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Addiction 2023.1

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Road Cycling ďIt is by riding a bicycle that you learn the contours of a country best, since you have to sweat up the hills and coast down them. Thus you remember them as they actually are, while in a motor car only a high hill impresses you, and you have no such accurate remembrance of country you have driven through as you gain by riding a bicycle.Ē -- Ernest Hemingway

Addiction 2023.1

Old 03-10-23, 07:14 PM
  #8676  
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Originally Posted by Velo Vol
Fidelity and my credit union are doing just fine, probably.
You are also FDIC insured, so your deposits are fine unless the government collapses.

That doesn't mean there's no pain; jobs can be lost (yours, mine, or people's we care about). Families are uprooted. Plans are destroyed.
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Old 03-10-23, 07:21 PM
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Originally Posted by seedsbelize2
I like to use it on a long road trip, and the longest I ever go is five hours. And I do that once every few years (going to/from Cancun airport). But it's still nice to have it for those few times.
Most people will pull up Spotify and send it to the car. That'll probably be much less of a thing in Mexico though.

I used to use CDs on my cross-country drives, but getting to the point where I don't care about what SiriusXM costs means I don't do that anymore.
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Old 03-10-23, 07:25 PM
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Heidi and Jackie, reunited.


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Old 03-10-23, 07:28 PM
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Originally Posted by bampilot06
isnít it just one bank? and only 10 million dollars or am I mistaken?
It always starts with one.
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Old 03-10-23, 07:33 PM
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Originally Posted by big john
Note, no gas gauge.
wut

Originally Posted by Bah Humbug
. However, it's not about SVB specifically. In 2008 banks went down one by one, in what were called FDIC Fridays (hey, look at that!). We're in the Alps and just heard a low rumble. Will the avalanche come? Firm maybe.
So far, the institutions that have gotten in trouble were married to (1) crypto, or (2) tech venture capital. This isn't a system-wide thing like mortgages.

Could things start to snowball if the economy tanks sometime in the future? It's always possible. But that's months in the future.
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People here don't get it.
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Old 03-10-23, 07:34 PM
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Originally Posted by Bah Humbug
You are also FDIC insured, so your deposits are fine unless the government collapses.

That doesn't mean there's no pain; jobs can be lost (yours, mine, or people's we care about). Families are uprooted. Plans are destroyed.
Don't forget - market's decline rather abruptly when the financial sector doesnt do well. Thought 2022 was painful?
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Old 03-10-23, 07:44 PM
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Originally Posted by big john
I had old cars with a single speaker, A.M. only, and even tube type radios. And the ones with a vibrator that would hum whenever the radio was on.
TIL.

So basically a rectifier in reverse, converting DC -> AC.
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Old 03-10-23, 07:45 PM
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Originally Posted by Mojo31
Don't forget - market's decline rather abruptly when the financial sector doesnt do well. Thought 2022 was painful?
But SVB was so heavily focused on tech. The Feds stepping in and not announcing a sale or market transition means theyíre aware of the sensitivity and are trying to prevent contagion.

Will it work? No idea. But itís a better step than immediate sale or forcing liquidation.
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Old 03-10-23, 07:47 PM
  #8684  
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Originally Posted by Mojo31
Don't forget - market's decline rather abruptly when the financial sector doesnt do well. Thought 2022 was painful?
Remember where I work, and worked through the GFC. Which people were also dismissive of early on. I know only too well.

Glad I waited on kept man status.
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Old 03-10-23, 08:27 PM
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Originally Posted by abshipp
TIL.

So basically a rectifier in reverse, converting DC -> AC.
Yeah, part of the power supply. You turn the radio on and you could hear the humming right away but the tubes had to warm up before you got sound from the speaker.
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Old 03-10-23, 08:33 PM
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Originally Posted by Velo Vol
wut
I think the first gas gauges were in 1963 or 64. They were just a float attached to a stiff wire which went to the gauge. No electricity involved.

The gaugeless cars had a reserve tap under the dash. They had a huge gas cap and you could look in and check the level.
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Old 03-10-23, 08:37 PM
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Originally Posted by big john
I had a 56 VW with the speaker in the center. Note, no gas gauge.
ooh fancy. A radio. my 1956 VW didn't have that. I should have kept that car.
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Old 03-10-23, 09:00 PM
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Originally Posted by gnome
ooh fancy. A radio. my 1956 VW didn't have that. I should have kept that car.
A friend of mine crashed it while he was very drunk. I sold it for peanuts.
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Old 03-10-23, 09:29 PM
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Originally Posted by Bah Humbug
You are also FDIC insured, so your deposits are fine unless the government collapses.
Someone tweeted that only 3% of the accounts at SVB were under $250k, if so there was probably a lot of uninsured moolah up in there.
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Old 03-10-23, 09:35 PM
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Originally Posted by Velo Vol
Fidelity and my credit union are doing just fine, probably.
I have funds in 3 brokerages, one bank and one CU. About to put some in another CU for convenience sake.

Oh, I almost forgot about two other institutions I have mutual funds at, and the .gov bonds.

Hopefully they don't all fail at once!

Last edited by LesterOfPuppets; 03-10-23 at 09:38 PM.
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Old 03-10-23, 09:41 PM
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Spring has sprung!

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Old 03-10-23, 09:59 PM
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Originally Posted by big john
I had old cars with a single speaker,
I'm watching a Vice Grip Garage episode where he says "It has a custom provision for one 6x9. You don't need two, it's too loud, fellers. Just get the one over here, OK." I noted the speaker hole is right behind the passenger seat, presumably so you can drown out your passenger's chit-chat

The guy kinda rips off Red Green's schtick but has his own funny phrases and does a pretty good job at it.

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Old 03-10-23, 10:06 PM
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Old 03-10-23, 10:07 PM
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Don't know why I ended up with the ginormous font.
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Old 03-10-23, 10:24 PM
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Originally Posted by LesterOfPuppets
I'm watching a Vice Grip Garage episode where he says "It has a custom provision for one 6x9. You don't need two, it's too loud, fellers. Just get the one over here, OK." I noted the speaker hole is right behind the passenger seat, presumably so you can drown out your passenger's chit-chat

The guy kinda rips off Red Green's schtick but has his own funny phrases and does a pretty good job at it.
"I'll be dipped". "This car smells like boiled dog vomit".
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Old 03-10-23, 11:19 PM
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From what I read, SVB's problem was an attack of the Self-Fulfilling Prophecy: People start hearing a bank's in trouble, so they go there to take their money out. In this case, SVB apparently had their capital in low-interest Treasury bonds, which are about the safest thing to have your money in - unless you want to liquidate a lot of it right now, when interest rates are high. So they have to sell them at a loss. People here they lost money, and more people panic and run to get their money out, making SVB's liquidity problem worse.

Lather, rinse, repeat.

So, unlike 2008, SVB hadn't saddled itself with a bunch of securities that became worthless. It saddled itself with solid assets that turned out to be a lot less liquid.

I may be wrong, but I don't think we're anywhere close to the hyper-overleveraged situation that caused 2008.

EDIT: See also "It's A Wonderful Life"
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Old 03-11-23, 06:37 AM
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Originally Posted by LesterOfPuppets
Someone tweeted that only 3% of the accounts at SVB were under $250k, if so there was probably a lot of uninsured moolah up in there.
Yes. And that's part of what will be interesting... in 2008, everyone was kept whole, even above the limit. That can't (I hope) happen here. A lot of dumb companies and people need to take a lesson.
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Old 03-11-23, 06:48 AM
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Lame Wordle solution.

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Old 03-11-23, 07:27 AM
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Old 03-11-23, 07:27 AM
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Originally Posted by Bah Humbug
Yes. And that's part of what will be interesting... in 2008, everyone was kept whole, even above the limit. That can't (I hope) happen here. A lot of dumb companies and people need to take a lesson.
The wrong people are going to pay the price of those lessons though. Itís not the founders with their company money in SVB that will be truly impacted, itís guys like you and me that wonít get a paycheck.
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