why don't they don't just put Chris Rufo on the board? https://www.motherjones.com/politics/2023/03/mike-flynn-and-maga-activists-wage-war-against-a-florida-hospital/ ht Kevin Drum
"When it comes to Biden’s plan to forgive student debt…the same venture capitalists begging for handouts were howling about…unfairness. That kind of attitude is so deeply baked into American culture that policymakers have become allergic to clear + direct state action. Instead, they try to hide their tracks—instead of social-democratic welfare programs, we get benefits buried in the tax code so people can pretend they aren’t beneficiaries of government help." @ryanlcooper https://prospect.org/economy/2023-03-14-economy-could-not-exist-without-government/
one interesting aspect of the #SVB saga is that the VC community ran, when you might have expected that tight-knit community to save its bank J. P. Morgan (the person) style.
to what degree was that choice — run vs cooperatively save — conditioned by a some VCs stake, ideological and financial, in bitcoin as the inevitable replacement for a fundamentally broken and corrupt banking system?
i’m a huge @ddayen fan, and i agree that SVB’s customer base is particularly unsympathetic.
but the idea businesses should in general split deposits or use CDARSes and other techniques that basically game the deposit insurance limit is not ideal. if they do, it puts FDIC on the hook anyway, but at waste of lots of people’s time, generates unnecessary complexity, creates fee opportunities for new species of useless finance professionals. 1/
https://prospect.org/economy/2023-03-13-silicon-valley-bank-bailout-deregulation/
i 1000% endorse his mocking condemnation of the “crapo bill” and its supporters though.
it probably is not a coincidence that precisely the banks who took advantage of that abomination (hint — not predominantly small community banks) are now the locus of a new crisis. (thanks Rs and sell-out Ds.)
deposits and payments should be structurally segregated from risk investing (including traditional commercial-bank risk investing, not just the glass-steagall stuff). postal banking ftw. /fin
[new draft post] Unlimited deposit insurance https://drafts.interfluidity.com/2023/03/13/unlimited-deposit-insurance/index.html
what is the ultimate incidence of a “special assessment on banks, as required by law”? is it consistent with “no losses will be borne by the taxpayer”?
i hope the silicon valley community considers that if we had postal banks offering business deposit and payment services, they’d never have to worry about this kind of thing.
maybe this time we can think about explicitly segregating payments and deposits from investment-at-risk.
Thirty biggest banks by total assets as of 2022-06-30
BREAKING: parent company of instagram and facebook announces name change to FEDI.
[/satire]
the output of a LLM should be described as a Rorschach text.
i learned desktop publishing on Aldus PageMaker, migrated with it to Adobe then, to InDesign for which to this day, absurdly given how little i use it, i pay monthly.
we did a flyer together, and now the kid wants to learn how to layout and design pages. i’d rather not get his habits tangled with Adobe software. what should we use?
@mpjgregoire@mamot.fr @mtsw one way or other, remedying an ideological and rigged court requires just a sane majority in Congress and the will to use it. we arguably were just a sinemanchin away a few months ago. there are lots of ways to do it (besides just “packing the court”). here’s my suggestion https://www.interfluidity.com/v2/7964.html
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[new draft post] Libertarians and hierarchy https://drafts.interfluidity.com/2023/03/08/libertarians-and-hierarchy/index.html
On the "new wave of search engines" #DmitriBrereton https://dkb.blog/p/the-next-google (from April 2022)
what if we are all bots and you are living inside some digital Truman show?
The economic left: Run the economy hot! When labor markets are tight, businesses have to bid up wages and working conditions to attract their workers.
The economic right: When labor markets are tight, we just payoff state legislators to legalize brutal child labor.
[new draft post] Dilution of faction requires voting system reform https://drafts.interfluidity.com/2023/03/08/dilution-of-faction-requires-voting-system-reform/index.html