How a Navy pilot-turned-Superbowl winner made it on Wall Street - We Are The Mighty
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How a Navy pilot-turned-Superbowl winner made it on Wall Street

How a Navy pilot-turned-Superbowl winner made it on Wall Street
Phil McConkey is not your average Wall Streeter.


His father worked three jobs to put him through private school. He served in the US Navy as a nuclear weapons transshipment pilot, before winning a National Football League Superbowl title with the New York Giants.

He is now president at Academy Securities, a broker-dealer founded in 2009 that employs veterans and service-disabled veterans in areas like investment banking and trading.

McConkey sat down with Skiddy von Stade, CEO of finance career services company OneWire, to talk about his background, and Academy Securities.

During that conversation, he laid out why experience with the military is valuable for those who want to break into the cutthroat financial services industry.

Military culture is honesty, integrity, loyalty, teamwork and by the way, service. We’re in a service industry. Who knows more about those qualities than military veterans? When those qualities and experiences come into helping our clients, it really resonates.

He added:

We’re a small company, growing. We’d like to be a bulge-bracket investment bank broker-dealer at some point. We don’t have the resources that the big banks have, but we’re nimble, we’re quick, and we have differentiated types of value that we add. We got nine senior-level retired generals and admirals, people who have fingers on the pulse of geopolitical macro world we live in. And that’s a value to customers if they’re in capital markets. If they’re managing money.

Watch the full interview with Phil McConkey here.

Articles

The Army wants a future without drivers or pilots

An effort to make Black Hawk helicopters function as optionally unmanned aircraft passed a major threshold last week, Defense One reports, citing an Army testing official.


How a Navy pilot-turned-Superbowl winner made it on Wall Street
Blackhawks can now fly without their pilots. Photo: US Army Spc. Creighton Holub

The test featured an unmanned Black Hawk picking up and delivering an autonomous amphibious all-terrain vehicle, or AATV, which then carried out its own mission. The two unmanned vehicles managed to coordinate their missions and successfully carried them out.

Paul Rogers, director of the Army’s Tank Automotive Research Development and Engineering Center, told Defense One that during the exercise, the helicopter “came in, picked up [the AATV], flew 5 to 7 kilometers in an air route, delivered it to a ground location, and released it.”

After the delivery, the AATV autonomously navigated a series of chemical and biological hazards while beaming back satellite data.

The success of the joint operation between the autonomous Black Hawk and AATV highlights a new level of robot teamwork.

The test also highlights the greatest success yet in attempts to make the Black Hawk an optionally manned aircraft in the future. Sikorsky, the company that builds the Black Hawk, has been working toward an unmanned version of the helicopter since an announcement last year.

How a Navy pilot-turned-Superbowl winner made it on Wall Street
Not all amphibious all-terrain vehicles need a driver anymore. Photo: US Marine Corps Cpl. Kirstin Merrimarahajara

The Army’s existing fleet of approximately 2,500 Black Hawks could be retrofitted to make the aircraft optionally manned. Such a move would supposedly give the Army a greater degree of flexibility in its operations.

“The autonomous Black Hawk helicopter provides the commander with the flexibility to determine crewed or un-crewed operations, increasing sorties while maintaining crew rest requirements,” Mark Miller, vice president of research and engineering at Sikorsky, told Defense Tech about the project. “This allows the crew to focus on the more ‘sensitive’ operations and leaves the critical resupply missions for autonomous operations without increasing fleet size or mix.”

Articles

These Air Force ‘rods from God’ could hit with the force of a nuclear weapon

The 107-country Outer Space Treaty signed in 1967 prohibits nuclear, biological, or chemical weapons from being placed or used from Earth’s orbit. What they didn’t count on was the U.S. Air Force’s most simple weapon ever: a tungsten rod that could hit a city with the explosive power of an intercontinental ballistic missile.


During the Vietnam War, the U.S. used what they called “Lazy Dog” bombs. These were simply solid steel pieces, less than two inches long, fitted with fins. There was no explosive – they were simply dropped by the hundreds from planes flying above Vietnam.

Lazy Dog projectiles (aka “kinetic bombardment”) could reach speeds of up to 500 mph as they fell to the ground and could penetrate nine inches of concrete after being dropped from as little as 3,000 feet

The idea is like shooting bullets at a target, except instead of losing velocity as it travels, the projectile is gaining velocity and energy that will be expended on impact. They were shotgunning a large swath of jungle, raining bullet-sized death at high speeds.

That’s how Project Thor came to be.

Instead of hundreds of small projectiles from a few thousand feet, Thor used a large projectile from a few thousand miles above the Earth. The “rods from God” idea was a bundle of telephone-pole sized (20 feet long, one foot in diameter) tungsten rods, dropped from orbit, reaching a speed of up to ten times the speed of sound.

How a Navy pilot-turned-Superbowl winner made it on Wall Street
A concept design of Project Thor.

The rod itself would penetrate hundreds of feet into the Earth, destroying any potential hardened bunkers or secret underground sites. More than that, when the rod hits, the explosion would be on par with the magnitude of a ground-penetrating nuclear weapon – but with no fallout.

It would take 15 minutes to destroy a target with such a weapon.

One Quora user who works in the defense aerospace industry quoted a cost of no less than $10,000 per pound to fire anything into space. With 20 cubic feet of dense tungsten weighing in at just over 24,000 pounds, the math is easy. Just one of the rods would be prohibitively expensive. The cost of $230 million dollars per rod was unimaginable during the Cold War.

How a Navy pilot-turned-Superbowl winner made it on Wall Street
Like lawn darts, but with global repercussions.

These days, not so much. The Bush Administration even considered revisiting the idea to hit underground nuclear sites in rogue nations in the years following 9/11. Interestingly enough, the cost of a single Minuteman III ICBM was $7 million in 1962, when it was first introduced ($57 million adjusted for inflation).

The trouble with a nuclear payload is that it isn’t designed to penetrate deep into the surface. And the fallout from a nuclear device can be devastating to surrounding, potentially friendly areas.

How a Navy pilot-turned-Superbowl winner made it on Wall Street

A core takeaway from the concept of weapons like Project Thor’s is that hypersonic weapons pack a significant punch and might be the future of global warfare.

MIGHTY TRENDING

Chinese ships shadow Navy in tense Taiwan Strait

Two US Navy warships have sailed through the Taiwan Strait, Taiwan’s Ministry of National Defense said in a statement on Oct. 22, 2018.

The Arleigh Burke-class destroyer USS Curtis Wilbur and Ticonderoga-class cruiser USS Antietam traversed the strait Oct. 22, 2018, US Pacific Fleet confirmed to Business Insider. The US Navy conducted a similar operation in July 2018, sending the destroyers USS Mustin and USS Benfold through the tense waterway.


The pair of US Navy warships conducted “a routine Taiwan Strait transit in accordance with international law,” Pacific Fleet spokesperson Lt. j.g. Rachel McMarr told BI, adding that the purpose of the mission was to demonstrate “the US commitment to a free and open Indo-Pacific” and to remind others that “the US Navy will continue to fly, sail, and operate anywhere international law allows.”

The latest move comes at a time of heightened tensions between Washington and Beijing, which have been fighting over a variety of issues ranging from trade to territorial disputes.

How a Navy pilot-turned-Superbowl winner made it on Wall Street

The US Navy Arleigh Burke Class Guided Missile Destroyer USS Curtis Wilber.


China, concerned that US military actions around Taiwan will embolden pro-independence factions on the self-ruled island, has bolstered its military presence in the area in 2018. The Chinese military has sailed its aircraft carrier and accompanying escort ships through the Taiwan Strait and conducted “encirclement” exercises involving fighters, bombers and other military assets throughout 2018.

Beijing perceives Taiwan as a breakaway province and has threatened to take military action if Taiwan attempts to declare independence.

The US Navy’s latest challenge to China comes just a few weeks after a showdown in the South China Sea, in which a Chinese destroyer nearly collided with a US Navy warship during an “unsafe” encounter following a routine freedom-of-navigation operation near the contested Spratly Islands. That incident followed a string of US Air Force bomber flights through the disputed East and South China Seas, flights Beijing characterized as “provocative.”

Chinese warships shadowed the US Navy ships through the Taiwan Strait Oct. 22, 2018, but the Chinese ships remained at a safe distance.

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

Articles

This is one of the largest indoor oceans ever built

Holding over 12-million gallons of water, the “MASK” — which stands for “maneuvering and seakeeping” — is one of the largest man-made indoor oceans in the world. It is located at the Naval Surface Warfare Center in Maryland.


The massive water containment measures 240-feet wide and 360-feet long and houses the ability to recreate real oceanic-like characteristics to help design future Naval vessels.

The facility can custom manufacture mini-ships for on-site testing. (Images via Giphy) 

Related: This is how Naval officers conduct a man overboard drill on a ‘killer tomato’

With the ability to create a variety of ocean waves, the researchers can conduct numerous tests on new ship designs at the facility before the larger version is eventually produced.

“We can do a lot of different types of testing here, everything ranging from energy efficient testing to operability,” Dr. Christopher Kent explains.
A depiction of testing video compared to operational. (Images via Giphy)
“As long as we’ve been building ships and boats, we really only started to understand how they work about the last 100 years,” naval engineer Jon Etxegoian states. “And we’re still not there yet.”

The center’s design experts work directly with Naval officials to produce the most advanced ships known to man before the blueprint is sent to the manufacturers.

Also Read: Aerial footage of the Abraham Lincoln super carrier drifting

Check out Department of Defense‘s video below to watch this man-made ocean test the Navy’s newest technologies.

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‘Avengers – Age Of Ultron’ lays claim to ‘greatest ensemble in the history of cinema’

How a Navy pilot-turned-Superbowl winner made it on Wall Street
(Photo: Marvel Studios)


How does director Joss Whedon follow the success of the first Avengers movie, that $220 million budget ensemble cast epic that grossed more than $1.5 billion worldwide?

“With the smallest thing I can think of,” Whedon said at a recent gathering of the cast at the Disney Studios in Burbank, California. “What little moments are there between these characters that I haven’t gotten to do yet? What conversations have they not had? It’s never the big picture stuff – although that’s cool too – it’s how can I get inside their hearts? What’s funny about them? I write reams and reams of paper just thinking about the tiniest part.”

But “tiny” is not the first word one might use to describe the sequel, “Avengers – Age of Ultron.” It is a big movie in most ways that picks up where “Avengers” left off, taking the interpersonal and witty aspects of the team to the next level while hurtling full tilt across the screen for the duration.

“I read the script, and I said, ‘This is great; let’s go shoot it,'” said Robert Downey, Jr., who returns as Tony Stark/Iron Man. “It’s a Swiss watch to begin with, and Josh really created some great new situations for Tony to be in.”

James Spader plays Ultron – the evil robot who’s trying to use artificial intelligence to destroy the world – and the actor found the Whedon’s production process a challenge to keep up with.

“I really was just trying to hold on and stay on the train that was moving very quickly,” Spader said. “I arrived in London and within the first half hour they put on a suit and all this gear and I went through a range of motion and within 15 minutes I was watching me on a monitor move around this big room as Ultron. That pace was what it was throughout the entire project.”

Jeremy Renner returns as Hawkeye, a character who many fans felt got short shrift in terms of screen time in the first movie. But that’s not the case in “Age of Ultron.”

“I speak in this movie, which is awesome,” joked Renner. “And I become part of the team, which is awesome, and dive into some killer aspects of the character.”

As Renner’s Hawkeye role grew so too did that of Black Widow, played once again by Scarlett Johansson.

“There some sense of normal in a way at the beginning of Avengers 2,” Johansson said. “But at the end she let her guard down. . . She had this moment of false hope. She put in the work and there should be some kind of personal pay off, but she realizes her calling is a greater one. That’s not something she’s necessarily thrilled about, but that’s what’s most heroic about her.”

Johansson (who was pregnant during the shooting of the film) also allowed that her action sequences were the result of a multi-person effort. “There’s a team around me that is super supportive in helping all of Widow’s fight moves and badass motorcycle riding happen. All that work being seamless takes a lot of choreography and team spirit.”

Mark Ruffalo reprises his role as Dr. Banner who turns into The Hulk when provoked, and when asked what methods he draws on acting-wise to differentiate between the two forms, he joked, “I was helped out by the fact that I’m green and huge. That helped with the distinction between the two characters. I can’t take full credit for that except for the accent I was using, maybe.”

Marvel Studios president Kevin Feige summed up the state of the Avengers brand by reflecting on how far it’s come in the last ten years or so: “It started with the notion of making these movies ourselves and becoming Marvel Studios, and then it continued with Robert in ‘Iron Man 1’ and having Samuel L. Jackson come in in the end and say, ‘You’re part of a bigger universe, you just don’t know it yet,’ thinking that most people wouldn’t know what that meant . . . but the world got it much more quickly than I anticipated.”

Feige pointed down the table at the cast and said, “It’s the greatest ensemble ever assembled in cinematic history, and it just keeps getting better and better.”

Now: Revolutionary War history gets complicated in Season Two of ‘Turn’

OR: Watch ‘Captain America’ in under 3 minutes:

MIGHTY TRENDING

China snuck a secret guest into those massive war games

China reportedly sent an uninvited surveillance ship to spy on the recent joint military exercises with Russia, a move highlighting how lingering distrust and competitiveness weaken the so-called “strategic partnership” emerging between Moscow and Beijing.

Beijing sent thousands of People’s Liberation Army troops accompanied by tanks, helicopters, and artillery to eastern Russia for joint drills in September 2018. China also deployed a PLA Navy Dongdiao-class auxiliary general intelligence (AGI) vessel to shadow Russian naval assets training at sea while Chinese ground troops trained on land, USNI News reported, citing a US official. The latter was apparently not invited, but the opportunity to gather valuable intelligence on a competitor was presumably too good to pass up.


While consistent with past Chinese practices — the Chinese navy has sent spy ships to the Rim of the Pacific exercises — it is unusual to surveil an ally while training alongside them, even if it is technically legal under international law.

Given rising tensions between Washington and Moscow and Beijing, some observers suggested that increasing US pressure was driving Russia and China together, laying the groundwork for a possible alliance. A strategic military partnership between the two powers is alarming given each country’s interest in challenging America’s leadership and unilateral power and authority in the international system.

“It sends a signal to Washington that if the U.S. continues on its current course by pressuring Russia and imposing more sanctions, Russia will fall even more into the firm embrace of China,” Alexander Gabuev of the Carnegie Institute in Moscow recently told the Associated Press.

How a Navy pilot-turned-Superbowl winner made it on Wall Street

The Military Band of the Eastern Military District during the opening parade of Vostok 2018.

The “main political significance” of the Vostok 2018 drills “comes from the signaling by both Russia and China about the possible emergence of a strategic partnership, aimed at countering the threat that both countries feel from continued U.S. dominance of the international system,” Dmitry Gorenburg argued in The Washington Post.

The massive war games, touted as “unprecedented” and expected to be held every five years going forward, came as Russian President Vladimir Putin and Chinese President Xi Jinping agreed to stand together against unilateralism. In June 2018, Xi called Putin his “best friend,” a sentiment seemingly shared by the latter.

But despite the budding bromance between Chinese and Russian leadership, the bilateral relationship between the two countries is undermined by decades of distrust dating back to the Cold War, when Soviet and Chinese troops skirmished along the border and tensions rose to the point that Russia was considering a nuclear strike on China.

Chinese state-affiliated media downplayed talk of a Chinese-Russian alliance, suggesting that the concept was being overhyped. “China and Russia are not allies, and they are firm in not forging an alliance,” the nationalist Global Times explained in a recent editorial. “But the outside world shouldn’t make China and Russia feel an urgent need to strengthen their military cooperation.”

Secretary of Defense Jim Mattis said recently that he sees “little in the long term that aligns Russia and China.”

Exactly what the Chinese intelligence vessel was doing remains unclear, but experts suspect that it was gathering information on Russia’s more technologically-sophisticated navy given China’s interest in advancing its radar and electronic warfare capabilities, USNI News reported. Assuming the ship was indeed uninvited, China may have been trying to learn more about Russian warfighting than Russia was willing to teach.

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

Articles

The Marine Corps’ last Mounted Color Guard enters 50 years of service

The Marine Corps’ last Mounted Color Guard, housed at the Yermo Annex aboard Marine Corps Logistics Base Barstow, launches into the year 2017 and its 50th year of service.


“In 1966, Lt. Col. Robert Lindsley came to MCLB Barstow (after serving in) Vietnam,” explained Sgt. Terry Barker, MCG stableman.

“At that time a lot of the dependent children from base would take horses from the stables and ride them out in town in parades. Rather than the kids riding in the parades, Lindsley decided that we needed to have the Marines riding with the horses, so in 1967 he stood up the official Marine Mounted Color Guard here.”

How a Navy pilot-turned-Superbowl winner made it on Wall Street
The Marine Corps’ Mounted Color Guard pose for a portrait at the stables. Left to right: Sgt. Monica Hilpisch, Sgt. Moses Machuca, Sgt. Terry Barker and Sgt. Jacob Cummins. (U.S. Marine Corps photo by Carlos Guerra)

The stables were renamed to honor Lindsley as the founder of the MMCG during a ceremony held on base in April of 2010.

Lindsley, a native of Columbus, Ohio, was born into a military family then joined the Marine Corps as an enlisted Marine in December 1941, days after the attack on Pearl Harbor. In 1950, he was commissioned and after several assignments, he was stationed at MCLB Barstow where he was assigned to the Center Stables Committee, which later became the Mounted Color Guard.

Though there were multiple MCGs initially, MCLB Barstow is now home to the last remaining MCG throughout the Marine Corps. They travel far and wide to participate in events from coast to coast.

“Depending on budget and scheduling, we might be in events from California to Louisiana, Florida to D.C., Tennessee to Oregon,” Barker said.

“We cover the four corners of this country.”

There are some events that they never miss, such as the Tournament of Roses Parade held in Pasadena, Calif. every January. In that event, the MMCG always leads the parade and is the only unit to hold the American Flag. As a recruiting tool, the MCG reaches areas of the country where the Marine Corps is not otherwise represented.

“We have big bases in California, North Carolina and Okinawa,” Barker said. “There are states in the mid-west where there are no Marine Corps bases, active or reserve. So, when we participate in rodeos, parades, or monument dedications, we are quite possibly the only Marines in the entire state. Everybody sees Marines on television, or in the news, but they rarely get to stand next to them, shake their hand and talk to them. That’s what we get to do.”

The horses and Marines train together daily, and always travel together.

Also read: This is how Theodore Roosevelt turned a ‘cowboy cavalry’ into the battle-ready ‘Rough Riders’

“We have a truck and trailer, and wherever they go, we go,” Barker said. The Marines often go so far as to sleep in the truck and trailer, rather than reserving hotel rooms, in order to save money and stay as close as they can to the horses to ensure safety.

“Another benefit is we can get them ready earlier,” said Sgt. Jacob Cummins, MCG Stableman. “Also we have to stay with our horses if they are not in a stables area.”

All of the travel can be difficult, but Cummins said it’s nothing like a deployment.

“For me, my wife is pretty conditioned to it,” he said. “It’s the kids that make it hard sometimes. They don’t know why you have to go.”

It helps to come back and get into a regular routine with family, as well as the horses.

“Our daily regimen (at the stables) depends on what’s going on, as far as events,” Barker explained. “We get here at 7 a.m. and feed and water the horses, and muck the stalls out. As Marines, we still have jobs to do as well, plus ground work, saddle training, and ranch maintenance.”

“For our maintenance training and farrier work we have Terry Holliday, a contractor,” said Sgt. Jacob Cummins, MCG stableman. “Each Marine is assigned to two horses to work with daily, and if any Marines are out, we cover their horses, too.”

How a Navy pilot-turned-Superbowl winner made it on Wall Street
The Marine Corps’ Mounted Color Guard. Left to right: Sgt. Monica Hilpisch, Sgt. Moses Machuca, Sgt. Terry Barker and Sgt. Jacob Cummins. (U.S. Marine Corps photo by: Carlos Guerra)

Much has changed over the years, to include the procurement and initial training practices for the horses. In the early stages, Lindsley went to Utah with $600 to purchase horses for use with the MCG Marines.

“The horses we use today are all obtained through the Horse and Burro Program out of Carson City, Nevada,” explained Barker. “From there, they go through an inmate rehabilitation program, where the inmates get the horses to where they are green-broke, which means you can approach them, touch them, and touch their feet and so forth.”

Some of the Marines assigned to the MCG, such as Barker and Cummins, as well as two other riders, Sgt. Monica Hilpisch, and Lance Cpl. Alicia Frost, have prior experience riding and working with horses. However, most of the riders assigned to the MCG, such as Sgt. Moises Machuca and Sgt. Miguel Felix who are both currently with the team, did not have any experience with horses prior to their arrival. It is Holliday’s task to train the Marines to ride the horses effectively. The Marines learn basics first, such as the use of saddles, rein work, the various types of bridles and their functions, as well as how to make contact with the animals.

“They may come to the MCG without experience, but these are Marines and they’re the  best of the best, so they do this like they do everything else,” said Gunnery Sgt. Anthony Atkinson, the staff noncommissioned officer in charge of the Mounted Color Guard. “They work hard and become the best. It’s an honor to represent the Marine Corps in such a manner.”

MIGHTY TACTICAL

The VA is researching 3D-printed lungs for respiratory patients

VA scientists are working to create a 3D-printed artificial lung that they tout as having the potential to revolutionize the treatment of Veterans affected by lung disease.

One such lung disorder—chronic obstructive pulmonary disease (COPD)—is one of the most prevalent and costliest ailments in the Veteran population.

Dr. Joseph Potkay, a biomedical engineer at the VA Ann Arbor Health Care System in Michigan, is leading the VA-funded research. It calls for making a prototype of the 3D-printed artificial lung. Potkay and his team hope to build what they call the first wearable artificial lung that is compatible with living tissue and is capable of short- and long-term respiratory support.


The lung is seen initially as a temporary measure, a bridge to help patients awaiting a lung transplant or an aid for those whose lungs are healing. Future versions could have longer-term applications, the researchers say.

Potkay says this is the first time high-resolution 3D polymer printing is being used to create microfluidic lungs with three-dimensional blood flow networks.

How a Navy pilot-turned-Superbowl winner made it on Wall Street

Potkay’s artificial lung model relies on microfabrication to achieve highly efficient gas exchange and blood paths similar to those in a human lung.

(Photo by Brian Hayes)

Microfluidic artificial lungs, a new class of artificial lungs, mimic the structure of the natural lung better than conventional artificial lungs. Tiny blood channels, some thinner than a human hair, are closer in shape and dimension to those in a person, allowing for blood flow similar to that in the human body.

The biocompatible coatings on the lung’s surface are equally important. Anytime blood comes in contact with an artificial surface, an immune response leads to hardening of the blood and clotting. Biocompatible coatings will help curtail that immune reaction.

“We hope that these microfluidic flow paths and biocompatible coatings will be more compatible with living tissue, thereby reducing the body’s immune response and increasing the lifetime of the device,” says Potkay, who is also a researcher at the University of Michigan. “The flexibility in design afforded by 3D printing gives us more freedom and thus the ease to build artificial lungs with a small size and pressure drops that are compatible for operation with the body’s natural pressures.”

To read the full article, click here to visit VA Research Currents.

Featured image: Biomedical engineer Dr. Joseph Potkay, with the VA Ann Arbor Health Care System, displays a 2D prototype of an artificial lung. A 3D version is in production.

This article originally appeared on the United States Department of Veterans Affairs. Follow @DeptVetAffairs on Twitter.

MIGHTY TRENDING

Have Marines gotten bigger? New body scanner will answer so many burning questions

The Marine Corps is in the market for a new body scanner that can help officials equip Marines with the best-fitting body armor and gear — and it will even show how to squeeze leathernecks wearing full battle rattle into tactical vehicles.

The service recently published a solicitation for a full-body high-resolution anthropometry scanner capable of capturing 3D images of individuals, still and in motion, for the purpose of collecting data on what the average Marine looks like.

According to the solicitation, posted June 24, the scanner must be able to capture at least 20 seconds of motion, with at least 10 frames or full scans per second and a minimum of 30 different body measurements.


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

MIGHTY MONEY

Patience pays: What happened to the mortgage market and why it will get better

The decade-long month of March 2020 brought many swift changes and confusion to the financial industry, especially mortgages. Just a few short weeks ago, mortgage rates dropped to a 50-year all time low. The market was flooded with refinance applications as homeowners across the country were scrambling to capitalize on the opportunity to save up to several hundred dollars of their hard-earned money every month. Refinance applications were pouring in at a pace 168% higher than last year, forecasted to well exceed one trillion dollars. While this sounds great on a consumer level, it’s what happens behind the scenes that caused these rock-bottom rates to disappear almost as fast as they emerged.


At the dawn of the Coronavirus threat in February, many were concerned about what would happen with the economy. In a protective measure, investors began selling stocks in exchange for purchasing government bonds due to their track record for being more stable. The influx of bond purchasing drove up the price which, in turn, affected the mortgage rates. Refinance applications were pouring in at levels that companies simply could not support, and the law of supply and demand kicks in.

Lenders are forced to slightly raise rates to slow down applications until new loans are closed and sold in the secondary market, giving the lenders the money to start the process all over again. Consider it the mortgage market’s own version of “flattening the curve” to give some stability to all working parties behind the scenes taking care of all moving parts required to close these loans.

How a Navy pilot-turned-Superbowl winner made it on Wall Street

When coronavirus strengthened its force, economists realized that the impact could be so severe that it could cause a large number of people to not be able to afford their mortgage payments. Unemployment numbers were being predicted to exceed those of the Great Depression and the Great Recession. Companies and people were concerned about liquidity so now stocks and bonds were being offloaded in exchange for cash. This perfect storm meant rates would go even higher.

High mortgage rates in hard economic times are no good at all, and the government knows this all too well. The Federal Reserve swoops in with a bailout, including their promise to buy billions of dollars in mortgage backed securities – daily. This, in theory, should restore confidence in investors to put their money back into the bond market. But, this volatile market means a risk of even more refinances of recently closed loans, before the servicers have a chance to break even on their cost. Rates now have to build in insulation from massive losses servicing is incurring. It is like a roller coaster ride for all involved, but there IS end in sight.

The good news is that all signs point to low rates in the future. The Federal Reserve is going to continue purchasing mortgage backed securities. Mortgage companies are going to close up the deals currently on the books to free more capital to write more loans. The economy struggling to recover will keep rates at affordable levels so we don’t come to a grinding halt. This is great news considering the majority of our active duty families are at a stop-movement. The forced patience will likely pay dividends in the long run in saved interest.

For those of us that don’t like to sit on idle hands, there are steps you can take now. Start interviewing lenders and make sure you find one that is a good fit. Fill out the application and start sending in supporting documents so you can take advantage of low rates as soon as the time is right. We in the real estate and financial sectors are essential workers because “home” is something no one should be without. While all parties involved have modifications in place, rest easy knowing that it WILL get better and we are here to help.

Articles

US Air Force considers retiring F-15C/D in 2020s

The Air Force is looking at possible plans to retire the F-15C/D Eagle as early as the mid-2020s, officials told lawmakers Wednesday.


While the decision would mean divesting an entire aircraft class, officials said the F-15 capability would be replaced by the F-16 Fighting Falcon, a potential cost-saving measure that would allow pilots to train on fewer platforms.

How a Navy pilot-turned-Superbowl winner made it on Wall Street
An air-to-air view of two F-15 Eagle aircraft armed with AIM-9 Sidewinder air-to-air missiles and AIM-120 advanced medium-range air-to-air missiles. (McDonnell Douglas, St. Louis)

Air National Guard Director Lt. Gen. L. Scott Rice said the Air Force as a total force is in “deep discussions” and will further assess the F-15 inventory next year.

“The F-15C [has] served our nation well, as have its pilots for decades. And it was our air superiority fighter; now F-22 has taken that role,” said Maj. Gen. Scott D. West, director of current operations and deputy chief of staff for operations for the service at the Pentagon.

Also read: Watch the F-22 take on 5 F-15s — and dominate

Air Force officials were testifying before the House Armed Services Subcommittee on Readiness on Capitol Hill.

“We do have capacity in the F-16C community to recapitalize that radar to serve the same function as the F-15 has done and thereby reduce the different systems that we have to sustain and operate, so that makes it more efficient,” West said about the effort to minimize the number of systems pilots operate.

Taking questions from reporters after the hearing, Rice elaborated, “It’s a bigger picture. There’s a balance between capability and capacity — capacity being, do we have … 1,900 to 2,000 fighters in our inventory? But at the same time, we also look at capability. Does it have all the right radar on it [at] the right time? Certainly, an F-15 right now is a very capable platform … [but] as we move into maintaining our capacity and keeping our capability, we have to address those needs.”

Rice said “planning choices” for the F-15C within the 2019 budget started last fall.

The F-15 is all-weather, tactical fighter; the now-retired F-15A made its maiden flight in 1972. The single-seat F-15C and two-seat F-15D models entered the Air Force inventory beginning in 1979, and have been in almost every theater across the globe, according to the service.

How a Navy pilot-turned-Superbowl winner made it on Wall Street
A U.S. Air Force F-15 Eagle from Eglin Air Force Base, Fla., takes off from Joint Base Elmendorf-Richardson, Alaska. (U.S. Air Force photo by Airman 1st Class Javier Alvarez)

American F-15s are stationed at overseas bases such as RAF Lakenheath, England, and Kadena Air Base, Japan. A deployment of F-15s moved across Europe last summer as a deterrent for Russia during Operation Atlantic Resolve, and F-15E Strike Eagles have been used throughout the air war against the Islamic State.

Rice said planned F-15 upgrades will be fulfilled. However, the Air Force may want to look at the next block of upgrades to save on future sustainment and operational costs, he said.

Rep. Martha McSally, a former Air Force pilot and advocate for the A-10 Thunderbolt, questioned the choice to scrap the F-15 — a capable fighter, “the best in air-to-air” as a fourth-generation aircraft.

“The F-16 kind of fills in those gaps, [but] comparing the capabilities side-by-side we have to be careful through that analysis,” the Arizona Republican said. “But I realize the funding challenges that you have as you go through this decision process — but it doesn’t bring the same capability.”

Rice said he believes the Air Force is getting beyond comparing aircraft platforms “especially in the digital age” when looking at the platforms as systems and “how they integrate is as important and, in the future, will be even more important than the platform itself,” he said.

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An F-15C cockpit at sunset. (Dept. of Defense photo)

The Air Force wants more manpower, more maintenance, more pilots to ramp up readiness and sustain the force for a high-end fight with a near-peer adversary.

West, Rice and Lt. Gen. Maryanne Miller, chief of the Air Force Reserve, testified they need pilots to sustain each part the force: at least 800 for the Guard; 300 for the Reserve; and nearly 1,500 — including 700 fighter pilots — for the active-duty component.

When asked if retiring the F-15 is a good idea amid a push to ramp up pilot — especially fighter pilot — production in the next few years, Rice said, “That’s true that is a challenge, because it’s not just capability-capacity, it’s all sorts of things. The readiness, the training, the people, the equipment. They all have to be at the right balance.

“So as we look at potentially doing a ‘what if’ drill [with the F-15 retirement] … over a certain period of time, ‘How much will that hurt? How much do we have to fill in the gap? Where do we go to gain that capability back at the right time, in the right place?’ ” he said.

It will be about “fitting into a system of systems,” Rice said.

Oriana Pawlyk can be reached at oriana.pawlyk@military.com. Follow her on Twitter at @Oriana0214.

MIGHTY TRENDING

Military vehicles roll through DC for Fourth of July celebration

Preparations for President Donald Trump’s “Salute to America” Fourth of July parade are underway, as evidenced by numerous sightings of military vehicles in the streets of Washington, DC, on July 2, 2019.

Infantry variants of the Bradley Fighting Vehicle (BFV), an armored transport vehicle, were sighted crossing a bridge and moving down streets on top of a large truck:


The BFV, which is crewed by three troops and has a range of 300 miles, weighs around 25 tons. City officials raised concerns over the weight of the tracked military vehicles in the weeks leading up to the event.

“Tanks but no tanks,” the Council of the District of Columbia tweeted.

President Trump’s decision to use military assets — including fighter jets and M1A1 Abrams tanks — for his celebration has been scrutinized for being too costly, creating flight restrictions at local airports, and the possibility of road damage caused by heavy vehicles.

“We have some incredible equipment, military equipment on display — brand new,” President Trump said on July 1, 2019. “We’re going to have a great Fourth of July in Washington, DC. It’ll be like no other.”

It would not the first time armored vehicles have rolled through Washington, DC. A National Victory Celebration event that included fighter jets and armored vehicles was held in the capitol following Operation Desert Storm in June 1991. Presidents Franklin D. Roosevelt, Dwight D. Eisenhower, and John F. Kennedy all touted the country’s military forces in a grand parade during their inaugurations.

“You’ll see them moving through your neighborhood, but don’t panic,” a US Army spokesperson said to WUSA on July 2, 2019.

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

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