The winner of Liz Milliron's THE TRUTH WE HIDE is Judi (with an i!) Judi, contact juliaspencerfleming at the Google mail to claim your prize!
JULIA SPENCER-FLEMING: The big news this week is about the federal backstop to all the deposits at the Silicon Valley Bank. Here's an excellent explainer from Rep. Jeff Jackson:
@jeffjacksonnc Rep. Jeff Jackson (NC): Stopping a bank run #fyp #nc #charlotte #raleigh #greensboro #asheville #durham ♬ original sound - Jeff Jackson
Basically, the cost of extending the FDIC insurance to cover the deposit over $250,000 was less than the potential damage to the economy of letting the start-ups and investors go bust.
Which got me thinking.
There are a number of things in this economy I believe would be much better served by having a federal backstop. Why should a bunch of tech bros and nerds get all the support? Here's my list if important issues that need immediate government attention to keep the economy - okay, my personal economy - functioning.
Candy shrinkflation. There were many exposes this February of the shocking deceptions practiced upon innocent chocolate lovers by manufacturers increasing the molded plastic interiors of their heart-shaped boxes and decreasing the actual number of, you know, chocolates. This practice threatens the very pillars of my economy! When I buy a Family Sized bag of Hershey's kisses, I expect it to be the size of my family, not some measly 10 ounces. The last time I picked up a King-Sized Reeses Peanut Butter cup, it was much more minor royalty sized. Let's get some action on this, Federal Reserve Bank.
Avocados. Remember the horror you felt when the news came out a little over a year ago that a US-Mexican disagreement was going to cut off our precious, life-giving supply of avocados? Never again, friends, never again. I'm calling on the United Nations to begin the process of ratifying a treaty guaranteeing that when I have a hankering for guacamole or grilled cheese with avocado, those tasty green fruits (vegetables?) WILL be in the appropriate bin at my supermarket.
Beach parking. Out of season, I know, but let's face it, this is a perennial issue for those of us living within driving distance of the beach - and since that's 40% of the American population, you can bet we outnumber guys in San Francisco working on apps to provide delivery of a bone whenever your pup noses your phone screen. There are a lot of us. We want to go to the beach. Yet there is never enough parking, especially for those of us who don't pop out of bed at 7am (you know who you are.) There is no reason the Federal Department of Transportation can't ensure plentiful parking by building massive underground lots (we want to be sensitive to the coastal flora and fauna.) Please start in Maine and work your way southward.
Cosmetic companies that stop producing my favorite color lipstick/nail polish. Who would be in charge of this? The FDA? Interstate Commerce Department? Whoever it is, make Revlon bring back Plum Dazzle. It was the perfect shade for me. We don't let pharmaceutical companies just drop life-saving drugs, do we? Well, then.
Phone warranties. We all know the score on these. If you have a one-year warranty, your phone will develop problems after 366 days. If you spring for the three-year extension, you'll crack your screen one week after the third anniversary. I'm just saying - there is a LOT more business happening on America's cell phones than there is at Sun Basket Meal Delivery, which is several hundred million down in the Silicon Valley Bank "ooops!" column. I'm pretty sure the cost of having the FCC pay to fix my ringtone (stuck in a weird beep-beep mode) is going to be significantly less than propping up Sun Basket's ability to keep shoveling out hot honey shrimp over grits.
Library fines. Here I am, participating in the information economy, paying with that oh-so-valuable attention, and if I happen to forget to pop the books in the car for a week or four, I get dinged for it! Forced to pay money that could otherwise go into the marketplace in the form of an order at Dunkin' Donuts or maybe a new bottle of Sally Hanson nail polish (see above.) This terrible drag on the financial system must not stand. I call on the United States Government Publishing Office to make sure there are just, like tons of copies of books available (especially mine) so no library has to enforce state-mandated spending from its patrons.
What do you think, dear readers? Charged up? Ready to write your congressperson? What economic wrongs do you think the Feds ought to put a stop to?
Why is it that so many companies think it is okay to give us less and charge us more? Surely the Feds could put a stop to this!
ReplyDeleteCandy shrinkflation . . . and coffee shrinkflation. I need more coffee in my can of coffee!
There definitely needs to be a steady supply of avocados in the supermarket.
I’ll happily give my beach parking spot to anyone who wants it. Walking along the boardwalk is about as close as I care to get to the beach.
Definitely a bummer to have your favorite nail polish/lipstick color discontinued. I’d like Goody to go back to making my favorite barrette, but they’re stubbornly sticking to their discontinuation decision . . . .
So many people have phone issues . . . we'd all support this . . . .
The New York Library, and many libraries in New Jersey, have eliminated late fines, so I’m good with that . . . but I’d also be really good with having tons of copies of books available . . . .
Joan, my small local library has done away with fines, which is nice, but they're literally within walking distance if I forget to bring a volume back. Meanwhile, the Portland Public Library, a half hour car ride away, is still fining - and it's a quarter a day! That adds up when I usually only come into town once a week!
DeleteJulia, one of the great things about our small, local library is that we are part of a much larger consortium of libraries. Anything checked out at one library can be returned anywhere in the system that's convenient for the patron. Some of our libraries are fine free and others aren't, but it's easy to turn things in on time when you can drop them off at the nearest library.
DeleteThat sounds very convenient, Flora, and I wish we had that ability. I can, of course, return any Portland Public Library book to any of their branch libraries... but those are all at least a half hour away.
DeleteThe investors aren't being reimbursed. Stockholders are getting nada for their stock. The only people getting additional money over the FDIC 250k limit are the customers with bank accounts over 250,000. And a conditional SVB made with their customers was that they offered them 10% to 20% more money at extremely attractive terms in exchange for their customers doing all of their banking with them. A lot of their customers were relatively smaller companies and non-profits that were suddenly looking at bankruptcy.
ReplyDeleteIf one is lucky enough to have over $250k, one should be educated enough in history and the FDIC to understand that the amount must be broken into chunks and lodged in separate banks. With any windfall, i.e. a house sale, one should always do this for exactly this reason. Evidently these small companies had no financial advisors who understood the small FDIC logo on the bottom of bank statements.
DeleteAmen to your comment above!
DeleteThis comment has been removed by the author.
DeleteAnon, apparently SVB was also doing a great deal of wining and dining their prospective depositors - click on the link at Sun Basket meal Delivery above.
DeleteWhile I appreciate sarcasm,, I know this blog will contribute to the confusion about the
DeleteSilicon Valley Bank situation, The bank was financially stable until a certain right wing Republican investor created a panic and a run on the bank, in the amount of fifty percent of their deposits within 24 hours. A Justice Department investigation has commenced. Many of my small business clients may still be hurt significantly or forced into bankruptcy through the continuing financial instability engendered by this situation. These clients are not stockholders but comprised a significant percentage of the bank’s account holders. These are not all technology companies that are so well known here in the Santa Clara Valley, but many kinds of small businesses. Software companies are not predominantly in San Francisco. Most software companies are in San Jose, Sunnyvale and Mountain View. San Francisco is another area, not part of the Santa Clara Valley also known by outsiders as Silicon Valley.
Susan, I wanted to use the SVB situation as a humorous springboard, but I know it can be misinterpreted, which is why I link to Rep. Jackson's explainer and some other articles. In the real world, I'd frankly like to see Peter Thiel investigated for his actions, but I doubt that will every happen. Billionaires tend to be consequence-proofed.
DeleteMy sources in the Justice Department tell me that such an investigation has been launched. I too, doubt anything will come of it. The SVB situation has become intensely personal given the plight of several of my clients. I understood your intent, I just didn’t find it appropriate. However, I understand my strong reaction may not be entirely appropriate. I genuinely appreciate your wonderful writing ability with sarcasm and humor,
DeleteSorry, the above comment is by Susan Nelson-Holmdahl. As an explanation I am a corporate attorney in the Santa Clara Valley of California.
DeleteThe righteous have spoken! Following are a couple more:
ReplyDeleteA corollary to the lipstick/nail polish problem is New Balance discontinuing the only walking sneaker model that perfectly suits my short, wide, arthritic feet. Just keep making them, people.
All skin care products should be mandated to come in many sizes, including a large pump bottle. The only one I can use on my newly chemically sensitive skin comes in three ounce tubes. Great for traveling. Not so great for daily use.
Would love a new federal law saying simply, "No plastic." Yeah, not going to happen.
I'll join you in the NO PLASTIC lobby, Edith...
DeleteRight? No plastic bags, packaging, clamshells, none of it.
DeleteExactly: none of the one-time use.
DeleteI'm with you re the plastics.. and also have a beef with New Balance. When everything was closed down, I ordered a pair of NB running shoes direct from the company. I had been wearing that model or similar NB products for over a decade. Unfortunately they changed the design and made the heel too high and stiff. It just killed my feet. I haven't been able to wear NB since.
DeleteHave you tried Vani Cream products for your sensitive skin?
DeleteNO CHANGE EVER! I jest, but really, I'm not. Is it too much to ask the right running/walking shoe stay the same? Whatever happened to "If it ain't broke, don't fix it?"
DeleteI just replace my couple of years old New Balance and they are not the same!!
DeleteMary G. here . . . try Vanicream, so free of "bad stuff" that pharmacists use it for compounding prescription creams. It comes in one-pound jars, with or without a pump.
DeleteThere are many shrinkflation problems... my own pet peeve is Baker's Chocolate, which I have used for forty years to make their delicious One Bowl brownies. The length and width of the box have stayed the same, for a deliberately deceptive appearance on the shelf, but the depth has been cut in half, along with the weight of chocolate inside. The package has stayed the same price. Thus one box now makes only one pan of brownies, rather than two. The obvious intention to deceive has made me so angry I have avoided making brownies.
ReplyDeleteLOL on the Baker's chocolate--it's completely true!
DeleteOMG, I have not noticed this egregious state of baking affairs up here in Canada (yet) but I shall keep my eyes open. Brownies are the ONLY thing I routinely bake, so halving the chocolate amount but keeping the cost amount the same is very bad news for my wallet.
DeleteNot just the cost, but how does one manage when you expect a package to cover a beloved recipe and get home with 2 oz. less than needed? Grrr!
DeleteBaker's chocolate. My experience in Canada is different. As you say, generations of bakers have relied on recipes that call for 1 or 2 squares of chocolate. We've known for generations what a square is. Now, I find the box and the weight and the amount of chocolate in a box have remained the same, but the shape of the content has changed, and every time I bake, I have to remind myself how many flat units are equal to an old square unit. Of course, the price is through the roof now, along with butter.
DeleteFrom what I've read, shrinkflation is the preferred choice for manufacturers whose packaging allows them to get away with it - mostly food products. You, the consumer, are supposed to feel good the price isn't rising - unless like me, you always look at the unit, rather than the individual price.
DeleteFirst of all, Rep. Jeff Jackson...clear as a bell and more. Thank you.
ReplyDeleteAs for shrinkage in packaging, hundreds of items including spaghetti sauce, canned tuna ( once 8 oz., then 7, then 6 now 5oz.! Who do they think they are kidding?), coffee packages, and tp. Notice how the tp roll is so much narrower. One used to positively pinch one's finger putting a roll on the dispenser. Now, there is room to spare.
And I am with Edith on the New Balance hikers that they discontinued. They were ideal. Man! I am also upset about EL lipstick color Autumn. Bring it back! And while we are on the subject, whatever happened to Easy Spirit pumps? Yeah!?
OK, two comments now about New Balance sneakers and I'm off to find out if my favourite NB style still exists...
DeletePhew, they still exist: WW928GR3. But, man, they are way more expensive than they were 18 months ago when I bought my replacement pair. Sheesh.
DeleteAmanda, the price is only going up, and who knows how long they'll have them. I'd order an extra pair right now to make sure!
DeleteJudy, haven’t been a pump wearer since 2006, but do wear Easy Spirit Traveltimes. Stores stopped carrying them, but I’ve been ordering from EasySpiritdotcom for years. Just checked the website and the pumps are still there. Good luck! Elisabeth
DeleteYou are being ridiculous about New Balance running shoes. They are actually one of the worst athletic shoe brands for many reasons. If you do a bit of research comparable shoes can be found through Brooks, Nike, Adidas and ASICS,
DeleteI first noticed shrinkflation on a favourite shape of pasta (farfalle) -- I just blindly picked up the familiar box and paid; when I got home, the old box in my cabinet was slightly bigger, contained slightly more product, and cost quite a bit less. Harrumph! Forget the government, where is the mafia when you need it to sort out this Italian/North American crime of culinary insult?
ReplyDeleteAnd, if the recipe calls for a pound of pasta and you just brought home 11 ounces!? WTF
DeleteOMG, WTF indeed!!
DeleteCanned food like beans and tomatoes also were reliably 14 ounces. Not any more. And don't even get me started on ice cream. That gallon we used to buy is barely a half gallon now. For twice the price.
DeleteThe one that really made my ears prick up was when I discovered I couldn't buy five pounds of sugar anymore. Brothers and sisters, I here confess to you I use WAY too much sugar in my tea, and I'm unlikely to repent and change my ways. I'd go through a five pound bag in two months, maybe less if I was baking. Then suddenly, my local grocery only had four pound bags. I thought it was one of those temporary shortages. Went to two more stores. Nope. They're all selling four pounds instead of five. Did the price go down? Ha.
DeleteHa ha ha. Yes, indeed, on sugar for your tea. My husband is a tea drinker and consumes a LOT of sugar. The answer I've found is 10-lb bags at Costco. Do I feel silly buying sugar in 10-lb bags? Yes. But it's my strike back against the machine.
DeleteWe had to go to another funeral last weekend (this is getting tiresome!). This involved a 5 hr drive each way. We stopped at McDonald’s (clean bathrooms, quick service (we have the dog in the car) and easy to snuff down to keep driving). I felt like a hamburger so ordered a quarter pounder with cheese. I have not had one for years, so… It came flat. Skinny little wide burger thing. No thickness to keep the juice in. Hamburger still had no relationship to what I make at home, but that is not the point. By flattening it to the same thickness of all the other burgers, it may have made it easier to just set the clock and cook it, but it took all (the minimal) joy of eating it. I would never know if it was now less than a quarter pounder as well, but????. Shrinkflation and lazy-flation – is that a word?
ReplyDeleteNow as for the size of a can of C********’s soup… the can is smaller and a can has gone from 50 cents on sale to $1.50 (cdn). No wonder people are going hungry.
Shall we talk about the price of lettuce these days? This house has not seen a salad served for MONTHS...
DeleteMy first thought was lettuce? It's what $2.50 for a head of lettuce, what's so bad about that. Then I Googled it and you're right lettuce in Calif is $11.00 a head because of the weather (I'm not sure if it was the decades long drought or the floods).
DeleteI've been growing leaf lettuces for a couple years. A fairly small patch, thickly sown, will provide salads for months, for less than $3. We just harvest the outside leaves and it keeps growing. Tastes better, too.
DeleteKaren -- you speak as a southerner (relative to us up here in Zone 3 land)! Though we can certainly grow lettuce during our summer months.
DeleteMargo, I was meeting up with Youngest at our half-way stop, a big Turnpike plaza, and as we were both hungry, I volunteered to get us both a lunch from Burger King. Now, those places always have prices higher than the ones in areas with less captive customers, but I was knocked back when the bill for two whatever-meals came to almost thirty dollars! Once you get north of twelve bucks per person, you might as well go to a real cafe or diner and get better quality. Which is actually what we've done - our new meet-up spot is off the highway in the nearby town, at a wonderful old diner with amazing food.
DeleteLettuce at my local grocery was $1.00 for a head of lettuce. It is nor a crop affected by drought or floods. The weather situation in California has been greatly exaggerated!
DeleteAmanda, with floating row covers last year we had fresh lettuce up until mid-February. This year high winds ripped the row covers off, sadly. I'll be working on fixing that system!
DeleteYikes, Julia, you've really hit a nerve this morning! Oh yes on shoes being discontinued! I've given up on NB and desperately seek any sneaker with a rounded toe! And let's not go into shrinkflation of clothing sizes. I normally (in some distant, golden past) always wore a medium in everything. My latest coat purchase was an extra-large! For the SLEEVES! Because, well, winter! I often wear long-sleeved tops and sweaters etc in winter (duh) and would appreciate enough fabric in the sleeves to accommodate said clothed arms! And let's not get me started on food prices and deceptive packaging! Sheesh!
ReplyDeleteFlora, you make me think of my friend's coat - not shrunken, but the opposite. She went to a charitable thrift store in a very posh area and came away with a 1980's woman's overcoat in mint condition. Generous turn up collar, sleeves large enough to fit a sweater inside comfortably, and best of all, it went all the way down to her ankles. I had one similar from that same era and lost it in the intervening decades, and I was SO jealous. Why don't they make women's dress coats long again? Especially if you're going to be braving the elements in a skirt?
DeleteI don't get why taxpayers should foot the bill for homeowners who buy homes atop an ocean cliff or in a flood zone. It is just a matter of time before mother nature takes over and erosion causes the house to slide off the cliff or the homes in flood zones to be swept away.
ReplyDeleteMaybe in exchange for our taxes, we all get a week during peak season in one of those endangered houses, Anon!
DeleteI'm all over the candy shrink-flation. Oh, potato chips, too. Why am I paying 50% more for 50% less? And what's with this "weight not volume" measurement. Bah.
ReplyDeleteI have three words for you, Liz: Home-made popcorn. At least when you pour the kernels yourself, you know how much you're getting!
DeleteJulia - OMG, Amazing Woman. You are on a roll. I am crying laughing at your post, and can HEAR your dilemma about Plum Dazzle and beach parking. Mine? Rose Vanilla #435, Infallible 24-hour Freshwear foundation by L'Oreal. My. Perfect. Shade. Then suddenly - poof! Gone. Only found via Ebay, "gently used" (WHAT?) Actually, I live in Colorado Springs - the land of scenic beauty at the base of America's mountain (Pikes Peak), young Olympians in training, the 2nd highest percentage of military veterans per capital in the US, and... NUT JOBS with guns. LOTS of easy to get guns. And (buckle up) the highest number of car thefts in Colorado. Maybe the nation. WHERE is the Federal backstop on guns (except in juicy murder mysteries?) -Your FNDN (Former Next Door Neighbor)
ReplyDeleteI swear to God, Roxanne, the cosmetic companies could make a fortune if they offered small-batch discontinued colors/formulas to the people who miss them. I'd definitely pay $$$ to have my old faves back!
DeleteThank you for bringing up guns, FNDN! If ever a backstop were needed, it is for outlawing those things except in the hands of verified hunters and law enforcement officers.
DeleteTotaly agree about favorite colors of lipstick and nail polish being discontinued. That should be a crime! Our wonderful library recently abolished ALL fines. And they automatically renew your books. I love my library
ReplyDeleteThey shall be blessed by the library gods, Anon!
DeleteYou said it, Julia, and said it well! What excuses are we being given for these unjust actions? The pandemic is (mostly) over, I haven't heard anything about supply chain issues in quite some time, so it must be blatant greed.
ReplyDeleteOh, Judi, it's inflation. Never mind the bulk of that is in gasoline, housing, and used cars...
DeleteHear, hear! Crimes against consumers should be prosecuted!
ReplyDeleteTo all who are mourning the loss of New Balance styles, may I offer a recommendation? Ryka is a woman-owned shoe company that designs and makes shoes for women. Crazy concept, right? While I myself do not have wide feet, I do have a nerve problem called Morton's neuroma that causes extreme pain in certain shoes. Not in my Rykas. They of course have wide sizes, too.
DSW carries some styles, and I discovered them when I was shopping for shoes to take to Europe for Rhys's writing workshop. Another woman was trying on a different style and when she stood up in them she said, "These are like walking on angel clouds". She wasn't wrong.
Also, I have never had a blister in Rykas, even walking seven miles like I did last week. My most recent purchase is a knit walking shoe that slips on and off easily, even over socks, but still performs the miracle of fitting perfectly with great support.
Oh, and among other perfect things being discontinued: bras.
DeleteThank you for the tip about Ryka. Very interesting!
DeleteGood tip on the Rykas, Karen. Men and women, it's hard to find comfortable walking/running shoes if your foot is a bit off-standard. My Ross had very narrow feet, and it took him forever to find hiking boots that worked for him.
DeleteWill check out Rykas. Thanks!
DeleteSorry folks, but Rykas are not a great brand! Their shoe styles change every three months. I recommend Brooks or Nike.
DeleteFirst: Would rep. Johnson consider relocating to FL instead of NC??? We need intelligence in the FL delegation. The only thing shrinking that I really want is me. but / mad at tea bags.. going from 24 to 20 per box, or canned tomatoes from 15 oz to 13.5 oz. Glad that the bank run might end.. 100 years ago it didn't. I truly hope that the tipping point this time will be for reason and not panic. Listen listen to reason folks. like most of us. and Julia.. thank you for light humor today.. ps. THE CAT CAME BACK!!
ReplyDeleteYay, Coralee, you should have led with that! I guess it shouldn't be surprising, if it's common enough they wrote a song about it... I'm happy you have such good news.
DeleteYay, Coralee! that's great news!!
DeleteYAAAY!!!!!
DeleteBought a jar of my favorite pesto sauce the other day - 8 oz. It seems small and when I checked the one on my shelf it was 12 oz. Same sauce, same maker, and yes, no surprise, same price! Sad, downsizing is everywhere.
ReplyDeleteTrader Joe's is playing the "metric not fluid ounces" game. I put a double quart or half gallon (1.89 liters) of milk in my cart next to what I thought was the equivalent half gallon of orange juice. But no! The OJ is 52 ounces of 1.6 quart or 1.5 liters. I suspect milk cartons will become the 1.5 L size.
ReplyDeleteHmm. If it's in Canada, of course, this makes sense, but since it's an American company selling in the US, I'm looking at this trend suspiciously...
DeleteSeed packets. Every year I open the packages of vegetable and annual seeds to see fewer seeds for which I've paid more. Sometimes I only get 5 or 10 pelleted Petunia seeds for north of $4. There are seeds selling for $6.95 a package and higher. I get most of my seeds from Pinetree Garden (Maine) -- usually the lowest price, or Swallowtail Garden Seeds (Calif.) -- pretty good prices.
ReplyDeletePeople mentioned wide shoes. I've bought from Drew Shoes to get extra wide shoes. Most have steel shank for support and are double depth to accommodate orthopedic inserts. Very comfy.
Seed packets, JC? Oh, come on now. You can't tell me flowers have started producing fewer seeds to be used for the next season. And what are the supply chain problems, walking from the field to the drying bench?
DeleteHa! Lol
DeleteThis is not new but magazines have been shrinking for years. Southern Living used to be a wonderfully big fat magazine and now it is as skinny as a fashion model. What the heck? Same with newspapers. And thank you Rep. Jackson for that short informative explanation.
ReplyDeleteAnd toss Girl Scout cookies into that shrinking size, swelling price phenomenon. When I hawked them they were 50 cents a box. Grumble, grumble.
DeleteGirl Scout cookies shrinking is pretty much the same thing as heroin dealers putting less in the baggy - you're already hooked, what are you going to do about it? :-D
DeleteYes, there are some serious issues with Girl Scout cookies, Pat. And, Julia you point out the addiction problem with the cookies, so why can't the govment subsidize more Girl Scout cookie stands? Sometimes I need a quick fix provided on the grocery lot.
ReplyDeleteAbsolutely, Kathy, Girl Scout Cookies for all! Honestly, if they offered everyone all the cookies they would LIKE to eat, GSA would have enough money to bail us ALL out.
DeleteJulia, you touch upon some important issues. Unless you've had a lipstick or nail color canceled, you can't imagine the depth of pain it produces. And now, I had to order my Tone soap (original scent) online the last time I bought it. How can they just rip that out of my life and not care. Sugar-free Luden cherry cough-drops have become an online order item, too. Does the government not care about people putting excess sugar into their bodies? And, of course, the pitiful attempts to pretend that a giant size of anything is more than a medium-sized offering is ludicrous.
ReplyDeleteThank you, Kathy! Clearly, we are a movement. If I wasn't so lazy, I'd run for office...
DeletePLEEEZE DO IT!
DeleteThere was a report today that one big reason the government stepped in because so many of the start-ups involved are working on government defense projects. That's legit, as far as I'm concerned. National security is vital.
ReplyDeleteAnd there are a bunch doing biopharmaceuticals as well - very important!
DeleteYes, the government contracting business is in the billions of dollars, not all defense contracts though.
DeleteThanks for the Jeff Jackson link, Julia!
ReplyDeleteThis is SO incredibly hilarious. Julia, you are a total genius.
ReplyDeleteBrilliant and hilarious, Julia!!! Thank you. I needed that!
ReplyDelete