skysight-inc/HackerNews huggingface dataset:
Please don't post extremist views claiming that they are basic economics.

Straight from wikipedia. This isn't basic economics. It's essentially the the absurd "capitalism at all costs" group think that's being called out here in this article.

It's why Alabama just rolled back child-labor laws today.

> In the early 90s, Austrian economist Steven Horwitz called the Mises Institute "a fascist fist in a libertarian glove."

> In 2000, a report by the Southern Poverty Law Center (SPLC) categorized the Mises Institute as Neo-Confederate, "devoted to a radical libertarian view of government and economics."[28]

> In 2003, an article by Chip Berlet of the SPLC noted Rothbard's disgust with child labor laws, and wrote that other Institute scholars held anti-immigrant views.

> In 2022, fundraising emails sent by the Mises Institute reportedly told followers that "elections aren't working anymore", arguing that the system is irreformable, captured by "parasites such as the Deep State, the political class, and the Federal Reserve", and claiming that "the Founding Fathers would demand revolution."

1. https://en.wikipedia.org/wiki/Mises_Institute
Its basically a slice of life piece from someone whose last project didn't go like they expected.

I guess writing is a bit like coding. It's hard to judge what will actually be good, what actually works, why and who is any good and for similar reasons.

If you build a bridge, anyone can see if it works. It's a lot harder to judge if writing or coding "works."

What work was done? How well did it do that work?

Inferring from proxies is always dicey and tends to not inspire confidence.
Pick a bank that only invests in stuff you think won't go down in nominal (!) value.

Like eg a money market fund that sticks to short term government debt. Or a 'narrow' bank.
LOL, Silicon Valley tech workers aren't living hand to mouth, and they have credit cards. They'll survive a week without pay.
> Q. What is the source of funding used by the FDIC to pay insured depositors of a failed bank?

> A. The FDIC's deposit insurance fund consists of premiums already paid by insured banks and interest earnings on its investment portfolio of U.S. Treasury securities. No federal or state tax revenues are involved.

Source: https://www.fdic.gov/consumers/banking/facts/#:~:text=what%2...
Exactly, and there are things like maceration pumps that allow us to put plumbing where it's difficult
>A university is not just a place to go to learn anymore. It’s a big club that happens to be a place where you study.

Yes. That should stop.

>Athletic departments are vital to the university system in American schools and their local economies.

That too.
A lot of SVB's assets can be sold immediately in robust markets (e.g. treasuries)
250k is not a lot. A 15-20 person company could conceivably spend more than that month, especially with dev salaries, rent etc.

How many of those have a treasury function?
Meh. I'm sure there's a lot of transactions like that.
It seems this will be funded by selling off SVB's assets.
The root cause of all of this is that the US is so corrupt that a large bank was able to exempt itself from international banking standards.

So it really is “the rest of us” who are to blame, by passively accepting corruption and feckless regulators. Taxpayers should pay the bill, it might incentivize them to get off their ass for once.
Oh my. And your comment started so well. If you really want short intro, I would recommend Jim Stanford's Economics for Everyone. It actually starts with a recommendation to go out and ask local people and businesses, how are they doing.

Michael Goodwin's Economix is also pretty good. It mentions all the different heterodox approaches.
FDIC is funded by insurance premiums of member banks but also can also request money from treasury (afaik never happened). So the money comes from banks paying into FDIC, not tax payers.
Ugh, not this clickbait again. The actual title of that article should be "explanation of flight defies a simple intuitive explanation that is both wholly correct, and understandable to the layman". Very different then "no one can explain it!"
The FDIC insures everyone, up to a certain amount.
Are there any banking experts here who know whether the FDIC has to / will sell the CMOs (that are under water that were the proximate cause of the bank run) now for whatever they are worth, at a loss?

Or could they or some part of the government buy them at face value and hold them til they mature, while making the bank depositors more whole?
But why not turn the Flag Shield on for that post? That's been done in the past for other contentious topics. If ever there was a time to get a return on investment for running this forum, right now would be it! Otherwise what is the point of paying the server bills and dang and co's salary? What is the ROI for running HN if not for this sort of emergency?
Hang in there. I’d say your experience is pretty good. Maybe try AB testing your resume structure and wording, improving social media, etc.
Where does it say that? All I see is the exact opposite being said.
> but isn't great academics the entire point of the Ivy league?

No, that is just branding. If these institutions were truly based on merit the legacy system wouldn't exist.
This is a very good/short description that explains what happened. It's not that they made risky investments but rather lack of diversity plus the insider trading of everyone pulling their money did they in. No sympathy.
You trust that brands wouldn't spend the money adding invisible hardware into consumer devices.
The seeds of Lehman’s collapse were planted years before its eventual collapse. Pushing the envelope as far as one can get away with (literally) seems to be the key to success as a banking executive.
FWIW, this page is from Friday, so I don't think it has new information: https://web.archive.org/web/20230310190411/https://www.fdic....
I've been using ES6 directly, with ArrowJS for dynamic HTML and observable data, and it's been delightful.
Dunno, had to look him up, and I've been on HN for 15 years or close...
Eventually, the bank’s assets. It’s not like they were broke or pilfered. They just couldn’t operate anymore.

So the FDIC’s responsibility is to do something with what remains. Selling it all to another bank was one option that may not be panning it out; failing that, they’ll fund depositors, creditors, and investors as individual blocks of assets are wound down.

Insured depositors are sure to get all of their insured funds and the FDIC would have provided their own funding for that if they needed to. Uninsured balances and uninsured depositors will have high priority for what remains, which should be substantial.

These advanced dividends may come from liquid capital at the bank or from some other source of funds the FDIC has access to, and will be based on what the FDIC is already confident they can recover from the assets.
The metaphor is not appropriate because a HOA isn't limiting competition in any meaningful or significant way.

Whether or not a couple houses in a couple block area, or 1 apartment building all "collude" to do something has very little effect on the competitive market of the massive housing industry.

But large, major players in the education space (each of which enrolls thousands of students), all agreeing together to do something, has a much larger effect, in comparison.
This kind of stuff clearly shows that GPT can generalize concepts:

https://twitter.com/emollick/status/1626084142239649792
I was laid off in November - few false starts here and there but I start my new gig on the 20th. Better yet I have $20k left from severance which is really nice.
The limitation is because of the word position embedding matrix size. This isn't a config issue, or an API limitation. This is a limitation on the size of a matrix that is part of the model and is decided on before training. You can't change it.

What does that mean?

For each token in your input or inference output it requires the model to have some understanding of what the position of the word means.

So there is the word position embedding matrix that contains a vector per position. The matrix has "only" 1024 entries in it for GPT2 or 4096 for GPT3. The size of each entry varies as well, containing a vector from 768 for GPT2 small and up to 12,288 for GPT3.

So the WPE (word position embeddings) for GPT2 is (1024x768) and for GPT3 (4096x12288)

Inference requires info from this vector to be added to the word tokens embedding for each token in the original prompt + each generated token.
What makes you think they had infinite margin? (Or lobbied for it?)

They had assets on their balance sheet that lost in value. They lost enough value to wipe out all the equity, and become insolvent.

Very similar to how your brokerage account can go to zero, if you trade on margin.

The brokerage liquidating your account is pretty similar to the FDIC taking over SVB.

(Yes, in a technical sense SVB went to infinite leverage for a brief moment. Just your brokerage account can go to zero if the market moves faster than your broker pre-emptively liquidates your stuff.)
You underestimate how wide spread SVB's depositor base is and who all these "tech workers" are. SVB has offices in Georgia, North Carolina, three in Texas, etc, etc. A lot of them will have trouble if payroll isn't met (not to mention the company's legal obligations to pay people on time for work already done).
If your company doesn’t make payroll, how long would you keep working there? Most people don’t/won’t/shouldn’t work for IOUs.
What exactly is the individual risk of moving everything to big banks?

Seems like a no brainer move to shift your cash to JPM, at least until this blows over.
If that was true the bank wouldn't be insolvent.

And yet: https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/03/DFP...
Seems like building buildings out of the wood would work right? Most of those aren’t going to be burned down.

Also, if we want to reverse global warming carbon sequestration is non-negotiable. We can’t just stop digging up coal and oil cold turkey, and the earth has already warmed enough (and will continue to warm to about 2C) that we will need to go carbon negative, not just neutral.
Don't some states make directors personally liable if their companies miss payroll?
Because:

In the United States, banks can empower the government in such a way as to crack down on 'problematic' things without a direct Constitutional crisis.

See Bank of America voluntarily handing the FBI their firearm related transaction dataset.

Private industry goves government a plausible deniability proxy in short.
Ah, this is an overloading of terms. Plato virtual columns are not computed columns. They're new storage.
They deposited excess of 250k in hopes of getting a better return on the money than traditional banks.
Is it still “early days”? I feel like actually using crypto is still as confusing and opaque as it’s ever been, many decades on in its development at this point. If all the effort sunk into this space hasn’t created a system/app/protocol that Average Joe is comfortable using to move money around, without the possibility that the entirety of their life savings is going to be irreparably wiped out, then will it ever?

I use Interac pretty much weekly to pay friends, rent, whatever. Every Canadian has had to stumble thru at least one Interac e-transfer before due to its ubiquity. I’ve also never heard anyone DESTROY their life as a result of an e-transfer. Seems like a fair expectation to me!
SVB purchased corporate bonds that declined in value, but didn't decline all the way to zero. They still have those bonds, and I believe they can still be sold for > 80% of the price they paid.
Fed should take responsibility for erratic monetary policy and swap the MBS for cash. No sense tut-tutting over bureaucratic bullshit.
Keep moving citizen, nothing to see here
It's quite bizarre to watch this discrimination against AI forming, where we make these increasingly more intelligent entities, and now everyone is out to prove they're stupid, and by definition they'll always be stupid, because only humans can be smart.

I don't want or need to anthropomorphize AI (yet?), but this reaction by us is a tad too similar to rather uncomfortable parts of our history.
MPL2 is one of the better and more abuse-resistant licenses out there. The only people not adopting are those with abusive attitudes
The FFIEC would almost certainly stop such stupidity, though they’ll have to catch it on an audit first.
from audience capture to captured by the audience!
Every bank account is insured up to $250K.

Beyond that, customers have "uninsured deposits"

But the FDIC is in the process of selling all the banks assets, which nearly cover all of their outstanding deposits. No one knows how much that difference will be right now. But companies should expect a lot more than just the minimally insured deposits back.
>We’re not talking about income inequality.

Aren't we? Isn't the very title of this HN post "why aren't you making" X amount?

In any case, wealth distribution is more or less the same regarding US and EU: EU fares better (less inequality).

It also fares better in more humane lifestyle for more...
Yes-- if they kept that cash until now they would be sitting pretty
I’m impressed the feds operate so fast.
I’m getting better results with 30B unquantized (f16) than with 65B at 4 bits, FWIW. On a Mac Studio with 128GB RAM.
yes.

Why would they not use their own USDC reserves to buy more USDC ?

I suppose I dont know how the choice of what amount to keep in reserve is made, and who is deciding on bank institution(s) . Because, even if the price of the USDC temporarily go over 1, it would be fine considering the situation ?
Yeah this is nothing like the 2008 meltdowns. When WaMu and other banks went kaput it was an eeriely orderly and controlled 'demolition' with almost zero disruption for customers. The banks exploded on a Friday and were back open with the FDIC and giving customers full access to funds that Monday. There was a lot of communication and reassurance from the FDIC that no one would lose anything.

Here it seems like they're just shrugging shoulders and saying "I dunno maybe you'll get some of your money back, but no promises". Good luck to anyone that had major uninsured deposits there, I hope it works out in the end but it doesn't seem like any real help is coming.
Good question about leaving off the summary. I don't feel qualified to offer an opinion one way or the other; like I said, I'm just some guy on the internet, and you should probably consult with someone with real hiring or resume-writing experience before taking any of my advice. But whatever approach you take, best of luck to you!
This feels worse than 2008. Much more sudden and lots of companies affected overnight, not just home owners.
Decentralized crypto actually went up while the centralized went down.
USDC is back to $0.98 as of Saturday evening.
Because President Biden asked the intelligence community to look into that [1]. The Department of Energy has an intelligence group; they have to, since they look after the nukes. They look after the US nukes mainly, but they keep an eye on the other guys' nukes as well.

[1] https://www.whitehouse.gov/briefing-room/statements-releases...
That's exactly the point: not guaranteeing deposits incentives everyone to move all their money beyond 250k into a big 4 bank as soon as they can on Monday morning. Great for JPM, but could be deadly for a huge section of the US banking industry.
Yes, that's correct except confirm wasn't clicked in this video.
Personally, I agree with you. I've always kept a sizable emergency fund, something that everybody should do. But I've had someone tell me with a straight face how they're living paycheck to paycheck because their household income is barely $500k/year. So I think there are some people who may be in for a rude lesson in how emergency funds can really help in emergencies.
I don't know where this idea that "Everyone who has ever banked at a bank that went bust has gotten 100% of their money back" came from, but I keep seeing it in SVB-related discussions, so thank you for correctly citing IndyMac. ("Everyone who has ever banked at a bank that went bust has gotten 100% of the money FDIC guarantees" is correct, but that's not what they're saying.)

Given that more than 90% of SVB accounts are larger than $250K, this is especially relevant!
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>Because houses in the same HOA are literally right next to each other. Like a block away, whereas the same is not true for schools.

There are HOAs with tens of thousands of homes, spanning dozens of miles, this is not true.
Whenever I've seen a situation with low supply/high demand, networks trump credentials
Everybody works for IOUs. It's just a question of how much credit you want to give them.
Get LinkedIn premium and msg the recruiters for the job. I have a non FAANG profile and am regularly collecting offers doing that.

Going through the resume pile is work. The recruiter would rather not have to do the work and get a hire in the job.
What can be done to prevent the rollback of these regulations several years later when everyone has forgotten what happened?
>situation with low supply/high demand

https://www.cbsnews.com/sanfrancisco/video/unemployment-rate...
Then they should have only kept the minimum funds necessary for transacting business in that bank account and kept the rest in short dated treasury bills at another institution(s). Part of being a company is having a treasury department to manage the cash flow needs, whether that is one person or ten.
My understanding is that the FDIC does have to orderly liquidate all of SVB's assets unless they find a buyer. That does mean they have to sell all their outstanding treasury and mortgage assets, they don't have the ability to hold them to maturity (HTM).

SVB had billions of dollars in first-lost equity capital that was completely wiped out against those marks, hence them being insolvent. But that means there isn't a 1-to-1 lose for depositors against those underwater assets.
Or a Texas Sharpshooter.
Got laid off in October, worked on open-source projects, two of those ended up in the front-page, got contacted and signed an offer this month. I felt like shit and spent too much time getting baked, but it's over now.
people i knew got one or two years contractor with 10% more pay increase right away, i was offered more than that for two year contractor at meta twice so far but i prefer staying at where i am.
we are all decades experience in embedded system,this field seems to be more aging proof? i am not sure.
I don’t think anyone wants to eat the losses (that may be not entirely known) and if SBV was a bank that operated differently than others they may not want to adopt their practices/ customer expectations/ ire.

And most of all what Bank wants to adopt a bank who had a bank run? That’s scary.

I think every bank seriously fears such things.
I think the situation with China is forcing US policy circles to finally concede that free markets don’t bring freedom and democratization. The arrow of causality works in only one direction, freedom -> free markets. The former is a prerequisite for the latter, not a result of it.

Free trade between a free market economy and an authoritarian nation results in mercantilist behavior on the part of the latter toward the former, with a range of net detrimental outcomes to the former.
No, rvnx is correct. SVB held many of these assets as "hold to maturity" assets. Point being, if all of their customers didn't need to withdraw their money, then SVB would have been fine, as they could have safely held these assets to maturity and then redeemed them for full face value.

The problem is that just when their long duration bonds lost value is also when their startup-heavy customer base needed their money out for expenses, and with VC funding dried up they weren't getting new deposits. SVB's problem was that their liquidity issue became a solvency issue when it became public that they were forced to sell their long duration bonds at a steep loss to cover withdrawals.
The law itself was an honest acknowledgement that the state cannot protect women, especially in the late hours when there is no one else to intervene. So this state of affairs would need to change. It's not about any conservative view that women can work up to 8pm but not 11pm
"A lot of" doesn't mean there's enough to cover the deposit outflow. It may be that the remaining assets amount to 85-90% of remaining customer deposits and can be sold fairly soon. Thats not enough to prevent a bank failure but it's an awful lot better than 0% for folks wondering WTH is going to happen to their money. [Note: 85-90% is hypothetical,
the FDIC is likely in the process of figuring out what that number really is right now.]
The FDIC is a well-oiled machine.
> A peg only lasts as long as you have the currency to keep paying at that rate.

This logic applies to all bank deposits as well. SV Bank deposits were pegged to USD at a 1:1 ratio, they just broke the peg. People don't seem to realize USD bank deposits are not the same as USD. With "stable" coins it's more obvious because they have different names.
A lot of people are getting a crash course of how banking works this weekend thats for sure.
> I stopped guys, I stopped doing it.
> Just simple go, html, css, and a bit of javascript when it's needed for a form.

So you basically stopped being a fullstack dev, and moved to the back-end.
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But not for full price, that’s the source of the problem.
SOPS is really flexible and easy to work with once you get the hang of it. I haven't found any other good, vendor-neutral tools in the space.

Seems like the obvious way to go for storing secrets for 'GitOps' and IaC in general. I like the way it lets you combine GPG + Amazon KMS + instance IAM roles to sorta help ensure that secrets can only be accessed on some boxes.

I also like that it's not particularly Kubernetes-centric, so it's perfectly natural to use in simple ways in scenarios where Kubernetes would be major overkill.
> There are HOAs with tens of thousands of homes, spanning dozens of miles

Still has a significantly smaller effect on the market than a bunch of education institutions coming together to collude.

The education systems aren't even next to each other either. They don't have any business controlling other schools.

At least there is some nominal justification for a house to control their neighbors house, given that it is a living community.

I do not think that education systems as an entire system have the same justification to control one another.

Instead, they should compete in the market.
I will no longer give my phone number to a cloud provider. Count me out.
Why?

We'd still have to have time zones (except maybe it be more sensible to call them something else), and we'd still have to deal with the amount of daylight exhibiting significant seasonal variations at places that aren't close to the equator.

The fact that we live on an approximately spherical world whose rotation is not tidal locked to the star it orbits, that world rotates on an axis that is not perpendicular to its orbital plane around said star, we have a biology that uses local sunrise to synchronize its internal clocks to the planet's rotation, and we have spread to occupy regions of the world that are not near its equator imposes a lower limit on the complexity of our timekeeping.
How would an investor know if a bank is at risk other than speculation?
We don’t talk about the Snowden leaks enough. It’s truly shocking what was in there and we’ve all uttered a collective “meh”. I don’t know what SHOULD be done, or could be done, but it’s odd how rarely that data is incorporated into popular perception of the government and how much rarer still it is that we discuss it and contemplate what has been taking place in the intervening years.