skysight-inc/HackerNews huggingface dataset:
Really you don't get to decide that you have nothing to hide, your inquisitor, the one deciding guilt does.
> the issue is just that these assets aren’t super liquid.

Yep. To me it seems like one of the monster banks will gladly pick this up. They can handle the short term liquidity then cash out massively on the long term investments.
Eh, one could be pretty sure that average rates would be a lot higher than 1.5% over the next decade but not expect them to spike this far so fast.
Huh. I always just thought this was a feature of my ADHD, if I thought anything of it at all.

Not sure if I'd qualify for a diagnosis, but either way, it's cool to have confirmed that such experiences are 'a thing'.
A bit of a technical point - in the US banks cannot go into bankruptcy.
A bank run like this would collapse any bank in the world. I get what you’re saying. But it is literally the fault of the people panicked and withdrew their deposits. And doubly the fault of the people who advised them to do so.
From what i understand, a significant portion of those people would have had their bank accounts frozen from civil lawsuits anyways. So even without the emergencies act it was likely to happen anyways.

> This time it's the other side, next time it's you.

First they came for the violent criminals, and i did not speak up because i wasn't a violent criminal... oh wait i'm actually totally ok with that.
You might like to read up on the very basics of accounting. There's lots of other interesting concepts there.

See https://martin.kleppmann.com/2011/03/07/accounting-for-compu... for an intro.

Accounting might sound rather boring, but at its core its about understanding businesses (and economies) with numbers. It can be as varied and interesting as companies are.

Of course, in practice there's lots of cruft build on top of relatively simple concepts. But the simple underlying concepts are still fascinating. The link above explains double entry book keeping in terms of graph theory and network flows.

The basics of deprecation are also quite interesting (to me, at least).
I learned yesterday about CDARS.

These spread your deposits over (up to) thousands of banks, keeping each account below FDIC insurance limits. You can choose demand deposit accounts, or CDs or money market accounts if you want interest.

All accounts roll up into a single bank statement from your primary bank.
Things had changed after I found out that I should stop chasing for happiness and start Doing.
I changed my attitude towards work.things that helped me:

Instead of thinking mundane
things I have to do this, do that to I GET to do this.

Able to things without getting motivated like going to gym.

Cutting myself from distractible things.

What important to have is not motivation but self discipline.
> Recently I saw a family throwing away all the photo albums of their deceased relatives that nobody cared about anymore

This kills me.

And yet I have boxes and boxes of photos and slides of relatives I never met, many of whom died before I was even born. I feel some obligation to keep them. So they’ve been with me for decades, moving from house to house, a ball and chain of sorts. Will my young son care about it? I don’t know. Why do I feel obligated to keep them? These people lived lives as full as and rich and as real as mine and yours. And the only memory of those lives is in some old photos that in some cases names can’t even be identified.
> It just sounds like a big scam

It is. Its what happens when a country's currency is used as the exclusive foreign exchange currency in international trade and that country can print money like a banana republic without that currency losing value. The US went apesh*t on the foreign exchange currency position of the dollar and not only printed $ from the Federal Reserve but also allowed quite high % ratios for private banks to do fractional reserve lending.

The legal % ratio was reduced after the 2008 crisis, but right at the end of Obama's 2nd term, they were restored to 2008 levels. So the cycle that started 2008 crash started again - not necessarily backed by high risk mortgages this time, but whatever could be used as a collateral.

Now that many countries are moving to trading in their own currencies, all the printed dollars are coming back to the US and hiking up inflation and causing all this mess.

So youre right. Its literally a scam. It could work if it was tightly regulated with low %es and what the banks could show as the backing asset could be very tightly regulated. But we all know what the corporate lobbies do to regulations in the US...
HN isn't blocking Mullvad. Nor have we added any blocking mechanisms recently, unless you count some code I wrote to catch a weird and slightly tricky new spam ring.

I'd be happy to help you, but for that you should follow the site guidelines and ask us at hn@ycombinator.com instead of jumping to conclusions and posting riler-upper threads.

https://news.ycombinator.com/newsguidelines.html
> The name is pronounced the same way as "route"

There are multiple valid ways to pronounce that word across different localities :)

Here in Australia, it's commonly pronounced in a way that rhymes with "shout". Which is for the best, as "root" is local slang for sex, so calling a device a "rooter" will bring to light all sorts of connotations.
The entire premise of the article is that remote-hiring companies have access to premium talent that office-hiring companies don't. So yes, it clearly answers your question.
A SVB short seller explains red flags he saw months ago
Interest rates have risen since those long-duration assets were purchased.

Depositors now expect higher interest rates which cannot be covered by those assets. They will withdraw their deposits and move them to a bank that can offer higher interest rates.
Isn't cash kept on hand the relevant attribute here? Whether they're solvent or not, they ran out of cash to meet withdrawals.
The issue lies in the fact the role was vacant for 8 months. By the time she arrived, it was too late.
I have a mortgage with FRC. What happens to that mortgage if FRC goes under?
Yeah plenty of folks I know felt similar, myself included. I bought a home during the pandemic. Prices had increased a fair amount in my area which worried me, but the ability to lock in such a low rate for 30 years more than offset that concern.
I would hazard a guess then that perhaps (1) you are under 30 years of age; and (2) primarily hanging around with IT people who have learned US pronunciation.

While this may be emerging as a 'new norm' among younger and more IT-fluent crowd, it's historically abnormal in Australian English. For evidence, see for instance https://dictionary.cambridge.org/pronunciation/english/route... ... noting that Aussie English follows UK English in nearly all matters, and that the Macquarie Dictionary (which is the reference dictionary of Australian English) does not, unfortunately, have a free online edition.

A fellow Aussie statement on the matter concurs with my take https://forums.whirlpool.net.au/thread/3yjjxp59#r7
There are too many plausible explanations for multiple actors to have done this for me to ever be convinced of any particular explanation.

The only country that I am pretty sure didn't do this was Germany.
Can we really conclude that just because he films his neighbors and tries to run down their kids in the street by never slowing for small children playing and keeps a diary about them and tells the judge the neighbor is out to murder them?

Yes, yes we can.
The SVB guy said it in the worst possible, least reassuring way.
The file system was designed to hold documents and does a pretty good job of it, there are several to choose from depending on what OS you run. Backing them up and restoring them is easy. An API to retrieve documents is trivial to write and customize or there are a few tools and APIs already available.
What kind of nonsense is this. if you are under the $250k there is no disruption at all. The average person's money is perfectly safe and protected.
"If you look past the headline, this story is almost "basic sanity""

Actually, I think "basic sanity" would have been, if the accuser would have been charged with something - as clearly they were the aggressors and actually intentionally endangering children.

And the judge seems to think so as well, but it seems all he could do in his position, was to metaphorical throw the case out of the non existing window. (if I am ever charged with something, I hope I am to be judged by someone like him)
For a creation of a replacement system like this, I have concerns about two different sorts of behavior:

1 - A situation that evolves where everyone treats a small list of things as the absolutely most important thing ever because they're trying to stop "the other team" from [doing absolutely horrible thing].

2 - bad faith actors producing an enormous collection of terrible law proposals and people not having enough votes to properly say 'no' to all of them / enough of them to make a difference.
ChatGPT Created Polymorphic Malware
I feel this. I'm late to the party. But... I want to counter ask... how do folks feel about honking? Is honking a god-given right? Does this vary from giving the finger? How and why?

I don't have great answers for all the above. But I seriously wholeheartedly embrace the idea of giving people the finger, and I seriously am fed up with all the honking shit and don't think people are entitled to >50% of it (and should be punished for it). And I don't really see or get how to navigate these two "protests", what maxims to apply, how to see these cases which I think have different judgements as actually different.

Maybe it's just the social cost: a personal insult of a middle finger versus a civically-disturbing loud horn blow. And that kind of checks out. This decision feels right on to me (which I understand countries like Germany highly disagree on atm): you're free to express that. Maybe the social cost is that, once you start using a very loud system of alert as a way to indicate anger, you dilute the exigency of this alert system, become a cause of false-alarm that creates a real risk that real-alarm goes unnoted. Maybe that's a good enough case against letting drivers honk, a check.

But to go back to the general: this decision is about not limiting, but what are the limits? What are problematic displeasures? What lines shouldn't we accept? If someone flips the bird, how much counter-permission do you have to be a terror? This case suggests flipping the bird back might be a counter-God-given-right, but can we scream our head off back? Can we honk for the next 5 minutes after seeing someone flip a bird at us? Can we drive aggressively?
Yeah it’s a really shitty situation.
If I get a loan from Bank A, then I use that loan to pay a person who deposits the IOU into Bank B. Bank B will go to Bank A and demand the money in cash because it's a competitor bank. If bank A has zero cash on hand they immediately hit a bank run, so basically bank A wants to keep a certain ratio at all times.

Thus through the existence of competitor banks, banks are NATURALLY incentivized to keep a reserve ratio. A reserve ratio enforced by law is not necessary in a capitalist economy with healthy competition. Competition prevents banks from going crazy with creating money out of thin air via loans. The removal of the reserve ratio by the government is relatively inconsequential.

However this natural regulation through competition is negated by the existence of an entity without competition. The central bank. The central bank functions as an entity that loans money to banks with interest. It is this interest rate that is used to regulate the money supply in the US. Low interest rates are what caused inflation and high interest rates from the central bank are what are now being used to stop inflation.

So in this case Bank A can now borrow a bunch of money from the Central Bank thereby increasing it's reserve ratio allowing it to lend more money out. In a sense, the central bank is essentially the entity where the fractional reserve ratio actually matters.

The central bank is unregulated so they can print money to loan to other banks however much they like. Thus a bank run on the central bank is impossible. The ratio in this case matters more as a metric that correlates with inflation.
Ah yeah, I was try to reply to op
FDIC says SVB customers will have access to insured funds on Monday, so seems like the answer to your question of how long it takes is “next business day”.
> if a bank loans out the money that you deposited, both the borrower and you can spend it.

When you "spend" money that you deposited with the bank, what you're actually doing is getting the money you lent to the bank paid off.

What's the difference between that and you lending money to someone to buy a bagel/T-bond, and then at some point in the future, getting money back so that you can buy a sandwich/car?
One of my complaints about reading computer science and/or programming books in the early 2000(or late 1990s?) was the contradictory definitions of MVC in books I read at the time. I think one book even indicated that MVVM(I think) was often referred to as MVC as an explanation for why this happened. So it understandable people still have conflicting definitions.

Here is a random example[1] I pulled up of someone one thinking MVC is not unidirectional but MVVM is. I am not commenting on the correctness of this impression.

> MVVM is better than MVC/MVP because of its unidirectional data and dependency flow. Dependency is one way,...

[1] https://dev.to/vtsen/mvc-vs-mvp-vs-mvvm-design-patterns-443n....
What like scrum and agile? Or can you be more specific? Or point me to blog posts about this stuff.
What happens to their employees? Do they work for the FDIC now? Laid off?
By nature and necessarily so, healthcare is not "move fast break things"
It's move if and only if we are provably sure that the new movement is an improvement on status quo. "First, Do no harm" is the ethos of the medical world.
https://archive.ph/mb8l9
It's trippy to see my own tiny contribution to tidal waves like this:

> First Republic’s funding relies in large part on wealthy individuals who increasingly have a range of options to seek higher yields on their cash at other financial institutions as interest rates have risen.

Over the last year I kept my FRC checking account at 100 (not the real number). A month back or so I dropped it down to 50 and moved the other 50 into T-Bills.
right, which is why this is a liquidity problem and not a solvency one. The assets cover the liabilities--you just have to wait ten years or whatever.
Looks awesome. (But unfortunately I like browsers :D)
> But we don’t feel threatened by the fact that technically the monarchy has sweeping powers to dissolve government and walk away with our freedoms.

FWIW, technically they do not have that power. In a constitutional monarchy the monarch is subject to the constitution. The king can't technically abolish canadian parliment anymore than the us president would be able to technically abolish congress.

Of course there is a certain truth to the idea that its all a social construct, and anyone can abolish the government if they are backed by a large enough number of people with guns.
I was quite there with you, until you said:

> We write things up for one main reason: find new employees.

JFC, vomit in my shirt, gross.

What kind of Ayn Randian misery world do you live in? I think a lot of people write things because they think it's interesting & worth discussing & has merit. It doesn't necessarily have to be for self or corporate gain. It's ok if people just want to help other people, want to share? No? Yes? Is it so objectionable that we have a broader human cause, that we want people to do well & know more & understand better? Do we have to reduce everything to the utmost petty corporatistic parasitism?

Or just more broadly: can we not ascribe motive so quickly, with such cocky self-assurity? (Especially to such incredibly vulgar/short ends?) Let's leave some possibility of intent open, yeah, please?
> What would you estimate is the total value of customer deposits that banks have loss in failure over the last say 30yrs?

Well of course if we consider only those where loss actually happened and not those where the losses have been mutualized by bail-outs, it may not be gigantic. But, I don't know, in Cyprus hair cuts made $8 bn of customers deposits vanish.

That's just one I know from the top of my head without needing to google.
Had. :'(
The SV/HN cycle is so funny.

1. First, half the HN front page is filled with SVB stories, because, reasons.
2. HN commenters instantly become experts on the capital structures of financial institutions. A bunch of people find out the basics of how banks work and get caught up in the current hysteria.
3. Someone makes an app.

Like clockwork.
Faulting the people who withdraw their money is like faulting the fresher who crashes production. Yeah they could have avoided it, but really, this is the discussion point we want to focus on?
That’s a sign of mismanagement if true. Commercial/retail banks (as opposed to investment banks) usually make basically all their money on lending. Deposits (as liabilities) need to be so low risk that they basically don’t do much more than break even.
No. Banks are solid. ;) "Banks" as in big institution regulated by lots of law and participating in state guaranteed fund.

But it means - to you as company owner - that you need to spend only as much
as you have in cash or bank. Or in solid promises :) Or having day job.

Or get dedicated investor who will be happy to keep burning money on your doings. For various reasons. Like da Vinci and others. But I think Mozart was in constant financial troubles, da Vinci too...

In short: have more money then you are spending. Slow down when needed.

Welcome to early 90's.
key grafs

As of Dec. 2021, SVB’s interest expense on its deposits was $62 million. By Dec. 2022, it was $862 million. By the end of this year, Wettlaufer was projecting it to be nearly $4 billion.

When Silicon Valley Bank posted its annual report at the end of last month, non-interest-bearing deposit levels were clearly deflating. And it seemed like those figures would keep falling. Wettlaufer was projecting non-interest-bearing deposits might go down to $40 billion, from $80 billion, meaning that SVB would have had to come up with $32 billion somewhere else to fill that hole.
Maybe there is no "grade inflation". Maybe the next generation just becomes smarter and because the standards are constant more end up justly deserving higher grades. The idea that someone has to lose in order to justify the prestige of the winners is an evil belief.
That's actually addressed in the article if you read deep enough. The judge praises the prosecutor for cutting the case off halfway and asking it thrown out after they heard from the defendant.

They did have a video of a guy giving both middle fingers and making a motion that could ambiguously look like throat slashing. Now it wasn't that and the guy had a credible explanation of why and his neighbor is both a bad driver and a paranoid nutjob, most of which was proven by the paranoid guy's own videos wherein he (but not his innocent neighbor) can be seen doing all manner of things that might credibly be offenses like driving over the limit, driving dangerously and not slowing around kids, etc.

So it's not too clear to me what the prosecutor knew and when, beyond that video, but at least when the evidence did come out, they folded immediately, which makes me believe they must not have known that earlier.
Isn't the deep state bad?
Voting *anonymously* on a region-wide ballot by providing a government id is very, very different from:

going to

* cancer-treatment..org
* trans-healthcare..com
* spousal-abuse-protectionservices..com
* xxx-gaystuff..com

with your government id, especially when those lists are leaked.
If that's even mostly true, it sounds like the SVB was set up to fail. It almost sounds like like Biden is trying to crash the US economy.
I mean, the title has already been editorialised. It’s valid to criticise the incorrect focus.
Best part of that result is Labor lost primary votes but gained seats and have a razor thin margin.

Not much of a mandate, to win government by losing votes. Here's hoping if they break their promise on income tax they'll be tossed soon enough.
Filibustering is an odd one to lump in because it’s basically “if you really care about an issue to the point where you’ll self-flagellate” you can say no but not yes to legislation that passes by a small margin.

I think it’s really the only somewhat fair compromise to tyranny of the majority vs minority rule. Minority coalitions can’t pass legislation but with proof of work they can block it if the decision isn’t overwhelming.
Everyone and their mother aping into T-bills will also have the effect of lowering the rates on Treasuries, making 1.5% bonds a reasonable choice again.
Maybe, but in the case of SVB, deposit amounts were suspiciously similar to assets....

The BOE is simply pointing out in the link that they are the only proper bank in the UK. All the others borrow from the BOE to make loans. Commercial banks don't "create" money any more than the BOE "borrows" it from elsewhere.... The BOE creates money and lends it to commercial banks who put up a deposit and make a reasonable case for credit.
India episode: https://www.youtube.com/watch?v=drGeDmBXNuU&t=370s
The mortgage is one of the assets seized by the FDIC and sold off to meet bank liabilities. On your end little should change in the short term, and you may have a different owner for the mortgage at some point (and as I understand it, your mortgage changing ownership is a fairly common occurrence in general). As far as payment and servicing goes, there should be continuity in how that is handled.

In short, you'll still owe somebody, it just won't be a bank that doesn't exist anymore. Over the short run, the FDIC or an acquiring bank will take over the back-end of the payments, which will be made much the same way as they are today.
>I feel like a very likely outcome on Monday is that the FDIC announces a buyer, SVB depositors realize they're going to be made whole, and all the panic subsides.

Everyone saying "they will be made whole" is completely missing the fact that money has a time value. There's nothing "made whole" about getting access to your money weeks or months from now.
> most hostile parts of the planet

It seems like you missed the point of my comment, and maybe didn’t read the article very closely. Whether one leans towards conservation of culture and ecology or not, it’s fair to say that reducing land use is important for said conservation. Even if you don’t hold such concerns, that doesn’t change the validity of the argument.
Nothing. It’s an asset that’s sold to the bank that buys FRC.