also, i was once on the board of a bank holding company. the fault here lies with the management of SVB, but there were intense and frequent audits by regulators to prevent exactly this from happening.
REGULATION
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Government Role in Depositor Protection and Financial Accountability
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the government has a role to protect depositors, and we should all want this certainty. but part of the deal should be that when they get it wrong, they help take care of depositors (liquidity, arranging a sale, etc.)
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SVB Crisis: How Political Branding Complicated Banking Resolution
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i believe that if Silicon Valley Bank were instead called Farmers Bank Of Santa Clara (they bank a lot of winegrowers!) we would have had this easily resolved. unfortunately it became somewhat political.
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Politicians Downplay Payroll Banking Crisis Responsibility
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very surprised to see some politicians taking the position that payroll just isn't that a big deal, that companies/individuals personally need to make sure their bank doesn't go under, etc.
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Government Inaction Risks Financial Crisis and Bank Runs
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as of friday, many of the relevant people in government didn't understand the magnitude of this. now i think more do. unfortunately, it's been much too long without reassurance and action, and the energy for bank runs tomorrow now exists.
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FDIC Emergency Measures Prevent Banking System Collapse
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this would have been easy to fix friday, but now being certain of avoiding calamity requires something drastic. e.g. the FDIC temporarily guaranteeing all deposits, and announcing emergency liquidity as needed for continuity of operations.
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AI Won’t Cause Unemployment in Regulated Sectors
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Thought-provoking article from @pmarca
, saying that: a) AI will not take our jobs because most jobs in the future are going to be in the regulated sectors (totally safe from AI, regardless of how good AI gets) https://
pmarca.substack.com/p/followup-to-
why-ai-wont-cause-unemployment
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AI Automation Impact on Employment in Regulated Sectors
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b) Universal Basic Income already exists in the form of employment in the regulated sectors c) Even if some jobs in the unregulated sectors are lost to AI automation, there may still be opportunities for job growth in the highly regulated sectors. 2/2
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EU Addresses Real AI Risks and Algorithmic Challenges
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‘Risks posed by #AI are real’: EU moves to beat the #Algorithms that ruin lives
by @kalyeena @guardian Learn more: https://
buff.ly/3A4zJZH #ArtificialIntelligence #MI #Digital #DataScience cc: @ronald_vanloon @pbalakrishnarao @karpathy -
Chinese students bypass Great Firewall to access ChatGPT
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China's students leap 'Great Firewall' to get help from ChatGPT