Sununu For US Senate - W hat They're Saying About Sen. Sununu's Leadership on the Economy

Foster’s Daily Democrat : “ 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.” (9/21/08)

· Foster’s : “ 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.” (9/21/08)

Wall Street Journal : “Many monumental errors and misjudgments contributed to the acute financial turmoil in which we now find ourselves. Nevertheless, the vast accumulation of toxic mortgage debt that poisoned the global financial system was driven by the aggressive buying of subprime and Alt-A mortgages, and mortgage-backed securities, by Fannie Mae and Freddie Mac. The poor choices of these two government-sponsored enterprises (GSEs) -- and their sponsors in Washington -- are largely to blame for our current mess.” (9/23/08)

· Journal : “In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby. The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent.” (9/23/08)

Union Leader: “Had Sen. Sununu's reforms not been blocked by the Fannie and Freddie apologists in Washington for so many years, this monstrous taxpayer bailout might have been avoided. The Fannie and Freddie situation is something Sununu understood from the beginning and tried hard to reform. By way of contrast, Sen. Sununu's challenger, Jeanne Shaheen, is someone who as far as we can tell has never mentioned Fannie Mae or Freddie Mac until this year.” (9/15/08)

Red State : “You want to stop further Fannie/Freddie bailouts? Then you are going to have to have the right night watchmen to warn you of impending disasters. Senator John Sununu is such a night watchman. Too bad no one listened to him--we would have been much better off if his voice was taken heed of. In any event, now that we are navigating some rough financial waters, we are going to need skilled helmsmen like Senator Sununu to help us out.” (9/23/08)

Even Freddie Mac Officials Admit That Senator Sununu Was A Leader In The Fight To Regulate The Mortgage Giants Before They Imploded:

New York Times: “But a Freddie Mac official said …. ‘some other Republicans did’ … try to limit the companies. He named instead Senators Chuck Hagel of Nebraska, John Sununu of New Hampshire and Elizabeth Dole of North Carolina, all of whom were on the banking committee during recent years. "I remember working against a number of amendments and they were always introduced by Hagel and Sununu." (9/24/08)

Jeanne Shaheen’s Liberal Supporters Blocked Efforts To Avoid The Home Mortgage Meltdown Which Has Caused Our Economic Crisis:

Union Leader: “The primary cause of the crisis was bad home loans. The primary forces behind the home mortgage collapse were Fannie Mae and Freddie Mac, the government-sponsored behemoths that took on far too much debt in bad loans and, by dramatically increasing their purchases of securities backed by high-risk loans, encouraged the lowering of lending standards at other institutions…. [Barney] Frank led the Democrats in opposing every effort at serious reform because they wanted to use Fannie and Freddie to push "affordable housing." What did they mean by that? They meant giving loans to high-risk people who would not normally qualify for regular bank loans. We can now see what a good idea that was.” (9/24/08)

· Union Leader: “Barney Frank is the keynote speaker at the New Hampshire Democratic Party's Jefferson-Jackson Dinner next month. Jeanne Shaheen will be there warmly embracing one of the people most responsible for the current economic crisis while he, she and everyone else covers their tracks by attacking those who saw disaster looming and tried to stop it.” (9/24/08)

Foster’s Daily Democrat: “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.” (9/21/08)

· Foster’s: “’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.’” (9/21/08)

Bloomberg: “Take away Fannie and Freddie, or regulate them more wisely, and it's hard to imagine how these highly liquid markets would ever have emerged. This whole mess would never have happened.” (9/22/08)

· Bloomberg: “Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable….[W]e now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.” (9/22/08)

Now Jeanne Shaheen Is Trying To Blame Reformers Like John Sununu For The Turmoil In Our Financial Markets:

Union Leader: Jeanne Shaheen is going around the state saying that the crisis on Wall Street is a ‘function of the Bush-Sununu policy.’ Oh, really?” (9/24/08)

Foster’s Daily Democrat:“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 [for] years.” (9/21/08)

· Foster’s: “Tell a lie repeatedly and voice it loudly enough and there are people who will believe it…..It is what we expect in the weeks ahead. It is what we expect from the people guiding Jeanne Shaheen's campaign and the people who are seeing to it that her campaign is financially fertilized by the political left.” (9/21/08)

· Foster’s: “The Democratic Party's national establishment and its allied core of liberals have adopted Jean Shaheen as one their own. They have done so because they know they can count on her to show her gratitude if she is elected.” (9/21/08)