skysight-inc/HackerNews huggingface dataset:
No but their quarterly statements do have relevant information, if someone wants to dig around. One would assume that if people spend hundreds of thousands of dollars on AWS (someone to manage their compute), they would spend some time doing due-diligence on the financial institution where they choose to park their money.
I dunno, seems hard to say. Upvote systems favor funny quips and matching the popular sentiment so I guess we won’t get a good measurement of meaningfulness.
That report references the last 40 years. The previous comment is in the context of Adam Smith who died over 200 years ago.

Capitalism and democracy are older than the PRC, and the billions aided by it include the entire modern western world.
Are you arguing about against just the first part of simple-thoughts's comment, or against both parts?
The CFO at any reasonable company can read the balance sheets of a few banks in a few hours and will need to do it 4 times per year. It's days of work, not more. And if the company is big enough, this job will be in the treasury team and again, it's certainly less than $100k worth of work.
> I have to learn bash anyway

Do you? You need bash installed, certainly, but you don't need to learn bash in order to merely execute bash scripts. To use an analogy, just because your distro scripts things in Python doesn't mean one needs to learn Python to use the distro. I basically never need to write or read a bash scripts these days (I use fish, but I rarely write a real fish script either; just learn the language of your shell and YOLO).
We castle and cathedral builders like to pretend there is great meaning in how we decide arrange the stones.
I'm pretty skeptical of their numbers as well. It costs calories to build the muscle in the first place. It's a snowballing effect.
That's supporting the second part of simple-thoughts's comment. It's unclear to me whether twblalock was arguing against that or not.
"I'm sure they will appreciate it. Over time your coworkers will respect you more and more."

I have been there, this didn't work out.
> I probably would have bought the $1250 tickets instead of the $5k tickets, but we certainly appreciated the upgrade.

It’s all about perspective.

For instance, my wife and I end up doing the MCO <-> ATL route a few times a year. We live in Orlando and our family/friends are in ATL.

(Don’t quote me on the exact numbers. I found something similar when I looked a couple of months ago)

I could fly main cabin for 13,000 miles one way and get around 1.3 cpp on Delta Main cabin. Alternatively, I was able to find a Delta flight booked through Virgin Atlantic for 18000 miles first class where I would get 1.7 cpp.

The value chasers would have chosen Virgin Atlantic. I fly Main anyway and it wasn’t worth the extra 5000 points.

While 5000 points is only worth about $75, even with my best earning Amex Point categories - groceries and dining at 4x on the Gold - I would still need to spend $1250 to recoup those points.

Also, the standard issue with booking through partners is that only a limited number of award bookings are open and usually first class. I could find multiple flights on any given day on Delta. I could find only one during the week on Virgin Atlantic.
Treasury bonds are not the same as treasury bills. Please please everyone stop commenting “facts” about stuff you’re not familiar with.
It's still trendy to hate on Electron?

Give it up. The ship has sailed.

I like native apps as much as anyone else but you've got to realise the absolute clusterfuck that is cross-platform development. Plus building rich GUIs is actually feasible when using tools that are actually meant to build rich GUIs (i.e. HTML/CSS/JS).
Israel's high fertility rates are driven by Arabs and ultra-orthodox Jews (haredim), two groups that, by and large, do not drive entrepreneurship and the tech sector. Quite the opposite, in fact, the haredim are exempted from military service and around 60% of them live off welfare.

And the only country in Scandinavia with real (universal) conscription is Finland.
I'm not saying you're right or wrong, but if this is true why have the $250k limit to begin with?
Consider financially responsible people in their 50’s and 60’s that have had decades to save. There are plenty of “regular”, middle class people with this type of savings in their account.
Next you gonna tell me he also didn’t get stranded on Mars?
That didn't prevent multiple runs against Washington Mutual in 2008, and it won't prevent runs now. People are worried that they won't be able to get to their money even if it is insured.

Plus, even if the "typical" consumers don't freak out, businesses might. There are a lot of businesses with accounts over the FDIC limit. Only about 60% of bank deposits in the US are insured.
Personally, seeing the government bail out corporations is what causes me to loose faith in our financial system.
Berkshire Hathaway could. They probably wouldn’t have insured SVB, though.
Ask HN: What has AI ruined for you?
AI has ruined my love of programming. AI is writing more code than ever and this takes the passion out of it. The algorithms that power sophisticated AI, perhaps the most important code out there, isn't written by humans or even understood by humans. And it's only a matter of a decade or two before nothing is written by humans, code or otherwise. People keep saying that the explosion of progress will just abruptly stop and the encroachments will stop but I can't agree with that no matter how hard I try because it has no basis in logic or fact. Every day I feel bitter about AI.
> it only takes a few depositors

I don't think so? I mean if you had everything concentrated in a literal handful of depositors perhaps, but surely no real bank is like that including SVB. The deposits were in the billions; articles say some depositors had amounts in the millions, a billion (American) is a thousand million, you know?

Levine was saying, and it sounds right to me, that when your depositors are a mix of ordinary people, they aren't all talking to each other or even paying attention, it prevents a stampede when there isn't any actual problem.

Of course, that doesn't mean SVB won't have effects on other things. I halfway expect USDC to collapse first thing Monday. When it rebounded from about 90 cents, I thought "ah, but didn't Coinbase stop withdrawals until Monday?"

But I'm making the distinction with any linkage or contagion that it's not going to be the same phenomenon, it's going to be something specific and different.
The bank isn’t saved, it’s gone. Shareholders wiped out, anybody like executives paid in stock will have lost millions and soon many will be unemployed. A new bank will be found to buy all of the assets.

It is somewhat of a bailout of depositors, but only in so far as the fed is going to print a little money to buy some securities (er, use them as collateral for loans) somewhat above a firesale market rate.

Banks are still going to lose money but are being protected from a panic collapse at no real cost to taxpayers.
They begged for special dispensation that they didn't ever need. They proved themselves to be both selfish and ignorant and deserve any derision they receive.
SVB’s Lobby Groups Fought Proposal to Bolster Deposit Insurance
If we net sell equity, borrow, and debase our currency, this is not “financial empire.” This is the reverse of financial empire. There is no “free stuff” and no “keep them coming back.” We are simultaneously depleting equity through IP, physical capacity and capabilities, and direct sales.
But is anything being done about it? It is both unequality and bananism at its best. You give money to the "rich" (though this time indirectly), you encourage recklessness and you also change the rules when you see fit.

All of these described above are "disrupting" the economy. And none of them is in our interest.
How would they even do that? Bitcoin handles ~350k transactions per day. VTI (Vanguard's Total Stock Index), a large size fund is on average traded 3,670k per day. That's one fund. There is no reasonable way for small customers to pull out of index funds to bitcoin unless there is a fundamental change to how bitcoin operates.
> these VCs and tech billionaires increasingly show themselves to be the enemies of the rest of us. they will control the AI, and will become increasingly brazen in their efforts to enslave those who are not in YC or open AI or which ever cliques the cartels maintain. this is real survival stuff, but the people who need to regulate SV and tech are asleep at the switch and dont understand how dangerous the SV people are.

But none of this happened in this specific SVB collapse. You can hate on billionaires but that doesn't mean it is ok for hundreds of thousands of payrolls of average people should go poof.
Isn't spite just wanting that version of karma or justice but hurting yourself in the process. If we let these banks collapse it's definitely going to hurt lower income people more than wealthy people so to me that is 100% spite
> It's very possible that if this is not done, the only banks left at the end of the week will be the "too big to fail" ones

It'll look not very much unlike Canadian domestic banking which has the "big 5" of banks: TD, CIBC, RBC, BMO, Scotiabank.

But instead, with Wells Fargo, Citibank, BOA, etc.

And everything else is really quite tiny in comparison.
That is why those were bailouts and this is not. Shareholders are not being protected.
Given the way this post title was compressed, it’s rather apropos that the post showing up right next to it on the HN front page is “Punctuation Matters: How to use the en dash, em dash and hyphen”.
> David Mullet, a member of the Old Order Amish Church and the owner of E-bikes of Holmes County, a popular bicycle shop in a heavily Amish-populated area of Ohio, explained that e-bikes are simply faster and easier than horses.

Well, certainly, but so are other vehicles you shun. I don’t get it, but I don’t really need to, either.
Even before AI that was true. France has a law that mandates every photoshopped picture of people used in advertising to be labeled as doctored. They just put it in tiny text on the side, but every single French ad with a person on it does say "Photo Retouchée" (because of course they all are)
I love these metaphors that equate losing money with death. The whole point of capitalism is that people who make good decisions get to become rich and people who make bad ones don't. SV founders believe this at their core; at least they pretend to. No wonder people think it's a total scam the way it's currently implemented.
Then people need to slow down and think about what justice really is -- is hurting the rich really justice if everyone else gets hurt too?
The only reason 2. happened anywhere on Earth for any period of time is because 1. happened in another. In other words, 1. is responsible for both 1. and 2.

https://redsails.org/concessions/
Asking is risky. You can't be confident that what you are told is fully in accordance with the by-laws of your university. The general attitude in universities is that you as a researcher should read and understand everything that pertains to your activities. Being a squeaky wheel is like having a target painted on your back.
Yeah. Python is a great language for glue. Glue does not need to be fast, it's hopefully small in scope, and it has (hopefully) one or few jobs. Python can be a great frontend to faster C code, but sooner or later it starts being the bottleneck where it matters. These pseudo-Python compiler/interpreters are... cool, I guess, and might even solve that problem in some cases. The issue is half of them target the syntax of Python, rather than integrating with the runtime (really, CPython). The problem, I think, is that we have huge applications implemented from top to bottom in Python where the bottleneck is... everywhere and there is no good solution that isn't somehow writing a faster Python implementation (Pypy will get you far) or rewriting it all in a different language.
That article is already out of date. Signature Bank also failed today.

I suspect that Signature Bank's failure is tied to their crypto activity. But the sight of 2 banks failing while there was an ongoing run on at least one more bank does seem like the kind of thing that could start a panic.
This scenario actually is more like unavailability. SVB has assets that cover your account at par value, but needs time to liquidate them at a decent price (or let them mature). The FDIC has that luxury. Your account would have been open (with most of your money available) on Wednesday without this action.

This isn't a Lehman scenario. Those assets are marketable and worth something. They just can't be sold too quickly. This is why the TARP program made money: the sellers needed money now, but the government could hold those assets to sell at a good time.

I'm sure you could otherwise call up your creditors and they would say, "that sucks, pay us by Friday," and life would be pretty much normal.
One of my servers is an older Supermicro X11, and I've flashed its BIOS to be able to boot from an NVMe drive in a PCIe adapter. While this normally works fine (I had another identical board it worked flawlessly on), this particular one for some reason doesn't always see the drive. Since the server is off most of the time, but wakes up daily to ingest ZFS snapshots from the NAS, the ability to turn on and off reliably is important.

I didn't feel like doing that deep of a dive to determine why it sometimes sees the NVMe drive, so instead I wrote a script [0] that uses IPMI to power cycle it until it can get an ssh connection. Originally I was sending a magic packet, but realized that was only a one-shot, so I switched to calling the IPMI executable via subprocess. No idea why I left the other stuff in there.

Anyway, this has reliably worked for well over a year at this point, dutifully restarting the server until it comes up. Some days it takes 1 attempt, some days it takes 5, but it always comes up.

[0]: https://gist.github.com/stephanGarland/93c02385e344d8b338aab...
That may be, but the engineers under him are not protected by his money. That's why I call out that you are individually liable as well.
Full-Reserve Banking
Even Python fits the bill.
Not on my dishwasher. If the door gets closed, the clean indicator goes off. And my toddler loves to shut the door.
The word "bailout" is a distraction and red herring. For example, FT and Yellen use it as a weasel word here[0].

I notice several articles and threads derailing into conflations of semantic arguments around what a bailout is with specifics of the topic.

This is a trend (and, I suspect, tactic) on other topics and it only serves polarization. Try to not fall into this trap. It can be possible to call it out in a way which does not further derail the conversation.

(Saying it's a trend does not mean it's merely a recent thing BTW)

https://en.wikipedia.org/wiki/Weasel_word

https://en.wikipedia.org/wiki/Equivocation

https://en.wikipedia.org/wiki/Essentially_contested_concept

https://en.wikipedia.org/wiki/Persuasive_definition

Whether the statement "this is a bailout" is true or not is actually irrelevant.

[0]: https://archive.is/Yyu4S
I don’t have it on me but I worked for a company that was manually generating Let’s Encrypt Certs (about 20-30 of them) and manually deploying them every 90 days.

I automated the renewal process using TF and integrated it as much as possible with other services. I then integrated it into a CI/CD pipeline. It took DAYS to do these renewals (ironically of course, $30 per year for a fixed certificate would have been cheaper than the people time but #startuplife). It became a 30 minute process. It only took me two days of interrupted time to build this solution and get it working.

Still going after two years so it’s already saved about 900% on the labour costs.
Whether or not he committed fraud, I think most people are tired of seeing bank (and tech) executives cause real-world harm and make out like bandits. Civil forfeiture is used against poor people all the time for far, far less obvious issues than this one.
I certainly don't agree with it. I totally agree all this sort of can-kicking does is make the explosion an order of magnitude larger down the line.
> if SVB is going to be open for services on Monday as the regulator has promised

What do you think that the regulator has promised exactly?

The only promise I see is that people will be able to access all their money at the Deposit Insurance National Bank of Santa Clara (DINB).
Competition between banks reduces prices the same way it always does.

The banks that failed in the last week were closer to monopolies than most banks and it doesn't seem like it helped.
The second part you mention doesn't apply to Signature Bank, or SVB, but it applies to other banks that haven't failed yet.

So it might be accurate to say SVB and Signature Bank weren't bailed out, but other banks are getting bailed out.
Yes, that is a lot of cash for an individual. I don't really know why anyone would sit on a lot more cash than that without at least putting a healthy portion into Treasuries or other durable assets.

For businesses, it is a trickier proposition but there are reasons that companies roll cash into assets and operate largely from credit.
No, the FDIC is an insurance pool funded by its member banks.
Companies need to run payroll twice a month. $250k is about one months payroll to 25 people. Many companies are a lot larger than that. You also have planned and unexpected expenses and other payments. Many payroll and providers also require you to set up one account where the funds are pulled.
You don’t want to move money around every week, so you keep heathy balance.
It's just easier to hide from voters.
I think you know already that any answer you get is pure speculation. Unless the source code is open source and their infrastructure is audited, you'll never know.
This isn't a bailout (unless you also consider FDIC a bailout). And fortunately most people don't see it that way, so this was the right move.
Seems like the FDIC is achieving the exact same outcome with a lot less hassle and overhead for everyone.
I understand what you mean here. I don't think it's people having no empathy for employees (or even founders) who did not act in bad faith.

We are (or were) in a situation where the entire ecosystem blew up because VCs and funds inadvertently incited a bank run.

Backstopping capital so payroll can be made obvoiusly helps out employees, founders, and companies alot, but the ones that benefit the most financially on an absolute basis are these investors.

It just feels a bit disingenous to hear an argument that "this small company out of the Midwest needs to make payroll" (which is an example I just made up, any relation to real companies are entire coincidental), while ignoring the argument that "If the government doesn't backstop this my $3B fund goes to $0".

In summary I have a lot of sympathy for employees, and even founders who were held to terms that were completed standard and seemed reasonable at the time.

I have less empathy for the group that are (were) vocally calling for bail-outs and trying to incite further panic in an effort to protect their own investments.

Edit: switch the example to avoid inadvertently matching a real life example way too closely.
Okay, so you’re actually using Ana to book flights directly instead of trying to use ANA to book flights on other airlines in the same alliance - in ANAs case Star Alliance.

In that case, I take back everything I stand corrected.
A language model isn't Skynet :)
Snarky conjecture: 7bit ascii in-ram version of "λm.m(λx.x)(λx.x)" is mxx which if hardware supports bit addressing only uses 21 bits. Smallest ascii lisp is 14bits though.
Because most of the time when a bank fails it is obviously because of problems with only that bank (which is usually a small regional bank that just isn't managed very well), and it doesn't widen into a national banking crisis.
The USSR never claimed to be communist. Communism is the end goal the USSR strived to achieve.
ChatGPT powered Rust proc macro that generates code at compile-time
Poor people will get no interest on deposits to bail out the rich.
If you have that much in liquid cash, you meet virtually no definition of the term "middle class". You are upper middle class at leadt and you probably have a financial advisor who is telling you that you shouldn't locate all your money in one account unless it is yielding in a way that justifies such a risk. At least I hope you do.
Wow.

Much worse than I thought.

If only if mediawiki (php) never happened. Wikipedia was sane at one point.
> Levine was saying, and it sounds right to me, that when your depositors are a mix of ordinary people, they aren't all talking to each other or even paying attention, it prevents a stampede when there isn't any actual problem.

I think social media changes that.

Plus this is front-page stuff for every major news organization, which is not what would happen if a small regional bank that doesn't matter fails (which happens multiple times per year). Plus it comes at a time when people are already nervous about the economy for a number of reasons, including Fed rate increases which are directly related to the devaluation of SVB's investments.
I suspect you’re confusing it with Silvergate, another crypto-focused bank that is in the process of going out of business.
If you can’t tell, you’re over rinsing your dishes.
You have to decode both streams into straight samples and add them together, this can be done with a small memory buffer.

You could also make a custom audio widget that played two streams at once and the local audio mixer will handle it.
You can't just snap your figures and have the housing market drop by 60% and keep everything else the same.

Those same people are going to lose their jobs and burn through all their savings and be unable to secure loans to buy houses.

Even if you bank at a supposed safe and secure credit union, a systemic crisis will affect them as well. You won't be able to get a loan. There goes your opportunity.

The whole financial and economic system is intertwined and you're part of it, if it blows up and crashes into the rocks, you're going down with the ship as well. Get over your Main Character Syndrome where you think you're going to be the one immune to the catastrophe.
At a loss is kinda bullshit b/c that loss happened a long time ago, not when the sale happened
I just gotta say, banking has changed a ton since 1870. Then banks going bust was normal. Now everyone freaks out. It must be nice having a banking system where “bank loses my money” is not the major systemic risk.
Yes, chat history is under development
Casper attack steals data using air-gapped computer's internal speaker
its always fun when the cops show up to the bank and won't let you withdraw your own money.... I guess no one wants to address that issue.
Agreed. The article seems to mention "mid-range," though:

> Don’t buy an iPhone SE (2022) now; iPhone SE 4 with modern design coming in 2024 to put an end to Google and Samsung’s mid-range reign
Expected inflation definitely affects bond values today
Diff is that the feds have the ability to literally print money. Provinces would be limited to issuing bonds.
Well I certainly proved my point.
I’ve wanted to do this forever but struggle to accept giving up the cabinet space.
Many things can be a bailout. I'm just calling it how I see it: this bank has assets that are likely less than the sum of its deposits. To make them whole despite this is a bailout, and particularly so when it's above the previously agreed on limit.

Maybe you just have an unnatural aversion to the word or something.
If they don’t have required reserves they don’t need any deposits.
Presumably part of the record number of people buying on Saturday want to cash out to USD tomorrow. I guess they could exchange with BTC or ETH and then to USD but that seems like it removes the "riskless" part.

So my working assumption is that many of those people are going to try to cash out Monday morning.