• Ford on Fannie and Freddie
• Obama, McCain and Pray It Won't Rain
• My Patriotism is Bigger Than Your Patriotism

1. Rates on 30-year fixed morgages dropped after the U.S. government assumed control of Fannie Mae and Freddie Mac. MTSU's Dr. Bill Ford, a former CEO of the Federal Reserve Bank in Atlanta, says the precedent being set is a little scary, but the government had no choice.

fanniefreddie1.mp3 :12 OC: "are good moves";

Ford, who holds MTSU's Weatherford Chair of Finance, says the taxpayers will be left holding the bag for the mismanagement of the two mortgage financing organizations to the tune of some 100 to 200 billion dollars.He says shareholders probably will sue the government and Fannie and Freddie's former CEOs, but they probably won't get anywhere with the lawsuit.

2. The former CEOs of Fannie Mae and Freddie Mac exited their jobs with more than 24 million dollars in bonuses, a fact that has both Democrats and Republicans crying foul. The U.S. government is bailing out the two mortgage financing giants, an unprecedented move. Dr. Bill Ford, holder of the Weatherford Chair of Finance at MTSU:

fanniefreddie2.mp3 :17 OC: "the U.S. government";

Ford, a former CEO of the Federal Reserve Bank in Atlanta, says Fannie and Freddie got away from their original mission, which was to help the underprivileged realize their dreams of owning their own home. Instead, the organizations guaranteed mortgages for more expensive homes than the buyers could afford.

3. High-profile Congressional hearings are slated for next week (week of September 15) on the mismanagement of Fannie Mae and Freddie Mac. Business analysts are hoping the stock market and the housing market can rebound following news that the federal government would bail out the mortgage financing organizations. Dr. Bill Ford, who holds MTSU's Weatherford Chair of Finance, the way these companies were chartered was flawed right from the start.

fanniefreddie3.mp3 :14 OC: "from day one";

Ford says deregulation is not to blame as much as the enormous speed with which Fannie and Freddie grew. He says they lowered the requirements for buyers to meet to obtain housing loans, sometimes with no down payments, which enabled their CEOs and mortgage brokers all over the country to make outrageous profits.

4. An MTSU economist says the big question about the federal bailout of Fannie Mae and Freddie Mac is what will happen to the mortgage markets after the housing crisis subsides. The mortgage financing firms could remain under conservatorship for as long as a year-and-a-half, possibly more. Ford says the problem would not exist if Fannie and Freddie had followed the traditional underwriting practices they used to follow when they were created.

fanniefreddie4.mp3 :18 OC: "it's absolutely ludicrous";

Ford says the mortgages on their balance sheets account for about half of all the mortgages in America. He says the nationalization of the biggest element of the secondary mortgage markets in the country gives him pause because he believes in letting the free market decide the outcome. However, he notes that the federal bailout was the only thing that could have been done under the circumstances.

5. With the nominating conventions over, Americans are looking to the presidential and vice presidential debates for a clearer understanding of the candidates' positions. Dr. Robb McDaniel, associate professor of political science at MTSU, says John McCain's weakest debating point is the economy at a time when a national recession has people worried.

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McDaniel says Barack Obama's poor performance in debates with Hillary Clinton does not bode well for him. Therefore, McDaniel says Obama must find a way to be warmer with voters and not so detached and academic.

6. Many political observers were taken aback by the Republicans' reignition of the culture wars as a campaign strategy. But an MTSU political scientist says there was evidence of this at the GOP convention. Dr. Robb McDaniel says the stagecraft the Republicans employed evoked images and metaphors that seemed to liken John McCain to Jesus.

election2.mp3 :21 OC: "some ways, a cross";

McDaniel says another aspect of the Christian comparison is to paint Barack Obama as a false messiah and his supporters as followers of the cult of "Obamamania.";

7. An MTSU political scientist says part of the Republicans' game plan to shore up the party's conservative base of "values voters"; is to use nuanced imagery and rhetoric that likens John McCain to Jesus. Dr. Robb McDaniel says this was evident at the GOP convention, where McCain was made to sound like a martyr who had earned the presidency by suffering for his country as a POW during the Vietnam War.

election3.mp3 :18 OC: "position on this";

McDaniel adds that before the convention McCain was weak with the social conservatives in his party because he had referred to evangelicals such as the late Jerry Falwell as "agents of intolerance.";

8. Barack Obama is walking a stylistic tightrope because he is a black candidate. That's the view of Dr. Robb McDaniel, an MTSU political scientist. McDaniel says Obama is the least angry candidate he's ever seen, and he thinks it's because he does not want to appear threatening to white Reagan Democrats.

election4.mp3 :22 OC: "from those men";

Unfortunately, McDaniel says, this has led Obama to appear academic and detached in public appearances, leading Republican strategists to characterize him as "elitist.";

9. Although the 2008 presidential election has been described as being more about personalities than issues, it might actually boil down to the numbers. Dr. Robb McDaniel, an associate professor of political science at MTSU, says Barack Obama might really benefit from some stump speeches by Bill Clinton in swing states where Obama needs the support of Reagan Democrats to win.

election5.mp3 :18 OC: "really help out";

Obama's running mate, Joe Biden, was born and raised in one of those swing states, Pennsylvania, a fact that was emphasized time and time again at the Democratic convention, even though Biden represents Delaware in the U.S. Senate.

10. What kind of style should the presidential candidates adopt in the upcoming debates? Dr. Robb McDaniel, associate professor of political science at MTSU, says Barack Obama must become more engaging in these debates if he expects to win the hearts and minds of undecided voters.

election6.mp3 :15 OC: "with voters there";

McDaniel says Obama has a very cool style which indicates he is very slow to anger. He attributes this to Obama's need to reassure conservative white voters who might be put off by the image of the so-called "angry black man"; that he is not a radical.

EDITOR'S NOTE: THE FOLLOWING COMMENTARY IS PRECEDED BY A 3-2-1 COUNTDOWN:

11. What does it mean to be an American patriot? Dr. Larry Burriss, MTSU journalism professor and First Amendment expert, says it goes much deeper than what's on the surface.

Patriotism.mp3 2:27 OC: "I'm Larry Burriss";