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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“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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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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Download the free Study Guide!
Is there a connection between pagan religion and the abortion industry?
This powerful presentation traces the biblical roots of child sacrifice and then delves into the social, political and cultural fall-out that this sin against God and crime against humanity has produced in our beleaguered society.
Conceived as a sequel and update to the 1988 classic, The Massacre of Innocence, the new title, The Abortion Matrix, is entirely fitting. It not only references abortion’s specific target – the sacred matrix where human beings are formed in the womb in the very image of God, but it also implies the existence of a conspiracy, a matrix of seemingly disparate forces that are driving this holocaust.
The occult activity surrounding the abortion industry is exposed with numerous examples. But are these just aberrations, bizarre yet anomalous examples of abortionists who just happen to have ties to modern day witchcraft? Or is this representative of something deeper, more sinister and even endemic to the entire abortion movement?
As the allusion to the film of over a decade ago suggests, the viewer may learn that things are not always as they appear to be. The Abortion Matrix reveals the reality of child-killing and strikes the proper moral chord to move hearts to fulfill the biblical responsibility to rescue those unjustly sentenced to death and to speak for those who cannot speak for themselves (Proverbs 24:11,12; 31:8,9).
Speakers include: George Grant, Peter Hammond, RC Sproul Jr., Paul Jehle, Lou Engle, Rusty Thomas, Flip Benham, Janet Porter and many more.
Ten parts, over three hours of instruction!
Running Time: 195 minutes
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Special Two-Disc Set!
After 40 years of intense study and world-wide ministry, Dr. Francis Schaeffer completed his crowning work of scholarship – to present profound truths in simple film language. Dr. Schaeffer’s brilliant analysis of the past and predictions for current trends have proven so uncannily accurate that this amazing series still feels contemporary almost three decades after its initial release. Ultimately, Schaeffer concludes that man’s only hope is a return to God’s Biblical absolute, the truth revealed in Christ through the Scriptures.
Available for the first time on DVD, this documentary spectacular also includes intimate in-depth conversations with Francis and Edith Schaeffer. With the on-disc study guide, this presentation forms a unique course of comprehensive study. While this series forms an innovative analysis of the past, this outstanding work is more than history. Each episode focuses on a significant era, yet speaks clearly to 21st-century man with answers for modern problems.
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