Internet Phone Blockage
So far, my internet phone is still working. But I can no longer pick up messages; I had a work-around and the work-around is now blocked, too. I still have the connection, but I can’t connect with my internet phone service provider. Hmmmmm.
In Qatar, the problem was solved in less than a week, when ambassadors went to the Emir and protested that the ban on internet phones hurt the entire population. Does the government here understand that Kuwaitis have kids at school in the UK, the US, and are relying on these phone services, too?
My sense is that with the government currently in chaos, no one has the time to focus on this “small” problem. Nor the problem of increasing population and buildings vs. limited infrastructure – roads. water. electricity.
My Kuwaiti friends say that even 20 short years ago, Kuwait was paradise. I believe it, there is so much beauty here, so much natural richness. They say Kuwait was more free twenty years ago.
I know my focus on the internet phone service is selfish; there are bigger problems to be solved. Right now – it’s the one that affects ME!
Record foreclosures hit mortgage lenders
This story is from USA Today and is related to an earlier blog entry on spiraling mortgage foreclosures. The reason it caught my eye is that no-where in the article does it mention that the top two states where foreclosures occurred are Mississippi and Louisiana, the two states most recently hit – and hit hard – by hurricanes. And the reason people are failing to continue mortgage payments are that in some cases, the houses no longer exist and either they had no insurance, or the insurance company found a way NOT to pay up.
This is a big story – the record foreclosures – and evidence how in every society, when borrowing money becomes too easy, people get hurt.
It is an equally big story when the insurance companies don’t pay up. I have been told by the company insuring my Florida house that they will probably not continue insuring me. It is hard to find a company who will insure your house against hurricane damage in Florida.
By Noelle Knox, USA TODAY
The reason many mortgage lenders are in trouble became alarmingly clear Tuesday. The Mortgage Bankers Association said more than 2.1 million Americans with a home loan missed at least one payment at the end of last year — and the rate of new foreclosures hit a record.
The problem is most severe for borrowers with scuffed credit and adjustable-rate mortgages. More than 14% of them were behind on their payments. And the worst is yet to come, the MBA said. At least $300 billion in subprime ARMs will reset this year to higher interest rates. Those borrowers face higher payments and a harder time refinancing.
Blindsided by the number of loans that have already gone bad, more than two dozen lenders have gone out of business or been purchased. New Century Financial, the nation’s second-largest subprime lender, has quit making loans and is edging toward bankruptcy protection.
“There’s been a stunning erosion of mortgage quality,” said Mark Zandi, chief economist at Moody’s Economy.com. “It’s primarily in the subprime market, but the entire market is weakening … and that adds to problems in the housing market, and by extension the broader economy.” Retailers are already feeling the effect, he said, because homeowners tend to spend less when they fear their homes are worth less.
To stem their losses, lenders are ending 100% financing plans, requiring better credit scores and demanding more proof of a borrower’s income. The stricter rules are squeezing first-time buyers, as well as homeowners who want to refinance.
To read the rest of the story, and to see a state-by-state list of mortgage foreclosures, Click USA Today, here.
The Wire
A couple years ago our son started talking to us about The Wire. He always puts us on to really interesting series. The Wire is an HBO series, like Rome
Season 1 starts with a new unit being set up to interdict the drug trade in Baltimore. Season 2 re-unites the team to combat illegal imports and illegal importation of sex slaves out of Eastern Europe and Asia. Season 3, my favorite season of all, is back to the drug trade, but with a difference.
In Season 3, one police district changes the rules. They clean up their neighborhood and send all the drug traders and sex trade workers to one area. The area doesn’t legalize crime – not exactly – but the police leave that area alone. As they explain it to the primary drug dealers, it’s a little like Amsterdam. The homies don’t understand; they call it “Hamsterdam”. I laugh everytime I hear it.
The series doesn’t focus strictly on the police – we get to go inside to watch how the drug dealers organize and divide up the city. We learn how drug lords use big business management modules to streamline their supply and demand, and to stay ahead of the police technology. And they are masters at manipulating the judicial system.
There is brutality. There is sex. There is love and there is betrayal. Sometimes, it isn’t easy to tell who the “good” guys are. There are bad guys who show decent values and there are police and politicians on the take. You get the impression it is probably pretty real stuff. In one season 3 episode, a policeman is shot in the line of duty, and they hold a wake in an Irish pub. They are all very very drunk, and vomiting out in the streets. It isn’t pretty.
And all the same, when each season ends, we can hardly wait for the next one. It is gripping drama, vintage HBO cutting edge production. It keeps you on the edge of your chair. You can read more about The Wire at it’s HBO site, where I just learned that The San Francisco Chronicle calls The Wire “the best television show of the year.”
Internet Phones Giggle
From a teeny-tiny article on page 2 of today’s Kuwait Times:
‘Phone’ Teams Honored
Kuwait: It is important to reduce charges of international calls to prevent illegal activities, Communication Minister Dr. Maasouma Al-Mubarak stressed yesterday.
In a press conference held on the occasion of honoring the team of the ministry’s telephone control department, Al-Mubarak said the department succeeded in cooperation with the Interior Ministry in locating and stopping illegal international calls dealers praising their efforts that continued despite the dangers they faced.
My comment: I’m sorry. I truly mean no disrespect. And at the same time I am having a very hard time trying to maintain a straight face. Oh, these dangerous telephone callers out there!
• Raiding brothels.
• Chasing drug dealers.
• Dealing with arrogant/immature/drunk/drugged drivers.
• Family disputes involving knives and guns.
• Protecting the borders, land and sea.
All of the above can involve serious dangers. One of the axioms in policing is that your most dangerous call is getting between a fighting husband and wife. But the bravery of raiding telephone call centers? Please. Spare me.
You can’t turn back the clock. Technology has given us a whole new way of making international calls. The MOC can spend its resources fighting a numerous enemy – people who want to make reasonably priced phone calls – or they can become a part of the solution, regulating and encouraging growths of new technologies to the greater good of all.
Amer Al-Hilal Steps Up to the Plate
He eyes the pitcher. He swings the bat! He connects! He hits the ball out of the park!
OK, OK, sometimes I carry an analogy too far. But seeing our fellow blogger Hilaliya: A Kuwait State of Mind on the front page of today’s Arab Times, taking a swat at the recent ban on internet phone services made me feel like dancing.
He encourages all of us to raise the cry against this ban, a ban which is unenforceable (think of all the IT people running around Kuwait who know just how to get around this blockage) and counter to the best interests of the state of Kuwait. As Amer says – Kuwait needs a Minister of Communications who looks toward the FUTURE, and makes policy decisions for the long term good of the state and community, not one who barely comprehends the new technologies and is unwilling to go with the times.
You can’t hold back technology. The genie is out of the bottle. So how can you use the new technologies to better serve the needs of the wealthy state and its inhabitants?
Warning to Egyptians
Please, please, somebody else read this and tell me what it means. From today’s Kuwait Times:
Informed souce at the Ministry of Communications revealed that the closure of websites of companies that offer illegal international telephone call service was successful because the number of international calls from Kuwait and coming to Kuwait from other states increased following their decision.
On the other hand, the Egyptian ambassador to Kuwait Ahmad Abdullah warned Egyptian expatriates in Kuwait against violating the Kuwaiti laws expecially following a number of complaints were filed against Egyptian citizens of cheating residents with providing illegal residence permits and driving licenses. The ambassador asked all Egyptian expats to avoid this kind of illegal actions because the expats who commit such crimes will be deported from Kuwait, reported Al-Qabas.
My comment: Excuse me? How are these two paragraphs even related? How is banning telephone calls successful due to an increase in the banned telephone calls? And for what will Egyptians be deported – using an illegal phone? Providing fake residencies? Fake driver’s licenses? All of the above?
Raise Your Voices
My blogging friend Hilaliya raised HIS voice in an article entitled Kuwait ‘Ministry Of Communications’ Attempts To Extort Internet Users and found an elaborated article on the Ministry of Communication ban. You can read his rant, and go to the Arab Times article by clicking here.
Internet Phones Blocked in Kuwait
Watching the news lately, I became more and more uneasy as Indian telephone service providers – evidently clandestine – were raided with frequency and shut down. All these men want is a few minutes chatting with their families, without paying an arm and a leg.
We’re all in the same boat.
In a tiny little article in the Kuwait Times yesterday, they announced that ALL internet calling services would be blocked. Those that are not already blocked soon will be.
I had heard rumblings from friends, phones not working, etc. We all subscribe to Vonage, or Skype, or one of the myriad internet phone services; it’s part of what makes living and working in Kuwait DO-ABLE.
This last year, with my father dying, the phone was my lifeline. Because it has the same area code as my family, my Mom felt free to call me anytime and give me an update on how Dad was doing. When I know we are going back for a visit, I can get on that phone and make dental appointments, schedule a doctor’s appointment, harangue my bank when they have made a mistake.
I don’t even have a private land line into our dwelling. There is a phone, but it goes through the desk where the guard doesn’t really understand English that well. All my calls come through my cell phone . . . OR the internet phone. The price of the service was well worth it in terms of my peace of mind, and my mother’s, and my sisters. Our son feels free to call us when he chooses – it is a Godsend.
The land lines here are notorious. I am outraged. The international call rates are extortionate, and the call quality is horrorific.
When we lived Qatar and the internet phone services were blocked, the major international companies in town all went to their ambassadors and had them formally protest to the government. The ambassadors made the case. And the ban was reversed.
Please. If you are Kuwaiti, use your wasta. If you are a guest-worker here in this country, protest to your Ambassador, and ask her or him to get involved, to take this to the highest levels. This ban on internet phone services hurts the morale of ALL people here in Kuwait who have family in other parts of the world. It makes Kuwait look greedy and mean-spirited, and we all know that is not the true nature of Kuwaitis.
Mortgage Crisis Spirals
(My comment: Belief in promises of “easy” money cause problems all over the world. Eventually, there is always a price to pay. Meanwhile, the current crisis presents buying opportunities to those who have saved and wisely invested.)
Mortgage Crisis Spirals, and Casualties Mount
from today’s New York Times
By JULIE CRESWELL and VIKAS BAJAJ
Published: March 5, 2007
Even in affluent Orange County, Calif., the growing wealth of executives and brokers in the booming mortgage industry was hard to miss.
For Kal Elsayed, a former executive at New Century Financial, a large lender based in Irvine, driving a red convertible Ferrari to work at a company that provided home loans to people with low incomes and weak credit might have appeared ostentatious, he now acknowledges. But, he says, that was nothing compared with the private jets that executives at other companies had.
“You just lost touch with reality after a while because that’s just how people were living,” said Mr. Elsayed, 42, who spent nine years at New Century before leaving to start his own mortgage firm in 2005. “We made so much money you couldn’t believe it. And you didn’t have to do anything. You just had to show up.”
Just as the technology boom of the late 1990s turned twenty-something programmers into dot-com billionaires, and leveraged buyouts a decade earlier turned Wall Street bankers into Masters of the Universe, the explosive growth in subprime lending turned mortgage bankers and brokers into multimillionaires seemingly overnight.
Now an escalating crisis in the market, which seemed to reach a new crescendo late last week, is threatening a wide band of people. Foremost are the poor and minority homeowners who used easy credit to buy houses that are turning out to be too expensive for them now that mortgage rates are going up, but the pain is also being felt widely throughout the business world.
Large companies that bought subprime lenders during the boom, like H&R Block and HSBC, are now scrambling to sell them or scale back their exposure. Many investors are also likely to suffer: Wall Street firms made billions in fees, commissions and trading revenue from packaging and selling subprime mortgages to them as bonds.
New Century has emerged as a poster child for the lenders that rode that boom to the top and are now in free fall. The company disclosed on Friday that federal prosecutors and securities regulators were investigating stock sales and accounting errors. The latter could jeopardize billions of dollars in financing for the company, which issued $39.4 billion in subprime loans in the first nine months of last year.
Weakening home prices and rising default rates have rocked the subprime business. But for those who cashed out before the market turned, the ride up was particularly sweet. The three founders of New Century, for example, together made more than $40.5 million in profits from selling shares in the company from 2004 to 2006, according to an analysis by Thomson Financial. They collected millions of dollars more in dividends, salaries, bonuses and perks.
The company said in a statement yesterday that the founders were “still significant shareholders,” noting that they collectively owned about 7 percent of the company at the end of last year.
New Century’s stock price, which seemed to mirror the trajectory of the subprime business, peaked at nearly $66 a share in December of 2004 and traded in the $40s most of last year; on Friday, it was trading at $11 a share after the market closed. In a series of sales from August to November, two of the company’s founders sold shares for an average price of about $40 a share, for a total profit of $21.4 million.
It is not known whether the stock sales by the founders are among the sales being examined by federal investigators. Some of them had been part of scheduled stock sales that are often used by executives to diversify their portfolios. But some of the sales occurred on the same day that the executives entered the plans. A New Century spokeswoman, Laura Oberhelman, said that executives declined further comment.
You can read the rest of the article by clicking here.
Women in Pakistan
Last but not least from today’s Kuwait Times are two articles from recent news in Pakistan, both involving women and the men who (seem to) own them:
Police Seek Pakistanis Pressing Woman to Hand Over Her Daughter
Karachi: Police are seeking ten men, including several tribal elders, accused of pressuring a Pakistani woman to hand over her teenage daughter as payment for a 16 year old poker debt, officials said yesterday.
In the latest case highlighting how conservative customs threaten women’s rights in Pakistan, Nooran Umrani alleges that despite paying off her late husband’s debt of 10,000 Pakistani rupees, she was threatened with harm if she failed to hand over her daughter, Rasheeda. The 17 year old was to be surrendered as a bride for the son of Lal Haider, the man who won the card game years before, Umrani told reporters . . . Police said yesterday that the mother and daughter were in their protection and that an investigation was opened against Haider, his son, and eight others. . .
Nooran said her husband was a gambler who ran up the debt at a poker game when Rasheeda was 1 year old. He promised Haider that he would get Rasheeda in lieu of payment when she grew up, Nooran said. . . .
President General Pervez Musharraf has vowed to give women more rights in line with his policy to project Pakistan as a moderate, progressive Islamic nation. In December, Musharraf signed into law a bill that makes it easier to prosecute rape cases in the courts, and the country’s ruling party recently introduced a bill to outlaw forced marriages, including under tribal custom in which woman are married off in order to settle disputes.
My comment: The debt was paid. And what was the father thinking?? giving away his daughter to cover his debts? I can’t wrap my mind around it.
Pakistani Sells Wife’s Kidney to Buy Tractor
Karachi: Pakistani police have arrested two men after a village woman complained that her husband and relatives had sold one of her kidneys in order to buy a tractor, police said yesterday. Although her kidney had been removed 18 months earlier, the woman named Safia only learnt it was missing after seeking treatment for a urinary tract problem in January. “She had said she was three months pregnant when her husband, Shakeel Ahmed beat her and then took her to the hospital for treatment,” said Mohammad Akram, duty officer at Noushera Jadeed police station in Punjab province. “But at the hospital, her husband, in connivance with three other people, sold her kidney to buy the tractor,” he said. Unlike many other parts of the world, including neighboring India, there is no law in Pakistan banning the trade in organs. Poverty-ridden Pakistanis living in rural areas sell their kidneys to pay off debts or raise money for their families. Sick but wealthy Pakistanis, and foreigners from the Gulf, Britain and Canada flock to private hospitals in Pakistan for kidney transplants, made possible by these donors.
My comment: Seems his wife is just another revenue-raising resource to Shakeel Ahmed. If asked, she might have even agreed, but it would be nice to be asked, not to discover it 18 months later. The news article says he was arrested. I wonder if he committed a crime under Pakistani law?
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