NH Senator scolds voters and legislators not to "overreact" to Goldman Sachs profiteering from economic collapse
Concord - Today, the United States Senate will vote to open debate on comprehensive financial reform, but New Hampshire's very own Senator Judd Gregg is leading the effort to prevent debate and weaken the critical legislation.
"It's irresponsible and reckless of Senator Gregg to block debate on these critical reforms," said Derek Richer, press secretary for the New Hampshire Democratic Party. "We need to have a robust, open discussion on how to fix our financial system and end 'too big to fail.' It's shameful that Senator Gregg is standing in the way."
Senator Gregg has also recently lectured Democrats not to "overreact," attacking them for their response to the recent SEC inquiry into Goldman Sachs. The company has recently come under investigation for designing and selling investment vehicles that brought about the economic downturn, while at the same time betting against the very investments they created to make billions.
"George Bush economics and the reckless, possibly illegal, activities of the big banks drove our economy into a ditch and forced Granite State taxpayers to fund a massive bailout," added Richer. "Now Gregg is scolding us not to 'overreact'? He really needs to reevaluate his priorities."
Gregg has also been touting the false, Republican Party line that the financial reform legislation winding its way through Congress amounts to a perpetual bailout because the bill provides an "implicit taxpayer guarantee" to "systemically significant' institutions."
The problem is that this just isn't true. In fact, the legislation clearly outlines a process for the "orderly resolution of failing complex financial institutions." In other words, it includes a specific, clear process for ending, once and for all, "too big to fail."
"Senator Gregg sold his vote to Wall Street lobbyists and is now trying to deceive the people of New Hampshire to protect his benefactor's bottom line," continued Richer. "This bill is not a perpetual bailout of the big banks and Senator Gregg knows it. It's shameful that he is issuing statements that say otherwise."