Lyndon B. JohnsonLyndon Baines Johnson (August 27, 1908 – January 22, 1973), often referred to as LBJ, was the thirty-sixth President of the United States (1963–1969). After serving a long career in the US Congress, Johnson became the Vice President under John F. Kennedy (1961–1963) and later ascended to the presidency following Kennedy's assassination. Early yearsJohnson was born in Stonewall, Texas on August 27, 1908 in a small farmhouse in a poor area on the Pedernales River. His parents, Samuel Ealy Johnson and Rebekah Baines, had four more children: his sisters Rebekah (1910-1978), Josefa (1912-1961) and Lucia (1916-1997) and his brother Sam Houston (1914-1978). Johnson attended public schools and graduated from Johnson City High School in 1924. In 1927 Johnson enrolled in Southwest Texas State Teachers' College. Even though he participated in debate and campus politics, edited the school newspaper, and spent a year away from his studies teaching school, Johnson somehow managed to graduate in only 312 days. Entering politicsSoon after he graduated from college, Johnson taught public speaking and debate in a Houston high school. However, he soon quit his job teaching and went into the field of politics. Johnson's father had served five terms in the Texas legislature and was a close friend to one of Texas's rising political figures, Congressman Sam Rayburn. In 1931 Johnson campaigned for Richard M. Kleberg and was later rewarded for his work in the campaign with an appointment to be the newly elected congressman's secretary. As secretary, Johnson became acquainted with people of influence, found out how they had reached their positions, and gained their respect for his abilities. Johnson's friends soon included some of the men who worked around President Franklin D. Roosevelt, as well as fellow Texans such as Vice President John Nance Garner. During his tenure as secretary, Johnson met Claudia Alta Taylor (generally known as Lady Bird), a young woman who was also from Texas. After only a short period of dating, the two were married on November 17, 1934. The couple later had two daughters, Lynda Bird, born in 1944, and Lucy Baines, born in 1947. It should be noted that Johnson loved to give everything his own initials. His daughters' given names are examples, as was his dog later in life (Little Beagle Johnson). In 1935, Johnson became the head of the Texas National Youth Administration. His new post enabled him to use the powers of government to find educational and job opportunities for young people. The position in effect enabled him to build political pull with his constituents. He served as the head for two years, only resigning to run for Congress. Johnson was a notoriously tough boss with his employees throughout his career, often demanding long workdays and work on weekends; he worked as much as they did, if not more. FDR, Gov. Allred of Texas & LBJJohnson received his first degree in Freemasonry on October 30, 1937. After receiving the degree he found that his congressional duties took so much time he was unable to pursue the masonic degrees. Member of CongressIn 1937, Johnson ran for Congress in a special election for the 10th Congressional District of Texas to represent Austin, Texas and the surrounding Hill Country. He ran on a New Deal platform and was effectively aided by his wife, Lady Bird Johnson. President Roosevelt showed a personal interest in the young Texan from the time he entered Congress. Johnson was immediately appointed to the Naval Affairs Committee, a job that carried high importance for a freshman congressman. He also worked for rural electrification and other improvements for his district. In 1941, Johnson ran for the U.S. Senate in a special election against the sitting governor of Texas, radio personality W. Lee "Pappy" O'Daniel. Though Johnson was expected to win, he was defeated by controversial late returns in an election marked by massive fraud on the part of both campaigns. During his last campaign, he promised that he would serve in the military should war break out; in December 1941, the U.S. entered World War II. War recordDuring World War II he served briefly in the United States Navy as a Lieutenant Commander. Awards and decorations included the Silver Star, Asiatic-Pacific Campaign Medal and the World War II Victory Medal. After World War II, some sources challenged the circumstances in which Johnson had been awarded his Silver Star. It was speculated that the decoration was largely for political purposes. On NPR, in a narrative about medals and politicians, it was stated Johnson demanded the Silver Star from General Douglas MacArthur because he had been in an airplane that had been fired upon. Lyndon Johnson's Silver Star citation is as follows:
Shortly after this incident, President Roosevelt ordered members of Congress serving in the military to return to their offices, and Johnson was discharged forthwith. He returned to his seat in the House of Representatives where he continued to serve through 1949. Senate yearsIn 1948, Johnson again ran for the Senate and this time won. This election was highly controversial: a three-way Democratic Party primary left Johnson in a run-off with former governor Coke Stevenson. Johnson campaigned very hard and won by only 87 votes out of a million cast. (His campaign manager, John Connally, was thought to be connected with 202 ballots in Jim Wells County that had curiously been cast in alphabetical order.[1][2]). Stevenson contested the vote count, but Johnson hired Abe Fortas to represent him in federal court. Through legal maneuvering, Fortas was able to convince U.S. Supreme Court justice Hugo Black to dissolve the federal injunction nullifying Johnson's runoff victory. Johnson went on to win the general election, but the Texas media sardonically nicknamed him "Landslide Lyndon" in reference to his bout with Stevenson. Once in the Senate, Johnson immediately began to work toward his ultimate goal: the presidency. Desperate to rise in power, Johnson was known among his colleagues for his highly successful "courtships" of older Senators, especially Senator Richard Russell, patrician leader of the Southern bloc and arguably the most powerful man in the Senate. Johnson, always at his best when working one-on-one, proceeded to gain Russell's favor in the same way as he had "courted" Speaker Sam Rayburn and gained his crucial support in the House. Johnson was appointed to the Armed Services Committee, and later in 1950, he helped create the Preparedness Investigating Subcommittee. With Russell's support, Johnson eventually was able to become its chairman and conducted a number of investigations of defense costs and efficiency. These investigations--couched in headline-grabbing phraseology but largely devoid of substance--tended to recycle old investigations and demand actions that were already being taken by the Truman admininstration. However, Johnson's brilliant strategic leaks, his overall manipulation of the press, the incredible speed at which his committee issued new reports (less incredible considering the recycled content), and the fact that he ensured every report was endorsed unanimously by the committee all got him headlines and national attention. Senate Democratic leaderAfter only a few years in the Senate, Johnson was moving up in leadership power. In 1953, he was chosen by his fellow Democrats to be the minority leader. Thus, he became the youngest man ever named to the post by either major political party. One of his first actions was to eliminate the seniority system in committee selection. In 1954, Johnson was re-elected to the Senate and since the Democrats won the majority in the Senate, Johnson became majority leader. His duties were to schedule legislation and help pass measures favored by the Democrats. Vice PresidencyJohnson's success in the Senate led to his name being widely mentioned as a possible Democratic presidential candidate. He was Texas' "favorite son" candidate at the party's national convention in 1956. In 1960, Johnson received 409 votes on the first and only ballot at the Democratic convention which nominated John F. Kennedy. During the convention, Kennedy designated Johnson as his choice for vice president. Some later reports (such as Arthur Schlesinger, Jr.) say that Kennedy offered the position to Johnson as a courtesy, and did not expect him to accept. Others (such as W. Marvin Watson) say that the Kennedy campaign was desperate to get Johnson on the ticket to help carry Southern voters. In November 1960 the Kennedy/Johnson duo beat out Richard M. Nixon and Henry Cabot Lodge, Jr., by a narrow margin. There were serious accusations of voter fraud, especially in Illinois (home of the political machine run by Richard J. Daley) and Johnson's home state of Texas. However, there were no criminal convictions. The only state to have its results changed was Hawaii-which was ruled to have gone to Kennedy not Nixon. Upon swearing in, Kennedy appointed Johnson to head the President's Committee on Equal Employment Opportunities, which led him to work with blacks and other minorities. During his tenure as Vice President, Johnson also took on some international missions, which gave him limited insights into foreign problems. He also sat on Cabinet and National Security meetings, giving him an insight into the presidency. Kennedy gave Johnson control over all presidential appointments involving Texans. Johnson was crucially made chairman of the President's Ad Hoc Committee for Science. When in April 1961 the U.S.S.R. beat the U.S. with the first manned spaceflight Kennedy tasked Johnson with coming up with a 'scientific bonanza' that would prove world leadership. Johnson knew that Project Apollo and an enlarged NASA would benefit Texas and southern states most directly so steered the recommendation towards a crash program for a manned lunar landing. PresidencyLyndon B. Johnson being sworn-in aboard Air Force One by federal judge Sarah T. Hughes, following the assassination of John F. Kennedy. President Johnson signs the historic Civil Rights Act of 1964 bill.Johnson was sworn-in as President on Air Force One in Dallas at Love Field Airport after the assassination of President Kennedy on November 22, 1963. He was sworn in by federal judge Sarah T. Hughes, a very close friend of his family, making him the first president sworn in by a woman. In his first year, Johnson faced conflicts with everyone from Senators to speechwriters who wanted to honor Kennedy's legacy, but were reluctant to support new propositions by Johnson. Johnson used his famous charm and strong-arm tactics, to push through his new policies. In 1964, upon Johnson's request, Congress passed a tax-reduction law and the Economic Opportunity Act, which was in association with the War on Poverty. Johnson also hired Jerri Whittington, the first African-American White House secretary, and appointed Jack Valenti as his "special assistant." An example of his strong arm tactics was 'The Treatment'; this was where he saw people alone in a small adjoining room where he would pull his chair close to the guests and lean forward until his nose was inches away from the visitor's face. Members of Congress who Johnson wanted a vote from looked visibly shaken after their meeting with the President. In 1964, Johnson won the Presidency in his own right with 61 percent of the vote and the widest popular margin in American history—more than 15,000,000 votes. However, 1964 was also the year that Johnson supported the racist Democratic delegates from Mississippi and denied the Mississippi Freedom Democratic Party seats at the 1964 Democratic National Convention in Atlantic City, New Jersey. To appease the Mississippi Freedom Democratic Party (MFDP) chaired by Dr. Aaron Henry with the intent of seating a passionate and charismatic leader of the Mississippi Freedom Movement, Fannie Lou Hamer, the Democrats at the convention offered the MFDP an unsatisfactory compromise and the MFDP rejected it rather than appear concilatory in the eyes of their "comrades". In the same year, Johnson lost the popular vote to Republican challenger Barry Goldwater in the Deep South states of Louisiana, Alabama, Mississippi, Georgia and South Carolina, a region that had voted for Democrats since the Reconstruction era. The election, though a success for the Democratic Party, marked the beginning of the long transformation of the Democrats' Solid South to a Republican bastion. President Johnson signing the Medicare amendment. Harry Truman and his wife, Bess are on far rightThe Great Society program became Johnson's agenda for Congress in January 1965: aid to education, attack on disease, Medicare, urban renewal, beautification, conservation, development of depressed regions, a wide-scale fight against poverty, control and prevention of crime and delinquency, and removal of obstacles to the right to vote. Congress, at times augmenting or amending, rapidly enacted Johnson's recommendations. Millions of elderly people found succor through the 1965 Medicare amendment to the Social Security Act. Under Johnson, the country made spectacular explorations of space in a program he had championed since its start. When three astronauts successfully orbited the moon in December 1968, Johnson congratulated them: "You've taken … all of us, all over the world, into a new era…." Nevertheless, two overriding crises had been gaining momentum since 1965. Despite the beginning of new anti-poverty and anti-discrimination programs, unrest and rioting in black ghettos troubled the nation. President Johnson steadily exerted his influence against segregation and on behalf of law and order, but there was no early solution. The other crisis arose from Vietnam. Despite Johnson's efforts to end Communist insurgency and achieve a settlement, fighting continued. Controversy over the war had become acute by the end of March 1968, when he limited the bombing of North Vietnam in order to begin negotiations. At the same time, he startled the world by withdrawing as a candidate for re-election (which candidacy was being seriously challenged by other Democrats). He said he was withdrawing as a candidate so he could devote his full efforts, unimpeded by politics, to the quest for peace—however, there was no significant progress in that direction. Vietnam WarPresident Johnson had a dislike for the American war effort in Vietnam, which he had inherited from Kennedy, but expanded considerably following the Gulf of Tonkin Incident (less than 3 weeks after the Republican Convention of 1964 which had nominated Barry Goldwater for president). Though he would often privately curse the war, referring to it as his "bitch mistress," at the same time Johnson believed that America could not afford to look weak in the eyes of the world, and so he escalated the war effort continuously from 1964 to 1968, which resulted in thousands of American deaths. In one speech, he said of the Vietnam conflict "If we allow Vietnam to fall, tomorrow we’ll be fighting in Hawaii, and next week in San Francisco" - advocating Eisenhower's 'Domino Theory'. At the same time, Johnson was afraid that too much focus on Vietnam would distract attention from his Great Society programs, so the levels of military escalation, while significant, were never enough to make any real headway in the war. Against his wishes, Johnson's presidency was soon dominated by the Vietnam War. As more and more American soldiers and civilians were killed in Vietnam, Johnson's popularity declined, particularly in the face of student protests. During these protests students would often chant the line, "Hey, hey, LBJ, how many kids have you killed today?" In what was termed an October surprise, Johnson announced to the nation on March 31, 1968 that he ordered a complete cessation of "all air, naval, and artillery bombardment of North Vietnam" effective November 1 citing progress with the Paris peace talks. And at the end of his speech he shocked the country by telling them he would not run for re-election, by saying: "I shall not seek, and I will not accept the nomination of my party for another term as your president." (Text of speech) AppointmentsCabinet appointmentsSupreme Court appointmentsJohnson appointed the following Justices to the Supreme Court of the United States:
Retirement, death, and honorsUnder the 22nd Amendment, Johnson was still eligible for a second full term, having served less than two years of Kennedy's term. However, on March 31, 1968, after the Tet Offensive, a narrow victory over Eugene McCarthy in the New Hampshire primary, the entry of Robert Kennedy into the presidential race, and new lows in the opinion polls, he announced, in an address to the nation, that he would no longer seek renomination for the presidency. He cited the growing division within the country over the war as his reason. The Democratic nomination eventually went to Johnson's Vice President Hubert Humphrey, who was later defeated in the 1968 election by Richard M. Nixon. After leaving the presidency in 1969, Johnson went home to his ranch in Johnson City, Texas. In 1971, he published his memoirs, The Vantage Point. That year, the Lyndon Baines Johnson Library and Museum, which is the most visited presidential library in the nation—over a quarter million visitors per year—opened on the campus of the University of Texas at Austin. He donated his Texas ranch in his will to the public to form the Lyndon B. Johnson National Historical Park, with the proviso that the ranch "remain a working ranch and not become a sterile relic of the past" [3]. Johnson died at 4:33 PM on January 22, 1973 from a third heart attack at his ranch, at the age of 64. His health ruined by years of heavy smoking and stress, the former President had severe heart disease. He was found in his bed, reaching for his phone. Johnson was honored with a state funeral in which Texas Congressman J.J. Pickle and former Secretary of State Dean Rusk eulogized at the Capitol. The final services took place on January 25. The funeral was held at the National City Christian Church (in Washington, D.C.), where he worshipped often when president. The service, which foreign dignitaries, led by former Japanese prime minister Eisaku Sato, attended, was the first presidential funeral to feature a eulogy. They came from former White House Chief of Staff, and Postmaster General W. Marvin Watson, and the church's rector, Rev. Dr. George Davis, a very close friend of the Johnsons who officiated the services in Washington. Though he attended the service, Nixon did not speak, as customary for presidents during presidential funerals, but both eulogists turned to him as they spoke and lauded him for his tributes to the former president, as Rusk had the day before. Johnson was buried that afternoon at his ranch in Texas. The burial service was the first presidential burial to feature a eulogy, and the eulogies were delivered by former Texas Democratic governor John Connally, an LBJ protege and fellow Texan, who was wounded in the assassination that made Johnson president, and by the minister who officiated the services, Rev. Billy Graham. Anita Bryant closed the services by singing "The Battle Hymn of the Republic," paying tribute to her friendship with the former president, at his own request. The state funeral was part of a busy week for the Military District of Washington, which began with Nixon's second inauguration.1 Later in 1973, President Nixon signed Congressional legislation renaming the Manned Spacecraft Center in Houston the Lyndon B. Johnson Space Center. Also, the Texas State Legislature created a legal state holiday to be observed on August 27 to mark LBJ's birthday. It is known as Lyndon Baines Johnson Day. Awarded the Presidential Medal of Freedom posthumously in 1980. Personal trivia
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Awarded the Presidential Medal of Freedom posthumously in 1980. Fannie Mae was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. It is known as Lyndon Baines Johnson Day. Additionally, the company gave a $50,000 grant to the anti-LGBT organization Traditional Values Coalition in 2001 to "to train church leaders to provide homeownership education in the Greater Los Angeles area.". Also, the Texas State Legislature created a legal state holiday to be observed on August 27 to mark LBJ's birthday. Fannie Mae received a 71% rating in the 2004 Corporate Equality Index by the Human Rights Campaign. Johnson Space Center. This issue became prominent after an April 26, 2005 AEI symposium, and continued to gain ground leading up to Alan Greenspan's major May 19, 2005 speech recommending strict portfolio limits. Later in 1973, President Nixon signed Congressional legislation renaming the Manned Spacecraft Center in Houston the Lyndon B. A contentious issue in the second quarter of 2005 was whether the retained portfolios of Fannie and Freddie should be reduced. The state funeral was part of a busy week for the Military District of Washington, which began with Nixon's second inauguration.1. Senate Banking Committee April 19-21, 2005, it became clear that Congress, with support from all the parties, was planning to strengthen oversight of all the GSEs. Anita Bryant closed the services by singing "The Battle Hymn of the Republic," paying tribute to her friendship with the former president, at his own request. In testimony given to the U.S. Billy Graham. The company also dismissed its auditor, KPMG. The burial service was the first presidential burial to feature a eulogy, and the eulogies were delivered by former Texas Democratic governor John Connally, an LBJ protege and fellow Texan, who was wounded in the assassination that made Johnson president, and by the minister who officiated the services, Rev. On December 21, 2004, CEO Franklin Raines and CFO Timothy Howard were forced to resign. Johnson was buried that afternoon at his ranch in Texas. However, Freddie Mac was able to overcome its summer 2003 scandal without serious damage. Though he attended the service, Nixon did not speak, as customary for presidents during presidential funerals, but both eulogists turned to him as they spoke and lauded him for his tributes to the former president, as Rusk had the day before. Given the large percentage of the American economy that is tied up in housing values, a major scandal involving Fannie Mae could be highly damaging to investor confidence. George Davis, a very close friend of the Johnsons who officiated the services in Washington. This has not yet impacted the stock price for Fannie Mae, but Moody's and Standard and Poor's have downgraded some of Fannie Mae's subordinate debt. Dr. Supporters of the company, including senior management, said the problem was merely a disagreement over FASB accounting standards, but in December, the Securities and Exchange Commission ruled that Fannie Mae would have to restate the past 3 1/2 years of earnings, potentially losing $9 billion of earnings over that timeframe, and possibly necessitating increased capitalization. Marvin Watson, and the church's rector, Rev. When Fannie Mae did not release its third quarter results for 2004, doubts increased. They came from former White House Chief of Staff, and Postmaster General W. The difficulty centered around how to account for various interest rate hedges Fannie Mae buys as part of its risk management strategy. The service, which foreign dignitaries, led by former Japanese prime minister Eisaku Sato, attended, was the first presidential funeral to feature a eulogy. The Office of Federal Housing Enterprise Oversight released this September 17, 2004 report alleging widespread accounting errors, including shifting of losses so senior executives could earn bonuses from making earnings targets. The funeral was held at the National City Christian Church (in Washington, D.C.), where he worshipped often when president. As of late 2004, Fannie Mae is under investigation for its accounting practices. The final services took place on January 25. "last summer's 5-month ?duration mismatch? cost Fannie nearly a year of earnings.". Pickle and former Secretary of State Dean Rusk eulogized at the Capitol. From September 2003 to March, the gap has run between plus to minus one month.". Johnson was honored with a state funeral in which Texas Congressman J.J. "The company said that in April its average duration gap widened to plus 3 months in April from zero in March." "The Washington-based company aims to keep its duration gap between minus 6 months to plus 6 months. He was found in his bed, reaching for his phone. Main aricle: duration gap. His health ruined by years of heavy smoking and stress, the former President had severe heart disease. "exclude its AOCI numbers from the calculations of capital" (Page 158 - "Core capital" is "Stockholders' Equity" excluding AOCI). Johnson died at 4:33 PM on January 22, 1973 from a third heart attack at his ranch, at the age of 64. "interest rate swaps on its books rose from $23 billion in 2002 to $149 billion in 2003." (Page 79 - Table 30 "Cash flow hedges" - "Receive-fixed swaps"). Johnson National Historical Park, with the proviso that the ranch "remain a working ranch and not become a sterile relic of the past" [3]. "$19 billion paid to settle underwater interest-rate swaps in those years." (Page 125 - "Cash-Flows" - "Cash flows from (used in) financing activities" - "Net payments to purchase or settle hedge instruments"). He donated his Texas ranch in his will to the public to form the Lyndon B. "$3 billion in losses that were recognized in 2002-2003" (Page 122 - "Statements of Income" - "Other expenses" - "Debt extinguishments, net"). That year, the Lyndon Baines Johnson Library and Museum, which is the most visited presidential library in the nation—over a quarter million visitors per year—opened on the campus of the University of Texas at Austin. "2002 earnings of $6.4 billion would have been overwhelmed by $8.9 billion in cash-flow hedging losses." (Page 124 - "Accumulated Other Comprehensive Income (Loss)" - "Net cash flow hedging losses on derivatives hedging debt"). In 1971, he published his memoirs, The Vantage Point. "transfer negative numbers to its balance sheet under "accumulated other comprehensive income," or AOCI." (Page 123 - "Balance Sheets" - "Stockholders? Equity" - "Accumulated other comprehensive loss") ([2]). After leaving the presidency in 1969, Johnson went home to his ranch in Johnson City, Texas. Here's a guide through some of its financials and accounting. Nixon. Derivative products they use include interest rate swaps and options to enter interest rate swaps ("pay-fixed swaps", "receive-fixed swaps", "basis swaps", "caps and swaptions, "forward starting swaps"). The Democratic nomination eventually went to Johnson's Vice President Hubert Humphrey, who was later defeated in the 1968 election by Richard M. FNMA is a financial corporation which uses derivative securities to "hedge" their cash flow. He cited the growing division within the country over the war as his reason. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.) The conforming loan limit is 50 percent higher in Alaska, Hawaii, Guam and the US Virgin Islands. However, on March 31, 1968, after the Tet Offensive, a narrow victory over Eugene McCarthy in the New Hampshire primary, the entry of Robert Kennedy into the presidential race, and new lows in the opinion polls, he announced, in an address to the nation, that he would no longer seek renomination for the presidency. This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for non-conforming loans much less. Under the 22nd Amendment, Johnson was still eligible for a second full term, having served less than two years of Kennedy's term. Because of its stake in the mortgage market and because of its history, Fannie Mae (along with Freddie Mac) sets the limit each year on the size of a conforming loan based on the October to October changes in mean home price, above which a mortgage is considered a jumbo loan, and has higher rates associated with it. Johnson appointed the following Justices to the Supreme Court of the United States:. While Mortgage Originators can securitize and sell the mortgages themselves, GSEs can leverage their balance sheet further, receive lower rates on both assets and liabilities, and has a record of packaging and selling mortgages with greater success. During these protests students would often chant the line, "Hey, hey, LBJ, how many kids have you killed today?" In what was termed an October surprise, Johnson announced to the nation on March 31, 1968 that he ordered a complete cessation of "all air, naval, and artillery bombardment of North Vietnam" effective November 1 citing progress with the Paris peace talks. Although the company describes them as having no guarantee, nevertheless the vast majority of investors believe that the Government would prevent them from defaulting on their debt, and so buy bonds that are very low interest rates compared to the risk. As more and more American soldiers and civilians were killed in Vietnam, Johnson's popularity declined, particularly in the face of student protests. Critics, including Alan Greenspan, say that this is only allowed because investors seem to think that there is a hidden, or implied, guarantee to the bonds that Fannie Mae sells ([1]). Against his wishes, Johnson's presidency was soon dominated by the Vietnam War. For example, it is allowed to sell mortgage backed securities with half the capital backing them up than is required by other financial institutions. At the same time, Johnson was afraid that too much focus on Vietnam would distract attention from his Great Society programs, so the levels of military escalation, while significant, were never enough to make any real headway in the war. While it receives no direct government funding or backing it has certain looser restrictions placed on its activities than normal financial institutions. In one speech, he said of the Vietnam conflict "If we allow Vietnam to fall, tomorrow we’ll be fighting in Hawaii, and next week in San Francisco" - advocating Eisenhower's 'Domino Theory'. Fannie Mae is a consistently profitable American corporation. Though he would often privately curse the war, referring to it as his "bitch mistress," at the same time Johnson believed that America could not afford to look weak in the eyes of the world, and so he escalated the war effort continuously from 1964 to 1968, which resulted in thousands of American deaths. At this time Fannie Mae expanded its charter to buying other sorts of mortgages besides the government insured ones it had traditionally purchased. President Johnson had a dislike for the American war effort in Vietnam, which he had inherited from Kennedy, but expanded considerably following the Gulf of Tonkin Incident (less than 3 weeks after the Republican Convention of 1964 which had nominated Barry Goldwater for president). In 1968, the Federal National Mortgage Association was partitioned into two separate entities—one wholly owned by the government and known as the Government National Mortgage Association (Ginnie Mae), and the other to retain the name Federal National Mortgage Association (Fannie Mae). He said he was withdrawing as a candidate so he could devote his full efforts, unimpeded by politics, to the quest for peace—however, there was no significant progress in that direction. . At the same time, he startled the world by withdrawing as a candidate for re-election (which candidacy was being seriously challenged by other Democrats). This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases. Controversy over the war had become acute by the end of March 1968, when he limited the bombing of North Vietnam in order to begin negotiations. Fannie Mae buys mortgages on the secondary market, pools them and sells them as mortgage-backed securities to investors on the open market. Despite Johnson's efforts to end Communist insurgency and achieve a settlement, fighting continued. The United States Federal Government created the Federal National Mortgage Association (FNMA) NYSE: FNM, commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). The other crisis arose from Vietnam. July 21, 2004 - 2nd Quarter 2004 (presentation) (audio). President Johnson steadily exerted his influence against segregation and on behalf of law and order, but there was no early solution. Bradley Ball (Prudential Financial). Despite the beginning of new anti-poverty and anti-discrimination programs, unrest and rioting in black ghettos troubled the nation. Edwards & Sons, Inc.). Nevertheless, two overriding crises had been gaining momentum since 1965. G. When three astronauts successfully orbited the moon in December 1968, Johnson congratulated them: "You've taken … all of us, all over the world, into a new era….". Matthew Park (A. Under Johnson, the country made spectacular explorations of space in a program he had championed since its start. Paul Miller (Friedman, Billings, Ramsey & Co.). Millions of elderly people found succor through the 1965 Medicare amendment to the Social Security Act. Robert Napoli (Piper Jaffray). Congress, at times augmenting or amending, rapidly enacted Johnson's recommendations. Moshe Orenbuch (Credit Suisse First Boston). The Great Society program became Johnson's agenda for Congress in January 1965: aid to education, attack on disease, Medicare, urban renewal, beautification, conservation, development of depressed regions, a wide-scale fight against poverty, control and prevention of crime and delinquency, and removal of obstacles to the right to vote. (Rob) Levin. The election, though a success for the Democratic Party, marked the beginning of the long transformation of the Democrats' Solid South to a Republican bastion. CFO: Robert J. In the same year, Johnson lost the popular vote to Republican challenger Barry Goldwater in the Deep South states of Louisiana, Alabama, Mississippi, Georgia and South Carolina, a region that had voted for Democrats since the Reconstruction era. (Dan) Mudd. Aaron Henry with the intent of seating a passionate and charismatic leader of the Mississippi Freedom Movement, Fannie Lou Hamer, the Democrats at the convention offered the MFDP an unsatisfactory compromise and the MFDP rejected it rather than appear concilatory in the eyes of their "comrades". CEO: Daniel H. To appease the Mississippi Freedom Democratic Party (MFDP) chaired by Dr. Ashley. However, 1964 was also the year that Johnson supported the racist Democratic delegates from Mississippi and denied the Mississippi Freedom Democratic Party seats at the 1964 Democratic National Convention in Atlantic City, New Jersey. Chairman: Stephen B. In 1964, Johnson won the Presidency in his own right with 61 percent of the vote and the widest popular margin in American history—more than 15,000,000 votes. Hussman Funds - Freight Trains and Steep Curves. Members of Congress who Johnson wanted a vote from looked visibly shaken after their meeting with the President. April 2004: 3. An example of his strong arm tactics was 'The Treatment'; this was where he saw people alone in a small adjoining room where he would pull his chair close to the guests and lean forward until his nose was inches away from the visitor's face. July 2003: 6. Johnson also hired Jerri Whittington, the first African-American White House secretary, and appointed Jack Valenti as his "special assistant.". Effective Duration Gap (months)
Hughes, a very close friend of his family, making him the first president sworn in by a woman. Article about its accounting: Barron's: Fannie Mae faces more income issues - Banks - Financial - Real Estate - Financial Services - General. He was sworn in by federal judge Sarah T. Johnson was sworn-in as President on Air Force One in Dallas at Love Field Airport after the assassination of President Kennedy on November 22, 1963. Johnson knew that Project Apollo and an enlarged NASA would benefit Texas and southern states most directly so steered the recommendation towards a crash program for a manned lunar landing. with the first manned spaceflight Kennedy tasked Johnson with coming up with a 'scientific bonanza' that would prove world leadership. beat the U.S. When in April 1961 the U.S.S.R. Johnson was crucially made chairman of the President's Ad Hoc Committee for Science. Kennedy gave Johnson control over all presidential appointments involving Texans. He also sat on Cabinet and National Security meetings, giving him an insight into the presidency. During his tenure as Vice President, Johnson also took on some international missions, which gave him limited insights into foreign problems. Upon swearing in, Kennedy appointed Johnson to head the President's Committee on Equal Employment Opportunities, which led him to work with blacks and other minorities. The only state to have its results changed was Hawaii-which was ruled to have gone to Kennedy not Nixon. However, there were no criminal convictions. Daley) and Johnson's home state of Texas. There were serious accusations of voter fraud, especially in Illinois (home of the political machine run by Richard J. Nixon and Henry Cabot Lodge, Jr., by a narrow margin. In November 1960 the Kennedy/Johnson duo beat out Richard M. Marvin Watson) say that the Kennedy campaign was desperate to get Johnson on the ticket to help carry Southern voters. Others (such as W. Some later reports (such as Arthur Schlesinger, Jr.) say that Kennedy offered the position to Johnson as a courtesy, and did not expect him to accept. During the convention, Kennedy designated Johnson as his choice for vice president. Kennedy. In 1960, Johnson received 409 votes on the first and only ballot at the Democratic convention which nominated John F. He was Texas' "favorite son" candidate at the party's national convention in 1956. Johnson's success in the Senate led to his name being widely mentioned as a possible Democratic presidential candidate. His duties were to schedule legislation and help pass measures favored by the Democrats. In 1954, Johnson was re-elected to the Senate and since the Democrats won the majority in the Senate, Johnson became majority leader. One of his first actions was to eliminate the seniority system in committee selection. Thus, he became the youngest man ever named to the post by either major political party. In 1953, he was chosen by his fellow Democrats to be the minority leader. After only a few years in the Senate, Johnson was moving up in leadership power. However, Johnson's brilliant strategic leaks, his overall manipulation of the press, the incredible speed at which his committee issued new reports (less incredible considering the recycled content), and the fact that he ensured every report was endorsed unanimously by the committee all got him headlines and national attention. These investigations--couched in headline-grabbing phraseology but largely devoid of substance--tended to recycle old investigations and demand actions that were already being taken by the Truman admininstration. With Russell's support, Johnson eventually was able to become its chairman and conducted a number of investigations of defense costs and efficiency. Johnson was appointed to the Armed Services Committee, and later in 1950, he helped create the Preparedness Investigating Subcommittee. Johnson, always at his best when working one-on-one, proceeded to gain Russell's favor in the same way as he had "courted" Speaker Sam Rayburn and gained his crucial support in the House. Desperate to rise in power, Johnson was known among his colleagues for his highly successful "courtships" of older Senators, especially Senator Richard Russell, patrician leader of the Southern bloc and arguably the most powerful man in the Senate. Once in the Senate, Johnson immediately began to work toward his ultimate goal: the presidency. Johnson went on to win the general election, but the Texas media sardonically nicknamed him "Landslide Lyndon" in reference to his bout with Stevenson. Supreme Court justice Hugo Black to dissolve the federal injunction nullifying Johnson's runoff victory. Through legal maneuvering, Fortas was able to convince U.S. Stevenson contested the vote count, but Johnson hired Abe Fortas to represent him in federal court. (His campaign manager, John Connally, was thought to be connected with 202 ballots in Jim Wells County that had curiously been cast in alphabetical order.[1][2]). Johnson campaigned very hard and won by only 87 votes out of a million cast. This election was highly controversial: a three-way Democratic Party primary left Johnson in a run-off with former governor Coke Stevenson. In 1948, Johnson again ran for the Senate and this time won. He returned to his seat in the House of Representatives where he continued to serve through 1949. Shortly after this incident, President Roosevelt ordered members of Congress serving in the military to return to their offices, and Johnson was discharged forthwith. Lyndon Johnson's Silver Star citation is as follows:. On NPR, in a narrative about medals and politicians, it was stated Johnson demanded the Silver Star from General Douglas MacArthur because he had been in an airplane that had been fired upon. It was speculated that the decoration was largely for political purposes. After World War II, some sources challenged the circumstances in which Johnson had been awarded his Silver Star. Awards and decorations included the Silver Star, Asiatic-Pacific Campaign Medal and the World War II Victory Medal. During World War II he served briefly in the United States Navy as a Lieutenant Commander. entered World War II. During his last campaign, he promised that he would serve in the military should war break out; in December 1941, the U.S. Though Johnson was expected to win, he was defeated by controversial late returns in an election marked by massive fraud on the part of both campaigns. Lee "Pappy" O'Daniel. Senate in a special election against the sitting governor of Texas, radio personality W. In 1941, Johnson ran for the U.S. He also worked for rural electrification and other improvements for his district. Johnson was immediately appointed to the Naval Affairs Committee, a job that carried high importance for a freshman congressman. President Roosevelt showed a personal interest in the young Texan from the time he entered Congress. He ran on a New Deal platform and was effectively aided by his wife, Lady Bird Johnson. In 1937, Johnson ran for Congress in a special election for the 10th Congressional District of Texas to represent Austin, Texas and the surrounding Hill Country. After receiving the degree he found that his congressional duties took so much time he was unable to pursue the masonic degrees. Johnson received his first degree in Freemasonry on October 30, 1937. Johnson was a notoriously tough boss with his employees throughout his career, often demanding long workdays and work on weekends; he worked as much as they did, if not more. He served as the head for two years, only resigning to run for Congress. The position in effect enabled him to build political pull with his constituents. His new post enabled him to use the powers of government to find educational and job opportunities for young people. In 1935, Johnson became the head of the Texas National Youth Administration. His daughters' given names are examples, as was his dog later in life (Little Beagle Johnson). It should be noted that Johnson loved to give everything his own initials. The couple later had two daughters, Lynda Bird, born in 1944, and Lucy Baines, born in 1947. After only a short period of dating, the two were married on November 17, 1934. During his tenure as secretary, Johnson met Claudia Alta Taylor (generally known as Lady Bird), a young woman who was also from Texas. Roosevelt, as well as fellow Texans such as Vice President John Nance Garner. Johnson's friends soon included some of the men who worked around President Franklin D. As secretary, Johnson became acquainted with people of influence, found out how they had reached their positions, and gained their respect for his abilities. Kleberg and was later rewarded for his work in the campaign with an appointment to be the newly elected congressman's secretary. In 1931 Johnson campaigned for Richard M. Johnson's father had served five terms in the Texas legislature and was a close friend to one of Texas's rising political figures, Congressman Sam Rayburn. However, he soon quit his job teaching and went into the field of politics. Soon after he graduated from college, Johnson taught public speaking and debate in a Houston high school. Even though he participated in debate and campus politics, edited the school newspaper, and spent a year away from his studies teaching school, Johnson somehow managed to graduate in only 312 days. In 1927 Johnson enrolled in Southwest Texas State Teachers' College. Johnson attended public schools and graduated from Johnson City High School in 1924. His parents, Samuel Ealy Johnson and Rebekah Baines, had four more children: his sisters Rebekah (1910-1978), Josefa (1912-1961) and Lucia (1916-1997) and his brother Sam Houston (1914-1978). Johnson was born in Stonewall, Texas on August 27, 1908 in a small farmhouse in a poor area on the Pedernales River. .
The only American president to have ever visited Malaysia. Bush and Clinton in 1946). Bush and Carter in 1924, and G.W. All other American presidents born in the 20th century were all born after LBJ (Reagan in 1911, Nixon and Ford in 1913, Kennedy in 1917, G.H.W. Johnson, while using the White House bathroom, was known to call others in with him and use this forum for conversation. He had a soda tap installed in the Oval Office. His favorite soft drink was Fresca, which he drank constantly. At his ranch in Texas, he was fond of taking visitors in the car while driving 90 miles an hour down country roads, drinking scotch from a paper cup. All of these people, recorded for posterity in White House tapes, were overwhelmingly complimentary. After delivering a major speech on civil rights, he called 32 people, all of whom he knew would greatly approve of his speech, to ask what they thought. Johnson seemed to crave personal approval. Johnson's secretary revealed years later that he would wash and reuse styrofoam cups. The White House press corps would make jokes at his expense regarding his habit of turning off all lights in the White House when the rooms were not in use. In fact Johnson was a multimillionaire, but he still received the photographic portraits without having to pay a cent. Even as President, White House tapes recorded him asking a photographer to take his family portraits for free, saying he was a very poor man living on a weekly paycheck and had a very great deal of financial debt. Johnson was famously frugal. Lyndon Johnson was 6 ft 3 1/2 in (192 cm) tall and weighed about 215 pounds, the second tallest president after Abraham Lincoln at 6 ft 4 in (193 cm) and 180 pounds (82 kg). Marshall was the first African-American to be appointed to the Supreme Court. Thurgood Marshall - 1967
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