very fair, i amend my statement to “better regulation”
REGULATION
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Bank Regulation Needed After Mismanagement Crisis
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now that the first order of business is behind us: we need more regulation on banks, and this was a badly mismanaged bank
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SVB Crisis: Protecting Depositors Essential for Tech Innovation
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I'm glad US gov is looking into protecting SVB's depositors. I see no need to bail out the bank's investors, but failing to protect depositors – who had taken no reckless risks – can mean large layoffs, damage to trust in banks, and setting back AI & tech innovation by years.
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SVB Bank Failure: Management Fault and Regulatory Oversight
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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.
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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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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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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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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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