I never thought I’d be writing a blog entry defending John McCain’s record, but the Obama campaign has responded to the recent loan company bail-out by charging that McCain has “lobbyists” on his campaign staff. However, Obama’s campaign staff is more directly linked to Fannie Mae and Freddie Mac. Obama is a top recipient of contributions from these organizations.
Here are the top recipients of campaign contributions from Fannie Mae and Freddie Mac, 1989-2008:
1. Dodd, Christopher J D-CT $133,900
2. Kerry, John D-MA $111,000
3. Obama, Barack D-IL $105,849
An article from June 11, 2008 reports that “Barack Obama’s taking serious heat for his reliance on former Fannie Mae CEO James Johnson to vet potential vice presidential prospects. Obama has presented himself as an outsider and a Washington change agent and Johnson, whose favorable loan deals with Countrywide Financial Corp. made him a lightning rod, is as inside as they come in the capital. How much of an outsider can Obama be, really, GOP skeptics ask, if he’s turned to somebody like Johnson for important spadework in finding a running mate? Johnson announced he quit the Obama campaign earlier today, but the question likely will linger. John McCain’s campaign manager, Rick Davis, also has ties to Fannie Mae, though less directly.”
In 2005, the Democrats voted adown a bill co-sponsored by McCain that purported to bring reform. Could it be a coincidence that Obama is now scrambling to deflect the blame with irrelevant charges?
On May 25, 2006, John McCain called for reform of Freddie Mac and Fannie Mae. He co-sponsored the S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 that was introduced in January 2005.
Sen. John McCain [R-AZ]:
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years, I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a co-sponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
Here is a summary of the bill: 1/26/2005–Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 – Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.
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Exposes the Dangers of Abortion to Women!
These shocking eyewitness accounts expose the dangers of abortion not only to unborn children, but to the health and lives women as well. An antidote to the smokescreens of the liberal media, these short clips show what really happens in and around abortion clinics.
Although the content is emotionally gut-wrenching, these videos have been used in church seminars and small groups to educate Christians on the abortion issue and to lead people toward a pro-life position. Contains 2 hours and 40 minutes of materials that can be shown separately.
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Just what is Calvinism?
Does this teaching make man a deterministic robot and God the author of sin? What about free will? If the church accepts Calvinism, won’t evangelism be stifled, perhaps even extinguished? How can we balance God’s sovereignty and man’s responsibility? What are the differences between historic Calvinism and hyper-Calvinism? Why did men like Augustine, Luther, Calvin, Spurgeon, Whitefield, Edwards and a host of renowned Protestant evangelists embrace the teaching of predestination and election and deny free will theology?
This is the first video documentary that answers these and other related questions. Hosted by Eric Holmberg, this fascinating three-part, four-hour presentation is detailed enough so as to not gloss over the controversy. At the same time, it is broken up into ten “Sunday-school-sized” sections to make the rich content manageable and accessible for the average viewer.
Running Time: 257 minutes
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With “preaching to the lost” being such a basic foundation of Christianity, why do many in the church seem to be apathetic on this issue of preaching in highways and byways of towns and cities?
Is it biblical to stand in the public places of the world and proclaim the gospel, regardless if people want to hear it or not?
Does the Bible really call church pastors, leaders and evangelists to proclaim the gospel in the public square as part of obedience to the Great Commission, or is public preaching something that is outdated and not applicable for our day and age?
These any many other questions are answered in this documentary.
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Foundations in Biblical Eschatology
By Jay Rogers, Larry Waugh, Rodney Stortz, Joseph Meiring. High quality paperback, 167 pages.
All Christians believe that their great God and Savior, Jesus Christ, will one day return. Although we cannot know the exact time of His return, what exactly did Jesus mean when he spoke of the signs of His coming (Mat. 24)? How are we to interpret the prophecies in Isaiah regarding the time when “the earth will be full of the knowledge of the LORD as the waters cover the sea” (Isa. 11:19)? Should we expect a time of great tribulation and apostasy or revival and reformation before the Lord returns? Is the devil bound now, and are the saints reigning with Christ? Did you know that there are four hermeneutical approaches to the book of Daniel and Revelation?
These and many more questions are dealt with by four authors as they present the four views on the millennium. Each view is then critiqued by the other three authors.
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“Give me liberty or give me death!”
Patrick Henry’s famous declaration not only helped launch the War for Independence, it also perfectly summarized the mindset that gave birth to, and sustained, the unprecedented experiment in Christian liberty that was America.
The freedom our Founders envisioned was not freedom from suffering, want, or hard work. Nor was it freedom to indulge every appetite or whim without restraint—that would merely be servitude to a different master. No, the Founders’ passion was to live free before God, unfettered by the chains of autocracy, shackles that slowly but inexorably bind men when the governments they fashion fail to recognize and uphold freedom’s singular, foundational truth: that all men are created in the image of God, and are thereby co-equally endowed with the right to “life, liberty, and the pursuit of happiness.”
This presentation is a similar call, not to one but many. By reintroducing the principles of freedom that gave birth to America, it is our prayer that Jesus, the true and only ruler over the nations, will once again be our acknowledged Sovereign, that we may again know and exult in the great truth that “where the Spirit of the LORD is, there is liberty” (2 Cor. 3:17).
Welcome to the Second American Revolution!
This DVD features “Liberty: The Model of Christian Liberty” along with “Dawn’s Early Light: A Brief History of America’s Christian Foundations.” Bonus features include a humorous but instructive collection of campaign ads and Eric Holmberg’s controversial YouTube challenge concerning Mitt Romney’s campaign for president.
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