skysight-inc/HackerNews huggingface dataset:
Every US person pays for taxes on capital gains and income tax at some point and those taxes ain't zero for executives of large corporations. Not even close. This extreme focus on taxation of corporations is bizarre. Eventually corporate profits need to be used by people. Companies cannot buy houses and living properties for executives either unless there is a legitimate business purpose rolled in somehow. You can try to bullshit the IRS but they will come down on you like a bag of bricks if you feed them a load of crap.
I love humorous legal writing. Some of the best writing and humor come together to make something great.
I am not a fan, and would not bet on Musk, but the attention does seem inordinate.
Making the leap from ensuring money saved in safe, heavily regulated entities to "backstopping every single risk" is disingenuous. There are risks businesses should have to think about. Safety of money in their bank isn't one of them.
This could work well for small scale farm lands owned by small families as these farm lands use more manual labors than tractors. The farm lands I am talking about are like the ones in the highlands in South East Asia.
depends on the origin of said parachute
https://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_legisla...
Tucker Swanson desperately trying to build a lifeboat...
It would be really cool if there was something that provided before and after samples then walked through the changes that were made to improve things.

Even just cleaning up a podcast.
> to pay isn't related to liquidity today or tomorrow, it's related to their asset's value

How do you calculate that precisely? That seems like a fuzzy distinction, considering that the value of things change over time.
The far right as grown MUCH crazier over the last 30 years than the far left, mainly thanks to dedicated propaganda outlets like Fox News brainwashing people.
Here's Cramer touting Silicon Valley Bank when it was still at $320 before the run started.

https://twitter.com/CramerTracker/status/1634237672997699602

"I think the fears are not justified SIVB and it's a very compelling situation" about 0:25 into the video

Last trade in SIVB before the markets opened on Friday were around $40 so that's about 87.5% down from where Cramer was touting the stock.
>Instead of picking a negative consequence of some change and ignoring the net change, look at the pros and cons

I actually did, you didn't which is why you're engaging in whig history. Today roughly one in six youths is obese. 10% of all American teens are prescribed some psychiatric medication. Over the last five years about 20% of high school students have reported thoughts of suicide. Today people from all age groups report fewer social connections than in any prior decade. All of these stats are at all time highs/lows.

This pattern you're talking about doesn't exist. If you look at actual data there are huge losses in quality of life, some having continued for decades. The tech utopianism in the face of clear evidence is pathological and imaginary. Vague arguments about "thousands of years of history" (do you actually have data on happiness and well-being over 'all of history')? don't constitute an argument, that's just fantasy.
Wow, you are such a tough guy! "Fuck them", you sure don't care about anything. Very, very macho.
It depends on the terms of employment. Anyway, blaming the CRO / CTO for trying to put out a dumpster fire isn’t really productive.

As for future employment. At least the current one tried to right the boat instead of jumping ship.
The auto email responses isn't a good example because that's actually the best use of AI generators.

Cuts down so much time speaking generic fluff.
I mean bad by low returns and long date to maturity, as in a poor choice.
Depends who is asking and when they ask. When there's a run, 2% is clearly bad for depositors wanting their cash back. When times are good, the banks investors want capital working as hard as possible to low available assets (usually) means more profit.
Sorry but no. Our ‘models’ of the universe will never be 100% correct.

If you’d like a 100% ‘correct’ explanation of the maxwells ‘laws’ of electrodynamics I refer to a sibling comment regarding the Feynman lectures. lectures.
Contagion. People are nervous that other banks are as insolvent as SVB. And even if those banks aren’t, nervous people making a bank run could replicate this. And if another bank falls, then another it would increase velocity and spread more rapidly until every bank is wiped out.
JPM bankers pull all-nighters to take on clients of Silicon Valley Bank
I've been waiting for a "true" microkernel OS since 1980s.
> the economists at the fed think the only possible cause for inflation is demand pressure, forgetting the historical supply crunches that have led to inflation.

No, the economists at the Fed do not think that. Or rather, they try to find out what is driving inflation in any given situation, like they did with this 2022 study:

> Inflation has remained at levels well above the Federal Reserve’s inflation goal of 2% for over a year. Separating the underlying data from the personal consumption expenditures price index into supply- versus demand-driven categories reveals that supply factors explain about half of the run-up in current inflation levels. Demand factors are responsible for about one-third, with the remainder resulting from ambiguous factors. While supply disruptions are widely expected to ease this year, this outcome is highly uncertain.

* https://www.frbsf.org/economic-research/publications/economi...
Montreal police are some of the worst police in Canada and the Montreal prosecutors always take any arrests by police before a Judge even if there are glaring mistakes at play. I know of a cancer patient that wanted medical assistance in dying. The hospital didn't want to provide it to her and lied to the police about her threatening to take a life of a doctor. She in fact was explaining to the doctor she would be able to take someone else's life if the roles were reversed and if someone needed to die from medical assistance in dying; which is legal here in Canada but doctors are hesitant to treat young adults in her case with the same respect as the older generations.
If you like well written Canadian legal decisions, check out the decision in Meads. v. Meads on sovereign citizens.
A bit ironic of you to post this anonymously.
Right, but that's my point, not necessarily agreeing with the motivation or such. If the transfer went through before the FDIC shuttered them this AM, it could be argued that the transaction was entirely authorized _at the time_ the ACH debit occurred.

Hopefully banks will sympathize, but I don't know that you can say "the bank was forcibly closed the day after this ACH transaction, so it's unauthorized, because I intended to have those funds flow outbound later".

It would be unauthorized if the ACH debit was _initiated_ after the closure of the bank.
"Axios exists to spread left wing viewpoints. How is that any better?"

Right wing tends to be very egalitarian compared to the right's support of a social hierarchy and wealth concentration.
if banking was less profitable, all else being equal, you'd expect that there'd be less banking activities including loans. Less loans means less economic activity from what those loans are funding (such as business loans, or construction loans etc).
MBS is not the problem here. It’s not 2008.

They bought bonds when interest was low, now interest is high and they’re worth less.

SVB wouldn’t have lost cash on those bonds if they didn’t experience a bank run.
"Issuing a loan" and "buying debt" are the same thing in different words. Issuing a loan is still, in effect, buying an asset.
I wonder if Brex ACTUALLY has 3rd party capital lined up to fund these loans yet. It seems just as likely to me that they're getting out early with this message to drive account sign ups, while betting that they can piece together a lending partner on the backend over the next week.
> Multiple people were calling me to ask whether they should get their money out of their bank

Should we? At minimum keep as close to $250k or less spread across however many banks as practical, right now.
Funny there're still people and companies trusting bank with everything they got. Hopefully lesson learned
Another interpretation is that this is generally how the FDIC likes to do things: take over on Friday and reopen on Monday. Not sure that will happen in this case but the regulators get two days to prepare to reopen, which at least in recorded US history is seamless and without risk for retail depositors.
No, no, quite the contrary. I mean, money itself is an illusion, but within that illusion, understanding accounting and credit money creation is absolutely fundamental. Read this paper.

https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...
it is insolvent. It sold assets at firesale. That wiped out SVB's entire equity!!

If SVB literally had a way to hack the time-space continuum and wait out for asset prices they own , to stabilize ("maturity") , or to pay them back in full ( a loan)...SVB would STILL likely lack enough funds to pay back their deposits.
You still need a console, but no ps account required.
What's really the difference between issuing a loan and buying the same loan issued by someone else?

SVB bought a load of treasury bonds which is equivalent from a risk perspective from issuing a 10 year (or whatever) loan to the government, right?
Thanks for that. I find it interesting that so many of the companies filing SVB-related 8-Ks (even if to say "we have no/minimal deposits with SVB") are biotech/pharma. Traditional tech gets most of the attention, but SVB has been the Bay Area's biotech banker as much as anyone else, and thanks to its specialized wine practice is probably even more dominant in that sector.
I think that the big iron definition was "using BAL [basic assembly language?] on IBM hardware." Anyway, I knew a guy in the 1980s who described himself as a systems programmer, and as far as I know that was what he did.
AI Chatbot Spontaneously Develops a Theory of Mind
This bank was 40 years old. It’s leadership weren’t really just a bunch of startups.

I suspect your comment will age poorly. The solution to 2008 was to bail out failing institutions instead of letting them fail and be replaced with competent ones. If anything, since then, the institutions that created the 2008 crisis have consolidated market share, and gotten more and more regulations rolled back.
Yeah, probably the best way to prevent this from happening would be to have the FDIC guarantee up to 40 million for businesses, or something on that level. Going from having >95% of your cash uninsured to even like 30% uninsured (for a huge company) would be a massive change.
Is Y Combinator Worth It for HardTech Companies?
Curious to hear discussion about this.
Your last line is key... The silent ones are who you should be concerned about, most likely.
85% of _deposits_ weren't FDIC insured, not accounts. Every account is insured up to $250,000 by the FDIC.

I'm sorry for the people in that position but it's a distinction with a difference.
Glass-Steagall only prevented commercial banks from owning non-investment-grade securities - from what I have read, SVB’s portfolio (of Treasuries and MBS) would’ve been entirely consistent with pre-repeal Glass-Steagall.
> Brex's offer is collaterized up to 25 cents per dollar.

Do you know this? That's a number I (and some other posters) pulled out of a hat as a reasonable thing to do, but I don't think any of us had any sources for it?
Gp was adding nuance to the discussion that I found informative. Parent's post offers only a trite reminder with the goal, I suppose, of suppressing said nuance?
I mean, there are issues at Rippling. They had to switch banks and it caused a delay in getting payments to their clients' employees. That's a fact.

Yes, the issue was caused by their bank and not Rippling themselves, but the purpose of the article is to highlight how a separate company is impacted by the SVB fallout. At the end of the day, it's still an issue Rippling has to deal with.

I mean, that's why the headline goes on to say, "after SVB collapse". It makes clear that Rippling is suffering because of SVB.
How it is not Rippling responsibility which bank they use? We are not even arguing responsibilities anyway. There are delays if you are using Rippling which is the title.
I have literally no idea what the treasury people at SVB could have been thinking.
Quite a few sources were provided after all.
Oh no, I can only imagine, and please don't think for a moment that I'm saying that you shouldn't be able to cancel the transfer. And I hope you can!

Just more that it's odd for Rippling to say that people should report the transaction as unauthorized, because on a strict technical timeline, it wasn't, until the bank was closed, so if it had already debited someone's account before then...
“the crown” is an idea stemming from english constitutional law representing “the state”, i.e. the legal entity constituting the country. It doesn’t have a lot to do with the physical monarch except in metaphor. It looks like, based on some Googling, that Jamaica, which is a republic (canada is not) still uses the term “crown” in this sense: https://www.mof.gov.jm/careers/crown-counsel-mlss-legal-serv...
Extremely strange comparison to make. Trump's first term ended in a very rare re-election loss and endless lies that he actually won and then finally an actual attempt to prevent the electoral college vote from being certified by the VP by organizing a riot at the US capitol that led to the death of one person. In a just country Trump would be in prison for the rest of his life.
Wealthfront is running a banner at the top of their homepage advertising a savings account with a 4.05% APY + $2M of FDIC insurance.
Liquidity at a substantial loss on a long term maturity that would otherwise pay out as predicted is practically illiquid for a bank.

This was a liquidity crisis (bank run) which sparked a solvency issue, not a solvency issue.
Auto scrolling the page up to some full screen overlay requesting my email address is an automatic “hit the back button and leave” for me. Haven’t even had a chance to read one word, I’m not even going to waste time generating a throwaway forwarding address for your marketing.
Don't get me wrong, I like Mercury. They have a sweep program that allows you to 4x the FDIC insurance up to 1mm and moves it across multiple banks including JPM. I think the writeup about Evolve was more compliance than issues with its assets and liabilities.
> One word: "transitory".

It has been. We're barely at 1.5-2 years in length and it looks to be either stabilized and perhaps dropping.

A number of folks estimated that the COVID recovery stimulus would take about this long to work its way through the system, using Korean War spending as an analogue:

* https://www.piie.com/blogs/realtime-economic-issues-watch/in...

The fact that energy and food prices spiked due to geopolitical events threw a monkey wrench in the works temporarily, but now that those have stabilized, so has inflation.
I think you make a great point about Assange. Im going to leave these here for anyone who wants to know more.

https://theintercept.com/2020/10/06/julian-assange-trial-ext...

https://www.theguardian.com/media/2021/sep/27/senior-cia-off...
A choice made when? In 2023, 1932, 1823?
its not blame at all. Its competency.

My point is that anyone competent would refuse to take the job. BY doing the opposite (taking the job) , the prospect hire is demonstrating that he/she (a) lacked the expertise to detect the dumpster fire, or (b) lacked the expertise to understand it was not salvageable (c) lacked the work-rate to do their due diligence (particularly for RISK management).
It really depends on how much teams need to communicate with each other. I’d rather talk with my boss and whoever else is needed.

You lose a lot of momentum being pulled into a meeting you have no purpose in.
I really wish more blogs would follow your systems light/dark setting. Laying in bed, lights out, fiancé asleep next to me, read HN in dark mode... Tap this link and holy hell the flood light is on.
I'm surprised you didn't know this site :) it's pretty much a recurring meme under articles like this.
> Google Maps (this is also a bit edge case, as I like to be able to get places without it. To this end, I often will look up the suggested route before I head out and try to memorize it rather than using turn-by-turn navigation.)

The only thing keeping me from daily driving just a smartwatch or even feature phone is Google Maps... it's the closest thing to a superpower my phone gives me
I regret only getting one PhD
Does Zubatov misunderstand Marcuse, and the Frankfurt School more broadly? Maybe you are right that he does.

But even if he does – that's a long way off being a "far-right antisemitic conspiracy theory". People, on both left and right, misread history (and especially intellectual history) all the time. Just because someone's got their history wrong, doesn't make them a "conspiracy theorist", much less a "far-right antisemitic" one.

> and critically he's missing their loosely socially-conservative leanings - something that scholars seem to broadly agree on, and a key reason to dismiss purported links between the School and what often passes today as "radical" or sometimes as "socially progressive" thought

I don't think that necessarily follows. Coming back to what I said about Foucault – on the one hand, it is true that attempts to blame Foucault for "wokeness" tend to greatly oversimplify him. On the other hand, I don't think the right has any monopoly on misreading him – I think a lot of people on the left are guilty of reading him in overly simplistic ways, and if one was to claim that some of the excesses of contemporary progressivism have their (partial) origin in left-leaning misreadings of Foucault–that doesn't seem so implausible to me. But if that might be true of Foucault, might not it also be true of Marcuse and the Frankfurt School?
Researchers discover a method for generating new neurons in the adult brain
Not really practical for public access, but you can do this using Cloudflare Tunnel (running the cloudflared daemon on the host and client).

Products > Cloudflare Zero Trust > … > Add non-HTTP applications > Arbitrary TCP

https://developers.cloudflare.com/cloudflare-one/application...
GPT integrations you may have missed
I scrolled to the comments, as I often do, to see if this link was worth clicking. After reading GP's comment I decided not to click. Sounds like clickbait.
This. Better to pull the parachute than wait for the federal retrorockets.
That’s called a safety deposit box.
> For 7B model, it always goes above 32gb of RAM,

That's double of what Tinygrad uses
Yeah I don't see why SVB couldn't have just rolled billions in short term T-bills instead.
Some banks actually do want less deposits. They do things like increasing fees to chase them away. But it takes some real discipline and investor management to pull it off.
People holding large fixed rate loans are extremely unlikely to refinance, and are likely to weather inflation and rising interest rates pretty well.

It’s almost as good as buying bonds! No one’s gone broke doing that, right?
Plenty of banks will refuse to do business with, or impose onerous conditions on, companies with such characteristics as:

- founders from outside the U.S. or from certain countries

- operations/investments in certain countries

- operations in certain industries/market segments (including ones that are completely legal but are considered high-risk)

- founders/directors with previous bankruptcies/insolvencies or any criminal history

- activities anywhere near any legal grey areas or risks including things like cannabis or hallucinogenic substance sales/research even if legal in the company’s region of operations

Those come to mind now but I’m sure there are others.

It’s not just about accepting deposits but offering lines of credit, credit cards even with low balances, international transfers, insurance and other services crucial to the smooth functioning of a company.

Banks are inherently risk averse, and mainstream banks just don’t have the expertise or resources to look at startups and evaluate their risk profile, so will just refuse service based on anything slightly outside very narrow safety criteria.

Silicon Valley Bank is a bank too and still has to be quite conservative, but has been far more willing to do the work to accommodate the more risky/unconventional aspects inherent to startups.

A low-quality take is that if a company is in any way suspect it doesn’t deserve to be in business, but that position just wipes out swathes of innovation, research and wealth creation, and leads to a scenario where only people who are already rich (and American) can start startups.
Deserts are rapidly disappearing?
Circle: SVB is 1 of 6 banking partners Circle uses for ~25% part of USDC in cash
> We can transmit power pretty long distances these days.

Engineering feasibility is not the same as economic viability.
Those assets are year old long term bonds that have to be sold at a loss now (since interest rates are way up and brand new bonds pay better than these older ones).
For a large enough fee you will absolutely find (or create) such a bank.
Make your ears rumble? Stand while pooping? What???
There’s a huge difference between “oops we had a payroll issue it will be there tomorrow” and “oops lol our money is gone we can’t make payroll, maybe we can get a loan next week”.
Was it confidential info? The public earnings call was three days ago, investors didn’t like what they saw and the stock went into free fall, then the run started yesterday.

I think insiders might not even have realized how bad their balance sheet looked. On the earnings call the CEO was talking about how much he likes cycling to de stress, etc
Iran and Saudi Arabia agree to resume ties in talks brokered by China
https://www.npr.org/2022/02/10/1079842220/ottawa-trucker-con...

Ah yes, the confederate flag, that ubiquitous symbol of Canadian freedom.
Because the bank, like all capitalist entities, exists to make a profit. Why else?
No it wouldn't have. The company would still be solvent and have a large number of total deposits, just less in total than they could've had otherwise. What they did literally destroyed the entire company; not doing so would not have had that result. The outcomes are not comparable.
That's just the start of it. On Arm you also have the secure state and exception level.

Non-Secure EL0 is user space, with limited access to system registers.
Non-Secure EL1 is kernel space with more access to system registers.
Non-Secure EL2 is hypervisor space with more access to system registers.
EL3 is the secure monitor.

I'm not sure what the secure states ELs can do, or if they have the same 3 ELs available as the non-secure side. Likely not. I've never used them, but I think the secure state is described as though intended for a set of micro-services that the Non-Secure levels can send requests to.

There are extensions allowing Hypervisor EL2 to be a Secure state. A secure hypervisor may be able to manage secure and non-secure kernels.

Arm allow various levels to not be implemented, supporting weird combos, like EL2 and EL0, without an EL1.

The current state can also control what you're allowed to do with peripherals, like the interrupt controller. Even if provided access to the GIC's full register set, code running in a non-secure state cannot reconfigure or induce a secure interrupt. Any such requests will be ignored. Secure and non-secure accesses to memory may read from entirely different RAM chips.

...The execution state gets kinda complicated.
> now it's just a tool, like many in my toolbag

Right it's just a tool, one which doesn't get much daily use by you. Which is totally fine. But say your job was to hammer in nails all day long, would you ask about the use case for screwdrivers? At your hammering job there are no screws, so screwdrivers must be totally useless, right?