McConnell’s Selection of John Sununu for TARP Oversight A Solid One

by Caomhin

 

The appointment of John Sununu to the TARP oversight board by Sen. Mitch McConnell should be met with at least a sense of relief.  Sununu, the current Senator from New Hampshire, who unfortunately, lost his re-election bid in November, is an excellent choice for this role.  Despite his vote for the financial bailout bill, Sununu has consistently demonstrated fiscally conservative principles.  Consider this his opportunity to clamp down on which initiatives TARP funds are to be used.

He now has the opportunity to attempt to block the efforts of lobbying groups such as the UAW and the Big Three from procuring funds which were never authorized for their use either in letter or in spirit.  What we are seeing now is certain industries with strong connections to Washington looking to cash in for favors they have done for politicians in the past and this must not occur.

I completely disagree with Sununu’s vote in authorization of taxpayers funds for these purposes but I am strongly satisfied with his appointment to this oversight position.  First, I think that Sununu understands that the bill was indeed a bad piece of legislation that was rushed through with little debate (other than the insertion of pork projects) the end result of which was a massive bill with little to no understanding of how the $700 billion dollar figure was calculated. After even more recent debates and talks on Capital Hill it has become apparent that every industry is going to step forward seeking tax payer funds as the recession mounts.  After all, there is not going to be widespread profits among firms during this recession and their central argument will be “we’re not making money and without this money we will fail,” and indeed some will.  Congress has no place to decide winners and losers in the American economy.  Indeed, the vast majority of corporations will see contractions during any recession, this is simply true.  However, America has only suffered through one Great Depression, which was caused by the Federal Government and the Fed’s over zealousness and invasion of the private marketplace.  Only fools will rush to follow that precedent.

John Sununu’s background and voting record strongly indicate that he will serve the nation well in this role.  The TARP funds will undoubtedly be sought after by every segment of the economy as the recession sets upon the nation.  The reality of the fact is that while many of us strongly opposed the authorization of these funds, they are now authorized.  The nation needs people of great integrity with an understanding of economics and finance who can be entrusted with the task of reviewing the use and subsequent payouts from this fund.   John Sununu will serve the taxpayers well in this position.

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