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The Biden Administration and All Things Politics

 
With as much scorn as was leveled at Cruz, I'm sure there will be some for Newsome. I hope some of it comes from the same people.
I honestly didn't have much of an issue with cruz leaving and dont have much of an issue with newsome leaving either. If their mere presence would make a difference then I would have a problem but it doesn't. Any help they can offer can be done remotely via emails, phone calls for aid etc.
 
I honestly didn't have much of an issue with cruz leaving and dont have much of an issue with newsome leaving either. If their mere presence would make a difference then I would have a problem but it doesn't. Any help they can offer can be done remotely via emails, phone calls for aid etc.
I feel mostly this way. Of course, if it is truly in the depth of the crisis and it requires the Gov mustering resources and directing activities of what is going on on the ground then he probably needs to be there. But to me it is much like a VP over a business operation. If the entire IT system goes down he doesn't rush into one of the buildings and set up in the middle of the warehouse floor yelling at people. He calls others and gives them instructions and frees up resources. I had a sr VP deal very effectively with a full web site outage when I was at amazon (the single worst thing that can happen) from a beach in the Caribbean. No need for him to rush to get on a plane to come to the warehouse to do...what exactly?

Now, from a political standpoint a guy like a governor in these situations takes his political career into his own hands when he does this stuff. But that is far different from effectively handling the situation, that is purely about perception. A president visiting the site of a natural disaster isn't about him fixing **** with his own hands, it is about how he looks to everyone else. Same thing here. Muster the troops, set things in motion, then monitor and verify it gets done. That's about it.
 
I feel mostly this way. Of course, if it is truly in the depth of the crisis and it requires the Gov mustering resources and directing activities of what is going on on the ground then he probably needs to be there. But to me it is much like a VP over a business operation. If the entire IT system goes down he doesn't rush into one of the buildings and set up in the middle of the warehouse floor yelling at people. He calls others and gives them instructions and frees up resources. I had a sr VP deal very effectively with a full web site outage when I was at amazon (the single worst thing that can happen) from a beach in the Caribbean. No need for him to rush to get on a plane to come to the warehouse to do...what exactly?

Now, from a political standpoint a guy like a governor in these situations takes his political career into his own hands when he does this stuff. But that is far different from effectively handling the situation, that is purely about perception. A president visiting the site of a natural disaster isn't about him fixing **** with his own hands, it is about how he looks to everyone else. Same thing here. Muster the troops, set things in motion, then monitor and verify it gets done. That's about it.
I worked at a place where all levels of management wanted to be all the way up your *** anytime equipment went down for more than 15 min. As a mechanic I was expected to call my supervisor, then I'd get a call from my manager (or a text telling me to call them, which I loved), and I'd have to explain the exact same thing to each of them that I explained to the on-shift production supervisor. Then they wanted me to "explain everything I've done so far" after which they'd usually offer advice that was tantamount to "did you try tuning it off and back on again?" and sometimes they'd offer even stupider suggestions for what I should do and tell me to call them back after I tried it. If the downtime went on for too much longer they'd want me to call the automation guys, then some other person. Down much longer than that and they'd show up so they could stand 2 inches behind me while I worked offering suggestions on how I should use my tools and such.

It wasn't helpful. But the culture there was to find who to blame more than to make things work better, so they all had to do CYA more than anything else. They all had a 9am meeting I nicknamed the "figure out who's fault it is" meeting where production leadership, maintenance leadership, quality leadership, etc., and upper management would all point fingers back and fourth until someone ran out of excuses for their team and had to take the blame which meant now they had to identify which of their underlings truly sucks the worst and promise to have a word with them about how disappointed then entire plant is about how bad they suck.
 
I worked at a place where all levels of management wanted to be all the way up your *** anytime equipment went down for more than 15 min. As a mechanic I was expected to call my supervisor, then I'd get a call from my manager (or a text telling me to call them, which I loved), and I'd have to explain the exact same thing to each of them that I explained to the on-shift production supervisor. Then they wanted me to "explain everything I've done so far" after which they'd usually offer advice that was tantamount to "did you try tuning it off and back on again?" and sometimes they'd offer even stupider suggestions for what I should do and tell me to call them back after I tried it. If the downtime went on for too much longer they'd want me to call the automation guys, then some other person. Down much longer than that and they'd show up so they could stand 2 inches behind me while I worked offering suggestions on how I should use my tools and such.

It wasn't helpful. But the culture there was to find who to blame more than to make things work better, so they all had to do CYA more than anything else. They all had a 9am meeting I nicknamed the "figure out who's fault it is" meeting where production leadership, maintenance leadership, quality leadership, etc., and upper management would all point fingers back and fourth until someone ran out of excuses for their team and had to take the blame which meant now they had to identify which of their underlings truly sucks the worst and promise to have a word with them about how disappointed then entire plant is about how bad they suck.
Yeah management by blame is the worst kind. It's usually fostered by higher level managers who are severely insecure in their ability to make decisions. Run away from places like that. As fast as you can.
 
Yeah management by blame is the worst kind. It's usually fostered by higher level managers who are severely insecure in their ability to make decisions. Run away from places like that. As fast as you can.
I went to work briefly for a mattress company. On my first day we had a meeting with a sr VP, or may have been COO kind of position, can't remember. Either way the highest person they had to get on the call. There were major system issues they were working through and I had just been debriefed but I had a good idea where some of the issues were. In the conversation I noticed hardly anyone was willing to speak up to her about anything, and as soon as the previous day's performance was being discussed she went straight to whose fault is it lines of questioning. The engineer tried to divert the conversation back to the actual issue, you know the system problems that were the root of all of it, and she got more and more aggitated until she fairly yelled "I want to know who is to blame!" I jumped in at that point, being the new guy and responsible for the site, and said "I guess it is me to blame, I am responsible for the operation, can we get back to dealing with the root cause of the issues?" Wow was that the wrong thing to say. I soon found this attitude was pervasive, mainly because of this one leader filtering the **** down through the various levels of leadership. My boss and the HR manager acted like a mini-hit squad, going after people to be sure to be able to sacrifice someone in case something went wrong. Seldom was the focus on the actual problems, hence we had a really hard time resolving anything. At one point I went against the flow and told them we needed to back off of a plan we were pursuing and start over again, hey if it doesn't work, it doesn't work. Man was that the end for me. No way to move backward one step to go forward 3. I was then "the guy to blame". Wasn't long and we separated because I wasn't having any of that ****.

There are a lot of companies that operate this way unfortunately. "Leaders" who get where they are by being "***-kickers" which gets short-term results and is highly visible, so the other higher-ups, who were also "***-kickers" elevate their fellow ***-kickers into higher and higher positions of authority. If you can find a company that does not operate on the mantra of expendable human capital, with managers willing to look not just at the operation, but themselves, as ultimately fallible and needing correction from time to time, stick with them.

I make a very strong effort to lead my managers away from root cause analyses (whether large-scale formal RCAs or simply day to day diagnostic conversations about minor issues that arise) that ultimately end on "employee error", because if our systems are robust enough, this will be the true cause in the vast minority if incidents, not most of them. And frankly, if this is legitimately the problem most of the time, then your management system, or operations systems, need to be seriously overhauled. Most people try to do the best they can to do with what they have been taught to do, with the tools available, in a way they think is most efficient. If any of those things are lacking (training, tools, motivation) that needs to be viewed as a failure of management, not the people.


Sorry didn't mean to rant, this is just something close to me personally so I wanted to address it.
 
"No losses will be — and this is an important point — no losses will be borne by the taxpayers; let me repeat that, no losses will be borne by the taxpayer" - Joe Biden

I'm telling you right now that this is a lie. Joe Biden is lying to you. Our economy is in a lot of trouble right now. The powers that be will throw everything they have at the problem and that includes actions financed by taxpayers. It also includes lying to people to provide false assurance as panicking will make the problems exponentially worse.
 
Come on, a politician wouldn't lie
 
SVB was not really in bad shape. What happened was a bit of an anomaly. They invested some of their assists in ultra safe bonds, which isn't a stupid or risky thing to do per se. The problem they ran into was that they bought bonds with a 4% yield and with a longer than average maturity timeline. Then there was a run on depositor funds. In most cases they would have been able to sell their bonds and make those payouts. However, bond rates have come up about 3X what they were so no one wants a long-term bond with a 4% yield when they could just buy brand new bonds with an 11% yield on shorter maturity timelines, so SVB had no liquidity on their bond holdings.

We are not at significant risk of a general bank failure situation like in 2008.

Also, because SVB actually has assets that can cover their deposits, just not ones they can liquidate, for the government to step in, make all depositors whole immediately and then collect on the bonds when they mature they will not need taxpayer money to fix this.

Keep in mind that the auto-industry bailouts ultimately brought in more money then they sent out. I'm not talking about indirectly by allowing people to keep their jobs and keep paying income tax, and for the businesses to keep the doors open and them paying taxes, but those bailouts were loans and they got paid back with interest.

It is possible for the government to help protect the overall economy without just handing a bill to the middle class.
 
SVB was not really in bad shape. What happened was a bit of an anomaly. They invested some of their assists in ultra safe bonds, which isn't a stupid or risky thing to do per se. The problem they ran into was that they bought bonds with a 4% yield and with a longer than average maturity timeline. Then there was a run on depositor funds. In most cases they would have been able to sell their bonds and make those payouts. However, bond rates have come up about 3X what they were so no one wants a long-term bond with a 4% yield when they could just buy brand new bonds with an 11% yield on shorter maturity timelines, so SVB had no liquidity on their bond holdings.

We are not at significant risk of a general bank failure situation like in 2008.

Also, because SVB actually has assets that can cover their deposits, just not ones they can liquidate, for the government to step in, make all depositors whole immediately and then collect on the bonds when they mature they will not need taxpayer money to fix this.

Keep in mind that the auto-industry bailouts ultimately brought in more money then they sent out. I'm not talking about indirectly by allowing people to keep their jobs and keep paying income tax, and for the businesses to keep the doors open and them paying taxes, but those bailouts were loans and they got paid back with interest.

It is possible for the government to help protect the overall economy without just handing a bill to the middle class.
What about the other one, Signature? Do you believe Barney Frank, that they were just shut down to send a message to banks not to get involved with crypto?
 
What about the other one, Signature? Do you believe Barney Frank, that they were just shut down to send a message to banks not to get involved with crypto?
I haven't really heard anything about that one. Also, take anything I say on this topic with big grains of salt, I'm not especially knowledgeable or anything, I'm just repeating stuff I've heard from various sources.
 
I haven't really heard anything about that one. Also, take anything I say on this topic with big grains of salt, I'm not especially knowledgeable or anything, I'm just repeating stuff I've heard from various sources.
Yeah, this stuff is so far outside my realm of expertise I feel like even quoting experts is beyond what I should be doing.
 
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