Cheap Delicacies
Happy St. Patrick's Day
I always feel like I ought to include some religious content, it being a feast day, so here's a prayer called "the Deer's Cry," or "St. Patrick's Breastplate."
Here, after, is a Spotify playlist of St. Patrick's Day songs.
This is the way
Happy 20th Anniversary!
Farmers fight back
Equality of opportunity is a fundamental American principle; equality of outcome is not.
Racial achievement gaps are bad and we should seek to close them. However, they are not due just to racism and standards of high achievement should be maintained for people of all races.
No one is completely without bias, but calling all white people racists who benefit from white privilege and American society a white supremacist society is not right or fair.
People who want to live as a gender different from their biological sex should have that right. However, biological sex is real and spaces limited to biological women in areas like sports and prisons should be preserved. Medical treatments like drugs and surgery are serious interventions that should not be available on demand, especially for children.Nah. Never happen.
The darling of clean-tech banking
SVB was the lender of choice for tech dreamers. It claims to have banked nearly half of all U.S. venture-backed tech and healthcare startups. Yet in recent years those clients have skewed ever more in one direction. “We serve those creating positive environmental change,” SVB’s website brags, noting that the bank worked with some 1,550 companies in the “climate technology and sustainability sector.”
Most of these companies weren’t filling some vital market need. Rather, as the Journal reported, SVB was beloved for its willingness to offer “banking services to startups that often weren’t profitable, in some cases didn’t have a product, and would otherwise have a hard time getting a line of credit or a loan from a larger bank.” One tech entrepreneur provided law.com a more scathing description of SVB’s products: “They’re basically subprime business loans. You’re talking about companies that have no credit profile, they’re burning cash and are unlikely to raise the same type of capital because of interest rates. . . . It was basically social credit.”Paywall issues? Try this link to a search page, which usually takes care of it. If you were willing to drop bucks on an online subscription, though, you could do worse than the OpEd page that employs both Ms. Strassel and Holman Jenkins.
Weirdness in Begging
I guess they'll say anything
Last month the California Energy Commission thus determined that the state needs Diablo Canyon [Nuclear] Power Plant through 2030 to ensure electricity reliability in the face of energy supply shortfalls during extreme weather events driven by climate change.But hey, whatever gets them there, even if it's "nukes are the only path to a carbon-free future."In other good news, Georgia has managed to spin up a new nuclear reactor. I suppose the next step is to replace the new reactor's unexpectedly successful staff with wokistas until everyone is sufficiently distracted by nonsense to let the thing melt down. In the meantime, I suggest that everything that needs to get done be justified by stamping it with the message: "necessary in the face of shortfalls during extreme weather events driven by climate change." We may also wish to add ". . . and systemic marginalization of heteronormiacs." Troubled by the reasoning? "It's intuitively obvious even to the most casual observer." The explanation is left as an exercise for the reader.
Taters
Tennessee Waltz
Buy high, sell low
Management screwed up interest rates, underestimated customer withdrawals, hired the wrong people, and failed to sell equity. You’re really only allowed one mistake; more proved fatal.In case you hit the WSJ paywall and can't hop over it by Googling "Who Killed Silicon Valley Bank?"--here's a longer excerpt:
In January 2020, SVB had $55 billion in customer deposits on its balance sheet. By the end of 2022, that number exploded to $186 billion....
... There was no way SVB was going to initiate $131 billion in new loans. So the bank put some of this new capital into higher-yielding long-term government bonds and $80 billion into 10-year mortgage-backed securities paying 1.5% instead of short-term Treasurys paying 0.25%.
... SVB got caught with its pants down as interest rates went up.
Everyone, except SVB management it seems, knew interest rates were heading up. Federal Reserve Chairman Jerome Powell has been shouting this from the mountain tops. Yet SVB froze and kept business as usual, borrowing short-term from depositors and lending long-term, without any interest-rate hedging.People deposited tons of money in SVB over the federally insured limit. Uninsured deposits should be treated like any other risky investment, which people with more than a quarter of a million dollars they need to park should be considered competent to manage by diversification and otherwise. Naturally, however, the regulatory geniuses responded to SVB's failure by insulating large depositors from any consequences of choosing a risky bank to invest in. Otherwise, wealthy depositors might panic. They might even start evaluating depository banks according to their inherent safety, which would distract everyone from banks' important functions, such as DIE, ESG, and parting bonuses for deserving employees. Why manage risk the old-fashioned way when the regulators will manage it for you by imposing a tax on other banks instead?
Apparently Cross Cultural?
The BB had an amusing video series on Californians who moved to Texas. Apparently that’s just as real a divide if you’re also Mexican.
Some Friday Music
Jan. 6 Fact Sheet
Women in Philosophy
The personification of philosophy as a woman assumes that philosophers, her erotic desirers, are symbolically masculine. The binary of male lover–female beloved imagines that the target of such pleas are men who were inspired by the idea of choosing wisely between competing types of women. Yet in the third century CE, the Christian dialogue writer Methodius of Olympus reimagined the gendered relationships of allegorical females in educational ascent myths. Virtue, daughter of Philosophy, still dwelt on top of a mountain that was steep and dangerous. But instead of questing men who attempted to enter her secluded garden, educated women were invited to her garden party.
AI Illustrations
These are obviously not anywhere near the quality of N. C. Wyeth illustrations, but they're good enough for a paperback cover. Hope you're not an illustrator, because you're out of work: there's no way a publisher will pay you hundreds or thousands of dollars when the job can be done 'well enough' for free.
Corruption is the Answer
Under conditions of bureaucratic dysfunction typical of a party-state, corruption isn’t a problem, it is the solution.
That was certainly my experience living in China, a party state of the sort he is describing. I had the wrong kind of visa to be employed, but I had a job. I didn't worry about it; the man who got me the job was the same man who signed for my visa renewal. I've told the story about getting paid in China before (although if you don't remember reading it, you should: it's one of my better stories). It was many months after I'd been working before I saw any of my promised pay. The problem wasn't that they weren't going to keep their word about paying me, it was that they had to build out a slush fund first. Once they'd solved the practical problem of arranging a corrupt solution, they paid me every single thing they promised.
As our system becomes captured by interests basically hostile to the people and the nation, we are all going to end up having to adopt these ways. They are like the illicit economies that prisoners develop, as a means of escaping the control of the guard towers. They are, in a way, a moral duty to embrace: just as a prisoner of war has a duty to try to escape out of loyalty to the country of his birth, so too do we.
"Elric the Barbarian"
So the third thing I asked Chat GPT to do -- as discussed in the immediately prior post -- was to write a short story in the manner of Robert E. Howard. Here is what it came up with.
The sun beat down on the dusty plains as Elric the barbarian rode towards the small village. He had been wandering for days, searching for a way to ease the restless fire that burned within him.
As he rode into the village, he could sense the tension in the air. The people were on edge, their eyes darting nervously at him as he passed by.
Ignoring their wary glances, Elric strode into the local inn, his hand resting on the hilt of his trusty broadsword. He knew he needed a stiff drink and a warm meal before he could continue his quest.
The innkeeper eyed him warily as he approached the bar. "What brings a man like you to these parts?" he asked, his voice trembling.
"I'm just passing through," Elric replied, his voice low and rumbling. "I need a meal and a place to rest."
The innkeeper nodded, his eyes flickering towards the door. "You best keep your wits about you," he warned. "There's trouble brewing in these parts."
Elric raised an eyebrow. "Trouble? What kind of trouble?"
The innkeeper leaned in close, his voice dropping to a whisper. "There's a group of bandits that have been raiding the nearby villages. They're ruthless, and they've already killed dozens of innocent people."
Elric's grip tightened on his sword. "I'll take care of them," he growled.
The innkeeper looked skeptical. "You're just one man," he said. "How do you plan to take on a group of bandits?"
Elric smiled grimly. "I've faced worse odds than this," he said. "And I've always come out on top."
With that, Elric left the inn and rode out towards the bandit's hideout. As he drew closer, he could see the flicker of torchlight and hear the sound of raucous laughter.
Elric drew his sword and charged towards the bandit's camp, his battle cry echoing across the plains. The bandits were caught off guard, and they fell quickly to Elric's mighty sword.
As the last of the bandits lay dying at his feet, Elric felt a sense of satisfaction. He had protected the innocent, and he had once again proved that he was the greatest warrior in the land.
With a fierce grin on his face, Elric rode off into the sunset, ready for whatever adventure lay ahead.
You can see elements that are right: the use of a fantasy-style name, the existence of swords, the attempt at dramatic tension leading to violent sword-based conflict. Nevertheless the story is terrible to the point of being ridiculous.
REH's works are in the public domain, so Chat GPT presumably can access large parts of them and map them. However, creating writing requires more than just getting a lot of the right words into the right order.
My guess is that this means we are doomed to even worse popular art than we have been subjected to already. Autotune proved attractive to the recording industry even though it is terrible, obvious, and offensive to the ear. This was because it allowed pop music stars (which now includes contemporary Nashville country music) to be selected for physical looks rather than the ability to sing. Since there are a lot more pretty faces than talented singers, that allowed the recording studios to shift more of the profit to themselves and pay less to the "talent" that is no longer talented.
AI generated visual art is already starting to pop up everywhere, and is having a similar negative function. Actual artists used to be well-paid because their talents took years to develop. Now you can generate something good-enough for free just by plugging a description into somebody's AI. It's not going to be great art, or even good art, but it will have the right elements more-or-less.
I expect we'll see a similar shift to crap like this in screenplays, especially for episodic TV but even for movies. It's free, and all they want is a consumable product to bring in money -- money they get to keep, since they don't have to pay anyone who actually knows how to produce something of genuine value. As a result, our popular entertainment will become even worse than it already is.
It's a depressing thought.


