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Cake day: July 16th, 2023

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  • Real answer, Elon made it more friendly to the far right (the racists and Nazis) and unbanned a bunch of them who had previously been banned for being too racist and Nazi. Then he introduced a subscription service where you pay to have Twitter spread your content.

    So that started a doom loop: The far right bought the additional views, people who didn’t appreciate the extra racism and Nazi views on their timeline left Twitter, but the view boost was paid for so it kept pushing those views to the fewer people who remained, then THAT volume of hate pushed more people away, etc.

    It probably got to the point that they couldn’t keep paid views high enough with just people who care about politics and they had to just push at all costs, eventually to you.




  • It was always short sighted tax policy. We’re just living with the blowback.

    But in 1954, apparently intending to stimulate capital investment in manufacturing in order to counter a mild recession, Congress replaced the straight-line approach with “accelerated depreciation,” which enabled owners to take huge deductions in the early years of a project’s life. This, Hanchett says, “transformed real-estate development into a lucrative ‘tax shelter.’ An investor making a profit from rental of a new building usually avoided all taxes on that income, since the ‘loss’ from depreciation canceled it out. And when the depreciation exceeded profits from the building itself—as it virtually always did in early years—the investor could use the excess ‘loss’ to cut other income taxes.” With realestate values going up during the 1950s and ’60s, savvy investors “could build a structure, claim ‘losses’ for several years while enjoying tax-free income, then sell the project for more than they had originally invested.”

    Since the “accelerated depreciation” rule did not apply to renovation of existing buildings, investors “now looked away from established downtowns, where vacant land was scarce and new construction difficult,” Hanchett says. "Instead, they rushed to put their money into projects at the suburban fringe—especially into shopping centers.

    http://archive.wilsonquarterly.com/in-essence/why-america-got-malled




  • It’s not “the beginning of a meltdown” because everybody still owns all their money and no bank is failing. There’s a customer service issue for users of a non-bank service. That is part of the risk you take when you’re putting money in a non-bank.

    It sucks for the users obviously but like where would a contagion even begin? This is already the largest BaaS middleman. This is as big as this issue gets.