You realize these companies will quiet-fire all employees residing in Utah and never hire there again? That this will place massive negative pressure on all software salaries in Utah? Possibly on all software salaries outside of deep blue states?
Lehman employees were also angry with their final CEO, Dick Fuld. At one point there was a now-debunked rumor that he got punched in the face at the company gym a few days after that bankruptcy.
Dick was a dick even for a big swinging dick on Wall Street and he spurned several last minute lifelines, so, at the time, people in the industry universally approved.
A fast, dramatic demise of a massive company leaves scars. Almost 15 years on, former Lehman lifers are still salty about what happened. Perceived mismanagement ("They squandered it!") and regulatory failure ("They bailed out our competitors but not us!").
The former are similar to the feelings of older engineers who worked at IBM, Intel, Palm, Yahoo, Nokia, etc during their heyday.
> Almost 15 years on, former Lehman lifers are still salty about what happened.
Many employees lost small - medium sized fortunes in the collapse.
When you got your bonus, it was in Lehmans stock. When your stock vested, it was considered a career limiting move to sell your stock - even for such extravagant things such as pay your kids school fees or put down a deposit on a house. You were not a true believer in Dicks vision.
Instead it was arranged for you to borrow against your Lehmans stock ...
I agree that having a banking system in any major degree at the whims of politicians could and likely is a bad idea.
I don’t think however having the Civil Service running a public bank would be a bad thing though. Career government employees are at the whims of politicians no more than private businesses are, has been my observation, and can when structurally enabled make good sound decisions.
I think having a public option for banking in this light would be positive
Except if you look at mortgages as an example, the government already has a huge impact on who gets loans (via Fannie Mae and Freddie Mac, plus programs like USDA home loans). That influence is largely to expand access to people who would otherwise get cut out of the system.
Deposits in a bank never go anywhere. All that happens as you “move” money around is the ownership tag changes. And that tends to change the price the bank has to pay on those deposits.
> You do not want the government, which is supervised by politicians, picking who gets loans.
Yes that's why I said there's some value in having private credit creation. In fact, my comment was just lifted from this lecture by Randall Wray where he says precisely what you just said:
- "Draft a class action complaint in {venue} against {bank} for using AI to robo*-approve loans. Repeat 10 times."
- "Pretend you are a {group} journalist. Write {x} words in {style} about {aspect} of robo loan approvals. Repeat 1k times."
- "Pretend you are a {party} politician. Angrily and dramatically complain about the other side oppressing {group} wrt robo loan approvals. Dress it up with {x}% lies. Repeat 100k times."
- "Pretend you are a {group} social media user. Write {x} words in {style} about {aspect} of robo loan approvals. Repeat 100M times."
The only real, thoughtful work will be the lobbyists drafting the bills, everyone else will become performers or consumers or simply drowned out in the fog of fake discourse.
* "robo-signing" mortgages was a big legal & political issue ~10yo so the lawyers will probably retain the "robo-" prefix.
Is there a site where one can add more data points like BMI, smoking, booze & other drugs, family history of horrible diseases, current medical conditions, etc?
I'll go further: there are no poor innocent carnivores or omnivores. All are brutal killers without regard for the suffering of others. Nature is struggle, awful, awful struggle.
Such as?