Atomic Semi | In-person in San Francisco | Senior Embedded Software Engineer
We're building a small, fast semiconductor fab and we are bringing up a bunch of very interesting devices. Please apply if you have experience going 0 -> 1 on embedded systems!
There are a few ways to control nuclear power plant output. You can send the steam someplace else and the generator turns slower. You can also moderate the nuclear reaction using control rods.
With TARP the government owned assets. For every dollar they invested, they could receive less, equal, or more than a dollar. Overall, they received more.
Tan is proposing the backstop deposits. In this case, the govt can receive AT MOST a dollar for every one of its dollars. The absolute best case is a break-even on the investment (and the government eating the cost of administering the program)
Looking at the most recent 10-K (12/21), if you have more recent figures I’d be happy to use those:
Total deposits: 173.109B
Total assets: 211.793B
Of the assets, those that the government would actually care about in a takeover:
13.8B cash
26.1B available-for-sale (presumably marked to market, so that’s supposed to represent today’s sale price)
91.3B held to maturity securities (these aren’t marked to market AFAIK, so this represents the value if they’re held to maturity not sold today)
73.6B in loans net of loss allowances
Total: 204.8B
There are also a few billion of non marketable securities and “other” which I left out.
Granted, some of this has already been liquidated, but if the government paid out depositors one-for-one, and held the rest of the book to maturity they’d make 31B. That’s basically the same argument employed when stating the government “made” money with TARP.
The US plunged into the worst recession since The Great Depression of the 1930s when Lehman Brothers bank collapsed, which quickly cascaded around the world.
2008 is aka 'The Great Recession'; it likely would have been much worse without govt intervention, though the targets of the help were corporations, not the average person affected by it.
The 2008 crash was the culmination of a house of cards largely enabled by deregulation that wiped out huge mainstays in America, including the auto industry. GM and Chrysler are only with us today because of massive govt bailouts. Many banks large and small failed and were absorbed into larger ones (eg Washington Mutual). The govt bailed out other banks deemed 'too big to fail' (eg Chase).
Countries were also failing over this (eg Greece, which used the euro hence was not a sovereign currency issuer and had to rely on Germany et al to assist). Severe govt spending cuts were imposed around the world, leaving the average citizen bearing the brunt of the downturn.
None of the criminal bankers that caused this crash were held criminally or civilly accountable, sparking the Occupy protests. In fact, they still got their big bonuses that taxpayers paid for. Meanwhile, average people lost their homes, businesses, and jobs.
It took about a decade to return to pre-crash economic levels. Not counting 9/11 (the effects of which changed the trajectory of modern life), this was the first 'once in a lifetime' shock for Millennials that set us back many years … just in time for a global pandemic.
There are some movies about the 2008 crash. Maybe checkout 'Margin Call'.
What? I was on keto for months and consumed copious amounts of these. No spike for MONTHS on end. Does your statement come with qualifiers or is that just straight up misinformation?
There's a ton of BS out there on artificial sweeteners, so much so they are some of the most studied food supplements on the planet... but it doesn't stop the BS from spreading
Paul, it’s a bad article. Your arguments don’t make sense and are mostly strawmen. If you want to improve it, show it to someone in real life and have them talk over it with you. You’ll probably get a lot farther than a few sentences of feedback over the internet. But it’s really bad.
We're building a small, fast semiconductor fab and we are bringing up a bunch of very interesting devices. Please apply if you have experience going 0 -> 1 on embedded systems!
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