skysight-inc/HackerNews huggingface dataset:
> Why would there be an expectation of more of this to come?

As a general approximation, all banks would fail if there were a run on them. It's merely a question of how much of a run would be needed. If the panic among VCs that led to the run on SVB were to continue in other parts of the financial system, other banks with shaky risk management could have similar challenges.

That being said, JP Morgan is not going to fail next week. Make no mistake that this was a massive risk management failure on the part of SVB. But large depositors of similar banks are panicking right now (just read HN this weekend), and it's up to banking regulators (FDIC, Federal Reserve, etc.) to calm their nerves by Monday morning.
They didn’t “sell them to the government”.

However, the Fed was actually a large purchaser of MBS if that is what you’re referring to.
Always wondered- is their program any good, or is it a "well, you've got that piece of paper you wanted" kind of thing?
Most banks are fine. They aren't gambling like SVB did. Ofc it's a VC bank gambling like a VC.

SVB had ~40b in short term liquid assets. They had ~100b HTM securities. 210b in total assets. Nearly half of their assets were in HTM securities. You aren't going to find many banks with half their assets in HTM securities even banks holding a lot of HTM securities.

SVB had 170b in deposits which is a short term liability.

So they only had 40b in short term assets to cover 170b in short term liabilities.

That's the problem. The problem isn't HTM securities. The problem is diversification.
Airlines bailed out in 2001.
Banks bailed out in 2008.

Wait, I mean 2020 and 2023.

I wanna my business to be too big to fail.
I agree that having a banking system in any major degree at the whims of politicians could and likely is a bad idea.

I don’t think however having the Civil Service running a public bank would be a bad thing though. Career government employees are at the whims of politicians no more than private businesses are, has been my observation, and can when structurally enabled make good sound decisions.

I think having a public option for banking in this light would be positive
Vultures are offering 60%-80% on SVB-held funds, so that's where they expect recovery to be at.
No that's not it. You can sell the bonds any time. But now they're worth considerably less because interest rates are much higher now. They locked themselves in at rate that are now terrible for 10 years.
They put a lot of money into long-term bonds before the latest interest rate hikes. These bonds now sell at a discount, so they can no longer cover all deposits by selling them.
Has the headline changed? It's currently "Wild macaques challenge the origin of intentional tool production", which doesn't imply anything is disproven, just that evidence is called into question.
You seem to have a lot of skeletons in your closet...

Unless you don't want to post your information because you like your privacy?

Not caring about privacy is how we get even more detailed and widespread surveillance which is used in numerous discriminatory ways such as police using data for "targeted policing"
There is going to be a nasty feedback loop of AI being trained on its own output that will probably cause improvement to plateau.
I have the same issues with my birth control. I thought I was becoming a conspiracy theorist, because it was entirely undocumented. But I know what I feel.
I took the same name brand pill since I was 13, then I moved to the US at 21, had to switch to bunch of generics, they never worked the same (I mean I didn't get pregnant) but I'd get terrible migraines and other side effects I never got from name brand
There is no regulation for the % of each isomer in the product.

Do you have a source? The FDA label says it's 50% d,l-amphetamine (50/50) plus 50% d-amphetmaine, so you end up with a 3:1 ratio of dextroamphetamine to levoamphetamine.

Why would a manufacturer do more work to change the 50/50 mix? And why would it vary from batch to batch? The FDA has requirements on manufacturing that each lot is made to the same specifications.

The more reasonable explanation is that the binding agents changed, which may change the rate at which the drug dissolves and is absorbed.

This actually happened a while back with generic bupropion. Generic manufacturers made a 300 mg version, which had 300 mg of drug in it. However, the medicine was absorbed much more quickly leading to a rash of side effect complaints from patients. The FDA eventually recalled the drug.

If you want to read how generics are tested and approved, Derek Lowe did a nice blog post on it: https://www.science.org/content/blog-post/generic-wellbutrin...

"In that study, the results of which became available in August 2012, Budeprion XL 300 mg failed to demonstrate bioequivalence to Wellbutrin XL 300 mg."
Thanks, I'd heard that song before but I didn't know the name.
Are you actually arguing that SVB and their depositors haven't seen immense profits in the past few decades? 250k is FDIC insured. Beyond that, a massive haircut is the only fair solution.

They made a bet on 10-year government bonds. It didn't work out due to rising interest rates. Whoops? Not my fucking problem. Unless they get their way and make us all pay for it.

Edit: This account is shadow-banned. I can't directly respond to the comment below. Luckily for me, I already thoroughly explained my point. This has nothing to do with "bankers" and everything to do with unbelievable hypocrisy from the SV founder & investor class. You all are so fucking full of shit. Flag this comment, please. After being totally swindled in 2008, I predict Americans are going to react to this rationally, which will be very bad for you. Good luck assholes.
Some of the enterprise grade SATA SSD's have a fairly long lifespan which might be suitable. eg:

https://www.scorptec.com.au/product/hard-drives-&-ssds/solid...

That's a SATA drive rated for 5,600 TBW, and it's "maximum" rated write speed is 540MB/s.

To work out how long the drive should last at that maximum speed, let's do:

540MB/s * 60 (seconds) * 60 (minutes) = 1,9444,000 MB per hour

Let's call it 2 TB per hour for simplicity.

We take the rated endurance of 5,600 TBW, and divide it by the above 2 TB/h, giving us "2,800" hours worth of write endurance.

At 24 hours in a day, that's 116 2/3 days worth of endurance at the maximum write speed the whole time.

Anyway, if the project in mind is going to run for less than ~120 days, it should be ok. Any other hardware/software issues aside that is.
Kind of crazy that the approach that's being taken here is a change.org-style petition. I would have expected that these people have connections much higher up and wouldn't have to publicly grovel like this.
> I would make me very nervous if every single bank had ~50% of it's balance sheet in rock bottom rate 10Y bonds that have dropped in value 30+% in the last year

This is a separate issue. SVB is likely insolvent because of their MBS issue. But their liquidity available last week is significantly less than their assets.
Powering a mechanical hard drive on an emergency battery seems hard. I know RAID cards have battery backed write caches that either store in RAM or flush to flash storage on power outage, and then rewrite when power is back on.
Netflix has a docu-series called "Last Chance U" about the junior college athletic system and how it operates.

I knew intellectually that college athletes were coddled academically and while it's hard not to root for the individuals depicted in the documentary to succeed it's also hard not to think that there must be dozens of kids at the schools where they come from that were more academically inclined and could have made better use of the resources provided to the student athletes.
Yep, my 2021 mortgage was sold before the first payment.
https://aeon.co/ I find essayes on aeon.co really good.
> This whole ADHD thing might be just true bullshit.

> Also, sorry to those that actually can not function and might feel put down by my comment.

Yeah, those don't cancel out.
Because 2008 was so long ago? What were the CFOs of these companies doing.
Has anyone had luck with doing this sort of thing when asking ChatGPT/GPT3.5 to generate code? Like, ask it to generate functions at a later time?
I've seen this problem often, and not just in React.

I agree
I feel I get a lot of value for the $60 I pay annually to read The New Yorker online. [1]

It's not perfect, but it's become essentially the only place I consume "long-form articles about interesting stuff"-type content, which I think they still do better than anyone.

1: https://www.newyorker.com
Right but it sounds like their investment didn't "go sour"; this isn't then an example of "greedy bankers", more like "lazy bankers" or possibly even "unforeseeable circumstances".
In what sense were banks bailed out in 2020, and it what sense are they being bailed out now?
Here is the paper and synopsis:

https://arxiv.org/abs/2302.13971

> We introduce LLaMA, a collection of foundation language models ranging from 7B to 65B parameters. We train our models on trillions of tokens, and show that it is possible to train state-of-the-art models using publicly available datasets exclusively, without resorting to proprietary and inaccessible datasets. In particular, LLaMA-13B outperforms GPT-3 (175B) on most benchmarks, and LLaMA-65B is competitive with the best models, Chinchilla-70B and PaLM-540B. We release all our models to the research community.
> Correct me if I'm wrong, but nowadays any (sufficiently large?) solvent bank can just borrow from the Fed and survive such a run.

Why didn't SVB borrow then? I understand they were the 18th largest US bank last week. And they had more assets than just 47B that was the bank run. But the FDIC took them over because they didn't have the liquidity to serve the needs of the bank run as of Thursday night.

I think that you can not just arbitrarily borrow from the fed, there are limits.
Pillowfort is a blogging platform where fans and creators can share their work
This should be enough to instantly end the company. Mass HIPAA violation. Done
I expect there is a story to be told about SVB's relations with the VC community. Clearly it was providing financial services structured for the startup ecosystem, and there is great value in that. Wanting a relationship with SVB makes sense. But allowing that relationship to prevent you from properly managing your risk is a mistake. It looks like a LOT of VCs made that mistake.
These are normally used for targeted attacks. Unless someone is specifically after you such a device is usually safe.
Sometimes the USB ID can be used to figure out the vendor but that could also be fake.
You could determine something is odd by looking at what device comes up when it is connected. Does it come with drivers? A new network interface etc.
Or by comparing the inside/firmware of a known good one with the model you have.
Holy commieland
I'm asking specifically what are the "profits" were/are still to be on the investment they made here?

How are "government bonds" risky? How are they "bad" in any general sense? Just doesn't seem to fit the "greedy bankers" narrative.
> such as this wonderful phone I’m typing this comment into that can access and search nearly any encyclopedia, map or song in the world in seconds, from almost anywhere.

Cell phones were not created by tech startups.
I’ve subscribed to the Economist for years and love it. You can skim or go deep as desired.
Thinking that the proposal making the rounds that in the future all deposits be fully insured is not so crazy. Paid for by the banks (and subsequent fees) of course.

After this, cash sweeps will become VERY popular, making full insurance essentially the case anyway.
The (quantized) 13B model is 7.6 GB on disk and the program uses around 8 GB to run. It runs without hitting the swap with just 9 GB assigned to WSL2.
I'm guessing they mean maintain complicated state?

The thing is maintaining simple state given the current abilities of css and JavaScript is a little bit more verbose in React than otherwise.
The best part of this website is when they make you enter your password with your mouse.
In this case SVB bought long duration bonds, and they lost value because of higher interest rates. So this caused their books to become unbalanced. Other banks could have this problem.
You probably want more than one measure for a meaningful conclusion. I'm not sure how you can generate random text and get semi-coherent sentences though. Even bending that to allow markov chains and you get clearly incoherent thoughts. On the flip side it's possible to program in perfect clarity and accuracy but it's hard to do that without making the output feel like you're talking with a spreadsheet instead of having a conversation.
Is it suddenly so unpopular? Can you link me to think pieces / opinions that have been published in the last few years that are arguing for increased deposit insurance for businesses? I don't recall hearing about this ever before.

If you wanted such a high cap, you'd need to increase the deposit insurance premiums much further to cover for it. The banks were already unhappy about the most recent 2 basis point increase earlier this year -- https://www.fdic.gov/news/financial-institution-letters/2022...
I've discovered that adding unit tests to an existing code base doesn't work very well, as each piece of code tends to have too many interdependencies with others. The code has to be organized from the ground up to be compatible with unit tests.
That works until you need something crazy like a searchable drop-down.
Pensions were mentioned.

But almost all pensions just are investors.
LLaMA-13B 4bit is around 7GB and beats GPT-3.5 175B in benchmarks.

It runs at acceptable speeds on a Macbook Air M1 or a $100 consumer video card.
Even if you had rigorous knowledge of the cognitive requirements, how would you verify its accuracy without going out and seeing who uses tools? How would you identify species meeting the cognitive requirements without seeing who uses tools (even if only in an artificial puzzle-solving context)?
Well yeah if you had to wait for apps to update before you could use them you'd definitely be annoyed, but the beauty of mobile (and desktop) apps is that users don't expect to constantly be running the latest version of a given app, which means you can slowly update large apps in the background.

When you visit a website you expect to always be running the the latest version of that website. In fact, most users aren't even consciously aware of the fact that websites have versions at all.
you think paying taxes to support a government you disagree with is fine but working at a company you disagree with and in a similar way by earning as much as you can and exposing yourself to others and changing their minds, making change happen inside the company and outside the company by using your finances is wrong

i can't avoid paying taxes, but i can choose where i work. you missed the point where i said that it makes a difference if someone works there just to get a paycheck (and doesn't care what the company does) and someone who actively tries to change things in that company. the latter is fine.
As several commenters have correctly guessed, it was flagged by users and set off the flamewar detector.

An admin changed the title to the article's title, in keeping with the site guidelines. Other than that, I'm not aware of any mod actions affecting the post.
>'NO BAILOUTS' is an unsubtle slogan, but we're talking about a headline. Headlines are not meant to be nuanced case-switch statements, they serve the same role as function identifiers and need to be maximally concise to get attention.

Contrary to the adage, I don't think all attention is good attention. If you're drawing attention to your movement by making everyone think you're radical leftists, you're going to put off all of the moderates.

>You might say 'well people should never use inflammatory language to make their point.' But if so, you need to consider that all kinds of bad policies can be put onto the books while being couched in very bland-sounding terms to get past people's filters.

But you could do that right now. See: PATRIOT act.
>I think it's fair to say that majority of scientists at OpenAI wouldn't be working there if they knew they were working for an evil corporation.

Majority of scientists will work on anything that brings money, engineers doubly so, and they'll either rationalize the hell out of what they're doing as "good", or be sufficiently politically naive to not even understand the repurcursions of what they're building in the first place (and will "trust their government" too)...
> Maybe these CEOs and VCs can fund payroll for a few pay periods.

Don’t they already? Isn’t that where payroll is coming from? I would guess for the first two years (at least) half of startups are paying out of investors’ funding instead of revenue.
God Plays Chess (2018)
Republicans get elected and rollback regulations. Democrats get elected and are forced to bailout the industry the Republicans deregulated. Rinse and repeat as a variation on Jude Wanniski's "Two Santas" tactical strategy.
It's so frustrating but easily overridden with some some DevTools magic.
It’s a bit different from 2007-2008 because these assets that are causing problems are required by law to be held by these banks, in part from the regulations that came out of the previous crisis. Banks do have freedom with respect to duration but when small banks need funds for operations, are required to hold low yielding assets, and the short durations are at 0%, they really don’t have much of a choice.
Iirc Indymac was 50% recovery above the $250k line.
Please stop using the word "bailout" to describe what the FDIC does, it isn't even close. Shareholders are wiped out in a FDIC takeover event, and if needs to be additional money to make depositors whole, it comes from a fund paid for by taxes on banks. No money comes from taxpayers, and the "bad people" (bank management and shareholders) are punished just like you want.
What? How have MBSs been screwing individual home buyers?
You can just buy short term us treasuries instead of trying to spread out 250k everywhere.
> your company gets cashed out (and you with it). They'll find a better sucker.

I don't want to be that kind of founder when I grow up.
>> In line with previous studies5,7,40,41, the activations of GPT-2 accurately map onto a distributed and bilateral set of brain areas. Brain scores peaked in the auditory cortex and in the anterior temporal and superior temporal areas (Fig. 2a, Supplementary Fig. 1, Supplementary Note 1 and Supplementary Tables 1–3). The effect sizes of these brain scores are in line with previous work7,42,43: for instance, the highest brain scores (R = 0.23 in the superior temporal sulcus (Fig. 2a)) represent 60% of the maximum explainable signal, as assessed with a noise ceiling analysis (Methods). Supplementary Note 2 and Supplementary Fig. 2 show that, on average, similar brain scores are achieved with other state-of-the-art language models and Supplementary Fig. 3 shows that auditory regions can be further improved with lower-level speech representations. As expected, the brain score of word rate (Supplementary Fig. 3), noise ceiling (Methods) and GPT-2 (Fig. 2a) all peak in the language network44. Overall, these results confirm that deep language models linearly map onto brain responses to spoken stories.

Ai ai ai. This is bad, so bad. It's a classic case of p-hacking. They took some mapping of language model activations and moved it around a mapping of brain activity until they found an area where the two correlated- and weakly at that, only at a low R = 0.23.

Even worse. They chose GPT-2 over other models because it best fit their hypothesis:

For clarity, we first focused on the activations of the eighth layer of Generative Pre-trained Transformer 2 (GPT-2), a 12-layer causal deep neural network provided by HuggingFace2 because it best predicts brain activity7,8.

Not only the model- its activation layers.

They shot an arrow, then walked to the arrow and painted a target around it.

Dear god. That gets published in Nature? Phew.
there is a gini coefficient for wealth too.

and if you look at the numbers, both the income and the wealth coefficient in the US is worse than in europe
I just wish Quanta Magazine would do a print edition so I can subscribe. Sadly it does not seem part of their mission: https://www.publishersweekly.com/pw/by-topic/columns-and-blo....
It's going to be called a bailout because that's what it is.
I find unit tests to be a good fit for 10% of code.

Most of the time, bugs are in the glue.
Why do you have that assumption? What gave you that assumption?

In which law does the US say that your deposits are safe? You get insurance up to 250K. That’s it.

Why didn’t you mitigate risk by using a few banks? Even 4 would’ve meant only a 25% loss.
What forced them to realize losses was high withdrawal rates because tech funding went down. But SVB would have been fine if they didn’t inadvertently trigger a mass panic bank run
Fire reported at Russian propaganda channel in Moscow
10% really is not enough to compensate for the uncertainty around Circle's commitment, whatever that is. More like be greedy when you have insider information.
Why is this now flagged?
Just buy us treasuries. There is no rule that you have to have cash at a bank.
The Jesus Movement and the Church of Satan as Reactionary Psychological Warfare
> When I put my money in the bank, I don’t consider that an “investment” and neither did the employees.

No, but you should be aware that if you put money into a deposit account, and the bank fails, you are only guaranteed (by the FDIC) to get $250k of that money back. This is usually not a problem, as most individuals don't have that much cash, period, let alone in a single bank account.

But it's a problem for businesses, obviously. And yes:

> Could the CFOs at these companies known they were making risky bets

Absolutely! Putting more than the FDIC-insured max into a deposit account is an obvious risk that any CFO (or corporate finance person in general) will absolutely know about.
It sounds like he flipped him off, and the victim of the nonsense claim says he flipped the bird then waved off the asshole. Everything shows that the victim never did anything threatening no matter how belligerent the complainant was - the most "threatening" thing you could claim he did was shout at them after they almost drove over his kids and said that they would do it in future.

So while the video in question is apparently not super clear in this particular "death threat", the only person who says he did anything neck related is the guy who also made numerous other claims directly contradicted by his own video. The same guy that - and the court notes - repeatedly lies about things that have happened whenever facts are inconvenient, even when the complainant's own video demonstrates the falsity of the claims.
> it wouldn’t hurt for there to be somewhere you actually can rest cash securely, for a service fee.

This is called a Narrow Bank. [0] The Fed doesn't want it though, because such a bank would not participate in the money creation process, or help the Fed disseminate its monetary policy, which all banks implicitly do.

Alternatively...

> You could imagine a federal institution for this, or simply a regulatory program that required banks to offer such an account.

This is called a CBDC. [1] It may one day happen.

[0] https://www.bloomberg.com/opinion/articles/2019-03-08/the-fe...

[1] https://www.federalreserve.gov/central-bank-digital-currency...
Just a note that the link to your Mastodon is broken (missing “n”) :)
Huh? People have historically worked on all kinds of companies and organizations doing evil shit, while knowing they do evil shit, and not even justyfing it as "bad but necessary" or via some ideology, just doing it for profit...

Drug cartels have all sorts of engineers on board, for one small example...