Months ago, the House Financial Services Committee reported a bill to reform Government Sponsored Enterprises (GSE’s), specifically FannieMae and FreddieMac, which specialize in providing affordable housing.

Reporting errors in these publicly traded GSE’s in the millions and billions raised the threat of another Enron and Congress responded with reforms to create an independent regulator.

The Republican chairman, Mike Oxley of Ohio, and the ranking member, Barney Frank of Massachusetts , agreed on a provision that mandates that Fannie and Freddie give 5% of their after tax profits to affordable housing advocates such as ACORN. The total figure is somewhere in the neighborhood of $1 billion – that’s with a B, billion.

The problem here in addition to the obviously offensive idea of forcing a publicly traded company, or any company for that matter, to give their after tax profits to anyone is that ACORN engages in political… Read More

There will be no new commentary today (though I have enough comments in SF Chron story that leads the FR today that I feel like that IS my commentary!).

Did you miss any Commentaries this week:

Monday: LA Times supports Prop. 75?? Prop. 73 is your most important YES vote! Tuesday: Redistricting, Congressional Romance, and is the Administration behind Prosper? Wednesday: Do tell – Who IS Bill Mundell? Thursday: Boxer’s Book – Bush CA Trip Friday: GOP AG Primary? Pooch v.… Read More

Vance Raye, a 3rd District Court of Appeal justice, is a good friend of Justice Janice Rogers Brown. I have to wonder if that is really what is behind Att. Gen. Bill Lockyer’s opposition to Raye’s elevation to the California Supreme Court.

The Los Angeles Times is reporting today that Lockyer has expressed "concern" about one of Raye’s legal decisions. Lockyer expressed this "concern" at a meeting of the Alameda County Democratic Lawyers Club where Lockyer asked fellow Democrats to submit other names of possible candidates. (Somebody needs to remind Lockyer that he is not the governor and cannot nominate justices.)

Raye served as Gov. George Deukmejian’s legal affairs secretary and was appointed to the bench by Deukmejian. He is a well-respected and intelligent judge and probably the one of the nicest people you would ever meet. … Read More

George Bush and Arnold Schwarzenegger are both fighting political wars on many, many fronts. So of course it makes all the sense in the world for them to start firing on each other.

At one level, the dispute over the President’s fundraiser is the silliest political story of the week. On another level, it’s a reminder of the geographic, cultural and political distance between Washington and California. Washington politicians of both parties tend to be pretty tone deaf when it comes to California politics. There’s a case to be made that the White House and Republican National Committee ought to be looking for ways to support fundraising efforts for a GOP governor’s top political priorities.

On the other hand, the governor’s people should put this in some perspective as well. The special election is the most important thing in our world, but it’s only one of many, many things in Bush-land. The fact that it should be more important to the White House than it is may be a legitimate cause for frustration, but there’s no need for political spitballs.… Read More

Los Angeles Police officer Steve Knight is running for City Council. He is the son of Antelope Valley legend and State Senator, the late Pete Knight. Most famous politically for Proposition 22. Look at this race. If Steve wins, he will be a councilman, cop, have name ID and a legacy. Not a bad resume’ for Assembly in 3 years.

Speculation abounds for who will run for the 36th Assembly District in 2008. Termed out Assemblywomen Sharon Runner currently holds the seat the covers the Antelope Valley in Los Angeles County and upper parts of San Bernardino County. Very GOP. Sharon replaces her husband George, who now is in the Senate.

In Los Angeles County, many local elections are held in November of the odd numbered year. You can look at the race for Palmdale City Council to see in the future of 2008. You can read about the election here.

Los Angeles Police officer Steve Knight is running for City Council. He is the son of Antelope Valley legend and State Senator, the late Pete Knight. Most famous politically for Proposition 22. Look at this race. If Steve wins, he will be a… Read More

The race for the GOP nomination for Attorney General is taking on a high profile for not having really started yet. Chuck Poochigian, who has spent many years working for Republican candidate and causes, worked as a senior-level appointee to Governor Wilson, served in the Assembly and currently in the State Senate, has really seen his years of hard work pay off in the form of many endorsements. Of course, this is also CALIFORNIA where the GOP has a big challenge winning statewide office. So with someone as able as Poochigian willing to run, and run hard, its no wonder he has raised big bucks, and really cemented early status as a virtual nominee. Back on October 5, my commentary centered around a San Francisco Chronicle Story that Richard Pierre Prosper, a… Read More

GOP Itching For Another Dem Mayor’s Seat

SAN BERNARDINO — Republicans are looking to take care of business in the City of San Bernardino. That is, despite the fact that the local business community is largely favoring a Democrat Superior Court judge for Mayor on November 8, while fire, law enforcement and other unions are supporting a long-serving, controversial elected city attorney with no current party affiliation. The county party is targeting the Mayor’s race hoping to nudge an underdog Republican Councilman into a February runoff and add to its track record of success in local, "non-partisan" elections.

Chas Kelley, 36, is a Councilman representing the city’s affluent Fifth Ward. An electronics technician married with four children, he’s been a Republican Party activist since he was old enough to vote (he still barely looks old enough to vote). Kelley unseated an incumbent two years ago in a grassroots campaign. Despite the fact that he’ll… Read More

President Bush is coming into California to honor Ronald Reagan, and mark the addition of Reagan’s retired Airforce One plane to the Reagan Library’s extensive and tremendous facility. This trip and speech from the President are laudable, and commendable.

But, what should have happenned when the Reagan library event made the Presidential calendar was a call from the WH political operation to Governor Schwarzenegger’s political operation… Maybe the call would be like this: "Hello ‘Murph’ – it’s Karl. We’re going to be in your state right before the Special Election. The President believes strongly in paycheck protection, fair districts, as well as education and fiscal reform. We want to do a fundraising event for your measures while we are there."

Um….that call apparently did NOT take place. Instead,… Read More