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.
«- An electoral college landslide for McCain?
- Current Events and Issues
-» McCain vs. Obama -- It's all about the electoral college
Your comments are welcome!
Download the Free Study Guide!
God’s Law and Society powerfully presents a comprehensive worldview based upon the ethical system found in the Law of God.
Speakers include: R.J. Rushdoony, George Grant, Howard Phillips, R.C. Sproul Jr., Ken Gentry, Gary DeMar, Jay Grimstead, Steven Schlissel, Andrew Sandlin, Eric Holmberg, and more!
Sixteen Christian leaders and scholars answer some of the most common questions and misconceptions related to this volatile issue:
1. Are we under Law or under Grace?
2. Does the Old Testament Law apply today?
3. Can we legislate morality?
4. What are the biblical foundations of government?
5. Was America founded as a Christian nation?
6. What about the separation of Church and State?
7. Is neutrality a myth?
8. What about non-Christians and the Law of God?
9. Would there be “freedom” in a Christian republic?
10. What would a “Christian America” look like?
Perfect for group instruction as well as personal Bible study.
Ten parts, over four hours of instruction!
Running Time: 240 minutes
Watch over 60 on-line video interviews from God’s Law and Society.
$19.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
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).
$7.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
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
$19.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
“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.
$14.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
“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
$17.95 — ORDER NOW!(We accept all major credit cards and PayPal.)