Republicans want bonuses for Fannie Mae and Freddie Mac CEOs canceled

Rep. Michele Bachmann

Story here from CNS News.

Excerpt:

Seventy Republican members of Congress want Treasury Secretary Timothy Geithner to cancel up to $6 million in bonuses and deferred compensation — approved before  Christmas 2009 — for the chief executive officers of the failed mortgage giants Fannie Mae and Freddie Mac.

“(T)here’s a letter that’s going to Sec. Geithner from a number of us calling for a rescission of those bonuses,” Rep. Michele Bachmann (R-Minn.) told CNSNews.com Wednesday.

On Christmas Eve, at the same time the Obama administration announced that it was removing any cap on the amount of taxpayer aid to Fannie Mae and Freddie Mac, the failed mortgage giants announced that they had received approval from their financial regulator to pay $42 million in compensation packages to 12 top executives for 2009.

The compensation packages included up to $6 million each to Fannie Mae and Freddie Mac chief executives. For the CEOs, annual compensation consists of a base salary of $900,000, $3.1 million in deferred compensation and incentive pay of as much as $2 million. Public disclosure that the retention bonuses were being copnsidered first surfaced in the Spring.

And naturally my favorite member of Congress was involved:

“(We are pushing) for an ending — an unwinding, if you will — of the U.S. owning Fannie and Freddie. We want out of this sinking business as quickly as we possibly can, and we want to pull the plug on an unlimited taxpayer bailout of Freddie and Fannie,” Bachmann said.

[…]“When Sec. Geithner said that there’d be unlimited taxpayer funding continuing to go into this sinking ship, and then bonuses they’re given?,” she said. “On what basis?  What did they do?  What was the criteria that they could possibly be given a bonus?  The fact that they got unlimited taxpayer money?”

Bachman was referring to Treasury’s announcement that it would send unlimited tax money to Fannie Mae and Freddie Mac, thereby eliminating the current $400 billion cap on emergency aid that Treasury can give without having to come back to Congress for authorization.

Fannie Mae and Freddie Mac are closely tied to Democrats.

Consider this Fox News story.

Excerpt:

Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.

A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama.

Now remember, he’s only been in the Senate four years, but he still managed to grab the No. 2 spot ahead of John Kerry — decades in the Senate — and Chris Dodd, who is chairman of the Senate Banking Committee.

Fannie and Freddie have been creations of the congressional Democrats and the Clinton White House, designed to make mortgages available to more people and, as it turns out, some people who couldn’t afford them.

Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration’s White House Budget Director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick — Clinton Justice Department official — worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama’s VP search committee, has hauled in millions from his Fannie Mae CEO job.

More here about how the Democrats caused the recession.

MSNBC TV host calls on MA voters to vote many times to elect Coakley

Michelle Malkin posted this audio. (H/T Andrew)

This is what he says:

ED SCHULTZ, HOST: I tell you what, if I lived in Massachusetts, I’d try to vote ten times. I don’t know if they’d let me or not, but I’d try to. Yeah, that’s right, I’d cheat to keep these bastards out. I would. ‘Cause that’s exactly what they are.

This is the superior morality of the compassionate, tolerant secular left.

For more on voter fraud, you can read about ACORN, the group that Obama once represented in court.

Martha Coakley’s convictions

Just one last shot at explaining who Martha Coakley really is, this time with an article from the Wall Street Journal.

Basically, a bunch of children gave testimony that the Amirault family abused and sexually assaulted children at a highly-regarded day care that they ran. But there was never any evidence of any crime, just the testimony of children.

Other than such testimony, the prosecutors had no shred of physical or other proof that could remotely pass as evidence of abuse. But they did have the power of their challenge to jurors: Convict the Amiraults to make sure the battle against child abuse went forward. Convict, so as not to reject the children who had bravely come forward with charges.

Gerald was sent to prison for 30 to 40 years, his mother and sister sentenced to eight to 20 years. The prosecutors celebrated what they called, at the time “a model, multidisciplinary prosecution.” Gerald’s wife, Patricia, and their three children—the family unfailingly devoted to him—went on with their lives. They spoke to him nightly and cherished such hope as they could find, that he would be restored to them.

Eventually, the convictions for the women were reversed, but the man remained a prisoner. Then Martha Coakley took over as the new Middlesex County district attorney in 1999. And here is what she did.

In the face of the increasing furor surrounding the case, Ms. Coakley agreed to revise and revoke her sentence to time served—but certain things had to be clear, she told the press. Cheryl’s case, and that of Gerald, she explained, had nothing to do with one another—a startling proposition given the horrific abuse charges, identical in nature, of which all three of the Amiraults had been convicted.

No matter: When women were involved in such cases, the district attorney explained, it was usually because of the presence of “a primary male offender.” According to Ms. Coakley’s scenario, it was Gerald who had dragged his mother and sister along. Every statement she made now about Gerald reflected the same view, and the determination that he never go free. No one better exemplified the mindset and will of the prosecutors who originally had brought this case.

Before agreeing to revise Cheryl’s sentence to time served, Ms. Coakley asked the Amiraults’ attorney, James Sultan, to pledge—in exchange—that he would stop representing Gerald and undertake no further legal action on his behalf. She had evidently concluded that with Sultan gone—Sultan, whose mastery of the case was complete—any further effort by Gerald to win freedom would be doomed. Mr. Sultan, of course, refused.

Eventually Gerald was also released following a 5-0 parole board ruling. But Martha Coakley was not finished.

District Attorney Coakley was not idle either, and quickly set about organizing the parents and children in the case, bringing them to meetings with Acting Gov. Jane Swift, to persuade her to reject the board’s ruling. Ms. Coakley also worked the press, setting up a special interview so that the now adult accusers could tell reporters, once more, of the tortures they had suffered at the hands of the Amiraults, and of their panic at the prospect of Gerald going free.

On Feb. 20, 2002, six months after the Board of Pardons issued its findings, the governor denied Gerald’s commutation.

Gerald Amirault spent nearly two years more in prison before being granted parole in 2004. He would be released, with conditions not quite approximating that of a free man. He was declared a level three sex offender—among the consequences of his refusal, like that of his mother and sister, to “take responsibility” by confessing his crimes. He is required to wear, at all times, an electronic tracking device; to report, in a notebook, each time he leaves the house and returns; to obey a curfew confining him to his home between 11:30 p.m. and 6 a.m. He may not travel at all through certain areas (presumably those where his alleged victims live). He can, under these circumstances, find no regular employment.

So, even if the facts are not there, a message needs to be sent to men that they are filthy perverts and need to be kept clear of children. And if an innocent man has to go to prison to “prove” the anti-male prejudices of radical feminists to the watching world, then so be it.

Videos from apologist William Lane Craig and economist Thomas Sowell

William Lane Craig

Bill Craig
William Lane Craig

First, one from William Lane Craig, called “In Intellectual Neutral”. (H/T Apologetics 315)

It’s 40 minutes long.

This lecture is Dr. Craig’s appeal to the church to use their minds as a way to serve Christ. This is a very passionate and accessible lecture designed to motivate people to take the life of the mind more seriously. His focus is on getting Christians to focus on learning arguments and evidence, so that when they discuss these topics they can appeal to logic and objective reality (science and history) to confirm their views. He is concerned that unless we get good at this, that people will not regard Christianity as a “live option” when choosing their worldview.

I’ve heard this lecture delivered in person at Wheaton College one year when he spoke in the chapel to all the students. It was very moving. But this version is twice as good. This time he’s really letting loose.

Thomas Sowell

Thomas Sowell

This one features my favorite living economist, Thomas Sowell. (H/T ECM)

It’s 40 minutes long.

Thomas Sowell’s new book is about intellectuals, those who deal primary with words and ideas, not arguments and evidence. These intellectuals have the goal of reforming society based on the ideas that they learn in classrooms. (Sowell is not talking about engineers, medical doctors, accountants, etc. – people who actually have hands-on knowledge in advanced areas)

Sowell is concerned with people who are specialized in one narrow area such as linguistics, and then make pronouncements on public policy or economics without knowing anything about those areas. He argues that intellectuals have a low opinion of people who don’t go to the best schools, but instead focus on practical things. This conviction that other people are stupid makes them want to seize control and force their vision onto the world. The vision of the intellectuals includes metaphysical and moral beliefs.

In addition to what Sowell says in the video, I would expect that these intellectuals also disdain the morality and theology of Christians, whom they see as non-intellectuals, because they never hear reasons why people believe in Christianity and Christian morality in their Ivy-league classrooms. This absence of a defense is what causes them to be so aggressive about trying to marginalize what they view as unfounded beliefs and antiquated moral rules. Maybe they would not be so aggressively secular and collectivist if we were all as prepared to give a defense as William Lane Craig is?

More economists

If you like what you see in these videos, you might want to consider reading one of my favorite papers by economist Robert Nozick entitled “Why do Intellectuals Oppose Capitalism?” He uses a similar definition of intellectuals as being “wordsmiths”, rather than engineers, entrepreneurs, and doctors. My other favorite living economists are Walter Williams (#2) and Jennifer Roback Morse (#3).