61–70 of 79 posts
I'd rather have that and deal with its limitations than try and stomach what passes for modern engineering these days.
Some solutions I see these days should be considered criminally negligent if they were to be used in any HA environments for governments, health care organizations, or similar bodies.
Earlier quoted context omitted.
That's an adorable meme that crypto-bros like to tweet, but really they are actually an agency of the federal government and answerable to Congress. From https://www.federalreserve.gov/faqs/about_14986.htm Who owns the Federal Reserve? The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in…
I think it's fair to question the wisdom (and legality) of agencies ( https://en.wikipedia.org/wiki/Independent_agencies_of_the_Un... ) that are "independent" of the constitution's separation of powers. The constitution vests Judicial power in an independent judiciary, but provides that the POTUS shall be elected and that executive power shall be vested in him/her... and that legislative power shall be vested in Cong…
> To say that there are agencies that are simply outside of that system... it seems to fly in the face of the basic things that kids learn in Elementary school.
In every field, the basic things that kids learn in elementary school tend to be incomplete or wrong, and government is definitely no exception, but independent agencies are not outside the system.
> I mean, it sounds as if they're claiming to be a Legislative Branch agency.
No, accountability to Congress is not exclusive to legislative branch agencies.
https://frbservices.org/app/status/serviceStatus.do
https://webmasters.stackexchange.com/questions/9907/in-a-uri...
https://doublepulsar.com/apache-struts-and-the-three-leading...
https://engineering.gusto.com/how-ach-works-a-developer-pers... A good time to remind people that the USA's money-transfer system (aka: ACH) is a giant Rube-Goldberg machine involving FTP transfers of specially formatted files. So it sounds like the Fed's FTP server is down?? Or something like that?
> involving FTP transfers of specially formatted files. during my internship, a big healthcare representative came at the company to ask for help about their IT system. Turns out it was mass FTP transfer. I was silent for a few minutes thinking hospital networks relied on this.
https://engineering.gusto.com/how-ach-works-a-developer-pers... A good time to remind people that the USA's money-transfer system (aka: ACH) is a giant Rube-Goldberg machine involving FTP transfers of specially formatted files. So it sounds like the Fed's FTP server is down?? Or something like that?
TL;DR: this is how LinuxCare came to be:
1997 - BindCo was a contract manfacturer for the publication of all SUN Systems OS CD media...
Based in Redwood City Ca.
I was the IT manager there...
So SUN has a conf call with us, as we were creating and serving and receiving orders via FTP (I cant recall the name for the process) - but basically: We would receive an order manifest via FTP to a server and then we would have to make an order form for what was required...
Our FTP servers required us to login and manually accept and find these manifests....
So we hired some consultants; Dave Sifry and some others who went on to google etc..
But here was the thing:
We were taking orders via FTP and SUN wanted us to start accepting this new protocol they deemed XML and wanted us to be the test case for XML and I did something stupid:
I, on a call with SUN, said the following as a young IT manager:
"So let me get this straight; *"You have a crappy data reporting system and you want us to install an unknown system called XML for data qualification into our system and we have never heard of it"*
Yeah, I might have prevented months of adoption of XML by accident.
What have you done as a major fuck-up in your career?
That company became LinuxCare and Sifry was valued at $100 million
Just based on me telling david he should create a company that offered Linux support...
Earlier quoted context omitted.
That's an adorable meme that crypto-bros like to tweet, but really they are actually an agency of the federal government and answerable to Congress. From https://www.federalreserve.gov/faqs/about_14986.htm Who owns the Federal Reserve? The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in…
I think it's fair to question the wisdom (and legality) of agencies ( https://en.wikipedia.org/wiki/Independent_agencies_of_the_Un... ) that are "independent" of the constitution's separation of powers. The constitution vests Judicial power in an independent judiciary, but provides that the POTUS shall be elected and that executive power shall be vested in him/her... and that legislative power shall be vested in Cong…
https://engineering.gusto.com/how-ach-works-a-developer-pers... A good time to remind people that the USA's money-transfer system (aka: ACH) is a giant Rube-Goldberg machine involving FTP transfers of specially formatted files. So it sounds like the Fed's FTP server is down?? Or something like that?
It's OK, customers can use the backup system which is sending in 9-track tape reels via FedEx.
Earlier quoted context omitted.
Calling the Fed a private entity is really misleading. It was created by an act of Congress and its highest ranking officials, the Board of Governors, are all appointed by the President. Yes, it shares some power with the banks it regulates (who can elect representatives), but the US government didn't "coopt a seat at the table." It built the table and had most of the seats from the start. And it's true that member b…
Correct me if I'm wrong, but people constructed a cleavage between the Fed and the US Govt because they thought we shouldn't trust democracy with money creation.
From the Federal Reserve Act, Section 10.6 "Nothing in this Act contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this Act in the Board of Governors of the Federal Reserve System or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary."
The constitution gives Congress the power to create money, then congress delegated this right to Treasury by passing the legal tender act in 1862. This right has been delegated to the Federal Reserve system so they now issue Federal Reserve Notes, but is subject to the supervision and control of the Secretary of the Treasury as specified in 10.6
But in practice we give the Fed leeway so as to not be seen as interfering in money creation and reserve policy because that is what financial markets demand and is what the general class of educated and influential people believe is the best approach.
Earlier quoted context omitted.
Calling the Fed a private entity is really misleading. It was created by an act of Congress and its highest ranking officials, the Board of Governors, are all appointed by the President. Yes, it shares some power with the banks it regulates (who can elect representatives), but the US government didn't "coopt a seat at the table." It built the table and had most of the seats from the start. And it's true that member b…
Correct me if I'm wrong, but people constructed a cleavage between the Fed and the US Govt because they thought we shouldn't trust democracy with money creation.
Not exactly.
The government created a cleavage between the Fed (and, therefore, monetary policy) and Congress/Treasury (and, therefore, fiscal policy), because they perceived that faith in the currency would be enhanced and government borrowing would be cheaper if currency users (including potential dollar-denominated debt holders) knew that the entity responsibly for borrowing and repaying the debt had a strong (even if only political, and not strictly binding) barrier to monetization of the debt.