Liberal Democrats are quick to blame Capitalism and the Free Market for the recent collapse on Wall Street. This is foolish, class warfare rhetoric that is irresponsibly exploiting voter’s fear and ignorance.
The heart of the problem is Fannie Mae, or the Federal National Mortgage Association, created by FDR.
By the way, the current situation, despite what you hear, isn’t anything like the Great Depression. The Great Depression had triple the unemployment, a prolonged negative GDP, five times the stock devaluation and 400 times the number of bank failures!
Fannie Mae, unlike private business, was granted an exclusive state monopoly on the secondary mortgage market in 1938. It is now in conservatorship along with Freddie Mac and holds an interest in about half of all mortgages. It’s important to note, however, that 98% of our banks are in good shape with over 90% of our mortgages in good standing.
For 2007, seller-rated “AAA” subprime ARMs, that constituted most of the Fannie market, were just 6.8% of all mortgages, and yet, represented nearly half of all foreclosures. The overall delinquency rate stands now at about 6.4%. So, although Fannie is deeply corrupted and having grave implications for our Financial System, nevertheless, over 90% of the mortgage industry seems to be on strong, fundamental ground.
A couple of weeks ago, Treasury Sect. Henry Paulson and Fed Chairman Ben Bernanke announced a bailout of Fannie Mae and it’s partner Freddie Mac with a price tag of about $200 billion. Of course, now we know this is not the total bill as AIG has been added to the list, ($85 billion), along with Bear Stearns, ($30 billion), and now, the pending $700 billion in additional funding for a comprehensive bailout package before Congress. Speaker Pelosi has been quick to say that Democrats have nothing whatsoever to do with this failure. The evidence, however, suggests otherwise.
Countrywide CEO Angelo Mozilo along with former Obama-advisor Jim Johnson, and Dem. Sen., Christopher Dodd, Chairman of the Bank Committee, were recently implicated in a sweetheart loan scandal. Reduced rate loans, and perhaps other considerations, were made in exchange for large campaign contributions. Fannie Mae is connected because it was the single largest customer for Countrywide’s mortgages.
In 2006, the year Democrats took control of Congress promising “the most ethical Congress in history,” 26% of Fannie’s purchases were Countrywide loans. In 2007, the figure rose to 28%. Sen. Dodd received the most money from Fannie, $165,000, while Obama came in second with $126,000. There’s also another Fannie CEO, Franklin Raines, who has served as an advisor to the Obama campaign.
In 2003, Rep. Barney Frank, the ranking Democrat on the Finance Committee, responded to the Bush Administration’s repeated pressures to reform these institutions:
“These two entities Fannie Mae and Freddie Mac- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in affordable housing.”
“Affordable housing” apparently means taxpayers get to buy houses for unfit credit risks while politicians like Barney Frank, Christopher Dodd and Barack Obama get to pad their campaign war chests!
And then there’s the 2005 Federal Housing Finance Reform Act co-sponsored by Sen. John McCain. It failed in committee strictly along party lines with Democrats defeating the reform measure. McCain’s statement at the time was prophetic:
“For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac…and the sheer magnitude of these companies and the role they play in the housing market. The report this week does nothing to ease these concerns. In fact, the report does quite the contrary. It solidifies my view that these Government-sponsored entities, or GSEs need to be reformed without delay. I join as a co-sponsor of 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.”
Credit comes from the root word “credere” which means “to trust, entrust, believe!” Perhaps, the most important thing we face now is who to believe. (send comments toWFC83197@aol.com, or mail to POB 114, Jacksboro, TN 37757
Friday, September 26, 2008
Tuesday, September 9, 2008
Israel Celebrates 60 Years of Existence
As the last days of summer wind down, let’s pause for a moment to take a look back at a noteworthy anniversary- Israel’s sixtieth birthday.
On May 14, 1948, the modern State of Israel was born. The mandate making the goal of a Jewish state possible came via British sponsorship following WWII, but grew out of earlier efforts.
Culminating in 1948 was a two thousand year old dream for those of the Jewish Diaspora longing to return to their traditional homeland. The idea was first proclaimed officially at the Zionist Congress in Basel, Switzerland on August 31, 1897- a date that is coincidently shared with the birth of La Follette. Led by Theodor Herzl, the Congress hosted over two hundred participants from 17 countries.
The new nation of Israel, approximately the size of New Jersey, was viciously attacked shortly after becoming a state. It met this challenge, as it has all others, with a miraculous ability to survive and defeat its enemies. Israel truly has a unique history of attracting hatred. From the very beginning, going back to Abraham, there’s been enmity between Israel and Ishmael. The surrounding Arab nations have consistently launched attacks against Israel denying their right to exist! No matter what you think about Israel, honoring that requirement is rather difficult.
Friendship with Israel does not come cheaply. It has brought regular retaliations against America. Recent fliers found around Detroit proclaim threats to “"Kill Jews and Christians if they don't believe in Allah and Mohammad." This simple declaration from the Koran reveals all you need to know about the challenges we face.
I believe there’s an underlying spiritual animus that explains this visceral opposition. Israel and America represent the Old and New Testaments of God. Enemies of God have always existed and will always be infuriated by those who represent the authentic, unchanging truths of a Creator God who judges the world.
The Bible contains God’s promise that He will “bless those who bless Israel, and curse those who curse Israel,” Gen. 12:3. Implicit in that covenant is a fair warning to those who would take unyielding positions against Israel.
Can the Democrats be trusted on this issue?
Jimmy Carter proved his anti-Israel views recently in his book “Palestine Peace Not Apartheid.” Fourteen Carter Center advisors resigned in protest.
Unbelievably, former PLO-leader Yasser Arafat was invited to the Clinton Whitehouse more than any other foreign figure! On one occasion Hillary even kissed Yasser’s wife after she made a speech denouncing Israel. Hillary has collected $50,000 from the American Muslim Alliance, a group that promotes terrorism against Israel. Bill has said, “Hillary’s really tight with the people in the PLO in New York [and] doesn’t like what Israel is up to.”
Former Democrat-candidate Wesley Clark has characterized support for Israel against Hezbollah as “a mistake.” Jesse Jackson, of course, has his “Hymietown” remark and Sen. Joe Biden has told Israeli officials that they would have to accept the idea of Iran acquiring nuclear weapons! That’s the country, by the way, vowing to wipe Israel off the map. Barack Obama calls Iran a “tiny threat.” Former Israeli Prime Minister Benjamin Netanyahu, who could be elected again next year, has a different view. He calls Iran the equivalent of Germany circa 1938.
Also, we must not forget Obama’s church of twenty years that is on friendly terms with the anti-Semitic, Nation of Islam leader Louis Farrakhan who calls Judaism a “gutter religion!” Obama’s church even printed a Hamas terror manifesto in one of their bulletins.
Conservatives have long kept faith with Israel over the years appreciating their common spiritual heritage. This Judeo-Christian foundation has sustained Western Civilization from the beginning.
At the time of this writing, Russia is sending ships and planes to Hugo Chavez’s Venezuela for military maneuvers. Russia is also assisting Iran in the construction of their nuclear facility. North Korea is unified with these nations suggesting an alliance that would be incomprehensible if not for the spiritual antipathy they share. Dictators, whether from Communist, Islamic or Liberal-Socialist governments, all find agreement in their common hatred of conservatives who seek to maintain a traditional view of God.
Recent polls in Israel are showing a preference for McCain over Obama by twenty points. McCain has a long history of support for Israel’s security. McCain’s running mate Gov. Palin reinforces this loyalty. She proudly proclaims her support by displaying an Israeli flag in her office! It’s comforting to know that in this landmark year for Israel there are at least some American politicians who are striving to maintain a healthy respect for Israel. (send comments to WFC83197@aol.com, or mail to POB 114, Jacksboro, TN 37757)
On May 14, 1948, the modern State of Israel was born. The mandate making the goal of a Jewish state possible came via British sponsorship following WWII, but grew out of earlier efforts.
Culminating in 1948 was a two thousand year old dream for those of the Jewish Diaspora longing to return to their traditional homeland. The idea was first proclaimed officially at the Zionist Congress in Basel, Switzerland on August 31, 1897- a date that is coincidently shared with the birth of La Follette. Led by Theodor Herzl, the Congress hosted over two hundred participants from 17 countries.
The new nation of Israel, approximately the size of New Jersey, was viciously attacked shortly after becoming a state. It met this challenge, as it has all others, with a miraculous ability to survive and defeat its enemies. Israel truly has a unique history of attracting hatred. From the very beginning, going back to Abraham, there’s been enmity between Israel and Ishmael. The surrounding Arab nations have consistently launched attacks against Israel denying their right to exist! No matter what you think about Israel, honoring that requirement is rather difficult.
Friendship with Israel does not come cheaply. It has brought regular retaliations against America. Recent fliers found around Detroit proclaim threats to “"Kill Jews and Christians if they don't believe in Allah and Mohammad." This simple declaration from the Koran reveals all you need to know about the challenges we face.
I believe there’s an underlying spiritual animus that explains this visceral opposition. Israel and America represent the Old and New Testaments of God. Enemies of God have always existed and will always be infuriated by those who represent the authentic, unchanging truths of a Creator God who judges the world.
The Bible contains God’s promise that He will “bless those who bless Israel, and curse those who curse Israel,” Gen. 12:3. Implicit in that covenant is a fair warning to those who would take unyielding positions against Israel.
Can the Democrats be trusted on this issue?
Jimmy Carter proved his anti-Israel views recently in his book “Palestine Peace Not Apartheid.” Fourteen Carter Center advisors resigned in protest.
Unbelievably, former PLO-leader Yasser Arafat was invited to the Clinton Whitehouse more than any other foreign figure! On one occasion Hillary even kissed Yasser’s wife after she made a speech denouncing Israel. Hillary has collected $50,000 from the American Muslim Alliance, a group that promotes terrorism against Israel. Bill has said, “Hillary’s really tight with the people in the PLO in New York [and] doesn’t like what Israel is up to.”
Former Democrat-candidate Wesley Clark has characterized support for Israel against Hezbollah as “a mistake.” Jesse Jackson, of course, has his “Hymietown” remark and Sen. Joe Biden has told Israeli officials that they would have to accept the idea of Iran acquiring nuclear weapons! That’s the country, by the way, vowing to wipe Israel off the map. Barack Obama calls Iran a “tiny threat.” Former Israeli Prime Minister Benjamin Netanyahu, who could be elected again next year, has a different view. He calls Iran the equivalent of Germany circa 1938.
Also, we must not forget Obama’s church of twenty years that is on friendly terms with the anti-Semitic, Nation of Islam leader Louis Farrakhan who calls Judaism a “gutter religion!” Obama’s church even printed a Hamas terror manifesto in one of their bulletins.
Conservatives have long kept faith with Israel over the years appreciating their common spiritual heritage. This Judeo-Christian foundation has sustained Western Civilization from the beginning.
At the time of this writing, Russia is sending ships and planes to Hugo Chavez’s Venezuela for military maneuvers. Russia is also assisting Iran in the construction of their nuclear facility. North Korea is unified with these nations suggesting an alliance that would be incomprehensible if not for the spiritual antipathy they share. Dictators, whether from Communist, Islamic or Liberal-Socialist governments, all find agreement in their common hatred of conservatives who seek to maintain a traditional view of God.
Recent polls in Israel are showing a preference for McCain over Obama by twenty points. McCain has a long history of support for Israel’s security. McCain’s running mate Gov. Palin reinforces this loyalty. She proudly proclaims her support by displaying an Israeli flag in her office! It’s comforting to know that in this landmark year for Israel there are at least some American politicians who are striving to maintain a healthy respect for Israel. (send comments to WFC83197@aol.com, or mail to POB 114, Jacksboro, TN 37757)
Tuesday, September 2, 2008
Vice President Picks Reveal Candidates’ Judgment
The first decision a presidential candidate makes that reveals his or her capacity for good executive judgment is the choice for vice president. Since both candidates have now made their picks, how does this analysis stack up?
Sen. Obama chose Joe “the plagiarist” Biden and received no bounce in the polls. Despite the electoral logic of picking a running mate like Hillary who garnered 18 million primary votes, he chose an old-style, pre-Clintonian, Liberal Democrat from inside-the-beltway. Only five other Senators have been in the Senate longer than Biden and only two are more liberal! That’s hardly an endorsement for change.
It’s assumed that Obama made this pick for two reasons: (1) He and Michelle don’t like the Clintons; and, (2) Russia’s invasion of Georgia put Obama’s weakness of “foreign policy” back in the forefront.
Biden currently serves as chairman of the Foreign Relations Committee and has a long history of global involvement. Though his experience is quite extensive, one’s quantity of judgment shouldn’t matter as much as one’s quality of judgment.
Most recently, Biden championed a plan for Iraq that would have been disastrous. His idea, which was thoroughly rejected by the Iraqis, involved dividing Iraq into three new countries of Kurdish, Sunni and Shia control. It’s telling- that in today’s Democrat party, this kind of screwball thinking counts for superior foreign policy judgment!
Biden has been rejected by his party in both of his campaigns for president. This year, he couldn’t even get past Iowa where he finished fifth! Why would we suddenly believe now that he’d make a good president?
Perhaps the most revealing aspect about Obama’s choice is how it gives the lie to his mantra for “change” and “no more politics as usual.” Apparently, this rhetoric is as superficial as a Paris Hilton or Britney Spears photo op!
By contrast, Sen. McCain, “the Maverick,” made one of the most exciting and intriguing choices in the history of running mates! Choosing Alaskan Gov. Sarah Palin was a brilliant move. This choice emphatically demonstrates why John McCain’s judgment will bring authentic change and reform to Washington D.C.
Gov. Palin is a self-described “hockey mom.” She’s a 44 year-old mother of five, who earned her political success by taking on the corrupt “machine” of her own party! She challenged the previous governor in a Republican primary and won. Showing a McCain- like aversion to wasteful spending, she rejected the infamous, pork barrel project known as “the bridge to nowhere” and sold off the previous governor’s jet on Ebay.
Palin, a former Miss Alaska runner-up, is a committed Christian with prior-leadership in the Fellowship of Christian Athletes. She’s also a lifelong NRA member who loves to hunt and eat moose! She supports capital punishment, opposes homosexual marriage and believes strongly in creationism.
While in high school, Palin was the captain of her basketball team where she earned the nickname “Barracuda” for her toughness. She led her team to the state championship making the winning free throw on a broken ankle!
Palin is staunchly pro-life, having her last child following a diagnosis of Down syndrome. She’s a military mom with a son soon to be serving in Iraq. Most of all, she’s down to earth with a clear and trustworthy position on energy policies.
Palin began her career on the Wasilla town council in 1992 and was elected governor in 2006 where she immediately began a project to open a natural gas pipeline from the Northern Slope. She doesn’t believe in manmade Global Warming and is very much in favor of drilling in ANWR. Confident in her assessment of Alaska’s true resources, she has sued the Federal Government to remove the polar bear from the endangered species list before it jeopardizes any further energy projects.
Her public support in Alaska is impressive with an approval rating of over 80 percent.
Palin is similar to another underestimated, popular, conservative governor: Ronald Reagan. She once was a sports broadcaster and comes from a western state known for its rugged individualism and love of freedom. She has cut property taxes by 40% and is a reformer who refuses to accept the failings of the status quo establishment.
McCain has done more than show superior judgment with this pick, he has galvanized his base- something many thought impossible! On the day of his announcement, campaign contributions quadrupled. After the second day, a total of ten million dollars had been added to McCain’s coffers, proving that the Palin-choice had indeed energized the base!
The future of America this campaign year may yet belong to those wanting to “break the glass ceiling” with the first woman vice president in U.S. history- America’s own “Iron Lady from the Last Frontier!” (send comments to WFC83197@aol.com, or mail to POB 114, Jacksboro, TN 37757.)
Sen. Obama chose Joe “the plagiarist” Biden and received no bounce in the polls. Despite the electoral logic of picking a running mate like Hillary who garnered 18 million primary votes, he chose an old-style, pre-Clintonian, Liberal Democrat from inside-the-beltway. Only five other Senators have been in the Senate longer than Biden and only two are more liberal! That’s hardly an endorsement for change.
It’s assumed that Obama made this pick for two reasons: (1) He and Michelle don’t like the Clintons; and, (2) Russia’s invasion of Georgia put Obama’s weakness of “foreign policy” back in the forefront.
Biden currently serves as chairman of the Foreign Relations Committee and has a long history of global involvement. Though his experience is quite extensive, one’s quantity of judgment shouldn’t matter as much as one’s quality of judgment.
Most recently, Biden championed a plan for Iraq that would have been disastrous. His idea, which was thoroughly rejected by the Iraqis, involved dividing Iraq into three new countries of Kurdish, Sunni and Shia control. It’s telling- that in today’s Democrat party, this kind of screwball thinking counts for superior foreign policy judgment!
Biden has been rejected by his party in both of his campaigns for president. This year, he couldn’t even get past Iowa where he finished fifth! Why would we suddenly believe now that he’d make a good president?
Perhaps the most revealing aspect about Obama’s choice is how it gives the lie to his mantra for “change” and “no more politics as usual.” Apparently, this rhetoric is as superficial as a Paris Hilton or Britney Spears photo op!
By contrast, Sen. McCain, “the Maverick,” made one of the most exciting and intriguing choices in the history of running mates! Choosing Alaskan Gov. Sarah Palin was a brilliant move. This choice emphatically demonstrates why John McCain’s judgment will bring authentic change and reform to Washington D.C.
Gov. Palin is a self-described “hockey mom.” She’s a 44 year-old mother of five, who earned her political success by taking on the corrupt “machine” of her own party! She challenged the previous governor in a Republican primary and won. Showing a McCain- like aversion to wasteful spending, she rejected the infamous, pork barrel project known as “the bridge to nowhere” and sold off the previous governor’s jet on Ebay.
Palin, a former Miss Alaska runner-up, is a committed Christian with prior-leadership in the Fellowship of Christian Athletes. She’s also a lifelong NRA member who loves to hunt and eat moose! She supports capital punishment, opposes homosexual marriage and believes strongly in creationism.
While in high school, Palin was the captain of her basketball team where she earned the nickname “Barracuda” for her toughness. She led her team to the state championship making the winning free throw on a broken ankle!
Palin is staunchly pro-life, having her last child following a diagnosis of Down syndrome. She’s a military mom with a son soon to be serving in Iraq. Most of all, she’s down to earth with a clear and trustworthy position on energy policies.
Palin began her career on the Wasilla town council in 1992 and was elected governor in 2006 where she immediately began a project to open a natural gas pipeline from the Northern Slope. She doesn’t believe in manmade Global Warming and is very much in favor of drilling in ANWR. Confident in her assessment of Alaska’s true resources, she has sued the Federal Government to remove the polar bear from the endangered species list before it jeopardizes any further energy projects.
Her public support in Alaska is impressive with an approval rating of over 80 percent.
Palin is similar to another underestimated, popular, conservative governor: Ronald Reagan. She once was a sports broadcaster and comes from a western state known for its rugged individualism and love of freedom. She has cut property taxes by 40% and is a reformer who refuses to accept the failings of the status quo establishment.
McCain has done more than show superior judgment with this pick, he has galvanized his base- something many thought impossible! On the day of his announcement, campaign contributions quadrupled. After the second day, a total of ten million dollars had been added to McCain’s coffers, proving that the Palin-choice had indeed energized the base!
The future of America this campaign year may yet belong to those wanting to “break the glass ceiling” with the first woman vice president in U.S. history- America’s own “Iron Lady from the Last Frontier!” (send comments to WFC83197@aol.com, or mail to POB 114, Jacksboro, TN 37757.)
Subscribe to:
Posts (Atom)
