The Daily Valet. - 3/13/23, Monday
✔️ A Big Failure
Monday, March 13th Edition
By Cory Ohlendorf, Valet. Editor
It's an honor to just be nominated ... but it means a lot that you're reading this right now.
Today’s Big Story
Tech’s Go-To Banks Fail
Regulators move to contain damage, closing banks and opening emergency lending program
Well, that escalated quickly. U.S. authorities, invoking rarely used regulatory authority, took action late Sunday to contain the damage from the collapse of Silicon Valley Bank, a once-obscure lender that focused on business customers, including start-ups throughout the tech sector, reports the New York Times.The extraordinary actions—using tools last deployed in the early days of the pandemic and in the 2008 global financial crisis—are an attempt to avert a broad banking crisis triggered by a run on the bank. According to the Wall Street Journal, Silicon Valley Bank's collapse was the second-biggest bank failure in U.S. history in terms of assets.This is the third major bank that has fallen in the space of a week, and investors are, of course, spooked. A joint announcement by the Treasury, Federal Reserve and Federal Deposit Insurance Corporation that “depositors will be protected above the $250,000 guaranteed by the FDIC” appears to be meant to reassure banking customers that their money will not be frozen.Meanwhile, President Biden said in a statement Sunday evening that he's “firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.” The president said he would detail Monday on how his administration plans to “maintain a resilient banking system” to protect the U.S. economic recovery.Not surprisingly, many are now worried about contagion—that is, whether the collapse of these niche banks could spiral out into the wider economy. But Vice wonders if the contagion has already spread—the failure of banks like SVB “won't wreck the economy, rather, they are failing because the economy is already wrecked.” There will definitely be some hard questions ahead about how mid-sized banks should be regulated and whether the $250,000 cap on deposit insurance has any meaning given the authorities' action.
Dig Deeper:
Still have questions about Silicon Valley Bank’s collapse? Vox has all the answers.
We Sprung Forward
But the debate over the semiannual clock changes carries on
The clock jumped forward an hour on Sunday morning—once again marking the beginning of daylight-saving time for most Americans. Of course, each time this comes around we resuscitate the conversation about a permanent daylight saving time.A year ago, the Senate passed a bill to move the clocks forward an hour permanently. But it was not taken up in the House of Representatives, which would also need to pass the bill before sending it to the president's desk. A group of senators reintroduced the measure earlier this month to try again.The American Academy of Sleep Medicine supports ending the semiannual time change. It recommends permanent standard time instead of daylight-saving time. Meanwhile, between 2015 and 2019, 29 states introduced legislation to end the clock switching, according to data compiled by the Bureau of Transportation Statistics. Under current federal law, states can choose to stay in year-round standard time but can't opt for year-round daylight-saving time. It's unclear if Congress will take up the legislation again but both bills have been referred to committees.
FYI:
A neurologist explains why our bodies fare better when aligned with the natural light of standard time.
About Those Oscars Last Night
‘Everything Everywhere All at Once’ did the thing many times over
The 95th Academy Awards Ceremony definitely ran a little long—four hours!—but after last year's theatrics, the evening felt like a studied return to form for the Oscars and a fitting end to awards season. (I get it, you probably just caught the highlights on social media, right?)As improbable as it might have once seemed, A24’s Everything Everywhere All at Once absolutely dominated—taking home seven of the 11 awards it was nominated for including Best Picture, Best Directing, Best Film Editing, and Best Writing (Original Screenplay). In his speech for Best Supporting Actor, former child actor Ke Huy Quan gave a moving and inspiring speech, and as the first Asian to accept the Best Actress Oscar, Michelle Yeoh flat out rejected the idea of a woman ever being past her prime.Some surprises? Jamie Lee Curtis scored her first Oscar. And Brendan Fraser won Best Actor for his performance in The Whale—which also took home Best Makeup and Hairstyling for their work on the film's controversial fat suit. And, ever the champion for animation, Guillermo del Toro made sure to use his Best Animated Feature Film speech to remind everyone that animation is cinema. Also, shout out to the heartwarming (if lengthy-named) The Boy, the Mole, the Fox and the Horse, which nabbed the Best Animated Short Oscar.
dig Deeper:
Vulture put together all the highs and the lows from the big night.
Ferrari’s New Rugged V-12 Beast
But ... Just Don’t Call It an SUV
It seems like gear-heads, tech guys and the automotive industry are all buzzing about the new Ferrari Purosangue. You see, a lot of people thought there would never be an SUV wearing a prancing horse badge, and according to Ferrari there still isn't.The Purosangue (say it like the Italians do: poo-roh-SAN-gway) is rugged, jacked-up, V-12 powered family car which, despite its crossover-ish appearance, is certainly not an SUV, says Ferrari. Incidentally, it's the first Ferrari to have rear doors.According to MotorTrend, if you want a luxury performance SUV, there are a ton to choose from. You get the all-new Purosangue because it's the only one with a powerful V-12 ... a Ferrari inside and out. As Robb Report puts it: the $393,35 ride is bigger and heavier than your traditional grand tourer, “but so are modern NBA point guards compared to their predecessors, and that's hardly considered a disadvantage when they retain the requisite speed and agility.”
FYI:
Buyers can select everything from tire treads and interior trims, to accessories, finishes and colors through Ferrari's unique studio, the Atelier Ferrari.
In Other News
He criticized those minimizing the riot.
Have you heard about ...
The Long Read
if there was an Oscar for Best Movie Car ...
Since there's no Oscar awarded for Best Automobile in a Leading Role, we thought we'd go ahead and nominate our own contenders in the vehicular space for films that came out in 2022.”
- By Alex Lauer
Read It:
//
Shopping
What We’re Buying
Old School Block Lettering Sweatshirt
Now here's a collaboration we're excited about. Boston-based Bodega links up with Japan's famed Beams for a collection of classic Ivy pieces with just a hint of edge. The wide-leg chinos are great, but for us, this sweatshirt ($120) is a must-have. Cut from super soft and not-too-heavy cotton fleece in the perfect shade of heather grey, it's been given “the collegiate, phys. ed treatment” with old school block lettering. With slightly dropped shoulders, the fit is relaxed without feeling baggy.
Want More?
The five stylish items you should be buying this week.
Morning Motto
Everyday is a fresh start, right?
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