The best thing about windows 11 is that if you hit the windows key, and type 'restart', it searches for 'restart' on Bing.
Please give me the name, rank, and serial number of the PM who thought this was a good idea. I will use all my meager fortune to make sure that nobody will want to hire them for PM work ever again.
> russians (this time spelt with a lowercase 'r') have forfeited their right to exist as a nation. Consistently throughout history, they have invaded, colonized, and genocided their neighbors.
Just to make sure we're on the right track here, has the UK (or maybe just England?) also earned that forfeit, or does it get a pass because it did all those things further away from home? (Except for that Ireland thing, which has produced some really 'funny' jokes about potatoes...)
England was duly humiliated for its many misdemeanors (but not all, for sure), and has entered a period of "political correctness", where its sins must be acknowledged and atoned for.
Nothing like this has ever been forced onto russia.
And russian crimes are on an unimaginably vast scale. Remember, it was Stalin who said: "Quantity has a quality of its own."
> Nothing like this has ever been forced onto russia.
All empires collapse sooner or later. Give it a few hundred (or dozen, or just a few) years. It's turn will come, just like it will for the US hegemony.
I've no doubt that if we plopped you down in the middle of, say, modern-day Russia, you'd be able to observe a few important differences in the political organization of the two countries.
Fewer than you would a year or nine ago, certainly, and a lot of people are working very hard on closing the gap.
Democracy is a spectrum. There have always been significant flaws with American democracy, but you'd be mad to not observe significant, active regression and effort by the government to replace it with something else.
People who don't understand the press don't get handpicked to run the press by the billionaires who own it.
She understands that she's full of shit, and she's paid to be full of shit. The Ellisons aren't spending billions of dollars on this because they want you to be well-informed.
It's partisan hacks who are somewhere on the spectrum between full support of this barbarity, and finding all the other shit that's being done useful enough to them to be worth compromising their values.
The latter can be identified by 'Well I don't agree with everything this administration does, but I will throw my full support behind <one of the many wedges they are using to turn this country into a corrupt single-party autocracy>.'
(They won't push you onto the tracks because they hate you, they'll push you because it means they'll see a 0.7% drop in their expected tax rate. They are in most ways, worse than the former, because they can tell the difference between right and wrong, and still carry water for the latter, because they see personal benefit in it.)
There was definitely a broad (not universal) triumphalist belief on the part of both elites and the broader population in the West after the fall of the Berlin Wall and disintegration in the 90s that capitalism and democracy were intertwined and the triumph of both was inevitable.
This widespread belief doesn't have to be true to help contribute to explaining why decisions were made to allow broad economic integration with and technology transfer to China, in a ways that never really happened with the Soviet Union, and only happened in very limited ways with China prior to the collapse of the Soviet bloc.
People who burnt witches generally believed that witches existed. That belief doesn't have to be true to be useful in contributing to explain the behavior.
I mean, yes, you are right, I lived through all that, and I remember it well.
But to me, even at the time, this was at best, magical-thinking bullshit. But what does a teenager know..? I just write the things my teachers tell me to and get graded on them.
The massive backslide in Russia throughout the 90s and 00s towards autocracy at the same time as it was turning into a capitalist country... Wasn't exactly a state secret.
Warsaw pact states tying themselves to a democratic union in an effort to get as far as they could from Russia was, I think, the larger reason most of them didn't go down the same road.
Pussyfooting around this issue is the worst of both worlds.
Why on earth is a government-protected monopoly entitled to 10% margins? Or even 6% margins? It's risk-free money with a captive market.
What is the point of all this bullshit? Why not just call it a day, and run it as a crown corporation?
> The companies pointed to the January wildfires in Los Angeles County, saying they needed to provide their shareholders with more profit to get them to continue to invest in their stock because of the threat of utility-caused fires in California.
What utter nonsense. The shareholders need nothing. Take out a bloody loan.
The firm's entire concern, as reflected in the article - is it's stock price.
> Under the state’s system for setting electric rates, investors provide part of the money needed to build the infrastructure and then earn an annual return on that investment over the assets’ life, which can be 30 or 40 years.
Wait, why is this financed by investors and not lenders, like it is in the rest of the civilized world? Is this some kind of novel California-specific innovation, and if it is, what value has it produced for the world?
> Why on earth is a government-protected monopoly entitled to 10% margins?
Indeed, how do they pick any margin? If higher is better, why not pick 1000%? If lower is better, why not pick 0%? If we want something reasonable, why not make it market based to figure out what people think when they have to stump up real resources themselves? Once profit margins are set by committee decision there is little point trying to claim that the concern is profit motivated. The profits aren't doing much useful signalling. It just sounds stupid.
The point of all this is that PG&E sometimes needs to raise money. They do get money from customers paying their bills, but they often to raise money many years sooner than that. Selling bonds and selling stock are two ways of doing it, with different tradeoffs for investors. Stock might sometimes pay a higher dividend, but dividends aren’t guaranteed.
After the last bankruptcy, PG&E suspended dividends for six years, from 2018 to 2023.
No matter how good or bad management is, they’re still going to need to raise money. Bad management means more mistakes and then more money needs to be raised.
Bad management might get fired, but they’re not going to pay for their mistakes. The money needs to come from somewhere else.
Why should shareholders be taking on the risk of a city's power grid failing? Does packaging that risk as an investment opportunity somehow produce incentives to improve grid reliability and guide resources to be used efficiently?
PG&E emerged from their most recent bankruptcy with more debt than they entered with! This was largely because of the wildfire liabilities - $30 billion. In more direct terms, the lucky Californians are paying the unlucky Californians, and it was financed by bonds which used PG&E's existing assets as collateral (which for some reason weren't already collateralized.)
The best case for Californians overall would have been PG&E's debt and equity to go as close to 0 as possible, and all that extra debt have been used to actually upgrade the aging electricity infrastructure. Instead you are paying interest on past fire damage claims.
In 2018 PG&E had about $18b of long term debt, they now have just under $59b. Their outstanding shares also quadrupled. The bankruptcy didn't wipe out the equity, but investors got f'd hard if they thought they were acting conservatively. Would you accept a 1.25%ish dividend with the prospects of the stock going to 0 higher than it doubling in the next 10 years?
For all of the whiners about how utility investors shouldn't make any money, and possibly earn below their cost of capital, -- I spent some time looking at the utility industry over the last few years (including PG&E.) These are basically money pits which more money goes in than comes out over decades.
The other layer here is if the billions of dollars being borrowed are to build new infrastructure results in billions more in future liabilities to maintain everything. The first layer looked so bad I didn't go any further.
The petty dividend payouts utilities make just keep the equity investors from examining what they really own. Higher equity valuations let utilities borrow money cheaper than they really should be able to.
Functionally the whole thing looks like a ponzi scheme that perhaps could only happen with the 40 year run of ever shrinking interest rates. If the bond bull market is over then this utility ponzi scheme is going to blow too.
Bottom line, if investors were paying attention, your utility bills would be a lot higher. If utilities ever have a big problem getting Wall Street to keep funding their debt ponzi, they will be.
The alternative is the state owns the utility. Given how ugly the math is for utilities right now, I doubt it would be cheaper.
On the other hand, if the US is going 100% EV (AI datacenters or not), then there trillions of federal dollars are inbound and maybe utilities will be ok. One thing is for certain, the utilities, their investors (debt & equity) their customers, and the US states don't have the money to pay for all that has to be built.
Except that the state of California ended up on the hook for the first bankruptcy. The shareholders were the only ones who came out fine. The customers and the state got stuck with the bill.
Exactly what risk did they take on? A few missed dividends, and two years for the stock price to recover?
As for the second bankruptcy, the main result of that was that their customers ended up paying the bill for other customers whose houses were destroyed. But you are partially correct, the shareholders did take a haircut of a few percentage points from stock dilution. I wouldn't be too upset for them, the stock's now double what it was before the bankruptcy.[1]
California's cities wanted them to take a haircut of 100 percentage points, but that clearly didn't happen.
[1] For some reason, the wise stewardship of the shareholders and the board did nothing to mitigate the crisis that caused the company to get sued for 50 billion dollars. They were too busy squeezing dividends out of it to worry about liabilities. [2]
[2] And why should they? They aren't personally liable.
Just had to look this one up. PG&E's first bankruptcy was April 6, 2001. Based on the stock price decline prior to that, it looks like their shareholders thought everything was ok in November of 2000 and the stock was $27 (it bottomed out at $8.97 in April of 2001.) As of today, the stock is worth $15.97.
If we go back 30 years to 1995 -- and you invested $10,000 in PG&E and $10,000 in the S&P500, and reinvested the dividends -- today the PG&E investment would be worth $11,708. The S&P investment would be worth $201,420.
To put it in simpler terms, the PG&E investors look like gullible fools.
1. The stock recovered within 2 years and then shot to the moon.
2. You're not counting all the dividends they've siphoned out.
3. The reason it's at $16 today is because the company destroyed its own value... By prioritizing dividends over maintenance. Which killed a lot of people, destroyed a ton of property, with the damages exceeding the value of the firm. Yet, instead of being zeroed out, the shareholders are still there, still collecting dividends, and in a few years of guaranteed 10% margins, I'm sure the stock will recover.
They came out squeaky clean in 2001, keeping all their shares. (Major shout-out to the State of California for bailing them out, and shouldering all the subsequent liabilities from that adventure.)
The second one diluted them by 22%, by creating and giving new stock to the people who won lawsuits against the firm. The stock's up by more than 22% since the impact of the fires on the company was realized...
If they were zeroed out after either bankruptcy, I wouldn't be kvetching, but here we are...
> As for the second bankruptcy, the main result of that was that their customers ended up paying the bill for other customers whose houses were destroyed.
There's half of the major problems. If I walked around covered in gasoline every day and eventually walked past someone smoking, not a lot of people would blame the smoker for me getting engulfed in flames.
Yet build a wood house in a forest maintained for thousands of years by American Indians with fire, require universal electricity supply, and suddenly it's not the homeowner's fault at all. Everyone else should bail them out over and over again.
Capping margins at a percentage also directly breeds inefficiencies. If you could spend $10M to fix a problem that costs you $4M/yr, you're effectively paying $10M now to lose $400k in annual profit potential.
Printf debugging is a usability and productivity disaster compared to an actual debugger.
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