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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Who is the dreaded beast of Revelation?
Now at last, a plausible candidate for this personification of evil incarnate has been identified (or re-identified). Ken Gentry’s insightful analysis of scripture and history is likely to revolutionize your understanding of the book of Revelation — and even more importantly — amplify and energize your entire Christian worldview!
Historical footage and other graphics are used to illustrate the lecture Dr. Gentry presented at the 1999 Ligonier Conference in Orlando, Florida. It is followed by a one-hour question and answer session addressing the key concerns and objections typically raised in response to his position. This presentation also features an introduction that touches on not only the confusion and controversy surrounding this issue — but just why it may well be one of the most significant issues facing the Church today.
Ideal for group meetings, personal Bible study — for anyone who wants to understand the historical context of John’s famous letter “… to the seven churches which are in Asia.” (Revelation 1:4)
Running Time: 145 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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That Swiss Hermit Strikes Again!
Dr. Schaeffer, who was one of the most influential Christian thinkers in the twentieth century, shows that secular humanism has displaced the Judeo-Christian consensus that once defined our nation’s moral boundaries. Law, education, and medicine have all been reshaped for the worse as a consequence. America’s dominant worldview changed, Schaeffer charges, when Christians weren’t looking.
Schaeffer lists two reasons for evangelical indifference: a false concept of spirituality and fear. He calls on believers to stand against the tyranny and moral chaos that come when humanism reigns-and warns that believers may, at some point, be forced to make the hard choice between obeying God or Caesar. A Christian Manifesto is a thought-provoking and bracing Christian analysis of American culture and the obligation Christians have to engage the culture with the claims of Christ.
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High Quality Paperback — 219 pages
Foundations in Biblical Orthodoxy
Driving down a country road sometime, you might see a church with a sign proudly proclaiming: “No book but the Bible — No creed but Christ.” The problem with this statement is that the word creed (from the Latin: credo) simply means “belief.” All Christians have beliefs, regardless of whether they are written.
Yet a single book containing the actual texts of the most important creeds of the early Church will not often be found. Out of the multitude of works on the evangelical Christian book market today, those dealing with the creeds of the Church are scarce.
Why Creeds and Confessions? provides a foundation of biblical orthodoxy as a defense against the false and truly heretical doctrines advanced by the spirit of this age.
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High Quality Paperback — 40 pages of dynamite!
Revival, Resistance, Reformation, Revolution
An Introduction to the Doctrines of Interposition and Nullification
In 1776, a short time after the Declaration of Independence was adopted, Thomas Jefferson, John Adams and Benjamin Franklin were assigned to design an official seal for the United States of America. Their proposed motto was Rebellion to Tyrants is Obedience to God. America owes its existence to centuries of Christian political philosophy. Our nation provided a model for liberty copied by nations the world over.
By the 21st century, we need a “Puritan Storm” to sweep away the Hegelian notion that the state is “God walking on earth.” We need revival and reformation in full force to vanquish the problems that plague us as a nation — from government controlled healthcare — to abortion on demand — to same sex “marriage.” This booklet gives a primer on our founders’ Christian idea of government and examines how the doctrine of nullification was woven into the Constitution as a safeguard against federal tyranny. It concludes with the history and theology of civil resistance. A Second American Revolution is coming with the Word of God growing mightily and prevailing! (Acts 19:20).
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