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[Wideleft]

Jaysus!

Silicon Valley Bank closed in second-biggest bank failure in U.S. history

The bank, which caters to tech startups, was taken over by the government after a run on deposits Thursday, sparking concerns about broader economic fallout

By Gerrit De Vynck and Rachel Lerman

Updated March 10, 2023 at 1:53 p.m. EST|Published March 9, 2023 at 11:52 p.m. EST

 

The second-largest bank failure in U.S. history rocked the tech industry and sent ripples of anxiety throughout the financial system Friday as Silicon Valley Bank went from being a key part of the tech ecosystem to collapsing in a matter of hours.

The bank, which largely serves startups and venture capitalists, was shut down by regulators and taken over by the federal government after depositors scrambled to withdraw their money following a surprise filing from the firm on Wednesday night that it had sold $21 billion in assets and was selling more of its own stock to shore up its balance sheet.

The stock prices of other banks fell too, and Treasury Secretary Janet L. Yellen said she was monitoring the situation. Start-up founders and venture capitalists fretted that money needed to pay employees could be lost or frozen by the bank’s collapse.

Silicon Valley Bank’s rapid failure has shocked the tech industry, prompting fears that the economic situation for the sector is worse than previously thought. The collapse is also strengthening calls from Wall Street analysts and investors that the Federal Reserve’s interest rate hikes are too aggressive and risk causing serious damage to the economy.

At the end of December, Silicon Valley Bank held around $209 billion in total assets, making it the second-largest failure of a federally-insured bank in U.S. history, after Washington Mutual, which collapsed during the financial crisis in 2008. A spokesperson for the bank did not return a request for comment.

The Federal Deposit Insurance Corporation, which took over the bank, said depositors would be able to withdraw the $250,000 of government-insured funds on Monday. But because the bank served tech businesses, many of them had much higher amounts of money stored with the bank. On Friday, questions ricocheted around Silicon Valley about whether companies would be able to get their money back, and what to do if they couldn’t.

The bank’s failure also leaves a gaping hole in for the tech industry, which had relied on the bank for its expertise in startups and willingness to provide services to fast-growing, risky startups.

“No bank understand startups and tech the way they do,” said Antoine Nivard, co-founder and general partner at Blank Ventures. “They have a 40-year reputation earned the hard way built on the most extensive network of insider relationships with Silicon Valley’s most important players.”

The FDIC said it created a new bank to manage the firm’s operations, starting on Monday — a rare occurrence in a bank failure and typically means that the process was rushed.

https://www.washingtonpost.com/technology/2023/03/09/silicon-valley-bank-shares/

[Tracker]

Said bank was doomed by a report that the bank had lost big money on a bond offering, which triggered a run on the bank. The American federal government essentially put the bank into receivership and has advised depositors that the bank will be open for business again Monday morning. 

[Tracker]

To Save Physics, Experts Suggest We Need to Assume The Future Can Affect The Past

In 2022, the physics Nobel prize was awarded for experimental work showing that the quantum world must break some of our fundamental intuitions about how the Universe works.

Many look at those experiments and conclude that they challenge "locality" – the intuition that distant objects need a physical mediator to interact. And indeed, a mysterious connection between distant particles would be one way to explain these experimental results.

Others instead think the experiments challenge "realism" – the intuition that there's an objective state of affairs underlying our experience. After all, the experiments are only difficult to explain if our measurements are thought to correspond to something real.

Either way, many physicists agree about what's been called "the death by experiment" of local realism.

But what if both of these intuitions can be saved, at the expense of a third?

A growing group of experts think that we should abandon instead the assumption that present actions can't affect past events. Called "retrocausality", this option claims to rescue both locality and realism.

https://www.sciencealert.com/to-save-physics-experts-suggest-we-need-to-assume-the-future-can-affect-the-past

[JCon]

Thank goodness we have all this "red tape" in Canada, otherwise, that would be us more regularly. Last bank failure was in the mid-90s in Canada. 

Remember that every time someone is pushing to cut red tape. They're just looking for shortcuts that don't protect consumers and put more money in their pocket. 

Edited March 11, 2023 by JCon

[Tracker]

2 hours ago, JCon said:

Thank goodness we have all this "red tape" in Canada, otherwise, that would be us more regularly. Last bank failure was in the mid-90s in Canada. 

Remember that every time someone is pushing to cut red tape. They're just looking for shortcuts that don't protect consumers and put more money in their pocket. 

The S & L debacle which was a direct result of Reagan de-regulating the near-banks in the US is a compelling example of this.

[FrostyWinnipeg]

Super-size trapdoor spider discovered in Australia

[blue_gold_84]

https://www.cbc.ca/news/politics/deal-roxham-road-migrants-biden-trudeau-1.6788358

Quote

Radio-Canada has learned that the Trudeau government has reached a deal with the United States on irregular migration which will allow Ottawa to close the Roxham Road irregular crossing at the Canada-U.S. border.

Sources told Radio-Canada that Ottawa has agreed to welcome a certain number of migrants through official channels. The precise details of the deal are still not known.

Roxham Road is on the Quebec-New York border about 50 km south of Montreal. It has been a lingering source of tension between Ottawa, Quebec and the United States because of an influx of asylum seekers entering Canada through it.

The news comes just ahead of U.S. President Joe Biden's first official visit to Canada as president. Biden will arrive in Ottawa Thursday and depart late on Friday. It's not clear whether the deal will be announced during or after the visit.

Looking forward to the details of this agreement. This **** at the border has gone on long enough.

[FrostyWinnipeg]

https://ktla.com/news/nexstar-media-wire/nationworld/foot-locker-to-close-400-mall-locations-report/

Wonder how many here? 

[Tracker]

51 minutes ago, blue_gold_84 said:

https://www.cbc.ca/news/politics/deal-roxham-road-migrants-biden-trudeau-1.6788358

Looking forward to the details of this agreement. This **** at the border has gone on long enough.

The answer to this influx of immigrants is simple, obvious but expensive. The countries that these have been fleeing for political and economic reasons have been interfered with by America, big businesses (like Dole) and Russian funded resistance groups. The farmers have been forced out of their self-sustaining fields and small communities and are now forced to work brutal hours for very small wages. The CIA has, for decades, funded and trained death squads to oppose anything like democratic or responsive governments. The majority of the residents have been forced into poverty with no hope of a better future for themselves or their children. Russia was waging proxy wars with the US to the detriment of the populations. And there are the cartels who were tolerated by the CIA and even cooperated with them to funnel drugs into American city ghettos. 

Nothing will change until there people have good, sustainable homes, jobs and communities back home. But that would cost money.

[JCon]

It's irresponsible for us to take in more immigrants without the proper supports and housing in place. 

It's irresponsible that the gov'ts have failed to provide more supports and housing. 

It's not the immigrants fault, especially refugees, who are escaping horrible conditions. 

This is on all levels of gov't to solve our housing crisis and provide more supports for immigrants. It's money but it's also a feasible plan, which is missing. 

Edited March 23, 2023 by JCon

[Wanna-B-Fanboy]

https://www.cbc.ca/news/canada/saskatchewan/it-was-a-misstep-or-the-experience-regina-brand-launch-to-use-sexist-slogans-regina-mayor-1.6788387

Regina mayor says Experience Regina slogans were a 'misstep'

Regina Mayor Sandra Masters has responded to criticism of slogans used as part of a tourism rebrand for the city, saying they were a mistake.

Last week Tourism Regina rebranded to Experience Regina. The launch included two slogans— "Show us your Regina" and "The city that rhymes with fun" — that drew a lot of criticism online for sexualizing the city.

 

Heh- too funny.

 

[TrueBlue4ever]

46 minutes ago, Wanna-B-Fanboy said:

https://www.cbc.ca/news/canada/saskatchewan/it-was-a-misstep-or-the-experience-regina-brand-launch-to-use-sexist-slogans-regina-mayor-1.6788387

Regina mayor says Experience Regina slogans were a 'misstep'

Regina Mayor Sandra Masters has responded to criticism of slogans used as part of a tourism rebrand for the city, saying they were a mistake.

Last week Tourism Regina rebranded to Experience Regina. The launch included two slogans— "Show us your Regina" and "The city that rhymes with fun" — that drew a lot of criticism online for sexualizing the city.

 

Heh- too funny.

 

The only tourism ad they’ll ever need:

 

[Tracker]

1 hour ago, Wanna-B-Fanboy said:

https://www.cbc.ca/news/canada/saskatchewan/it-was-a-misstep-or-the-experience-regina-brand-launch-to-use-sexist-slogans-regina-mayor-1.6788387

Regina mayor says Experience Regina slogans were a 'misstep'

Regina Mayor Sandra Masters has responded to criticism of slogans used as part of a tourism rebrand for the city, saying they were a mistake.

Last week Tourism Regina rebranded to Experience Regina. The launch included two slogans— "Show us your Regina" and "The city that rhymes with fun" — that drew a lot of criticism online for sexualizing the city.

 

Heh- too funny.

 

It is amazing that no one caught that. It speaks volumes for their collective intelligence and invites a linkage to Dildo. NFLD.

[JCon]

17 hours ago, Tracker said:

It is amazing that no one caught that. It speaks volumes for their collective intelligence and invites a linkage to Dildo. NFLD.

It was designed and signed off on completely to be a double entendre. They thought it was cute, clever and a little naughty. They did not expect the backlash, which is confounding (the slogan, not the backlash). 

[blue_gold_84]

https://www.cbc.ca/news/politics/canada-united-states-border-deal-reach-1.6789815

Quote

Ottawa has negotiated a border deal with the United States that would allow Canada to turn back migrants coming from the U.S. who are looking to make asylum claims at unofficial points of entry such as Roxham Road.

The deal would apply the Safe Third Country Agreement (STCA) across the entire Canada-United States border. It would close a loophole which allowed migrants arriving in Canada from the United States between official ports of entry to make asylum claims. Canadian authorities patrolling the border are now able to turn asylum seekers back to the United States.

The agreement, which came into force in 2004, stipulates that asylum seekers must make their claims in the first safe country they reach.

The deal also allows American authorities to turn back asylum seekers travelling to the United States from Canada.

The change is set to take effect on Saturday at 12:01 a.m.

 

Canada has agreed to accept 15,000 migrants from the Western Hemisphere through official channels as part of the deal.

Biden mentioned the change in his address Friday to a joint session of Parliament. He thanked Canada for agreeing to take in the 15,000 migrants.

Looks like a step in the right direction. 

[Tracker]

Beethoven Died of Alcoholism, Promiscuity and a Weak Liver

The answers to decades-long questions about the health issues suffered by famed classical music composer Ludwig van Beethoven have been found in the most unexpected of places. Thanks to in-depth examination of his hair, scientists have revealed that Beethoven was not just a hard boozer with a sexually transmitted disease. It turns out he was also genetically destined to suffer liver disease.
Ludwig van Beethoven (1770-1827) was a German pianist and composer who is often cited as one of the forefathers of Western classical music. Born in December 1770 his first recorded piece of music was a set of nine piano variations composed in 1782, when he was just twelve.
Despite being a child prodigy, by the time he was 28 he had reported his first hearing problems. Whether Beethoven contracted syphilis has been debated for decades, but it is known that he enjoyed the company of prostitutes and his own doctor between 1806 and 1816 insisted he did indeed have syphilis. By the time Beethoven was 44 or 45, he was totally deaf, and unable to communicate without written notes which he passed back and forth to his colleagues, visitors and friends.

Now, a team of researchers has examined DNA collected from a substantial sample of Beethoven's hair: 5 meters and 55 centimeters (18 ft) to be precise. Thanks to the use of cutting-edge scientific analysis, it has finally been determined that the musical giant had indeed contracted hepatitis B , and that he “drank himself to death” by accelerating his inherited liver disease.

(And his Dad wasn't his biological father).

[iHeart]

5 minutes ago, Tracker said:

Beethoven Died of Alcoholism, Promiscuity and a Weak Liver

The answers to decades-long questions about the health issues suffered by famed classical music composer Ludwig van Beethoven have been found in the most unexpected of places. Thanks to in-depth examination of his hair, scientists have revealed that Beethoven was not just a hard boozer with a sexually transmitted disease. It turns out he was also genetically destined to suffer liver disease.
Ludwig van Beethoven (1770-1827) was a German pianist and composer who is often cited as one of the forefathers of Western classical music. Born in December 1770 his first recorded piece of music was a set of nine piano variations composed in 1782, when he was just twelve.
Despite being a child prodigy, by the time he was 28 he had reported his first hearing problems. Whether Beethoven contracted syphilis has been debated for decades, but it is known that he enjoyed the company of prostitutes and his own doctor between 1806 and 1816 insisted he did indeed have syphilis. By the time Beethoven was 44 or 45, he was totally deaf, and unable to communicate without written notes which he passed back and forth to his colleagues, visitors and friends.

Now, a team of researchers has examined DNA collected from a substantial sample of Beethoven's hair: 5 meters and 55 centimeters (18 ft) to be precise. Thanks to the use of cutting-edge scientific analysis, it has finally been determined that the musical giant had indeed contracted hepatitis B , and that he “drank himself to death” by accelerating his inherited liver disease.

(And his Dad wasn't his biological father).

That does not surprise me

[FrostyWinnipeg]

https://www.nwonewswatch.com/local-news/kenoras-gustafson-wins-bassmaster-classic-6763207

[HardCoreBlue]

4 minutes ago, FrostyWinnipeg said:

https://www.nwonewswatch.com/local-news/kenoras-gustafson-wins-bassmaster-classic-6763207

Buff living the life he wants. Good on him.

[FrostyWinnipeg]

PETA is gonna go ape ship over this!

https://www.usatoday.com/story/news/nation/2023/04/13/18-000-cows-killed-dairy-farm-fire-dimmitt-texas-what-know/11651207002/

[iHeart]

21 minutes ago, FrostyWinnipeg said:

PETA is gonna go ape ship over this!

https://www.usatoday.com/story/news/nation/2023/04/13/18-000-cows-killed-dairy-farm-fire-dimmitt-texas-what-know/11651207002/

I think they would if it was intentional 

[Wideleft]

46 minutes ago, FrostyWinnipeg said:

PETA is gonna go ape ship over this!

https://www.usatoday.com/story/news/nation/2023/04/13/18-000-cows-killed-dairy-farm-fire-dimmitt-texas-what-know/11651207002/

Any thinking human would think that 18,000 cows in one holding pen is beyond inhumane.

It was a disgusting situation before the fire.

[blue_gold_84]

https://jalopnik.com/canada-transfers-stranded-russian-plane-to-ukraine-1850343964

Quote

A Volga-Dnepr Airlines Antonov An-124 has been sitting on the tarmac at Toronto Pearson International Airport for over a year. The cargo aircraft delivered COVID-19 test kits from China and landed in Canada on February 27, 2022. However, Canada’s government closed its airspace to Russian-owned, chartered or operated aircraft on that same day in response to Russia invading Ukraine three days earlier. After racking over $300,000 in parking fees, the Antonov will finally leave Toronto Pearson soon but will be transferred to Ukraine.

The Canadian government seized the Volga-Dnepr Antonov An-124 in early April despite the freighter being unable to leave the country since February 2022. The confiscation was part of an additional round of sanctions against Volga-Dnepr Airlines. In August 2022, the Russian cargo airline’s founder sold the company to management to avoid governments sanctioning the airline.

 

[Rich]

Also, don't know what Twitter did to lists, but the embedded twitter feed on the site seems to be broken.  The list / feed is still live here https://twitter.com/i/lists/90380109?ref_src=twsrc^tfw|twcamp^embeddedtimeline|twterm^screen-name%2Fslug%3AMorningBigBlue%2Fmorning-big-blue|twcon^s1 🤔

 

[blue_gold_84]

Did Musk suffer some sort of head trauma in the last few years? Maybe he hid better before but he's become such a ghoulish weirdo.