Novak on Paulson: GSE Overhall Would Have Looked "Too Political"

While I believe that history will deal with The Bush Administration more kindly that today's media does, the past few years have been full of missed opportunities for both the Administration and Republicans in general. The latest to point this out is no other than Bob Novak, no friend of this Administration, in a column this morning in the Washington Post: Friends of Fannie and Freddie. Apparently, there were GOP figures within the Administration and Congress who wanted to take aggressive action to reform Fannie Me and Freddie Mac, but were stopped in their tracks by Paulson:

As financial storm signals appeared the past 18 months, some Bush officials urged drastic reform of Fannie Mae and Freddie Mac. But, according to internal government sources, Treasury Secretary Henry Paulson objected because it would look "too political." The Republican administration kept its hands off the government-backed mortgage companies that are closely connected to the Democratic establishment.

Foolish, both for the country and for the Republicans. As I said in the previous post, this is election year gold for the GOP. Go after this issue aggressively, and let the chips fall where they may. Even if a few Republicans go down in the process.