1/ On How Short Life Is
A few years ago, I was walking around in a blizzard in SoHo (New York). It was late, midnight, and it was beautiful.
Some friends, about 15 blocks away, called: "come over?"
It was late, it was cold, was tired, thought "maybe not worth it" but then...
This is truly incredible.
Here is an exchange with Senator James Lankford & Yellen.
He asks, "Will every community bank ... get the same treatment as SVB?"
Yellen: "Banks only get the treatment if ... the failure to protected uninsured depositors would create systemic risk."
Intuitively we know that what FTX did was wrong [took user deposits and gambled with them]
This recent episode in America has made some people realize this is basically the entire business model for consumer banks
Sea change?
I love how they frame it as a “merger agreement” instead of a desperate fire sale which required the rewriting of Swiss law to prevent global financial catastrophe 😂
@adamscochran As a developer who has always had a hard time getting testnet ETH, who also bought in a speculative capacity, I have no pity that you’re missing the pump
UBS finally gets it: "The year-over-year rate of real wage growth has been negative for 22 consecutive months. With such a collapse in living standards, the Fed’s relative focus on labor-led rather than profit-led inflation seems peculiar."