It’s Been A While

Haven’t posted anything here recently. So to update:

1. I don’t work at Verizon anymore.
2. I got the iPhone a while ago.
3. I’ve been super occupied with the church building so I haven’t thought about wordpress at all.

That’s it.

Please Stop Blaming Republicans

I found a very interesting time line from a friend that is full of detailed and well-cited information relating to the Bush administration pleading for Congress to reform the Federal Housing Association. Anyone who reads this and still blames Bush or McCain or republicans in general is the most closed-minded person in the world. This shows unbiased, cited, and conclusive facts of Bush and other government figures warning Congress repeatedly about the issues that we are facing now.

With all that said, I am not blaming democrats. It was a bipartisan misjudgment that has lead to the financial crisis we now face, not that of a single person or group of people or party. Our government as a whole dropped the ball here. The action that has been taken to try and fix this mess was unfortunately much too late. Anyone who wants to discuss this feel free to comment this post.

Somehow our ever vigilant media has failed to notice this press release from September 19, 2008 From the White House.

The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (”Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

# “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

# “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

# “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

Blackberry Storm

Recently I posted about the new Blackberry Thunder coming out exclusively for Verizon Wireless. News has come about of the official upcoming release of the phone, under the new name Blackberry Storm. The design is a little more refined than the picture I posted before, and I will put one up very soon. More to come.

EDIT 10/09/2008

Here is a picture of the phone direct for RIM’s website.

(Click the picture to go to the Storm’s website)

Blackberry Thunder

So there’s been rumors going around about RIM (Research in Motion) putting out a touchscreen blackberry device for direct competition with the iPhone. I’ve been doing some minor research on it, because it will be exclusive for Verizon Wireless (for whom I work and where my contract lies). There are a couple designs floating around the internet of what its going to look like, the one below is the only one i found that has the screen turned on or at least edited to seem like what the screen would look like.

I hope this is how it ends up looking. Supposedly we should have it in our stores (Verizon stores) by the end of the year. I want to get my hands on one to see if its going to be as good as it seems. It seems like it really will be just as good as the iPhone as far as functionality is concerned. My only con is that the iPhone is an apple device and thus has the Mac OS X operating system, whereas Blackberrys have their own operating system. But if it looks like the picture I’ve posted, I will be very content with the Blackberry Thunder.

More posts to come as I learn more information about it I’m sure.

The Gospel of Judas

Ok, so I was walking through Barnes & Noble the other day with my friends Tara and Amanda because they were looking for a Bible. So as we worked our way back up to the registers we found a discount book case. So I decided to look through some of the books and came across a book written by the British Bishop N. T. Wright called Judas and the Gospel of Jesus – Have We Missed the Truth about Christianity?.

I had heard of N. T. Wright before, so I figured it would be an interesting read. So I bought it. I am almost halfway through the book and so far I have to say for being quite a short book (a mere 156 pages) it is still pretty good. It was published in 2006 so its been around for a few years, but it’s still a very refreshing read. Anyone who is a Christian interested in learning about Gnostic idealogy, or if you are someone who thinks Gnosticism may be something to look into, I would recommend this book.

It explains how Gnosticism has distorted true Christianity and shows the differences between the Gnostic gospels (Judas, Thomas, etc… ) and the Canonical gospels (Matthew, Mark, Luke, and John).

Definitely worth the read.

New Phone

So for a long time (and still as a matter of fact) I’ve wanted the iPhone. But with my recent employment at Verizon Wireless, and the fact that I have been a customer of Verizon for so long that i get 30% off on most of my purchases, and because Verizon’s service is just better than AT&T’s, I haven’t gotten one.

Supposedly in a year they’re making a CDMA capable iPhone (AT&T runs on a GSM network whereas Verizon’s phones are all CDMA). Hopefully that’s true, but thats not what this post is about.

Since I couldn’t get the iPhone, but still needing a new phone, I got the new LG  enV2. It’s pretty nice. So… i guess the point of this is if anyone was wondering if the enV2 was nice, it is. So…yeah.

It Must Be Done

By it, I mean a hair cut. It is wayyy too hot to be having my hair this long. So tomorrow I am cutting it since i am off from work. Hurray.

And I decided I’m going to get the new LG Dare from Verizon. It’s pretty nice. Not an iPhone, but definitely nice. Since so many people care about what phone I get. Ha.

Sleep time.

Very Busy

I haven’t posted much lately, as I’ve been quite busy with my new job. I recently began working at the Verizon Wireless storelocated on 73 in Mount Laurel, NJ. I like it a lot, and so it keeps me pretty occupied lately (which explains my lack of computer time as of late).

But after working there for almost a week, I must say there are a couple phones I have come to say I like. None of them beats the iPhone, but since I work for Verizon it’s not really acceptable for me to have an AT&T contract now is it. I was thinking about having a cheap Verizon account just for work and then having an iPhone for everything else, but I don’t know how feasible that will be. So i may just get a Verizon phone that is iPhone like. Not sure which one yet, though. They are all pretty expensive.

Terrible Movie

I was just on explosm.net and read a pretty comical post by one of the writers there. Apparently the creators of Date Movie, Epic Movie, and Meet The Spartans, are putting out another movie in the lineup: Disaster Movie.

Matt, one of the guys behind explosm, said the movie was terrible and recommended no one go see it. He based his judgment on the last string of movies these writers put out, and the trailer for Disaster Movie.

I watched the trailer, and only one word can describe how it was: retarded. It really is retarded. So retarded in fact, that Anna Faris and Leslie Nielson finally said enough. They are luckily not in the movie.

But I just found out that Scary Movie 5 is coming out sometime this year. How devestating.

Love

This is a different kind of post than I normally do. But I’ve been thinking about stuff a lot for the passed 3 days and I found it funny that someone asked me a certain question while these thoughts were in my mind. The question was this: how do you know when you’re in love?

And the best explanation I could come up with was as follows.

“Being in love is reaching the point where you put her interests and passions and life as your first priority. You’re willing to do anything and everything for her. You’ve decided to put up with every little insignificant imperfection, while continuing to see her as perfect. And that doesn’t even begin to explain the feeling.”

Why would I post this? Oh i guess you could say I’m feeling a little sad lately. But it’s okay. It will pass.