedly and voice it loudly enough and there are people who will believe it...
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