yunwal

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691.
by yunwal 4y ago
> True innovation from the government's perspective is increasing its control of citizens and the efficiency of their labor by any means necessary. I'd be curious how you justify this when the U.S. (largely agreed-upon to be th
692.
by yunwal 4y ago
I believe employees understand that working at a small, highly-leveraged startup is risky, whether or not they know which bank they use. The employees, by law, get 2 months wages guaranteed by the government (under the WARN act), and should
693.
by yunwal 4y ago
This is really semantics to me. Customers gave SVB their money because they paid high returns and engaged in risky behavior. That money was used to fund exec and employee salaries. People who take risks should bear the responsibility. Wheth
694.
by yunwal 4y ago
> Why I'm capable of desire has a lot to do with evolution, etc. yes. But that isn't relevant to the meaning of the claim. If you are going to claim that your expression of desire is fundamentally different from another thing&#
695.
by yunwal 4y ago
> Big companies will invest without taking risk Why do we think this is? Might it be because big companies would actually have to face consequences when big, dumb risks fail? > research organizations and academia will take risks wit
696.
by yunwal 4y ago
> The other good news is that it will probably net out to costing little to nothing in the long term If it cost nothing with no risk, surely a larger banking institution would have been willing to step in to solve it. > Seems very muc
697.
by yunwal 4y ago
The whole argument is whether uninsured deposits should be provided by the FDIC. I have no problems with the insured amount being returned to customers. The FDIC is a government owned business and shouldn’t be acting outside of it’s financi
698.
by yunwal 4y ago
Libertarian is not just a political party. It’s a set of ideas and beliefs. VCs and founders in SV routinely espouse these beliefs and try to pull both major parties in their direction. There are plenty of communists out there voting for de
699.
by yunwal 4y ago
This is obviously also stupid, but no other bank has the vast majority of their clientele clued into a single group chat discussion
700.
by yunwal 4y ago
> But are they really the only bank in the world doing that mistake? I’m not sure that looking to the financial sector for examples of fiscal responsibility is actually reasonable, but I’d guess that they’re the only bank that’s “too-big
701.
by yunwal 4y ago
If your customers actions are all highly correlated, you need to be planning for things like this. The fact that having your whole customer base in a single group chat is a bad business model for a bank should not be the taxpayers’ problem.
702.
by yunwal 4y ago
> Where exactly, though? Ask any big tech worker; they will assure you it's not coming from there. Like I said, non-profit research organizations, branches of government, traditional, sustainably-run companies. The fact that Silicon
703.
by yunwal 4y ago
I don’t care about what political party they belong to. Do they regularly argue to slash regulations on the basis of government=bad? Do they routinely try to convince people that technology companies should be in charge of social organizati
704.
by yunwal 4y ago
How is this relevant? The comment I was responding to stated that there’s no underlying libertarian streak in Silicon Valley. That’s clearly false.
705.
by yunwal 4y ago
Depositors were getting gains (4.5% interest rate which is very high compared to similar banks, and for something that’s supposed to be risk-free). The reason these rates were achievable is because SVB lobbied to remove regulations and allo
706.
by yunwal 4y ago
> if not tech, what else could give the U.S. an advantage over China? I think in order to have this conversation, we must distinguish tech from the silicon-valley-branded, vc-funded, risky, socially-disconnected tech that’s largely being
707.
by yunwal 4y ago
Oh ok so they’re only libertarian when it benefits them financially. I actually don’t think anyone disagrees with that.
708.
by yunwal 4y ago
Socialize the losses, privatize the gains, nice
709.
by yunwal 4y ago
> But then the PPP and pandemic payments were bailouts, too Yes, PPP loans were 100% bailouts. I do think, however, that there’s a significant difference, which is that we didn’t have widely available insurance for pandemics. Even if bus
710.
by yunwal 4y ago
As opposed to decreasing trust in the government, which will now be seen as an institution that takes money from normal people and allocates it to those who confuse real money with Monopoly money.
711.
by yunwal 4y ago
> tech industry and its workers are strategically important to the U.S. I think there are a lot of people who don’t feel that this is true to the extent that you (and possibly the fed) do. When I see Calendly being valued at 3 billion do
712.
by yunwal 4y ago
Except you probably pay millions of dollars to AWS every year so they can build drone-strikes as a service or something.
713.
by yunwal 4y ago
It’s really hard to participate in a system that’s so interconnected without contributing to the bad parts. Chances are, you’re using a cloud provider that belongs to one of the big cos, etc etc. I work for a company whose product/miss
714.
by yunwal 4y ago
The onus is on the people claiming that this is a no-risk deal for the FDIC. Otherwise, seeing this as a bailout is the reasonable conclusion. If there was no risk, JP Morgan would be willing to step in to capitalize. The fact that they won
715.
by yunwal 4y ago
It’s also the unfortunate outcome of no one taking moderated concerns seriously.
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by yunwal 4y ago
The depositors reward banker-bros for risky behavior when they bank with them. SVB paid an unusually high interest rate and part of the reason is because they were more aggressive about investing.
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by yunwal 4y ago
This effectively ends up being a subsidy for risky, well-connected people while being a tax on responsible, not-especially-well-connected people.
718.
by yunwal 4y ago
Customers should be diversifying in these situations. It’s easy enough to set up a sweep. Those that don’t for whatever reason shouldn’t get bailed out for their poor decision making. That’s de facto subsidizing any future banks that want t
719.
by yunwal 4y ago
> Is there a more clear cut case of insider trading? Genuine question, is there any evidence that these trades were out of the norm, rather than a regular portfolio rebalancing that’s common with any employee who receives part of their c
720.
by yunwal 4y ago
How is this safer than the alternative? There's no world in which the FDIC lets a bank the size of SVB default on it's deposits, so there are basically 2 scenarios here: 1) You get bailed out no matter what your insurance rate 2)

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