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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“Here I stand … I can do no other!”
With these immortal words, an unknown German monk sparked a spiritual revolution that changed the world.
The dramatic classic film of Martin Luther’s life was released in theaters worldwide in the 1950s and was nominated for two Oscars. A magnificent depiction of Luther and the forces at work in the surrounding society that resulted in his historic reform efforts, this film traces Luther’s life from a guilt-burdened monk to his eventual break with the Roman Catholic Church.
Running time: 105 minutes
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Watch a clip from Martin Luther.
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“When the lives of the unborn are snuffed out, they often feel pain, pain that is long and agonizing.” – President Ronald Reagan to National Religious Broadcasters Convention, January 1981
Ronald Reagan became convinced of this as a result of watching The Silent Scream – a movie he considered so powerful and convicting that he screened it at the White House.
The modern technology of real-time ultrasound now reveals the actual responses of a 12-week old fetus to being aborted. As the unborn child attempts to escape the abortionist’s suction curette, her motions can be seen to become desperately agitated and her heart rate doubles. Her mouth opens – as if to scream – but no sound can come out. Her scream doesn’t have to remain silent, however … not if you will become her voice. This newly re-mastered version features eight language tracks and two bonus videos.
“…a high technology “Uncle Tom’s Cabin” arousing public opinion just as Harriet Beecher Stowe’s 1852 antislavery novel ignited the abolitionist movement.” – Sen. Gordon Humphrey, Time Magazine
Languages: English, Spanish, French, South Korean, Chinese, Russian, Portuguese, Japanese
Running Time: 28 minutes
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Exposing The Occult Roots of Abortion
This presentation looks at the spiritual roots of abortion and exposes the myths surrounding child killing. Little known historical facts about abortion and how they relate to modern feminism are presented logically and accurately. Has been effective in converting many to a pro-life position.
Massacre of Innocence goes where no pro-life presentation has gone before in “tearing the lid off abortion” to reveal the spiritual realities we must battle if we will bring an end to this crime. The presentation is absorbing, fast-paced, informative and incredibly devastating to any attempt to justify abortion.
“… an extraordinary statement … a powerfully articulate presentation about what abortion really means, and why a great and moral nation like the United States must not allow the slaughter to continue.”
— Congressman Robert K. Dornan
Running time: 85 minutes
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Who is the Real Jesus?
Ever since the dawn of modern rationalism, skeptics have sought to use textual criticism, archeology and historical reconstructions to uncover the “historical Jesus” — a wise teacher who said many wonderful things, but fulfilled no prophecies, performed no miracles and certainly did not rise from the dead in triumph over sin.
Over the past 100 years, however, startling discoveries in biblical archeology and scholarship have all but vanquished the faulty assumptions of these doubting modernists. Regrettably, these discoveries have often been ignored by the skeptics as well as by the popular media. As a result, the liberal view still holds sway in universities and impacts the culture and even much of the church.
The Real Jesus explodes the myths of these critics and the movies, books and television programs that have popularized their views. Presented in ten parts — perfect for individual, family and classroom study — viewers will be challenged to go deeper in their knowledge of Christ in order to be able to defend their faith and present the truth to a skeptical modern world – that the Jesus of the Gospels is the Jesus of history — “the same yesterday, today and forever” (Hebrews 13:8). He is the real Jesus.
Speakers include: George Grant, Ted Baehr, Stephen Mansfield, Raymond Ortlund, Phil Kayser, David Lutzweiler, Jay Grimstead, J.P. Holding, and Eric Holmberg.
Ten parts, over two hours of instruction!
Running Time: 130 minutes
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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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