skysight-inc/HackerNews huggingface dataset:
I don't get it. The FDIC insurance threshold is the bare minimum provided by law. SVB's assets are being sold off or restructured to protect depositors. This is literally the whole point of the receivership process. This appears at this point to be a fairly pedestrian FDIC bank take-over, save for all the culture war B.S. that's cropped up around it.
I know you’re not really engaging with the argument here, but IMO I'd like to see more early capital directed by agencies that are ultimately accountable to democratic bodies. Plenty of examples at DoE
I think it's true that the Amish deserve respect as craftspeople, but it's still important to maintain some critical distance. They are still deeply religious folks, with orthodox views who cede a lot of control to their local pastor. I would not know much about it other than that they are very heterogeneous, but it appears that there is a steady stream of folks who want out, and those who exit get shunned by their previous communities.
I think the FDIC has almost always returned even excess of $250K deposits, atleast recently. $250K is just what they guarantee in any circumstance, but it is in the government's interest to stop contagion.
That is the way that neither receivership nor payroll actually work. (And we needed to wire by Tuesday -- which is kind of the point?) Now, even in the scenario, we would have made payroll -- but it would have been because heroic investors wired out of personal funds, and I know that not every startup would have been as lucky.
This is incorrect. The correct analogy would be if I set the speed of my automated truck to 20mph over the speed limit causing me to earn 10% more income for 10 years. Then the truck crashes and burns and my neighbors pay for it.
"Now, the FDIC is attempting to sell SVB in order to pay its uninsured depositors. At the end of 2022, more than 90 percent of SVB’s $175 billion in deposits were uninsured by the federal agency."

"The Deposit Insurance Fund had a balance of $128 billion at the end of 2022, a tiny fraction of the $9.9 trillion of insured bank deposits in the United States."
I am not American. People in weaker countries are geopolitically worth less. Geopolitical hierarchies don't need to be justified, simply observed.

It is not as if the rest of the planet will simply fall into line with your Kumbaya attitude, so empty moralizing rhetoric is self-serving, sorry.
and another problem is when I use tail on Linux, after I scroll up for some screen error, then back to the end it will not show new output more. for compatability it not good as Tilix
I love this LinkedIn style post of "today we organized a bank run". Except they are totally serious.
The Deposit Insurance Fund had a balance of $128 billion at the end of 2022, a tiny fraction of the $9.9 trillion of insured bank deposits in the United States.

Now, the FDIC is attempting to sell SVB in order to pay its uninsured depositors. At the end of 2022, more than 90 percent of SVB’s $175 billion in deposits were uninsured by the federal agency.
stdin is readonly. `<a.txt ls /proc/self/fd/0` generally gives 'lr-x------' for the permissions. The problem is that having a open file descriptor to a file lets a program get and/or act-as-if-it-had a path to the file; /proc/self/fd/ is just the easiest way to do that.
Emacs is my daily driver, and even with JIT on an M1 mac I get a lot of stutter and freezes with LSP autocomplete. JIT definitely improved things [especially on my x86 machine], but I'm still unhappy with the slowness. Outside of LSP it's incredibly speedy.
Probably in the order of a regular bankruptcy, secured debtors first, unsecured debtors second etc. and then shareholders at the very end.
This looks like the playbook for small scale banks now. Just gamble and say oops I fkd up, can the govt pretty please make my clients whole?

2 years later bam start the same bank again 2.0.
I don't disagree, but fwiw it's only about one month's payroll for 25 people if each employee makes around $200k per year.
Previous discussion / more context:

https://news.ycombinator.com/item?id=35070643
Permanent Daylight Saving Time Bill Just Made Clock Change More Annoying
Ask HN: Where Is Everyone Moving To? And why?
Where is everyone moving to and from? And why? My partner and I are trying to figure out where to go. She's a doctor and I run a small fully-remote software development firm.
"Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds."

They are running it under a new name. I understand how this can be confusing but they have to keep everything in place so that the systems will all still work and people can get their money, payroll systems, internal systems and processes all still work. And when a buyer for their operations is found it will keep on running and slowly be incorporated into the acquiring entity because it will in effect be a very large bank merger that will take time and effort.

https://www.fdic.gov/news/press-releases/2023/pr23016.html
One of the single biggest customers of SVB (well, was, until they took out $42B) is Peter Thiel and his funds and startups. That was close to 20% of the bank's total deposits.

And very very very far from Democrat.
Actually, capitalism is simply an economic system where private citizens can own the means of production. In other words, people can own businesses, and shares in businesses That's it. Nothing else.
>FDIC insurance is now effectively infinite.

That clearly being the case, what does it mean for insurance premiums?
No, I don't need to pay for an external consultant's help to tell us to spread our funds over multiple accounts to fit within 250k FDIC insured limit. If any of the top 3 "too big to fail" US Banks collapses we'll all have bigger problems resulting from the collapse of the US Banking system.
“Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”

I don’t think they have a choice. Congress decided for them.
Very important context: https://physics.aps.org/articles/v16/39
You know what they say, if it looks like shit and smells like shit. It's shit.
Crime rates are a city by city and neighborhood by neighborhood issue. Most of the USA is very safe; my city has zero murders most years. The statistics are thrown off by a few neighborhoods in a few cities like Chicago that have degenerated into third-world war zones. While that's a terrible situation and we need to fix it, most HN users can easily avoid those places.
thanks for explaining! How much GPU memory would work nice with 68B?
> You'd assume people in a business like finance or health would have rules about what kind of software they can use.

I would assume... but the NHS was running Windows XP on thousands of computers, often with internet, as late as 2019. Finance? Well, Experian had a website which would not show credit information and redirect you if it couldn't verify your identity... unless you changed the URL to the regular report link. Then it would dump it all out.

Let's say I was an information gatherer, for say, the NSA or GCHQ. Or maybe I'm a Chinese PLA soldier. I'd corner the market with shell companies that offered online conversion of 3D files to other 3D formats. There's over a dozen formats to choose from, and you can tell a lot just by the format selected. DGN file? It's MicroStation, meaning its highway, bridges, and infrastructure information. Neat.
I got Tokyo Approach by default
I actually am installing in windows via WSL/Ubuntu fwiw
I assumed the Generate button would let me do a test run, but it still wants an actual resume. Disappointing after I had waited 20 seconds for the generate to fill itself in.
Well, not if the FDIC holds the bonds and floats the cash. I just wish the statement had more details.
Well, it's not just individuals with their savings. It's businesses, too.
Cramér–Rao Bound
> At any company, your job is to do what the company needs done and that is rarely your choice.

Doing what the company needs done can also mean not taking orders from your PO. Depending on your situation, that could manifest as ignoring them, working around them, convincing them it was all their idea, directly challenging them, or going over their head. Skullduggery. Ass-kissing if necessary. Be a hero or a martyr in the end, but at least end each day with a clear conscience.

None of that being my preference, given the choice. All I expect from a PO is a collaborative relationship where I'm treated as an equal and not some member of the worker underclass who's just there to close tickets.

When the project collapses under its own weight as a consequence of the PO's own choices, is the PO going to take the blame? Is the PO going to help when production goes down? Will they working overtime to fix things? Who suffers? The PO? Not so much.
Maybe ideologically, but if you're still up on the inflation hedge narrative, I suppose you just let it happen.
Is a recession this year still not considered likely, even before this SVB meltdown?
Nothing particularly difficult or unique, but adding a simple script in crontab to download new videos from my youtube Favorites playlist has been immensely helpful in archiving over the years, as videos inevitably get blocked or deleted.

yt-dlp --download-archive archive.txt --no-overwrites -o '%(playlist_index)s - (%(uploader)s) %(title)s.%(ext)s' --format bestvideo+bestaudio --yes-playlist --ignore-errors --write-info-json [PLAYLIST_URL]

Edit: if you use this, note that you should probably sort your playlist by Date added (oldest), otherwise the playlist_index doesn't work correctly. Or you can just leave out playlist_index from the filename if you don't care about it.
Sucks for the 10% waiting 478 hours.
How about some actual consequences for corporate greed, mismanagement, nepotism, and incompetence? Just let it fail rather than these execs parachuting out on the taxpayers dime (again).

One of the most painful ways to learn is in production, but if that’s what we have to do…
Precisely. This was not about SVB, or any morality tale on VC etc. Any other action would create systemic contagion that could spread far and wide.
There's a list here: https://github.com/davep/transcendent-textual
On Windows:

- Created a folder called "shortcuts"

- Copy the folder URL into the system path (Control Panel, Environment variables something something)

- Create a shortcut of anything I want to hyperlink to and put in there, with descriptive names

- In IE, I think the setting was to enable autocomplete. For some reason that was linked to the autocomplete of the run menu item in Windows.

- For extra bonus points, add a shortcut of the shortcuts folder and put in the folder.

Result is that you can hit Win-R, type e.g. "sho" and it would autocomplete "shortcuts", or "ti" for "timesheet" etc etc. Way faster than clicking around for icons, just a half-second until your oft-used app/spreadsheet/folder/website is loading.

Question: how can I do this on Mac?
What?

The burden is not on small businesses. Most small businesses don't just have well over a quarter million dollars in cash just lying around collecting dust. And the few that do can open an account at second bank. It's not rocket surgery.

Beyond that, if they have the kind of cash flow where they need millions in cash sitting around, they should hire a finance professional. For many, many reasons, bank failure risk being a very small part of it.
Sorry to say but this is how big companies work. Politics and financial shenanigans. You have every right to be upset. Does it make sense to quit and start your company? Only you can answer that question. The only thing you can expect from a job is a paycheck. If you can keep your sanity and your health, that is what we are all struggling with.
There's a very big difference between a "failed team" and being the CFO leading up to the biggest bank failure in history.

Why even have Chief X Officers if the responsibility doesn't ultimately fall upon them?
> Depends on if you have a regulated or open electricity market. You describe a regulated market.

what's being described is a regulated natural monopoly, standard economics. No economist would recommend unregulated natural monopolies.

marginal pricing would not pay for a transmission grid, and utility investors would not agree to build or maintain a grid without it being paid for. Marginal pricing refers to the cost of electricity given the grid, where there is no extra amount covering the cost of extra grid capacity.
What's wrong with staying in place?
Regional banks can have a lack of diversification, and that's just the reality of doing business solely regionally - you are at the whims of the local market.

Why did Silicon Valley Bank have so many customers in tech? Well, name is one thing, but they've had a great reputation for nearly 40 years. They were also quite friendly in loan terms to early or completely new startups, many other banks quite literally being unfriendly to startups to say the least, if not laughed out of the door, or required exorbitant equity pledges that would allow the arbiter ownership of all assets.

This is still a free market, and in free markets businesses fail and rise all the time. Some businesses do not adjust their position against the always changing risk and fail, like thousands of businesses every year. Some businesses park a significant chunk of their income at one bank, end up getting screwed from a bank run, and may end up losing quite a bit of money. Others do not.

There will still be startups. There will still be many of the same corps that exist today in 5, 10, 15, maybe forever years. Others will not.

If your belief in the US banking system has been decimated, I don't know what to tell you, but if we survived the housing market failure which is much larger than tech, even today, I'm sure we will survive this one.

We just may not have startups selling superpowered 10x compute chrome browsers in 2024.
I don't understand. You think the depositors should be punished for...trusting SVB? Do you expect every startup to run their own little hedge fund to manage their cash?
Same place and people as always: the venture capital firms. Now their scope and focus will just be under harsh criticism and slight duress from the treasury dept for all the assurances they've been given.

I wonder if we can still build mobile-app based dog food delivery services
The slowness of Emacs, or lack thereof, tends to be greatly dependent on the exact configuration in use. Out of the box Emacs should be as fast or faster than any editor you wish to compare it to, but the more fancy packages you install the more likely it is to become sluggish and glitchy.
I know many good, hardworking people who secured their position on the housing ladder in the aftermath of the global financial crisis. In conversation, they were bewildered by how much their homes appreciated even by 2018, well before the pandemic bump in valuations.
1: Simple tank level measurement with any tasmota capable devices and ultrasonic module: https://gist.github.com/TalalMash/2538ed7371b35cb3f9e5018872...

2: Auto restart ADSL modem on connectivity loss: https://gist.github.com/TalalMash/1fdb6363b46575d05530c6f654...
That wouldn’t have helped here? The run was something like 30% of all deposits at the time of halt
Wayne Shorter, a jazz hero whose goal was ‘to fear nothing’
Chinese phones with extremely large batteries have been around for years.
The Ulefone Power range have batteries up to 12,000 mAh for instance.

My Power 5 lasts about 3 weeks on a charge and it's ~3 years old, loaded with apps and I play about 10 hours of podcasts a week. I got 7 weeks out of it when it was brand new and it only had a couple of messaging apps.

Jank from flashing a clean ROM and no clear update path is the price you have to pay though.
I just posted this on mastodon but I think maybe the community here knows better:

If you ran a bank that required insurance on all deposits over the $250k FDIC coverage, and then offered 3rd-party insurance as a convenience for those who wanted it... your bank would be much less likely to suffer a blow up due to a bank run and therefore that insurance should be relatively cheap.

Furthermore, people should prefer to bank someplace where all of the depositors are covered. Why is this not commonplace? Simply because the additional fee discourages it?

I think if Yellen announced this as a requirement it would remove that incentive to treat FDIC like free unlimited insurance.
No man, or village is an island. That doesn't mean that you should blindly enslave yourself to reliance on things beyond your control, when you can help it.

You tell me, how well has, say, reliance on foreign fossil fuels worked out for Germany last year? What if the winter were a few degrees colder? Or in the US, during the oil shocks? How well is Russia's reliance on trade with the rest of the world, and the decline of its industrial base working out for it?
Oh wow, no-notice devaluations make a rewards / card program pretty much radioactive.
You have Andrew Carnegie to thank for expensive marketing campaigns that retired that term in popular usage and rebranding robber barony under the philanthropist label. Now we have robber barons that look like they're trying to be nice.
An analogy: Smart guy is on the freeway when he's passed by someone going 90. Smart guy pushes up to 90 also, but stays 1/4 mile back. A lot of miles later, flashing blue lights pull up behind the leading speeder. SG slows to the limit and congratulates self on the early arrival.
It seems hard to call big us ceos oligarchs, I would find it hard to believe for example Sundar pichai interacts even say weekly with Joe Biden, if for no other reason that there are so many potentially "influential" CEOs in the US and (at least there is a perception) they generally have better things to do than try to influence the president.
That is now the conclusion, but plenty of people were proposing a government bailout of depositors.
> (the slow O^2 solution)

whats the fast solution
I misread this as Nutshell. Slightly disappointed that wasn’t its actual name (perhaps it’s already taken).
VTI (Vanguard's Total Stock Index), a large size fund is on average traded 3,670k per day.

I doubt those VTI transactions are each of a single share, which is the only way the 3.67M number you cite would match VTI's trading history.

But nobody's mind was ever changed about Bitcoin on an HN comment thread, so let's just leave it at that.
The public clouds will still buy it, mainly because AMD cannot manufacture enough 9004 series processors to meet their demand. Large orgs also like to have two sources for each component to prevent excessive lock-in, price gouging, and other counterparty risks.
> For every one company that genuinely is working out of the goodness of their hearts, there are 10 serial founders seeking to inveigle their way into something as a middleman, sorry "disruptor", then cash out and go round again before anyone notices the cracks.

Well said.
https://www.nekomario.com/syobon.html
The number of comments (including from high-profile people) that completely ignore the fact that deposit sweeps exist in the past few days has been astounding...
Seriously though, why would you still use this when you have Rust? When gccrs came around this would eliminate the need for LLVM. That's why Linus greenlit on adding Rust support to Linux kernel...
> So how would letting depositors get wiped out stop these executives and shareholders from repeating SVB?

That would not be what I would argue for, but at 10% haircut for all depositors would create a nice incentive for reverse KYC.
Ah, that reminds me of how I modified sites using https://www.proxomitron.info/ , it's a Windows program that would start a local HTTP proxy and you can configure browsers to use this proxy, and it would block ads. This worked really well before the web became HTTPS-crazy.

The way it would block ads is to analyze the files it was fetching for the browser and modifying found keywords, for a crude example all IMG tags with SRC containing the string ad.* would be replaced by gray images.

I also remember using it to "fix" a redesign of a site.
The “ahead of time” component is partially addressed by the Office of the Comptroller of the Currency which conducts period stress tests of banks. The people doing the testing know their stuff. These bank evaluations have likely caught and mitigated many issues like SVB ahead of time, and we will never know how many more failures would’ve occurred if it weren’t for their efforts and those of other auditors.

Source:

https://www.occ.treas.gov/topics/supervision-and-examination...
No.

I don't disagree with you, but if you're going to bother disagreeing, explain your position.
I don’t get why people are even bothering to call at this point, surely you’re better off calling a taxi or driving the person yourself and then just carrying them into the ER and shouting for help. They’re in the building that way and they can’t just ignore a collapsed person in the middle of a hallway
Might have changed things in 2017 or 2019. How close it was spooked the establishment so much that they had to create a massive campaign of false smears to force out the radicals in the Labour Party…
probably they meant the addition of CSS (which wasn't present in the initial release)
I make my own search engines
An over-abundance of “magic” in Python libraries and tools is definitely a real Python problem.
Contemporary capitalism also features limited liability, and fractional reserve banking, two policies that are not necessarily part of a generalized capitalism, but would be hard to decouple in any analysis of what is currently going on in capitalism.
Think about this with some numbers: if there are 100 banks, and every business puts 1% of their cash into each bank, the overall risk is the same as if 1% of businesses put 100% of their cash into a random bank out of the 100.

The cost to FDIC if an individual bank fails is the same in both the above scenarios, even though in the first businesses put a lot more effort into spreading out their funds. It looks less like it could have less risk to the FDIC, but really isn’t making any difference.
For work, when I’m working for another company, I always request a platform that doesn’t match anything I have at home. Keeps things more separate.
> it just drives me insane to have someone other than me doing the "big picture" design work and getting to interface with the customer

Sounds like you want the role you had at the smaller company. At a larger company you'll typically either be a product person and talk to the customer, or develop the software, rarely both. Not all of them have solution architects, in which case you should be given the high-level 'what' problems to solve, and design/build it out filling in the 'how' (with the caveat that this can again be split into UX and backend). I have yet to see true fullstack development work well at a large company.
+1.

To add, now banks will have no incentive to be careful about who they lend to. In fact they will in all probability begin making riskier and riskier loans knowing fully well that if they make enough loans to become a "systemic risk" they will be bailed out by future tax payers.
What do tofu dreg projects (poorly constructed buildings) have to do with banking in China?