Up From Facebook

Businesses fail all the time in America. The owners and investors pay the price (yes, the employees too). But if the businesses are large banks that gamble with other peoples’ money, they become too big to fail and instead are bailed out by the government, a form of financial socialized medicine.   “. . .  the 2008 bailout   was a political albatross   around the establishment’s neck, seen as a rescue of the very rich and connected people who caused mass unemployment and foreclosures. Whoever was in power as this anger built would get singed by it.   “More recently,   a loud chorus   of venture capitalists and tech magnates   pressured the Biden administration   into bailing out depositors at Silicon Valley Bank. This crash, much like 2008, stemmed largely from inane financial practices, with fintech and crypto firms keeping massive amounts of cash in regular bank accounts at SVB instead of using   basic risk management practices . ...

The Citizenship Clause was indeed written to repudiate  Dred Scott , the 1857 Supreme Court decision holding that Black people could never be citizens. But the Reconstruction Congress did not swap one caste rule for a narrower one; it  extended the promise  to “every free-born person in this land.” The idea wasn’t just to retroactively protect “the babies of slaves”; it was to prospectively forestall  all  future efforts to deny citizenship based on whatever other non-sovereignty-based criteria might be politically popular in any given moment.  ~Steve Vladeck

Sound economic projections are critical in assessing investment and public policy. I try not to let the fact that I’m philosophically valanced towards Medicare for all blind me to the need for rigorous study of its likely economic impact. “ Previous research has   shown   that shifting the   United States   to a   Medicare for All   system could   save   roughly 68,000 lives and $650 billion per year, but a new   study   by experts at Yale University suggests the savings would likely be even greater on both fronts.” *snip* “We estimate that such a system would reduce national health expenditure by $1,041 billion annually,” they explained. “Sources of savings include reductions in administrative overhead, pharmaceutical prices, fraudulent billing, and avoidable emergency care. Combined with the reversal of recent retractions, universal coverage would save over 114,000 lives annually.”   “Specifically, as Sanders’ office detailed in a...

The first time I recall using a map was in boy scouts. Travel in unfamiliar places on foot, bike or car required maps for me for decades. The first time I saw GPS in action was when my brother and I were on Ride the Rockies. We were invited to dinner by a friend in Aspen. After being dropped off in town by a bus, he navigated to our host’s condo with his GPS. A couple years later, I borrowed an old car of his to drive across Colorado for a meeting. The speedometer on the car was broken, so he clamped a GPS receiver to the dashboard that gave a read-out of the speed. Now, any trip I take out of town requires Siri. It has become essential for us as newcomers in New England. I barely recall what it was like before GPS. Little Blue Dot, by Katherine Dunn, is a history of GPS. It begins in England during the Blitz, when the Royal Air Force figured out how German bombers were using ratio signals to guide Luftwaffe aircraft for nighttime bombing raids. This led to efforts to jam or spoof thos...

Big personnel news out of the White House yesterday: Press Secretary Karoline Leavitt is leaving the administration. Leavitt, who had her second child in May and returned from maternity leave last month, wrote in a post that “I cannot be the best mom my two young children deserve while devoting the constant time, energy, and attention required of the White House Press Secretary.” She will remain, she said, a top outside White House adviser. Leavitt, who had already richly earned a reputation as a virtuosic, remorseless spin artist and dissembler on the president’s behalf, now gets a second one as an icon of work-life balance. Trump will find it difficult to track down a replacement with her same combination of easy, cheerful dishonesty and panache. ~Andrew Egger

Let’s hand the microphone to Garrett Graff: “ Most people think of  Jurassic Park  as a cautionary tale for science, when really it’s a cautionary tale for corporate trust and safety teams, board oversight, and regulatory compliance. The dinosaurs’ entirely predictable rampage should really be seen as a failure of the security teams and the fence builders. The mistakes we’re seeing from these frontier AI companies are similarly the failures of the fence builders. *snip* “The battle between OpenAI, Anthropic, and Google DeepMind is something like if Leo Szilard, Arthur Holly Compton, and Edward Teller had each led their own competing private effort to develop an atomic bomb and thermonuclear bomb — with no government assistance or coordination, all backed instead by private equity money — simultaneously building their own competing Los Alamos-style labs and negotiating with the military about how (and if) the military could use their own proprietary individual nuclear weapons."...