White House warned about Fannie and Freddie

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.  President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.  Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.  

2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.  (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years. 

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them."  As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.  ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03) 

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November:  Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk."  To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE."  (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator:  "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator."  (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted."  Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator."  (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.  Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs:  Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System."  (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system."  (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions.  Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options."  (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before. 

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years.  Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission.  The GSE reform bill passed by the House earlier this year is a good start.  But the Senate has not acted.  And the United States Senate needs to pass this legislation soon."  (President George W. Bush, Discusses Housing, The White House, 12/6/07)

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully."  (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase. 

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages."  (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes."  (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further. 

  • "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans."   (President George W. Bush, Radio Address, 5/3/08)
  • "[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator."  (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
  • Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans."  (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac."  (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

(White House Press Release)

Elon Musk responded to allegations that he exposed himself to a corporate jet flight attendant by daring his accuser to "describe just one thing, anything at all (scars, tattoos, …) that isn’t known by the public."

"I have a challenge to this liar who claims their friend saw me “exposed” – describe just one thing, anything at all (scars, tattoos, …) that isn’t known by the public. She won’t be able to do so, because it never happened," Musk posted on twitter.

A Business Insider report on Thursday, alleged that a flight attendant for SpaceX's private jet fleet was paid $250,000 in 2018 to settle a sexual misconduct claim against the company's founder and CEO. A friend of the flight attendant signed a declaration accusing the tech billionaire of exposing himself to the attendant, who is also a licensed massage therapist, during an in-flight massage.

According to the declaration, the flight attendant told her friend that Musk asked her to come to his private cabin "for a full body massage" during a flight in late 2016. When she arrived, Musk "was completely naked except for a sheet covering the lower half of his body." The friend also told Insider that Musk propositioned the flight attendant, then "touched her thigh and told her he would buy her a horse."

One day before the Insider story was published, Musk predicted an escalation in political attacks against him after revealing on a podcast that he plans to vote Republican in the next election cycle.

Musk called the sexual misconduct allegations "wild accusations [that] are utterly untrue" and challenged his accuser to verify her claims by describing a certain something “not known by the public" about his private parts.

On the radio program Friday, Glenn Beck and Pat Gray reacted to the incredible "coincidence" of such allegations cropping up just days after the SpaceX CEO announced his intention to vote Republican in the next election cycle — not to mention joining Glenn's longrunning anti-ESG crusade by calling the corporate score system a "scam."

Watch the video clip below to hear more from Glenn:


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Anyone paying attention can see that President Biden is in dire straights come 2024, regardless of who his opponent may be. His administration has been workshopping several ideas to try and craft just the right message. One that will cut through all the noise (failures) and put him on a more solid footing should he go head-to-head in a rematch with the former President.

Biden called in the big guns and he wasn't afraid to call in a few favors either. He drew on his stint as VP and called Anita Dunn out of the bullpen and tapped the Center for American Progress Action Fund to try and help pull this one out. After an exhaustive six-month-long study into how President Trump was able to summon the magic of MAGA — they finally feel they have the winning message.

Dunn has gotten sloppy, however, since her days in the Obama administration. We obtained her contemporaneous notes and emails showing how they coined the term "ultra-MAGA," trying to get a little "extra pop" to his rhetoric. The leaked emails also show the evolution of the messaging over that same six-month period.


[The preceding Memo was a parody written by MRA writers Josh Jennings and Jon Boldt – not the Biden administration.]

Almost every week, new incriminating evidence is mined from Hunter’s wild laptop. And the proof is mounting that President Joe Biden is lying about his knowledge of his family’s crooked deal-making. Everyone knows Hunter Biden is a seriously degenerate guy. Anyone who has handled his infamous laptop needs a tetanus shot.

The salacious stuff on the laptop is sad and pathetic for sure, but that stuff is NOT what is most relevant to the United States. Glenn Beck exposes how the laptop is REALLY about Joe Biden, his abuse of power as vice president, and his ongoing denials now as president.

Now that the 2020 election has passed and their man is in office, the mainstream media have suddenly decided to admit Hunter’s laptop is not Russian disinformation after all. No one has done more research into the Biden family corruption than journalist and best-selling author Peter Schweizer. He has researched the depths of Hunter’s laptop and found more than racy photos. “These aren’t HUNTER’S business deals,” Peter says, “they benefit the WHOLE family.” And he has the emails to prove it.

But the mainstream media still insist President Biden is as pure as his thinning white hair in all of this. As Glenn reveals tonight, he is not. But will anyone in the Biden family see jail time? Americans are fed up with two sets of rules – one for regular citizens and one for the ruling elites.

Watch the full episode of "Glenn TV" below:

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Intelligent people know that wokerness plagues society and must be ridiculed and eradicated from conversations. But what happens when people lose their jobs for calling out the absurdity of woke ideology? What happens when corporations and media sources weaponize wokeness?

Here are five videos that will help us better understand a few of the many issues that wokeness inflicts on society and how we can stand against it.

Bye bye, Target. You crossed the line!

In this clip, BlazeTV host Allie Stuckey of "Relatable" explains how Target recently announced the sale of chest binders and "packing underwear" for women. She expresses how children can be negatively impacted by the sale of confusing clothing items for people suffering from gender dysphoria and the importance of loving the body God gave us.

Today, Allie notices that Target's stock experienced a 35-year record drop. Apparel was named as one of the two underperforming departments. Was pushback from critics of gender-affirming apparel the cause? It is hard to tell, but Allie encourages her audience to continue speaking out when corporations cross the line by making harmful products available for sale to the public.

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Wokeness can get you fired

In this clip, Stu Burguiere covers a story about a man who challenged Black Lives Matter using nothing but data and was fired.

Here's the story: "I had been at Thomson Reuters for over six years—most recently, leading a team of data scientists applying new machine learning and artificial intelligence algorithms to our legal, tax and news data. We advised any number of divisions inside the company, including Westlaw, an online legal research service used by most every law firm in the country, and the newsroom, which reaches an audience of one billion every day around the globe. I briefed the Chief Technology Officer regularly. My total annual compensation package exceeded $350,000." Read more

"We live in the era of woke religion," says Stu.

Listen to the podcast here.

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Coca-Cola circumvents Constitution with TERRIFYING mandates on diversity

Glenn Beck loves Coca-Cola. So much so, in fact, that he refuses to drink Pepsi if Coke isn't available. But ... he says the time has come for him to give up his favorite soda. Why? Because Coca-Cola just announced some terrifying new company policies on diversity and equity. It sent out notices to all partnered law firms, demanding a required percentage of diverse attorneys on any legal team working for the corporation. The notice says all legal teams also must report these numbers quarterly and they will lose Coca-Cola's business if they do not comply.

"Equity is not the same thing as equality," Glenn said, adding that equality means we all have an equal chance, while equality means we all have the same outcome.

Glenn explains how mandates like this could affect everybody — even the guy working on the factory line or the truck driver delivering the drinks. Glenn also explains how Coke's new move is nothing less than a circumvention of the Constitution, and he predicts more companies (especially those in support of the Great Reset) will follow with similar policies, too.

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Coca-Cola takes a 'pause' on woke initiatives after after pressure from the Right

Glenn followed up on a story about Coca-Cola becoming the poster child for how a corporation could shove leftist ideologies onto its consumers. The company suspended advertising on Facebook in a push to censor former President Donald Trump, published a manifesto about racial equity, and demanded all legal teams working for Coke meet certain diversity quotas.

But, after Trump, Sen. Ted Cruz (R-Texas), Sen. Rand Paul (R-Ky.), and many other conservative voices called for a boycott of the company's products, Coca-Cola appeared to shift directions.

Read more on this story here.

Listen to the podcast here.

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Calvin Klein's gender blender ruins sex and Mothers' Day

Chad Prather reflected back to the Great Depression era of enticing photographic entertainment, otherwise known as the callow and deprived years of his youth, when a Calvin Klein pictorial of old would have represented something exciting, something to, say, think about at the end of the day. Had he run across this present weird concept at that age, he would have either been disgusted on sight … or possibly really disgusted when his dumb a** put two and two together the next day. Anyway, his point is: Has the whole world gone crazy? Do we really need this? At this inclusive embracing point in our recent history, what in the world makes Calvin Klein feel the need to be the standard-bearer for a lifestyle screamed largely into existence by a very vocal minority?

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Former Disney artist SPEAKS OUT: ‘It’s time to do something’

A former Disney artist, who wishes to remain anonymous, joins Glenn to describe WHY he recently took action against his former employer: ‘I'm tired of watching my country go down the drain. And it's time to do something.’ Today’s woke Disney is not what Walt once imagined, he says, and his recent video release — "It’s A Woke World After All" — exposes Disney’s large stray from its roots ...

Listen to the podcast here.

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