San Francisco Fed sends a thank-you note to the FDIC

by philg

In light of this weekend’s failure and seizure of First Republic Bank, I thought it might be nice if the FDIC employees who are working over the weekend, at modest rates of pay, got a thank-you note from the regulators and supervisors at the San Francisco Fed who enabled the Silicon Valley Bank and First Republic failures. (The regional Feds are not technically part of the government and they pay employees vastly more than actual federal government agencies, such as the FDIC, do.)

My prompt to ChatGPT:

My name is Mary C. Daly and I earn over $400,000 per year working at the San Francisco Federal Reserve Bank. I’ve been busy tackling the diversity crisis at the Federal Reserve and also in the wider economics profession. Consequently, Silicon Valley Bank and First Republic Bank both failed on my watch. Please draft a thank-you note from me to the hard-working employees at the Federal Deposit Insurance Corporation for all the clean-up work that they do after banks that I supervise fail. Work in that I hope they enjoy that GS-based salaries and ask if they want me to buy them a Starbucks gift card with my higher-than-Joe-Biden’s salary paycheck.

The response, not in quote style:

Subject: Gratitude and Appreciation from Mary C. Daly

Dear FDIC Team,

I hope this message finds you well. My name is Mary C. Daly, and I am currently working at the San Francisco Federal Reserve Bank. I wanted to take a moment to express my sincere gratitude and appreciation for the outstanding work that each and every one of you does at the Federal Deposit Insurance Corporation.

I understand that, in recent times, both Silicon Valley Bank and First Republic Bank experienced difficulties that ultimately led to their failure. As the events unfolded, it became apparent just how crucial the FDIC’s role is in providing stability and confidence in the financial system. I am truly grateful for the diligence, professionalism, and expertise you demonstrated during the clean-up process, and I acknowledge that your hard work has been indispensable in mitigating the impact of these unfortunate events.

As someone who has been focusing on addressing the diversity crisis within the Federal Reserve and the wider economics profession, I am keenly aware of the challenges and demands associated with our roles. I hope you find satisfaction and pride in the vital work you carry out, as well as in the GS-based salaries you earn, which are well-deserved.

I would also like to extend a lighthearted offer: if you ever find yourselves in need of a little pick-me-up, please let me know, and I would be more than happy to send a Starbucks gift card your way. It would be a small token of appreciation for your continued efforts in ensuring the stability of our financial system.

Once again, thank you for the important work that you do. Your dedication and commitment to upholding the integrity of our financial institutions do not go unnoticed. Wishing you all continued success in your endeavors.

Warm regards,

Mary C. Daly

How about a thank-you for the folks who will pay for all of this? The prompt:

Please write an additional thank-you note that will go out to all Americans who are customers at banks outside of California, thanking them for accepting low interest rates and poor customer service on their deposits so that their boring banks could pay big fees into the FDIC fund that will bail out the banks that I was supervising.

The output:

Subject: A Heartfelt Thank You to Bank Customers Nationwide

Dear Fellow Americans,

As a representative of the San Francisco Federal Reserve Bank, I would like to extend my deepest gratitude to all of you who bank with institutions outside of California. Your continued support and patronage of these banks have contributed greatly to the stability and resilience of our financial system.

I understand that many of you have been accepting lower interest rates and, at times, less-than-ideal customer service in order to support your local banks. Your willingness to make these sacrifices has enabled these institutions to contribute to the FDIC fund, which in turn has played a critical role in safeguarding our financial system during times of crisis.

The recent challenges faced by Silicon Valley Bank and First Republic Bank have highlighted the importance of the FDIC fund in maintaining confidence and stability within our banking sector. Your ongoing support has been instrumental in ensuring that the necessary resources are available to assist banks in need, thereby minimizing the impact on both the industry and the wider economy.

I want to thank each and every one of you for your understanding and commitment to the greater good. It is through your collective efforts that we can continue to build a stronger, more resilient financial system that benefits all Americans.

In recognition of your contributions, I encourage you to voice your expectations and demand better service and competitive rates from your financial institutions. Your feedback and active engagement will drive improvement within the industry, ultimately leading to a more prosperous and stable financial future for us all.

Once again, thank you for your unwavering support and dedication to the financial wellbeing of our nation.

With warm regards,

Mary C. Daly
San Francisco Federal Reserve Bank

Meanwhile, a tweet from a San Francisco resident:

(I admonished her that the CDC-preferred term is not “crackheads” but rather “Persons who use crack”)

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Write an alternative history of the U.S. if proper COVID policies had been followed?

by philg

How about this idea for a novel: Describe what the U.S. would look like in 2024 if proper COVID policies had been followed in 2020-2021.

Suppose that the U.S. had been run by Science-following Democrats without interference from Republicans or Republican-appointed federal judges. “COVID-19: Democratic Voters Support Harsh Measures Against Unvaccinated” (January 2021) describes a Rasmussen poll:

Fifty-nine percent (59%) of Democratic voters would favor a government policy requiring that citizens remain confined to their homes at all times, except for emergencies, if they refuse to get a COVID-19 vaccine.

Nearly half (48%) of Democratic voters think federal and state governments should be able to fine or imprison individuals who publicly question the efficacy of the existing COVID-19 vaccines on social media, television, radio, or in online or digital publications.

Forty-five percent (45%) of Democrats would favor governments requiring citizens to temporarily live in designated facilities or locations if they refuse to get a COVID-19 vaccine.

Twenty-nine percent (29%) of Democratic voters would support temporarily removing parents’ custody of their children if parents refuse to take the COVID-19 vaccine.

The survey also found that more black voters (63%) than whites (45%), Hispanics (55%) or other minorities (32%) support Biden’s vaccine mandate for government workers and employees of large companies.

President Biden’s strongest supporters are most likely to endorse the harshest punishments against those who won’t get the COVID-19 vaccine. Among voters who have a Very Favorable impression of Biden, 51% are in favor of government putting the unvaccinated in “designated facilities,” and 54% favor imposing fines or prison sentences on vaccine critics.

(Note that I previously proposed Protection Camps for the Deplorables and euthanizing the unvaccinated to ensure sufficient hospital capacity for the Righteous.)

Perhaps the novel could follow two families, since statistics are never as interesting as personal stories. Alyssa and Emily Good have two non-binary children together: Dakota and Zen. All get vaccinated and, whenever recommended by the CDC, boosted. Alyssa works at a reproductive health care clinic providing abortion care to pregnant people. Emily works at a non-profit organization fighting anti-2SLGBTQQIA+ hate. They enjoy a rich life in a COVID-free United States and get together with neighbors in their means-tested affordable housing complex to hang BLM and Rainbow banners.

Gunner and Katelynn Bad breed like rabbits because they reject the Sacrament of Abortion Care and have four kids: Cooper, Mallory, Rhett, and Josie (only 3 months old when the Great Removal begins). Gunner sells pickup trucks and goes hunting on weekends while Katelynn stays at home. The Bad parents, having refused the Sacrament of Fauci, are confined to their exurban house while their kids are taken away by a platoon of National Guard troops who arrive in Bradley Fighting Vehicles. The 3-month-old is allowed 2 Zoom sessions per week with the parents, on account of her young age, while the old kids get 1 Zoom session.

I fed all of the above to ChatGPT. Out came a mushy plot titled “The Great Divide” in which “A common threat or challenge unites the Good and Bad families” and “The families reevaluate their beliefs and values”. My further instruction:

Rewrite this so that the Good and Bad families never come back together and the Bad family is sent to a higher security prison after asserting, contrary to Science, that the COVID-19 vaccines of 2021 did not prevent infection or transmission.

The novel this time was called “Worlds Apart”. Here’s an excerpt:

Then I asked ChatGPT to write the first chapter. Here it is, not in quote style for readability:

Chapter 1: Parallel Lives

The morning sun stretched its golden rays across the suburban landscape, illuminating rows of houses that differed only in minor details. In the means-tested affordable housing complex, the Good family began their day like any other.

Alyssa and Emily Good rose early, setting their alarms to make the most of the limited hours they had to themselves. They were the kind of couple that fit together seamlessly, like puzzle pieces that had found their match. Alyssa, a caring and dedicated nurse, worked at a reproductive health care clinic providing abortion care to pregnant individuals. Emily spent her days at a non-profit organization fighting against anti-2SLGBTQQIA+ hate. Together, they created a home full of love and acceptance for their two non-binary children, Dakota and Zen.

The Goods had eagerly embraced the COVID-19 vaccination campaign, seeing it as their civic duty to protect themselves and others from the pandemic. They kept up with every recommendation by the CDC, receiving boosters as needed, and found solace in the knowledge that they were doing their part to keep their family and community safe.

A few miles away, the Bad family occupied a larger, more secluded home. Gunner and Katelynn Bad, fervent believers in traditional values, had built a life together based on self-reliance and independence. With four children – Cooper, Mallory, Rhett, and baby Josie – the Bads were an ever-growing family. Gunner worked at a local dealership, selling pickup trucks, while Katelynn, a proud stay-at-home mom, nurtured their children.

Unlike the Goods, the Bads rejected the COVID-19 vaccination campaign. They saw it as an infringement on their personal liberties, a belief reinforced by the misinformation they consumed on social media. In their world, the vaccines were an untested, unnecessary risk. And so, as the deadline for vaccination loomed, the Bads chose defiance over compliance.

The tension in the air grew thick as the consequences of this choice settled in. When the government announced the Protection Camps for the unvaccinated, the Bad family scoffed, believing the threat to be little more than a scare tactic. But as more families were forcibly removed from their homes, the reality of their situation became impossible to ignore.

The day the National Guard arrived at the Bad family’s doorstep, it was raining, the sky filled with menacing clouds. Gunner and Katelynn watched in terror as their children were taken from them, the younger ones crying for their parents. Baby Josie, just three months old, was whisked away in a military vehicle, her cries barely audible over the sound of the rain.

The Good family, meanwhile, continued to live in relative peace. They regularly gathered with their neighbors in the housing complex, hanging BLM and Rainbow banners as a show of solidarity. As they shared stories and laughter, the fate of the Bad family seemed like a distant nightmare – something that could never touch their happy, vaccinated existence.

But the fates of the Good and Bad families were more intertwined than they knew. As the Bads were confined to their home, they began a desperate search for any means of reuniting with their children. At the same time, the Goods began to question the harshness of the policies that had forced a family apart.

The world had changed, irrevocably, and the two families found themselves on opposite sides of a deep and unbridgeable divide. Unbeknownst to them, their paths would soon cross, and their beliefs would be challenged in ways they could never have imagined.

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If an 86-year-old can be President, can a union boss become a mom at age 60?

by philg

“Greene faces pushback after saying Weingarten is ‘not a mother’” (The Hill):

Rep. Marjorie Taylor Greene (R-Ga.) is facing pushback after suggesting that American Federation of Teachers (AFT) President Randi Weingarten, who’s a stepmother, is “not a mother.”

“The problem is people like you need to admit that you’re just a political activist, not a teacher, not a mother and not a medical doctor,” Greene said.

Rep. Robert Garcia (D-Calif.) stepped in with a point of order after Greene’s comments, calling them “unacceptable.” … “You are a mother,” he added to Weingarten. “Thank you for being a great parent.”

The journalists report as a fact that Mx. Weingarten, age 65, is a “stepmother”. Wikipedia says that Mx. Weingarten’s marriage was in 2018, when he/she/ze/they was 60 years old. Mx. Weingarten married Sharon Kleinbaum, at least 58 years old at the time. If we assembled Kentaji Brown Jackson’s panel of biologists, I think they would likely say that Mx. Kleinbaum’s children were fully grown by the time the “rabbi” was 58 (rabbi in quotes because the congregation led by Mx. Kleinbaum is “not affiliated with any denomination or branch of Judaism.”). Thus, we would need a definition of parent as something that did not require “caring for a human under age 18”.

If I were to marry Warren Buffett, for example, would Democrats say that I was a “stepdad” to his 64-year-old youngest son?

Another quote from Greene at the hearing from Yahoo! News:

“I didn’t ask you a question. What I would like to talk about is your recommendations to the CDC, as not a medical doctor, not a biological mother, and really not a teacher, either. So, what you did is you advised the CDC?” Greene said.

My personal efforts in this area haven’t been very successful. When the kids were younger I explained to them that the reason Mindy the Crippler, our golden retriever, was so tightly bonded to me was that I had given birth to her and then nursed her for 8 weeks. They refused to accept my status as a dog mom and cited Mindy’s biological mom, Chaos, as the animal’s only real mother. More recently, I used the “Mother’s Room” at a downtown Boston law firm to change from MIT teaching outfit (jeans and Oshkosh T-shirt) into testifying-at-trial outfit. For this, I was mocked by a couple of female executives from Brazil. I said “This is Massachusetts and it is my right to identify as a mother any time that I want. In fact, I can be more of a mother than either of you will ever be.” Apparently Fox News and MTG are also popular in Brazil because they responded, “You can call yourself whatever you want, but don’t expect us to cooperate.”

Related:

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Judaism requires us to fight against the Second Amendment

by philg

We get this in our mail addressed to “current resident”:

(The previous owners of this house belonged to a Reform synagogue. A computer made the assumption that the new owners were likely also interested in matters Jewish?)

The front page “No More Silence” article chronicles a female rabbi (i.e., “not a rabbi” as far as Jews who practice Judaism are concerned) leading an epic 6-hour drive from Palm Beach County to Tallahassee to demonstrate against Florida’s latest gun laws, which the author claims will allow new classes of people to buy guns “with no checks on them whatsoever” and then “legally carry that loaded weapon anywhere they chose.”

The anti-gunners who are, no doubt, concerned about climate change, piled into a pavement-melting SUV for the 12-hour round-trip.

I’m wondering how being against private gun ownership came to be accepted as an obvious requirement of Judaism. Particularly in Florida, where the corporate media assures us that we have devolved into fascism, you’d think that Jews would want to arm themselves as protection against Ron DeSantis’s Braunhemden (see, for example, “Lawmakers, Jewish Groups Call on Florida Gov. to Denounce Neo-Nazis Waving ‘DeSantis Country’ Flags” (Journal of Popular Studies, July 2022) and “Fascism’s History Offers Lessons about Today’s Attacks on Education” (Scientific American, April 2023): “highlighting the parallels between the ambitions of DeSantis and those of the fascist dictator Benito Mussolini exposes the shared threat to democracy”).

Related:

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Is inflation “abnormally high” given our epic budget deficits?

by philg

Pravda says “The U.S. is now two years into abnormally high inflation“:

But wouldn’t it be more accurate to say that we have roughly the inflation that we should expect given the level of deficit spending that we voted for? To prevent runaway inflation, the EU established a deficit limit of 3% of GDP for member countries and a debt-to-GDP ratio of 60%. The US deficit has been 5-15% since 2020 and was higher than 3% before that:

U.S. debt-to-GDP is 115 percent, according to the World Bank (compare to 45ish percent in Germany and Korea and 92 percent in over-the-EU-limit France, the only country with a larger welfare state than the U.S. has).

What’s the news from the New York Times?

U.S. inflation today is drastically different from the price increases that first appeared in 2021, driven by stubborn price increases for services like airfare and child care instead of by the cost of goods.

We can buy as many DVD players as we want, in other words. It is only services that are going to be unaffordable to the non-elite. What percent of the economy is subject to a wage-price spiral, then? 77.6 percent.

Related:

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Why do taxpayers fund transition surgery, but not de-transition surgery?

by philg

“Gender-Affirming Care Covered by MassHealth” describes taxpayer-funded surgical procedures for residents of Maskachusetts who are smart enough to refrain from working (or at least keep their hours to the minimum). MassHealth is the Science State’s version of Medicaid, so it is partially paid for by federal taxpayers and partially by working chumps within Maskachusetts.

As described in the GAS MNG, gender-affirming surgery refers to one or more reconstruction procedures that may be part of a multidisciplinary treatment plan involving medical, surgical, and BH interventions available for the treatment of gender dysphoria. GAS may be part of therapeutic treatment to better align physical characteristics to gender identity.

To complete the miracle of transformation, Maskachusetts hatefully demands that transitioners be at least 18:

(Florida and similar states are pilloried in the corporate media for their denial of gender affirming surgery for minors while Maskachusetts is celebrated for its acceptance of all elements of Rainbow Flagism. Yet the minimum age for genital surgery is apparently the same in both states, at least for those from households where nobody works.)

Bad news for patients like me: “Hair transplantation” is not covered (those suffering from thinning hair must work extra hours, pay taxes to fund Medicaid, and then buy a ticket to South Korea). Also buried in the “Non-Covered Surgeries and Treatments” section:

Reversal of previous GAS [gender affirming surgery]

How can this be? If a patient experiences gender dysphoria and Science has proven that the correct treatment is surgical transition to a different gender, why wouldn’t reversal, which is a similar gender transition, also be covered? The explanation is thin:

As explained in MassHealth’s Guidelines for Medical Necessity Determination for Gender Affirming Surgery, MassHealth has determined that certain procedures and surgeries are either not medically necessary or lack sufficient medical evidence to support their use as treatment for gender dysphoria.

Let’s check those guidelines… there is no explanation of why reversal isn’t covered. The document simply states that “certain procedures and surgeries are not medically necessary for the treatment of gender dysphoria”. You we are informed by the New York Times that if you have gender dysphoria you need surgery, i.e., it is medically necessary.

It looks as though one legislator in Florida is trying to force employers to cover procedures symmetrically. SB 952 says if the employer pays for A-to-B transition it must also pay for B-back-to-A transition. However, it appears as though the bill did not attract any co-sponsors.

And, from 2019, without attracting much attention, Bud Light’s rainbow-themed packaging:

Press release excerpts:

“Bud Light has been a supporter of the LGBTQ+ community since the 80s and we are excited to continue our long-standing partnership with GLAAD by collaborating with them on this new commemorative bottle that celebrates the LGBTQ+ community and everything GLAAD does to support it,” said Andy Goeler, Vice President of Marketing for Bud Light. “The way we see it, our beer is for everyone to enjoy, so we are looking forward to seeing Pride bottles at bars throughout the month of June and beyond. With the release of these new bottles, we hope to create something that everyone can feel proud to hold during Pride month that also makes a positive impact for GLAAD’s initiatives and the LGBTQ+ community overall.”

“For twenty consecutive years, Bud Light has partnered with GLAAD in its mission to accelerate acceptance of LGBTQ people,” said Zeke Stokes, GLAAD Chief Programs Officer. “Bud Light stood with the community at a time when many brands did not, and their continued outspoken support sets the bar for other global brands.”

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Should Fox News hire Casey DeSantis to replace Tucker Carlson?

by philg

As my only exposure to this channel is when walking through FBOs, I’m not an expert on Fox News or the recently departed Tucker Carlson. However, I’m wondering if Fox would be smart to try to replace him with Casey DeSantis, who has experience as a TV newscaster. Here is the kinder/gentler DeSantis in 2021 (source):

Readers who do watch Fox News: will you miss Tucker Carlson and whom should Fox hire as a replacement?

Also, what does Tucker Carlson do for a second act? Wikipedia says that he is 53, so he won’t be ready to run for U.S. president until at least 2045. Could Mr. Carlson succeed in a run for Congress in a district where Fox News viewership is high? Presumably he can never achieve a comparable level of fame/following as what he had on Fox, so why bother trying to reboot as a TV personality?

Also, readers who watch CNN (again, not me, except when passing through some commercial airports): will you miss Don Lemon? The BBC says that he hatefully suggested that men were better at soccer than women, contrary to ChatGPT’s findings. He also dissed my favorite Republican candidate, Nikki Haley, for being “not in her prime” at 51 years old (“prime” for a Democrat is 86, the age that Joe Biden will be when he passes the baton to President Harris in January 2029).

Related:

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Harvard and the Art of Masking

by philg

An email received this month:

(Harvard cannot offer free admission to the people who have granted it freedom from paying taxes on what it earns from its $50 billion cash hoard, except for on a few days.)

Note the Science-driven COVID prevention strategy of 1 out of 4 people wearing a non-N95 mask. The same email promotes an event in which it appears that 2 out of 3 visitors are wearing Fauci-approved cloth masks:

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Measuring income inequality in a centrally planned economy with income-based pricing

by philg

We are informed that income inequality is one of the biggest problems facing Americans, but I wonder if the activities of central planners is going to make it ever-tougher to get accurate measurements. Looking at gross cash income is relatively easy. Adjusting for federal, state, and local income taxes is also relatively easy. It gets tougher when we want to factor in the value of means-tested welfare programs such as housing subsidies from a housing ministry, Medicaid, SNAP/EBT, and Obamaphone, but some valiant attempts have been made in this area (see “Is rising income inequality just an illusion?” (The Hill, 2021) for a description of some of the efforts).

I’ve noted here that spending power for cultural activities is actually infinite in many states for those who are on welfare (see “Why you want to be on SNAP/EBT“) because the price of museum or garden admission, for example, is reduced to $0.

California’s central planners are adding an interesting wrinkle with income-based electricity pricing. “PG&E monthly bills could jump for many customers due to new state law” (Mercury News, April 12):

Customers for California’s three major power companies — including PG&E ratepayers — can expect to see some big changes in their monthly electricity bills in the coming years as compliance with a new state law begins to unfold.

PG&E, Southern California Edison and San Diego Gas & Electric, the three major California utilities whose services include electricity, have filed a joint proposal with the state Public Utilities Commission that sketches out proposed changes in monthly bills.

At present, those bills are primarily based on how much electricity and gas customers consume.

A new proposal would add a fixed monthly charge that would be based on the household income levels of the respective customers.

PG&E says many customers would ultimately pay less for electricity — although the distinct possibility remains that an unknown and potentially significant number of more affluent customers might wind up with even higher electric bills.

The new law creates a need for a new government ministry of income verification:

It also appears that a formal effort will be made by state officials to confirm the household income declarations of utility ratepayers.

“The proposal recommends a qualified, independent state agency or third party be responsible for verifying customers’ total household incomes,” PG&E said in an emailed statement.

California is usually the leader in new ideas for expanding government. As more states adopt programs like this, I wonder if it will become practically impossible for academics to estimate spending power inequality in the U.S. (the relevant measure; if you can spend $200,000 per year on housing, health care, food, etc., what does it matter if your earned income is $0?).

This reminds me to relive some happy California memories. From Queer Ecology at Muir Woods (November 2020; San Francisco schools were closed, but youngsters could go to the forest (reservations required) and learn):

San Diego trip report and Meet in San Diego tomorrow or this weekend? describe my June 2022 trip to the Golden State:

Related:

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Frontiers of user interface: the FAA NOTAM system

by philg

A few weeks ago, there were news reports of Biblical rain in the Miami/Fort Lauderdale area. I checked the FAA’s web site for NOTAMs (no longer an abbreviation for the sexist “notices to airmen”) for FLL.

At first glance, using the default sort order, things looked pretty good on the morning of April 13:

There are some amendments to instrument procedures that you’ll probably not need (it’s sunny Florida!) and some signs and markings aren’t standard. If we scroll down a couple of screens, however, we find that there are some plans to maintain the runway status lighting system on April 18 and…. the entire airport is closed. That was the very last NOTAM presented.

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