echion

This is very cool. Any idea about the threat surface change? Do you only deny with the poll?

I don't doubt Ray's mostly right, but remember he has huge incentives to make the problem seem as bad as possible: payment justification, reputation-burnishing, self-importance, etc.

Where can we buy?

Would love to know who your clients are so we could patronise them :)

Definitely. And SVB's financial reporting / balance sheet showed this problem beforehand, AIUI.

> > relevant

> not mathematically

Agreed. I don't think the GP was asking a mathematical question, so "relevant" meant "to explain why MTM accounting is not the only way".

> the term to search for is "net present value"

I understand NPV. I'd edit my post to put "$100m equivalent [NPV] today" to makes it clearer what was meant by "equivalent", but it's too late, and that's precisely what I nodded to with "equivalent" -- no need for jargon to get the sense across.

> These considerations are precisely what marking to market captures.

Of course. And they are -- in theory -- exactly what GP seemed to be asking about. Valuing an instrument at its NPV (NOT MTM) is perfectly reasonable...as a starting point. GP was questioning that. As everyone has pointed out, and anyone who's bootstrapped a yield curve or traded bonds (I have) knows, there are a ton of nuance and caveats to this, but the GP was not dealing with those and they are not relevant to GP's primary point/question.

> > > > I am very frustrated by political arguments about desert

> > > What does "desert" mean here

> A deserving [...] merit

Thanks. As a native speaker aware of "desert"'s multiple meanings and "just deserts", I think "merit", "deservedness", "appropriateness" would have been much clearer choices here. Perhaps the jarring note alone (of "desert" in this context) should have clued me in that an unusual usage was in play. Thanks again for the clarification.

> why is it that we allow a bank to not mark-to-market a security for which there is a liquid market?

Because at maturity, the bank gets back its money. So it is perfectly valid to say "in ten years, this $100m bond is worth $100m...and I intend to hold it for ten years, so it's worth $100m [equivalent] today". The "I intend to hold it" is the relevant part of the valuation, though.

> > The losses banks have taken on their assets are real. They already happened. They are survivable if banks remain liquid.

> But… they aren’t real yet? [...] So I don’t understand this point.

If people withdraw their deposits, the bank will have to deliver the money somehow...by selling the assets that have lost money. So the point is that although, if nobody withdraws, the losses are survivable, if enough people withdraw, the losses are not survivable. As soon as depositors realise this situation, they will withdraw their money. So that's the problem.

First, the article is a great explanation of what's going on. "Maturity Transformation" explains the cause. "Trying to forestall a banking crisis" is a great discussion of the important next stage of the non-headline-grabbing solution.

Just wondering about this "desert" word, in context:

> I am very frustrated by political arguments about desert, which start with an enemies list and celebrate when the enemies suffer misfortune for their sins like using the banking system.

Anyone know what "desert" refers to?

> Are you saying if I deposit [...] I should just accept the impact [...] due to events unrelated to my actions and choices?

You chose that bank and you chose to deposit more than $250,000. Are you saying the limit should be higher?

I live in NYC and showed a visitor the NYPL in July. The public was not allowed into the Rose Reading Room...only "researchers".

> if a Linux could give me reliable power management I would switch in a heartbeat

More than `powertop --auto-tune`?

The flip side is also true: technology enables abuses of power to exist faster than the laws can be enforced.

Would love to know some of the answers to the questions you posed

> Syndrome being the villain [is a bit of] trying to defend social hierarchies

He's a villain because he's trying to replace the hereditary caste by violence, and by consuming them. The tension is there outside of him -- and Mr. Incredible is a bit of an arse to Billy at first -- but it's his means, not his ends, that are the problem.

> What entitles business owners to all the benefits of highly productive workers?

This is exactly why many of those workers go on to start their own businesses, to redirect those benefits to themselves.

> Man was made for Joy & Woe

> And when this we rightly know

> Thro the World we safely go

> Joy & Woe are woven fine

> A Clothing for the soul divine

> Under every grief & pine

> Runs a joy with silken twine

Blake

It's much clearer now, with your clarification. Thanks to you for the update, and to OP for the question.

Appreciated. Is there a tldr for hacker news front page submissions? Because someone should make that, if not.

99% of the people who don't care about the content are more important than the 1% who do? What if it were 51%? How is it supposed to move, if the standards-setters don't move the passive consumers?

Would love to see a .procmail rule + scripts to do this without the significant zapier integration.

Correct

> fantastic walk through of special relativity

Do you have a link? It's not obvious which treatment you mean (have done a simple search).

tl;dr: the ends kind of justify the means.

Can you provide referrals and / or known good facilities? Direct email welcome.

"High school" is the universally-accepted term in the US, and means four years before university. "Junior" high school is not a universal term, though exists in some areas. "Senior high school" is a term I've never heard before, appears uncited on that wikipedia page, and were I to say it to anyone I know they would look at me funny.

Why are there not more upvotes than downvotes? It's not like the quoted sentence wasn't a terrible counter-example to the resistance against the fight against layering negatives and the lack of the active voice.

Fighting stereotypical prejudice with...a stereotype? Dartmouth is around the mean in Asian-American student body according to https://blog.collegevine.com/the-demographics-of-the-ivy-lea... .