Monday, December 22, 2008

It's Time To Fix The Roof

John F. Kennedy said the time to fix the roof is when the sun is shining. Well, with gas prices at all time lows in recent years you would agree that the sun is now shining on our energy needs. It's time to fix the roof on America's energy dependence. I know we are in a transition time from the Bush to Obama administrations and now is not the time to expect big initiatives or even progress on this objective. However, once Obama is sworn in I think we would have to say the clock starts running. I believe our government should set a reasonable guideline on when and how they will address our nation's energy future. Without guidelines and anyone being held accountable, energy dependence will become one of those election year rallying cries. It will become an issue every four years with a volley of promises on both sides that never come true. We cannot become energy independent by ignoring the problem or hoping our energy issues improve. Our nation will only become energy independent when the issue is addressed and resolved once for all. The sun is shining now, but the threat of rain is always in the forecast.

Monday, December 15, 2008

Of Faux Cons and RINOs

In his book, Do The Right Thing, Governor Mike Huckabee warns about the faux cons/RINOs. Faux cons are politicians that pretend to be conservatives but have no conservative credentials, pedigree, or voting record. They only recently (i.e. during elections) espouse conservative values. RINOs are Republicans In Name Only - they do not hold fast or true to basic conservative Republican values.

With this in mind, a faux con has recently resigned his position as a lobbyist for the National Association of Evangelicals (NAE). Richard Cizik, vice president of governmental affairs for the NAE resigned last week amidst controversial statements he made on such topics as same-sex marriage and support for candidates that are pro-abortion. You can read the full article here.

After the November elections I feel a bit betrayed by the Republican party - that in an effort to make our appeal broader they are willing to compromise on core values. We need to remember that some things are non-negotiable. Some values do not shift to the left. Now is not the time to give in for the sake of political expediency. No vote gained through compromise is worth counting.

Tuesday, December 9, 2008

Foxx Demands Accountability For Freddie/Fannie

The following is a press release from NC Congresswoman Virginia Foxx.

Foxx demands accountability for Freddie/Fannie
Grills former Fannie/Freddie executives at congressional hearing

WASHINGTON – Congresswoman Virginia Foxx today grilled former Fannie Mae and Freddie Mac executives at a Congressional hearing in Washington. Foxx asked them to account for the failures of the organizations they led and the costs borne by average Americans as a result of the government takeover of Fannie and Freddie.

“You have been irresponsible,” Rep. Foxx told a panel of former Fannie and Freddie executives. “You have exhibited no sense of accountability for your actions. What in the world were you getting paid millions of dollars to do?” Foxx asked the CEOs.

Earlier this decade, Fannie Mae and Freddie Mac dramatically expanded their investments in securities derived from subprime and Alt-A loans made to homeowners with weaker credit or reduced loan verification requirements. According to media reports, Fannie Mae and Freddie Mac moved into these investments despite both internal and public concerns regarding the potential risks of such actions.

These Fannie and Freddie investments helped feed the subprime lending boom and as these investments began to fail, Fannie and Freddie’s actions contributed to the meltdown in the housing market

“This is not a Democrat or a Republican issue,” Foxx said. “This is about protecting the people of North Carolina—average, responsible people who made prudent decisions and are now being hurt by the reckless greed of Fannie and Freddie’s corporate leadership. We cannot allow this to happen again.”

Note: In June 2008, Fannie Mae alone owned or guaranteed nearly $400 billion in risky securities. On September 7, 2008, after watching both Fannie and Freddie post massive losses on their failed housing investments, Treasury Secretary Henry Paulson helped orchestrate a federal government takeover of Fannie Mae and Freddie Mac and committed as much as $100 billion to each company.

According to expect testimony from today’s hearings, more than 40 percent of Fannie and Freddie’s loans are “junk loans” for a total of $4.63 trillion in potentially bad debt. With the federal government’s takeover of these lenders, taxpayers are ultimately on the hook for the cost of these bad loans.