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Khorne posted:apparently the company I work at banked with svb mine did too, despite being in Colorado
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Mar 13, 2023 19:37
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Matt Levine's article dropped a half hour ago. https://archive.is/CqpVU
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Mar 13, 2023 19:51
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hobbesmaster posted:they weren’t missing though. they’re locked up in the safest investment on the planet or a year. Yeah, as much as we don't like banks or silicon valley firms, I don't see a way around this. our glorious socialist utopia will surely still have businesses and money. both people and businesses need to keep that money somewhere, and I don't see who is served by saying that you can be hosed out of that money by your bank doing something stupid outside of your awareness.
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Mar 13, 2023 19:52
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levine notes that the at par loan thingy is only for poo poo the banks owned before yesterday. so this whole rigamarole can totally fuckin happen again if the fed raises rates like 2% more and some banks buy long dated poo poo all stupid-like again right now not to say the current rigamarole is finished ofc bob dobbs is dead fucked around with this message at 20:00 on Mar 13, 2023 |
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Mar 13, 2023 19:55
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you need financial instruments or something analogous to risky debt for any sort of collective human endeavor that takes longer than an afternoon. these social mechanisms always end up encrusted with parasites but that is a consequence of class relations, not the concept of debt itself.
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Mar 13, 2023 20:05
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Truman Peyote posted:Yeah, as much as we don't like banks or silicon valley firms, I don't see a way around this. our glorious socialist utopia will surely still have businesses and money. both people and businesses need to keep that money somewhere, and I don't see who is served by saying that you can be hosed out of that money by your bank doing something stupid outside of your awareness. step one of my socialist utopia is nationalizing all of the banks and putting the bankers up against the wall, OP
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Mar 13, 2023 20:28
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money should be abolished
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Mar 13, 2023 20:30
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it'd all be very interesting, but perhaps follow the lead of places doing way better just regulating banks and giving people healthcare as a first step?
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Mar 13, 2023 20:32
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Cybernetic Vermin posted:it'd all be very interesting, but perhaps follow the lead of places doing way better just regulating banks and giving people healthcare as a first step? yes, but these reforms are only given as a concession to movements that are fighting for and capable of achieving more. and ultimately if the forces in society remain that push banks to be deregulated and healthcare to be privatized (namely, the need for capitalists to constantly increase their profits), these will be temporary solutions at best. and, no, just hoping capitalists stop being so greedy isn't an option, because even if all capitalists suddenly got a conscience, they would immediately be out-competed by someone new who's more willing to be cutthroat. so they all need to be as cutthroat as possible out of fear of being out-competed. so we need to fight for the nationalization of all banks as part of a socialist transformation of society, with steps like regulating banks and providing universal healthcare as stepping stones on the way.
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Mar 13, 2023 20:45
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heard an interesting conspiracy theory at work [presented as such] that this may be the big banks basically disposing of regionals, I mean if they're not behind it they're definitely going to end up with all their assets and business
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Mar 13, 2023 20:49
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i think that's incidental. imo it was a (successful, mind you) attempt by moneyed interests to get the fed to stop or at least slow rate hikes
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Mar 13, 2023 20:54
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Beeftweeter posted:i think that's incidental. imo it was a (successful, mind you) attempt by moneyed interests to get the fed to stop or at least slow rate hikes you say that march 23rd
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Mar 13, 2023 20:58
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a lot of the moneyed interests are on board with the rate hikes because they like the idea of "cooling off the economy" (i.e. causing a recession to force wages back down). i think this is a complete accident that nobody planned on and they're scrambling to figure out how to stop it from taking down the rest of the financial system too. but i also think it's way too early to try to draw these kinds of conclusions.
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Mar 13, 2023 20:59
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Different factions of capital have different interests. I think tech and finance were against rate hikes from the beginning, the people who really want it are small business psychos who rely on minimum wage labor
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Mar 13, 2023 21:06
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bob dobbs is dead posted:you say that march 23rd yeah, true enough
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Mar 13, 2023 21:08
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Obama's terrible west-wing brained comms people/podcast experts keeps yielding lomarfs https://twitter.com/jonfavs/status/1635300241258991626?s=20 WONT SOMEBODY THINK OF LINDSEY WITH HER USED HONDA AND DUKE EDUCATED HUSBAND, WHO LIKE HERSELF IS EX-MCKINSEY, AND HAS AN APP THAT COSTS 600 A MONTH TO MAKE TODO LISTS....
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Mar 13, 2023 22:05
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i was so bummed out to find out that this isn't the star war / marvel writer guy, that's just a different guy with the same name
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Mar 13, 2023 22:15
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Truman Peyote posted:i was so bummed out to find out that this isn't the star war / marvel writer guy, that's just a different guy with the same name he was obama's speechwriter
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Mar 13, 2023 22:18
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lol I wonder if YC was the company that had been planning to cut staff on Friday but couldn’t pay out severance due to SVB going under https://techcrunch.com/2023/03/13/y-combinator-cuts-nearly-20-of-staff-scales-back-growth-stage-investments/
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Mar 13, 2023 22:30
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Beeftweeter posted:he was obama's speechwriter i know. for years i had thought there was one guy named jon favreau who directed iron man, then was obama's speechwriter, then wrote the mandalorian while also hosting pod save america. i found this to be a very funny type of guy to exist in the world
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Mar 13, 2023 22:32
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Truman Peyote posted:i know. for years i had thought there was one guy named jon favreau who directed iron man, then was obama's speechwriter, then wrote the mandalorian while also hosting pod save america. i found this to be a very funny type of guy to exist in the world I am going to start thinking this because it amuses me and honestly, who is it hurting?
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Mar 13, 2023 22:33
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raminasi posted:yes...you would? that's the whole point? if you, right now, had money over the fdic limit at some random bank, and that random bank were at risk of failure because of interest rate risk on its long-term bond holdings, then that random bank would use the new fed borrowing mechanism to avoid insolvency, and you'd be able to withdraw your entire account. that's why they're doing this, so that you - a random depositor who hasn't bothered to audit the bank you chose - don't have to worry about your money vanishing because of something you have no knowledge of or control over. ii repeat: if i deposit money in an uninsured account in FartBank, I do not get money back. If I deposit money above the insured value in an account in FartBank, I do not get money back above the insured value. They are getting preferential treatment that I would not get. They are absolutely getting it "for nothing". this new insolvency scheme was brought out now and specifically once it looked like connected vc assholes would take a beating. do you have an answer to the following question: fart simpson posted:do depositors normally get the fdic rules changed to get all their >$250k money after a bank failure? i can see on the fdic website that hundreds of banks have failed in the past 20 or so years, and they say you will not get any more than the insured amount. but what normally happens? quote:and now i get to ask my real question: why do you think fdic insurance exists? why was FDIC insurance capped at 250k do you think?
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Mar 13, 2023 22:45
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im fine with investors losing money but i think any failures should result in payrolls being made whole for up to x amount of dollars for y amount of months or something.
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Mar 13, 2023 22:52
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anime was right posted:im fine with investors losing money but i think any failures should result in payrolls being made whole for up to x amount of dollars for y amount of months or something. yeah for sure i don't have a problem with the companies being given money if the intent is to save people's jobs, just take equity from investors and founders in return.
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Mar 13, 2023 22:54
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I think we should drop a hydrogen bomb on San Mateo County, California.
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Mar 13, 2023 22:55
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mila kunis posted:why was FDIC insurance capped at 250k do you think? You know it changes, right? https://americandeposits.com/history-and-timeline-of-changes-to-fdic-coverage-limits/
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Mar 13, 2023 23:02
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SyNack Sassimov posted:You know it changes, right? ?????????? what possible point do you think you're making here in response to what i said? this looks like changes to bring the limit in line with inflation? just to make it obvious: this limit exists because the intent of FDIC protection is to ensure ordinary, non-rich people get their savings back limited up to a (reasonable) amount of money mila kunis fucked around with this message at 23:11 on Mar 13, 2023 |
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Mar 13, 2023 23:09
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Truman Peyote posted:i know. for years i had thought there was one guy named jon favreau who directed iron man, then was obama's speechwriter, then wrote the mandalorian while also hosting pod save america. i found this to be a very funny type of guy to exist in the world The trick is to just refer to the guy who made Swingers, Iron Man, and the best parts of The Mandalorian as “Jonny Favors” (which was apparently his nickname back in his days in the Chicago improv scene, according to some folks I know who performed with him).
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Mar 13, 2023 23:16
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mila kunis posted:?????????? what possible point do you think you're making here in response to what i said? this looks like changes to bring the limit in line with inflation? means-testing depository protections does sound like a cool and good centrist position at any rate, lets throw in an account in which you can save depository recovery funds with tax protections if you're a minority entrepreneur.
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Mar 13, 2023 23:16
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post hole digger posted:I think we should drop a hydrogen bomb on San Mateo County, California.
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Mar 13, 2023 23:24
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post hole digger posted:I think we should drop a hydrogen bomb on San Mateo County, California. 
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Mar 13, 2023 23:31
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mila kunis posted:ii repeat: if i deposit money in an uninsured account in FartBank, I do not get money back. If I deposit money above the insured value in an account in FartBank, I do not get money back above the insured value. They are getting preferential treatment that I would not get. They are absolutely getting it "for nothing". this new insolvency scheme was brought out now and specifically once it looked like connected vc assholes would take a beating. do you have an answer to the following question: if you, yosposter mila kunis, had uninsured deposits at svb or signature, then you, yosposter mila kunis, would be protected by the same insurance extension that all the actual uninsured depositors of those banks are currently under. if you have uninsured deposits at any other bank, then your uninsured deposits there are now equally protected as any other uninsured deposits at those banks. you are not being treated any differently than anyone else. mila kunis posted:why was FDIC insurance capped at 250k do you think? because the thinking before today was that you prevented bank runs by reassuring a large number of people with relatively small account balances. as of today, that method is considered insufficient, but the ultimate goal - preventing bank runs by creating a source of confidence - has not. fdic insurance protects the little guy but it's a means to an end. mila kunis posted:yeah for sure i don't have a problem with the companies being given money if the intent is to save people's jobs, just take equity from investors and founders in return. the money they are being "given" is their own money.
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Mar 13, 2023 23:32
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Apparently YOSPOS was only one bank run away from turning into D&D
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Mar 13, 2023 23:33
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mystes posted:Apparently YOSPOS was only one bank run away from turning into D&D well you're not wrong but i mean it is the tech bubble thread so it should at least be GURPS
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Mar 13, 2023 23:37
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we should play RIFTS instead
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Mar 13, 2023 23:40
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post hole digger posted:I think we should drop a hydrogen bomb on San Mateo County, California. i mean a regular nuke is fine too
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Mar 13, 2023 23:40
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Mar 13, 2023 23:43
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paranoia xp is the one w communists w furry hats
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Mar 13, 2023 23:47
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rotor posted:well you're not wrong but i mean it is the tech bubble thread so it should at least be GURPS yospos thac0
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Mar 13, 2023 23:47
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mila kunis posted:If I deposit money above the insured value in an account in FartBank, I do not get money back above the insured value. yes you would. the bank’s assets are sold by the FDIC and after all insured deposits are covered the remaining proceeds are split equally among the uninsured deposits. this may be 50c on the dollar or it could cover the deposits in their entirety has anyone ever gotten nothing?
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Mar 13, 2023 23:49
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