Post ATUpUtrxoOEx7UB6Z6 by earthshine@hackers.town
(DIR) More posts by earthshine@hackers.town
(DIR) Post #ATUpUtBQMYDEzYH8G8 by thegibson@hackers.town
2023-03-11T02:48:01Z
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Having a nice bourbon, ruminating on the dissolution of the second largest bank to fail in US history.The issue with this is that it has an outsized tech impact, particularly with startups. This bank was utilized by a lot of small tech firms to do things like payroll, and by larger ones to pay out severance packages.This doesn't just impact the fat cats.People I know, and more importantly, people you knowarealready impacted.
(DIR) Post #ATUpUtrxoOEx7UB6Z6 by earthshine@hackers.town
2023-03-11T02:59:55Z
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@thegibson It never does affect the fat cats. They always get their golden parachutes, while everyone else, from the employees and members, to the taxpayers, subsidize their losses.Since around the turn of the century, the USA has been really going for bust on allowing companies and banks to take risky bets, and then letting them off the hook when they inevitably fail.Externalizing costs has always been a core feature of western capitalism, but it's basically been a free-for-all ever since reaganomics reached its final form and the post-9/11 bailouts proved once and for all that *not* taking huge risks with other people's money was a business liability in a landscape where all the other businesses that did do it would get bailed out when they fail. Instead of jail time, the executives just get a slap on the wrist and cash out.
(DIR) Post #ATUpUuJy8GdqWLHTDU by thegibson@hackers.town
2023-03-11T02:49:45Z
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This is second only to Bear Stearns in size. As a refresher, Bear Stearns' failure in 2008 kicked off the global recession then. It sucked for nearly everyone.
(DIR) Post #ATUpUuqw9h0sAahnbU by thegibson@hackers.town
2023-03-11T03:03:44Z
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@earthshine I only argue the timeframe... I'd take that back to 1980.Total agreement otherwise.
(DIR) Post #ATUpUw8LOSX08rrDNI by feld@bikeshed.party
2023-03-11T05:31:44.488267Z
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1980 was one of the worst examples of behavior which led to...https://www.federalreservehistory.org/essays/recession-of-1981-82
(DIR) Post #ATUpUwL6d0jumRpPGa by thegibson@hackers.town
2023-03-11T02:53:12Z
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We're in better hands than when this kicked off last time, and yet the suck is coming. I have witnessed the past few years, even with all it's pressures, grow in excess. This happened leading up to 2008 too.I remember my dad and I having a talk maybe 6 months before that meltdown that it was looking like another gilded age.
(DIR) Post #ATUpV1WdLZvoreGBQe by thegibson@hackers.town
2023-03-11T03:28:33Z
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One of the weird things about starting this place, and seeing these overlaps, is that I hear stories from all over tech.Real people, people you know and like, are scared. Hurting.Worried about where this is headed.We are ALL in this together now.