Coronavirus hit the stock market hard, but how worried should you be? - We Are The Mighty
MIGHTY MONEY

Coronavirus hit the stock market hard, but how worried should you be?

With thousands of confirmed cases of COVID-19 in China and South Korea, and a rapidly growing number in Europe and the United States, the question is no longer if the coronavirus will have an effect on the global economy but rather whether it’ll be a small scratch or a giant crater.


Increasingly, the latter appears to be a distinct possibility. On Monday, analysts at the Organization for Economic Cooperation and Development predicted that a continued spread of the novel coronavirus would cut worldwide GDP growth fully in half.

Coronavirus hit the stock market hard, but how worried should you be?

This is a scary prospect for a lot of reasons, although the most immediate impact has been a hammering of 401(k)s and other investment accounts. Last week alone, the SP 500 took a nearly 12-percent hit as skittish investors ran for the exits. No doubt, many others are thinking about the same move.

That it’s a fool’s errand to time something as complex and unpredictable as the stock market is pretty much Retirement Planning 101. And yet there’s a basic human instinct to run for the nearest exit when danger looms. Surely, it’s better to jump before the ship sinks any further, right?

Well, no. The speed with which stocks plunged last week can lead one to conclude that the freefall is going to continue. But the fact is, no one knows whether that’s true or not. Stocks actually gained nearly five percent Monday on news that central bankers are ready to take serious counter-measures (although even that doesn’t mean the sell-off is over).

Certainly, emotions are going to run high when you open your online account and see a dramatically smaller balance than the one you glimpsed just a couple weeks earlier. Now, more than ever, it may be time to simply look away for a while. For long-term investors, in particular, it’s important to keep in mind that volatility is part of the game when it comes to stocks. The point is that, over periods of a decade or longer, the market has consistently rewarded patience.

You don’t have to look back very far to see what can happen when investors start hitting the panic button. As the housing market collapse started to expose some pretty egregious risk-taking from Wall Street banks in 2007, the stock market fell into its worst bear market in recent memory. In the span of 17 months, the SP 500 lost more than half its value, falling to 676.

But here’s the key point: those who kept buying during the downswing saw the biggest gains when things eventually turned around. Even after last week’s bloodbath, the index is now past the 3,000 mark.

Kevin Mahoney, CFP, of the Washington, DC-based financial planning firm Illumint says he’s telling his primarily Millennial-age clients to sit tight when it comes to their retirement accounts. “Whether this is the bottom or not, I’m not particularly concerned,” says Mahoney. “They’re keeping their money in for another 30 or 35 years.”

Indeed, this is the beauty of dollar-cost averaging, where you invest a fixed dollar amount from each paycheck, even when the financial news looks ugly. By continuing to buy when prices drop, you end up obtaining more shares with the same amount of cash. When the market eventually turns the corner, this steady-as-she-goes investing style ends up providing you with bigger gains.

Coronavirus hit the stock market hard, but how worried should you be?

For those who have money on the sidelines in, say, a savings account, this may actually be the perfect time to enter the market. Warren Buffett himself has used this contrarian approach to great effect, once declaring: “Be fearful when others are greedy and greedy when others are fearful.”

As long as people can tolerate a fair amount of volatility in the short term, Mahoney says the recent headlines shouldn’t cause would-be investors to lay low. “Stocks are now lower than in previous weeks, so if they need motivation to act on their savings, they can view this as a financial opportunity,” he says.

Things are a little trickier, of course, for couples who own brokerage accounts that they hoped to tap in the next few months for a new home or other big-ticket purchases. “These individuals may want to evaluate whether they can be flexible with the timing of their upcoming financial goal, such as funding a down payment,” says Mahoney. “If the market continues to struggle, they may be better off waiting and continuing to save.”

For anybody else, obsessing over the latest financial news isn’t going to do you any favors. Just ask the folks who exited the market the last time stocks took a nose-dive.

This article originally appeared on Fatherly. Follow @FatherlyHQ on Twitter.

MIGHTY TACTICAL

Russia’s stealthy ‘Hunter’ drone just took first flight

Russia’s new heavy combat drone has flown for the first time alongside the country’s most advanced fighter jet, giving the fighter a new edge in battle, the Russian defense ministry announced Sept. 27, 2019.

“The Okhotnik unmanned aerial vehicle has performed its first joint flight with a fifth-generation Su-57 plane,” the ministry said in a statement, according to Russia’s state-run TASS news agency.

The two Russian aircraft flew together “to broaden the fighter’s radar coverage and to provide target acquisition for employing air-launched weapons,” the ministry added.


Unmanned aerial vehicle “Okhotnik” made the first joint flight with a fifth-generation fighter Su-57

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Photos of the Okhotnik first surfaced online in January 2019, but it wasn’t until June 2019 that the unmanned aircraft was formally unveiled.

This summer, the heavy attack drone completed its maiden flight, during which it flew circles over an airfield for 20 minutes.

Первый полет новейшего беспилотного летательного аппарата «Охотник»

www.youtube.com

The flight involving both the Okhotnik drone and the Su-57 fighter appears to confirm what some have suspected for months — that the stealthy flying-wing drone was designed to fight alongside and provide critical battespace information to Russia’s new fifth-generation fighters.

In January 2019, shortly after photos of the Okhtonik appeared online, photos of an Su-57 with an interesting new paint job appeared. The redesign featured silhouettes of a Su-57 and a flying-wing aircraft that looked a lot like the Okhotnik.

Russia claims that the Okhotnik has stealth capabilities, a byproduct of its shape and an anti-radar coating, and is equipped with electro-optical, radar, and other types of reconnaissance equipment.

The heavy attack drone is currently controlled remotely, but in future tests, it is expected to perform in a semi-autonomous state and eventually a completely autonomous mode, TASS reports.

Testing with various armaments is expected in the next few years, and the drone will be handed over to Russian troops around 2025.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY BRANDED

One of the world’s largest cable companies was founded by a World War II sailor

Ralph Roberts didn’t leave the Navy with the dream of starting the world’s biggest telecommunications provider. When he left the service, television was an emerging technology and radio still dominated the airwaves. The company he would soon found would go on to be America’s largest cable provider at one point – and one of the biggest supporters of military veterans.


The story of Ralph Roberts isn’t a stereotypical rags-to-riches tale set in early 20th Century America. The young Roberts was the son of a wealthy family of immigrants who owned a number of pharmacies in the New York City area. When he was still a boy, his father died of a heart attack and, having lost their fortune, they went to live in Philadelphia. His new stepfather was also a business owner, running a successful cigar company. This early exposure to the freedom of running a self-owned business no doubt influenced Ralph’s decision to attend the Wharton School of Business at the University of Pennsylvania.

It was 1941 when Roberts graduated. Later that year, the United States would be pulled into World War II with the bombing of Pearl Harbor. Roberts, like many wealthy businessmen, could have probably avoided service with a draft deferment or through government connections. He didn’t. Instead, he opted to join the Navy, where he served for the duration of the war at the Philadelphia Navy Yard.

Coronavirus hit the stock market hard, but how worried should you be?

Roberts married his wife Suzanne during his first year in the Navy.

After the war, Roberts became a “serial entrepreneur.” He started by selling a series of golf clubs, most notably a putter with which he persuaded legendary Hollywood personality Bob Hope to pose with, asking him to do a veteran a favor. He marketed it as the “Bob Hope Putter.” He then went to work in subscription sales for the Muzak company, which made… muzak, music for entertainment productions that could be easily licensed and replicated. Eventually he started working for the Pioneer Suspender Company, a business which he eventually owned. When beltless polyester pant hit the market in the early 1960s, Roberts worried it was the death knell for his business, so he began to look elsewhere.

That’s when he discovered a small cable television provider in Tupelo, Miss. that serviced some 1,200 people. Back in the early days of television, rural customers struggled to get clear reception from over-the-air broadcasters like NBC, CBS, and ABC. The focus was in providing services to major metropolitan areas. In those days, cable wasn’t a package of new and diverse channels, it was just a way to get clear reception using cable instead of a broadcast antenna.

Roberts sold his suspenders company and and bought American Cable Systems. He soon redubbed it Comcast.

Coronavirus hit the stock market hard, but how worried should you be?

Comcast would eventually become the country’s largest cable provider, a conglomerate that would acquire other, smaller cable companies and internet service providers, all with Ralph J. Roberts in his trademark bowtie at the helm. Though Roberts died in 2015, the company still regards serving veterans as a core corporate responsibility, supporting National Guard and reserve troops when they’re activated, providing low or no-cost internet services and computers to low-income veterans, pledging to hire 21,000 veterans by 2021, and funding veteran-related initiatives through partner organizations.

One such organization is the Military Influencer Conference, a three-day event that brings together important and emerging entrepreneurs, influencers, creatives, executives, and leaders who are connected to the military community. The annual conference focuses on delivering actionable insights from the stories of others and fostering an environment where people of diverse backgrounds and skill sets are motivated to forge legitimate relationships through conversation that lead to powerful collaborations.

For more information on the Military Influencer Conference, visit MilitaryInfluencer.com. To learn more about Comcast’s initiatives for veterans, visit its corporate page.

MIGHTY TRENDING

Iran-backed fighters ‘killed’ in Syria air strikes after Iraq base attack

Air strikes in eastern Syria have killed 26 fighters from an Iran-backed Iraqi paramilitary group following a deadly attack on U.S.-led coalition forces in neighboring Iraq.


The British-based Syrian Observatory for Human Rights said the March 12 strikes near the Syrian border town of Albu Kamal were probably carried out by the coalition.

Coronavirus hit the stock market hard, but how worried should you be?

But a spokesman for the coalition said in an statement to AFP that it “did not conduct any strikes in Syria or Iraq last night.”

Later in the day, U.S. Defense Secretary Mike Esper blamed Iranian-backed Shi’ite militia groups for the attack on the coalition at the Camp Taji military base, located less than 30 kilometers north of Baghdad.

But he did not confirm whether the U.S. or its allies had carried out the eastern Syria attack.

However, Esper said that “all options are on the table” as Washington and its allies try to bring those responsible for the attack, which killed two U.S. troops and one British soldier and wounded a dozen others when a barrage of Katyusha rockets were launched from a truck later discovered several kilometers from Camp Taji.

Syrian state media reported that in the attack in eastern Syria, unidentified jets hit targets southeast of Albu Kamal with only material damage.

However, the Observatory said camps of the Popular Mobilization Forces, an umbrella grouping of Iran-backed Shi’ite militias, were hit in the strikes, which came after a rocket attack on the Camp Taji military base, located less than 30 kilometers north of Baghdad.

U.S. Secretary of State Mike Pompeo and British Foreign Secretary Dominic Raab “underscored that those responsible for the [Camp Taji] attacks must be held accountable,” the State Department said of a phone call between the two.

Iraq’s military said caretaker Prime Minister Adel Abdul-Mahdi ordered an investigation into what he called “a very serious security challenge and hostile act.”

No-one claimed responsibility for the rocket attack, but the United States has accused Iran-backed militias of previous attacks on Iraqi bases hosting coalition forces.

U.S. Marine General Kenneth McKenzie, the head of Central Command, told a Senate hearing that the attack was being investigated.

But he noted that Iran-backed Kataib Hezbollah “the only group known to have previously conducted an indirect fire attack of this scale against U.S. civilian and coalition forces in such an incident Iraq.”

Coronavirus hit the stock market hard, but how worried should you be?

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U.S. President Donald Trump on March 12 said it had not been fully determined whether Iran, which has backed a number of anti-U.S. militia groups in neighboring Iraq, was responsible for the Katyusha attack.

Washington blamed that militia for a strike in December that killed a U.S. contractor and triggered a round of violence that led U.S. President Donald Trump to order the killing of a top Iranian general, Qasem Soleimani, in a drone strike in Baghdad the following month.

In retaliation, an Iranian ballistic missile strike on an Iraqi air base left some 110 U.S. troops suffering from traumatic brain injuries.

This article originally appeared on Radio Free Europe/Radio Liberty. Follow @RFERL on Twitter.

popular

Watch the Littoral Combat Ship test its Hellfire missiles

The Freedom variant littoral combat ship USS Milwaukee (LCS 5) conducted a live-fire missile exercise off the coast of Virginia May 11, 2018.

The Milwaukee fired four longbow hellfire missiles that successfully struck fast inshore attack craft targets.

During the evolution, the ship’s crew executed a scenario simulating a complex warfighting environment, utilized radar, and other systems to track small surface targets, simulated engagements and then fired missiles against the surface targets.


“The crew of the USS Milwaukee executed superbly and the test team ran the event seamlessly, both were critical in making this event successful,” said Capt. Ted Zobel, LCS Mission Modules program manager.

This marks the completion of the first phase of the Surface-to-Surface Missile Module (SSMM) Developmental Testing (DT) for the LCS Mission Modules (MM) program. This was the first integrated firing of the SSMM from an LCS. Additionally, this was the second at-sea launch of SSMM missiles from an LCS. SSMM leverages the U.S. Army’s Longbow Hellfire Missile in a vertical launch capability to counter small boat threats. Initial operational capability (IOC) and fielding of the SSMM is expected in 2019.

The Milwaukee, homeported at Naval Station Mayport, is a fast, agile, mission-focused platform designed for operation in near-shore environments yet capable of open-ocean operation. It is designed to defeat asymmetric “anti-access” threats such as mines, quiet diesel submarines and fast surface craft.

“The east coast littoral combat team continues to grow and mature with two Freedom variant LCS arriving annually in Mayport. We look forward to conducting the next phase of SSMM testing onboard USS Detroit (LCS 7),” said Littoral Combat Ship Squadron Two Capt. Shawn Johnston.

The ship is a modular, reconfigurable ship, designed to meet validated fleet requirements for surface warfare, anti-submarine warfare and mine countermeasures missions in the littoral region. An interchangeable mission package is embarked on each LCS and provides the primary mission systems in one of these warfare areas. Using an open architecture design, modular weapons, sensor systems and a variety of manned and unmanned vehicles to gain, sustain, and exploit littoral maritime supremacy, LCS provides U.S. joint force access to critical areas in multiple theaters.

This article originally appeared on the United States Navy. Follow @usnavy on Twitter.

MIGHTY TRENDING

President Trump signs executive order invoking Defense Production Act

On March 18, 2020, President Trump signed an executive order to address the national shortages of vital resources to combat the novel coronavirus or COVID-19. Within this executive order, he invoked rights under the Defense Production Act of 1950. So, what is it?


The Defense Production Act was enacted on Sept. 8, 1950, by President Harry Truman, during the beginning of the Korean War. The premise of it was to create a way for the president to gain a measure of control within the civilian economy in the name of defending the nation. This was largely due to concerns about equipment and supplies during the Korean war. This act gave the president the ability to enforce things in the name of national security.
Coronavirus hit the stock market hard, but how worried should you be?

The act was created during the Korean War, mainly due to the lessons of World War II. It was during WWII that we saw a massive mobilization of the country to support the war efforts. This act ensured that President Truman could do the same without issue.

The act gives the president the broad authority to mandate that industries increase production of vital resources. It also allows the control of prices and wages. Other authorities included in the act involve the ability to settle labor disputes, real estate credit, and the ability to control contracts given to private organizations. When this act is invoked, the administration is required to submit an annual report to Congress.

With COVID-19 causing resource scarcity amid the pandemic, it was expected that President Trump would take this action.

The Center for Disease Control has been continually encouraging people to practice social distancing to prevent widespread critical cases. Without these measures, the results would be catastrophic, as we are seeing with the deaths mounting daily in Italy. One week ago, on March 12, 2020, the positive cases of COVID-19 were 1,663 for the United States.

It’s now over 10,000 cases with every U.S. state reporting incidents.

As the number of cases of COVID-19 continues to rise, concern has been increasing within the medical community. This is because, as a nation, we do not currently have the equipment to sustain critical patients nor the resources to treat them. The powers within this act will allow the president to swiftly order the production of more personal protective equipment (PPE), ventilators and other vital resources to combat COVID-19.

Coronavirus hit the stock market hard, but how worried should you be?

It is anticipated that President Trump will quickly utilize the powers within the Defense Production Act to obtain “health and medical resources needed to respond to the spread of COVID-19,” according to his executive order. He utilized this act once before in 2017 to provide specific technology within the space industrial base.

The Defense Production Act has been amended a number of times over the years. It now contains language that allows control in areas related to homeland security or emergency relief efforts. Many presidents have utilized this act throughout the last seventy years during times of need for increased defense capabilities or for emergency response.

With this act, companies are absolutely required to prioritize contracts from the government and accept them, all in the name of national security or emergency.
MIGHTY TRENDING

9 photos show why Coast Guard snipers are some of the best

Once the Coast Guard has a suspect vessel in its sights on the high seas, there’s usually nowhere for it to go, but getting it to stop isn’t always easy.

The crew of the Coast Guard cutter James returned to Florida in November 2018 with nearly 38,000 pounds of cocaine seized by it and other Coast Guard ships in the Pacific. Stacked on some of the bales of cocaine were clear signs of the Coast Guard’s precision.

“So what you see here are some engine cowlings,” said Capt. Jeffrey Randall, commander of the James, referring to the half-dozen plastic covers perched on bales of seized drugs like trophies.

“We pair up the capabilities of the ship, the sensors of the ship, with our helicopter detachment that’s back there,” he said, referring to the helicopter parked behind the crew on the James‘ aft deck.

“That helicopter has what we call an aerial-use-of-force capability. So we can shoot from the aircraft with precision marksman fire, and we direct it at the engines of the vessel to stop the vessels when they fail to heave to.”


Coronavirus hit the stock market hard, but how worried should you be?

A helicopter crew from the Helicopter Interdiction Tactical Squadron Jacksonville trains over the St. Johns River on Sept. 22, 2009.

(US Coast Guard photo by Petty Officer 3rd Class Michael Hulme)

Coronavirus hit the stock market hard, but how worried should you be?

Coast Guard Petty Officer 3rd Class Paulo Cheng, a maritime enforcement specialist and student of the Precision Marksmanship School, shoots at known distance targets with an M110 Semi-Automatic Sniper System during the Precision Marksmanship Course at the Spartan Ranch Tactical Training Center in Maysville, July 26, 2018.

(US Marine Corps photo by Lance Cpl. Nicholas Lubchenko)

Coronavirus hit the stock market hard, but how worried should you be?

Petty Officer 1st Class Jesse Pitrelli and Petty Officer 1st Class Peter Purcell at Army Sniper School at Fort Benning, Georgia, February 16, 2016. Pitrelli and Purcell are the first active-duty Coast Guardsmen in history to graduate from Army Sniper school.

(US Coast Guard photo)

“We conduct training on the flat range weekly, do various range and yard lines, concentrating mostly on snaps and movers,” a Coast Guard Maritime Security Response Team member told Military.com, referring to targets that appear suddenly and change position. “Because that’s where your bread and butter is. I mean, shooting moving targets is it.”

“The relationship between the shooter and the spotter is extremely important. The spotter’s job is probably the hardest He’s evaluating the factors with the wind,” the MRST member said. “The spotters responsibility is to actually see what the wind is doing and give the shooter the correct information so that he can make that accurate shot.”

Coronavirus hit the stock market hard, but how worried should you be?

Pitrelli and Purcell participate in training during Army Sniper School at Fort Benning, Georgia.

(US Army photo)

Coronavirus hit the stock market hard, but how worried should you be?

Petty Officer 2nd Class Anthony Phillips, a precision marksman at Helicopter Interdiction Tactical Squadron, displays the weaponry used by a HITRON during missions, Feb. 23, 2010.

(US Coast Guard photo by Petty Officer 1st Class Bobby Nash)

Coast Guard marksmen have also shown their prowess in head-to-head competition. In 2017 and 2018, Coast Guard teams finished 3rd and 9th, respectively, in the International Sniper Competition hosted by the US Army. In both those years, the Coast Guardsmen beat out the Marines, who finished 7th in 2017 and 10th in 2018.

The 2017 and 2018 results have brought derision for Marine snipers and praise for Coast Guard marksmen.

Coronavirus hit the stock market hard, but how worried should you be?

A gunner in an MH-68 Stingray helicopter from the Helicopter Interdiction Squadron from Jacksonville, Florida, patrols a drug transit zone alongside the Coast Guard cutter Gallatin from Charleston, S.C.

(Photo by Chief Warrant Officer Donnie Brzuska)

Coronavirus hit the stock market hard, but how worried should you be?

A Coast Guard aerial marksman from Air Station San Francisco sights in on a target during counter-terrorism training, in San Pablo Bay, California, June 11, 2009.

(US Coast Guard photo)

On shared waterways of ports and rivers, the Coast Guard has to determine who is just a boater and who has malicious intent. “We have a continuum, what we call a use-of-force continuum,” Capt. Jason Tama, commander of Coast Guard sector New York, told Business Insider in October 2018. “The last thing we want to do is, certainly, use deadly force, but we’re prepared to do that if we have to.”

Coast Guard marksmen are often armed with Robar RC-50 anti-material rifles, which are designed to take out machinery and are also used by US Special Operations Command.

Coast Guard helicopters and surface vessels, like the 45-foot small boats used in the use-of-force demonstration in New York Harbor in October 2018, can be armed with mounted M240 machine guns.

“Our first move, we’ll move out to intercept them, try to determine their intent and get the vessel to stop, using lights and sirens just like you would on any street in America,” Lt. Cmdr. Devon Brennan, head of the Coast Guard’s Maritime Safety and Security Team in New York, said during a use-of-force demonstration in October 2018. “If radio call-outs and communications doesn’t work, the next step will be to deploy the warning shots. … If they still don’t comply, then we escalate the steps to disable their engines.”

The Coast Guard’s Maritime Safety and Security Teams, or MSSTs, and Maritime Safety and Response Teams, or MSRTs, were set up after the September 11 to respond to terrorism and other threats to US ports and waterways.

There are now 11 MSST teams whose assignments include security for UN General Assemblies, national political conventions, hurricane-response efforts, and major sporting events.

MSRTs are a ready-alert force for the Coast Guard and Defense Department combatant commanders for both short-notice operations and planned security needs. MSRTs provide subject-matter expertise for security, training, and disaster-response events and recent operations include presidential inaugurations and NATO summits.

Coronavirus hit the stock market hard, but how worried should you be?

The crew of the Coast Guard Cutter Harriet Lane approaches a suspected smuggling vessel while a helicopter crew from the Coast Guard Helicopter Interdiction Tactical Squadron monitors from the air on Feb. 25, 2018.

(US Coast Guard photo)

Coronavirus hit the stock market hard, but how worried should you be?

A helicopter crew from the Helicopter Interdiction Tactical Squadron Jacksonville demonstrates warning shots fired at a non-compliant boat off the coast of Jacksonville, Sept. 24, 2009.

(US Coast Guard photo by Petty Officer 3rd Class Michael Hulme)

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

popular

You need to see this incredible B-1B Bomber crash landing

In a 1989 incident, the Air Force crew of a B1-B bomber found itself unable to lower the front landing gear during a training flight and was forced to execute an emergency landing in the dry lake bed at Edwards Air Force Base, California.


The four-person crew was executing a routine training flight without nuclear weapons onboard on Oct. 4, 1989, and realized three hours into the flight that the front landing gear was malfunctioning. Over the next nine hours, the crew worked to get the gear down.

 

Coronavirus hit the stock market hard, but how worried should you be?
(GIF: YouTube/airailimages)

 

Investigators later blamed a hydraulic failure, but the crew in the air just knew that they had to reach the ground safely. The Air Force routed the plane to a dry lakebed in California that was often used for landing the space shuttle.

The dust of the Rogers Dry Lake bed is more likely than most surfaces to allow for a safe skid, reducing the risk to the crew and plane. The full landing is visible from a few angles in this video from airailimages:

Feature image: screen capture from YouTube/Airrailimages

MIGHTY TRENDING

The gloves are coming off for cyber warfare

President Donald Trump has reportedly removed restraints on how and when the US can launch cyberattacks on its adversaries — and it could make attacks on other countries more likely.

Trump signed an order Aug. 15, 2018, reversing a series of Obama-era rules, which outlined a process of interagency approval before the US could launch cyberoffensives, people familiar with the matter told The Wall Street Journal.


The Journal said one administration official briefed on the decision described the change as an “offensive step forward.” The change is meant to support military operations and deter foreign interference in US elections. The Trump administration is under pressure to show it is taking threats of foreign interference seriously in light of mounting evidence that Russia meddled in the 2016 US election.

The Obama-era rules, known as Presidential Policy Directive 20, meant agencies that wanted to launch a cyberattack had to gain approval from groups across the federal government. This was to ensure that existing defense operations were not harmed by the launch of a new attack.

Coronavirus hit the stock market hard, but how worried should you be?

Former President Barack Obama.

(Marc Nozell)

Michael Daniel, who served as the White House’s cybersecurity coordinator under President Barack Obama, said the change could do more harm than good. “You could end up having an operation wreck a carefully crafted multiyear espionage operation to gain access to a foreign computer system,” he told The Journal.

The new policy applies to the Defense Department as well as other federal agencies, an administration official told The Journal. The person declined to say which other agencies would be affected.

Sources did not tell The Journal which rules were replacing the Obama-era directive, citing the classified nature of the process; as The Journal pointed out, the Obama-era rules were classified as well and were made public only in the 2013 Edward Snowden leaks.

Read the full report in The Wall Street Journal.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY MILSPOUSE

A former Green Beret has a real solution to the US policing problem

When demonstrators in Springfield, Massachusetts marched to protest against heavy-handed law enforcement in the wake of George Floyd’s death it was entirely peaceful. No rocks were thrown at the police, no cars were turned over and no one was arrested in the state’s third largest city.

“The citizens of Springfield have a good working relationship with the cops,” said Army Special Forces veteran and retired Massachusetts State Trooper Michael Cutone.


And he should know — he can take at least some of the credit for reworking the entire relationship.

Coronavirus hit the stock market hard, but how worried should you be?

Massachusetts State Trooper Michael Cutone walks with local children on their way to a school bus stop in Springfield, Mass. (Michael Cutone/The Trinity Project)

Cutone split his time between the Army Guard and the police force, gathering decades of experience along the way. Eventually he started to see where lessons learned in his military career could apply to the toughest streets of Massachusetts.

“I was in the Guard, so when I got active duty orders, I would put on the green hat,” Cutone says. “I’d be gone six months, a year, then I’d be back in my trooper uniform. It was two different worlds but I loved both of them.”

Swapping between jobs kept him in touch with both the fundamentals of counterinsurgency overseas and the hard work of policing an area stateside. And it led him to wonder: what if he paired the best of both methods into a program for home?

In a time where calls to “defund the police” are growing louder, Cutone’s method of police work is now getting more funding from state and federal lawmakers. It’s called C3 Policing and it doesn’t take the police out of the community, it puts the needs of a community first.

“Community members are your greatest resource,” Cutone says. “In the Army, you don’t survive that well if you’re embedded in a hostile community, so you go win over the local population.”

Coronavirus hit the stock market hard, but how worried should you be?

Michael Cutone and Tom O’Hare, one of The Trinity Project’s C3 instructors, while deployed to Iraq with U.S. Army Special Forces in 2013. (Provided by Michael Cutone)

If Cutone’s choice of words sounds familiar to Iraq and Afghanistan veterans, that shouldn’t be a surprise. “C3” means Counter Criminal Continuum and it’s basically the application of the Army Special Forces’ counterinsurgency tactics used in the Global War on Terror to violent crime and gang activity in American cities.

In 2009 the crime rate in Springfield was three times the rate in the State of Massachusetts as a whole.

“In the north end of the city, you hand open-air drug selling, gang members carrying SKS rifles out in the open and it culminated in three shooting and two murders in a week,” Cutone says.

Cutone asked his State Police sergeant if he could do a dismounted patrol — to walk around the streets 12th worst city in America in his State Trooper uniform. It was unheard of. Somehow, his sergeant agreed.

He began walking the streets, talking to people, buying a cup of coffee here, a pastry there. It dawned on Cutone that maybe law enforcement is approaching street crime in the wrong way. So he continued to walk the streets, engaging the population the way Army Special Forces taught him.

He went to community meetings to build legitimacy within the populace and eventually approached the city’s deputy police chief with his background and ideas. When the chief agreed to hear him out, Cutone wrote up an entire action plan for a small community in the North end of the city, using the eight building blocks taught by the Army.

Among these were “work by, with and through the local population” and “Detect, degrade, disrupt and dismantle criminal activity” — counterinsurgency maxims proven time and again overseas. Citizens began to meet police officers and interact with them. Eventually the local police force established a C3 Department and hand-picked C3 officers to begin to integrate themselves into the fabric of the community.

After retiring from both the Army and Massachusetts State Police in 2020, Cutone, with fellow State Trooper and Special Forces soldier Thomas Sarrouf, co-founded The Trinity Project, a police engagement consultancy and training company that trains officers in C3 Policing, using counterinsurgency to take back U.S. streets..

While “counterinsurgency” may bring to mind images of soldiers kicking in doors and raiding houses, Cutone said C3 is about building legitimacy through community partnerships using 8 core principles developed through the counterinsurgency techniques taught to American Special Forces:

  • Legitimacy is crucial to achieving our goals
  • You must understand the environment (the ground truth)
  • Unity of effort is essential
  • Intelligence drives operations
  • Prepare for a long-term commitment
  • Local factors are primary
  • Security under the rule of law
  • Gangs and drug dealers must be separated from their cause and support

“When you call the cops to come fix a problem, that’s just a transactional relationship,” Cutone says. “It’s not transformative. We are starting with a message to counter the gang’s message, offer services and create pressure points on these gangs to make it impossible to operate.”

The end result is transformational. Since Cutone began his style of policing, the annual crime rate of Springfield has decreased 6% every year. While the city is still not quite the bastion of law and order, things are beginning to turn around.

Some of the proof is seen outside the raw data. For example, more outside investment is beginning to come into the area. Buildings are no longer left vacant, businesses are coming in and drug dealers are no longer active in the open. C3 operations are even expanding to the rest of the city.

Cutone and his staff at the Trinity Project are ready to bring community engagement through C3 Policing to any city ready to think outside the box.

This article originally appeared on Military.com. Follow @militarydotcom on Twitter.

MIGHTY TRENDING

Questions surround crash of special operations helicopter in Iraq

Late Tuesday, Aug. 21, 2018, U.S. military officials identified the Army helicopter pilot who died on Aug. 20, 2018, as a result of wounds received in a crash in Iraq on Aug. 19, 2018 during an undisclosed operation. Official news releases report three additional wounded U.S. personnel have been evacuated to treatment facilities.

Chief Warrant Officer 3 Taylor J. Galvin, 34, from Spokane, Washington, died Aug. 20, in Baghdad as a result of injuries sustained when his helicopter crashed in Sinjar, Ninevah Province, according to a Department of Defense news release.


CW3 Galvin was assigned to Delta Company, 1st Battalion, 160th SOAR (Special Operations Aviation Regiment) as an MH-60M Blackhawk helicopter pilot. He was flying in support of Operation Inherent Resolve. Galvin was originally from Phoenix, Arizona. He was 34 years old. Galvin was a combat veteran special operations pilot with nine deployments including two during Iraqi Freedom, three in Operation Enduring Freedom and four more during Operation Inherent Resolve. He was the recipient of the U.S. Army Air Medal (C device) and Air Medal (30LC) for heroism or meritorious achievement while flying in addition to numerous other awards.

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Chief Warrant Officer 3 Taylor J. Galvin.

In an August 20, 2018 article on Newsweek.com about the fatal crash, journalist James LaPorta reported that, “It is unclear why the MH-60 Blackhawk went down, but U.S. military sources with knowledge of the crash said the helicopter was returning to base after conducting a partnered small-scale raid on Islamic State militants in an undisclosed region as part of ongoing counterterrorism operations.” LaPorta went on to write, “Ten U.S. military personnel were onboard the aircraft being flown by U.S. Army pilots from the elite 160th Special Operations Aviation Regiment, known as the Night Stalkers.”

The region near Sinjar (Shingal), Iraq where the crash occurred had been active in supporting cross-border anti-ISIS operations into neighboring Syria for more than a month until U.S. troops were withdrawn from the area in the middle of July 2018 according to a report by Wladimir van Wilgenburg published in the regional Kurdistan 24 online news source. This is also the region where Iraqi Air Force F-16s have conducted their first airstrikes against insurgents during cross-border strikes into Syria.

The crash was reported to have occurred at approximately 10:00 PM local time (2200 hrs, GMT+3). Sunset in the region on Aug. 19, 2018, the date of the accident, occurred at 6:40 PM local time. Weather in the area was hot, 101 degrees Fahrenheit, with light winds and clear skies. Pentagon spokesman Colonel Robert Manning told reporters that the crash was not caused by enemy fire.

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(US Army photo)

Reports about the aircraft and the personnel on board may contradict official assertions that the U.S. role in the region is predominantly in an advisory capacity. The 160th Special Operations Aviation Regiment, the “Night Stalkers”, is a highly-specialized combat aviation unit headquartered at Ft. Campbell, Kentucky that supports elite U.S. and coalition combat units like Army Special Forces, Naval Special Warfare (SEALs) and other special operations units.

This latest crash brings the total of serious U.S. military aircraft accidents this year to at least 14.

The 160th SOAR, the “Night Stalkers”, are most famous for the raid to capture Osama bin Laden, Operation Neptune’s Spear, on May 1, 2011. During that raid, the unit flew a classified, low-observable variant of the Blackhawk helicopter that has since been popularly referred to in speculation as the “MH-X Stealth Black Hawk” or “Silent Hawk”. Images of part of the secret helicopter were seen around the world when one of them crashed inside Bin Laden’s compound during the raid, leaving the tail section visible. Books and media accounts suggest only two of the aircraft were ever produced.

In 2015, a MH-60M Black Hawk crashed on the deck of a U.S. Navy ship near Okinawa, Japan, injuring seven; more recently, in August 2017, a 160th SOAR’s MH-60 crashed off Yemen killing one soldier.

This article originally appeared on The Aviationist. Follow @theaviationist on Twitter.

MIGHTY TRENDING

Fake text messages about a military draft are being sent to Americans

The US Army issued an warning against “fraudulent” text messages that claimed the recipients were selected for a military draft.

A spokesperson from US Army Recruiting Command (USAREC), the organization responsible for attracting prospective soldiers, told Insider the text messages were being sent “across the country from different brigades” this week.

USAREC said it received multiple emails and calls about the text messages, and that it was in no way associated with the US Army; the people behind the emails claimed to serving in the Army.


The text messages claimed that the sender was “contacting you through mail several times and have had no response,” according to photographs obtained by Insider.

The messages, which advised the recipient to “come to the nearest branch” in the Florida and New Jersey area, falsely claimed that the recipient would be “fined and sent to jail for a minimum 6 years” if there was no reply.

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U.S. Army recruits wait in line for their initial haircut while still partially dressed in their civilian clothes during basic combat training.

(U.S. Air Force photo by Senior Airman Micky M. Bazaldua)

The decision to enact a military draft is initiated by the Selective Service Administration. All American males between 18 and 25 years of age are required by law to register with the organization. The database for these individuals are compiled in the event Congress declares a military draft.

“The Selective Service System is conducting business as usual,” the Selective Service System previously said in a statement. “In the event that a national emergency necessitates a draft, Congress and the President would need to pass official legislation to authorize a draft.”

The text messages comes amid the US airstrike against Iran’s elite Quds Force commander, Maj. Gen. Qassem Soleimani, in Baghdad, Iraq, on Friday. Following the attack that also killed the leader of the Shiite Iran-backed militia responsible for the assault on the US Embassy in Iraq, search queries like “World War III” and “military draft” began trending on social media platforms.

The last time the draft was implemented was in 1973, during the Vietnam War.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY MONEY

USAA to Return $520 Million to Members

SAN ANTONIO – USAA, the country’s fifth largest property-casualty insurer, will be returning $520 million to its members. This payment is a result of data showing members are driving less due to stay-at-home and shelter-in-place guidance across the country. Every member with an auto insurance policy in effect as of March 31, 2020, will receive a 20% credit on two months of premiums in the coming weeks.

As a member-owned association, USAA historically returns a portion of profits to members. In 2019, we returned $2.4 billion in dividends, distributions and bank rebates and rewards. This brings the total amount returned to members since January 2019 to nearly $3 billion.


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“We understand the impact this pandemic is having on our country, and especially our military community and their families, many of whom also are working on the front lines of the crisis. Returning premiums provides timely help for our members,” said USAA President and CEO Wayne Peacock. “USAA has been facilitating the financial security of military members for nearly 100 years, and this is another way we can serve them well.”

Early data trends show USAA members are heeding the calls to suspend nonessential travel, leading to fewer miles driven and fewer accidents.

How it works

Members will automatically receive a credit applied to their bill. They do not need to call, and no additional action is required.

Ways USAA is providing financial relief for members

This is just one of several steps USAA has taken to provide financial assistance to members, including:

  • Special payment arrangements are available to assist members experiencing financial difficulties. USAA will not cancel members’ auto or property insurance policies or charge fees due to late payments on USAA auto and property insurance coverage through June 17, 2020.
  • Expanded auto insurance coverage for members who use their personal vehicles to deliver food, medicine and other goods for commercial purposes.
  • USAA Bank is offering special payment assistance programs for eligible members including a 90-day credit card payment deferral, a 60-day payment extension on consumer loans, and special mortgage and home equity line of credit payment assistance.
  • USAA Life Insurance Company is offering special payment arrangements on life and health insurance policies, including a 60-day extension to the 30-day grace period.
  • USAA Life Insurance Company is waiving and reimbursing deductibles and co-payments for coronavirus-related testing received on or after Feb. 4, 2020, for members who have USAA Medicare Supplement plan.
  • USAA Investment Management Company is reducing managed portfolio fees 50% (effective April 1 through May 20‚ 2020).
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Additionally, USAA has taken steps to help ensure its employees stay safe and able to serve members by enabling nearly all 35,000 employees to work from home and committed .4 million to help military-focused and other nonprofits respond to this pandemic.

More information is available at www.usaa.com/coronavirus.

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