I’m betting within the next 2 years he fires his barber and manicurist.
I got an electric bike for Christmas, for running short in-town errands. At one time I biked a lot, and even raced some, but it’s been a long time ago, pre-second child. This was to replace taking the car on short errands.
It came from REI, was about $2000, has 65 miles on it divided by 1 and 2 and 5 mile jaunts. It weighs 50+ pounds, which is 30+ pounds heavier than my other bicycle (which was state of the art in 1991), and it easily cruises at 18-20 with the power on high, and about 8 with no assistance. With no assistance it’s like riding a set of barbells. It’s great for grocery shopping.
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My little town has turned into an e-bike Mecca. There are multiple dealers and rental places in town and the bikes can be seen everywhere. It makes the uphill climbs easy as pie.
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They’re not bad in houston either.
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What could possibly go wrong?
He’ll love dealing with banking regulators.
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Reading up on the SVC collapse makes me wonder just exactly what are they regulating.
Looks like the bank’s chief executive thought it should not have been subject to as much regulation:
"Some banking experts on Friday pointed out that a bank as large as Silicon Valley Bank might have managed its interest rate risks better had parts of the Dodd-Frank financial-regulatory package, put in place after the 2008 crisis, not been rolled back under President Trump.
In 2018, Mr. Trump signed a bill that lessened regulatory scrutiny for many regional banks. Silicon Valley Bank’s chief executive, Greg Becker, was a strong supporter of the change, which reduced how frequently banks with assets between $100 billion and $250 billion had to submit to stress tests by the Fed.
Mr. Becker, who had been on the San Francisco Fed’s board of directors, was no longer on the board as of Friday, a Fed spokesperson said."
NYTimes: Silicon Valley Bank Fails After Run on Deposits
Silicon Valley Bank Fails After Run on Deposits https://nyti.ms/3T5K9jw
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This is basically what happened.
Banks failing and small town being gassed by train explosions. The Trump administration is the gift that keeps on giving.
The Republican Party is a terrorist organization.
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Because of course they did.
It’ll be fascinating to see what the Fed does with the uninsured deposits and how the world at large reacts on Monday morning as the news is received or no news is received.
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So, even though we only accounted for 2% of SVB’s assets, the bank was a huge part of the wine industry. They were considered the gold standard as a lender and an institution with whom many wineries and producers kept their money. Rob MacMillan, who headed SVB’s wine division, issued an annual report on the state of the industry which was one of the most important and influential analyses about the industry, something just about everybody read and used to forecast the coming year.
I also know a number of folks who are currently fucked, not knowing if they’ll see their money or not. The chatter is that the feds learned their lesson from the last time a bank this large failed (Washington Mutual in 2008) and folks will eventually be made whole. It took ten years for folks to get their money after Washington Mutual failed, however. What’s even more fucked are the wineries who can’t make payroll right now. So many vineyard and cellar workers live paycheck to paycheck, but no one knows when they’ll be paid again.
There is a hell of a lot of angst in the wine industry at the moment.
I heard that the FDIC insured funds should be available on Monday.
It used to be 250K per borrower, but I have no idea at this point
That’s the number I heard.
I hope that they have learned their lessons from the past, and apply any bailout directly to the account holders instead of just shovelling money into the bank. It’s so frustrating when banks get bailed out because that’s simply rewarding their bad behavior. They get to keep the profits and the losses get “socialized”.
Fun Fact: The head of the bank dumped $3.9 million of stock in the bank the day before the FDIC takeover. That fucker needs to go to jail. Not jailing these crooks is another classic failing in these circumstances.
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$250,000 per account holder. Borrowing doesn’t enter into it.
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Yeah, that’s what I meant.