Comment by whack

Back to stories Open in a window
Comment

Comment by whack

Funny how you're echoing exactly what the author said in the article

> This is not precisely 2008. GPUs are not houses; take-or-pay contracts are not mortgage-backed securities; OpenAI is not a subprime borrower in Stockton, and artificial intelligence may well be the most consequential technology of the century, which is more than anyone could ever say for a McMansion in the Inland Empire.

> The bear case in this piece is not that artificial intelligence will fail, or that the demand is fake, or that the technology disappoints. It is narrower: that the financing structure can break before the demand arrives, because the obligations are fixed and front-loaded in commencement while the revenue is variable and back-loaded in adoption - and a fixed obligation meeting a lagging revenue stream is a solvency problem regardless of how transformative the underlying technology turns out to be.

> The industry will spend the next eighteen months debating whether artificial intelligence is a bubble, which is the wrong question, asked at the wrong layer. The technology is real; so were the houses. The question is narrower: what happens when instruments underwritten at the teaser meet their reset schedule, and who is holding the paper when the obligations cannot be met as written

Ie, if you spent $10M buying a house, it doesn't matter if it will be worth $100M in the future. If you're unable to make your mortgage payments in the interim, you're going to lose everything

Replies whack · 2026-08-27
Open on HN
Loading the discussion…

Domain filters

Stories from these domains are hidden from every list. Subdomains match too: blocking substack.com also hides danluu.substack.com.

    About YAVCHN

    YAVCHN is a reader for Hacker News and Lobsters, with articles and discussions in separate windows or Classic pages.

    Created by Paul Parks and built with PUDL.

    YAVCHN source code on GitHub

    Help

    Keyboard

    j / k
    Move down and up the story list. The arrow keys scroll whatever has focus.
    Enter
    Read the marked story in the article reader.
    ]
    Read the next story in the same article-reader applet. Back returns to the previous story.
    p
    Pin or unpin the marked story, which keeps it in Pinned.
    n / N
    Move to the next or previous top-level comment in the window in front.
    c
    Collapse or expand that comment.
    f
    Hide or show the story list.
    Esc
    Close a menu or this help.
    Access key m
    Go to the menu bar. Most browsers take it with Alt on Windows and Linux, and Safari with Control and Option.
    ?
    Show this help.

    Windows

    Each story opens in a window holding its article above its discussion; drag the bar between them to share the room differently. A window can be moved by its title bar, resized from any edge, snapped to a half or a corner by dragging it there, maximised, or minimised to the bar at the foot of the page. Use Window > New reader window to open an empty reader, or a story row's Open in new reader window button to compare articles. Docked readers keep their articles when you select another story from the sidebar. Minimized readers can be restored and reused for their site. A window's Next story link reads on down the list in the same window.

    A link in a comment or an article to another Hacker News or Lobsters thread opens that thread in a window too. A link to a single HN comment opens the comment above its replies.

    While a story's window is in front, the Story and Discussion menus in the menu bar hold its commands: pinning, Next story, sorting, collapsing every thread, jumping to the first new comment. Each window also remembers where you were in its article and discussion, so a reload, or Back to a story that Next took you past, finds your place again. Closing a window forgets it.

    The whole arrangement lives in the address, so a bookmark or a shared link brings it back, and Back undoes the last change. Moving between Hacker News, Lobsters, their lists, Pinned and Find changes only the list, and leaves the windows open.

    The list

    The pin at the start of a row keeps the story in Pinned, and the cross at its end hides it. Pinned can be narrowed by words in the title, site or author, by source, and to the stories you haven't opened yet, and ordered by when you pinned them, by points or by comments; the filters are part of the address, so a filtered view can be bookmarked. Scroll past the end of the list to load more. Domain filters, in the View menu, hide every story from a site.

    Browsing view

    View > Windowed and View > Classic select the browsing view and save your default in this browser. Window view reuses a reader for each feed. Classic view opens stories and applets as pages. Open as a page and Open in a window are one-off actions that do not change your saved default. Direct page links always open as pages.

    Applets

    The Applets menu in the menu bar holds three tools, each a window of its own. Replies to me takes your Hacker News user name and lists the replies to your last thirty comments and stories, checking again every three minutes while it is open, and marking what is new since you last marked them read. Look up a user opens a profile on Hacker News or Lobsters, with their submissions and recent comments, as a commenter's name in any discussion does; the bar at the top of a profile looks up someone else in the same window, and Back returns to the one before. Who is hiring? filters the posts of HN's monthly hiring threads by the words you type.

    They read only what the sites publish to everyone, so none of them asks for a login, and your user name stays in this browser.

    Find

    Find takes any link and lists every time it was submitted to Hacker News and Lobsters, so you can read each discussion of it.

    About

    YAVCHN never sees your Hacker News or Lobsters login. The discussion is fetched from each site's public API; to vote or reply, follow the link above the discussion, or the arrow beside a comment, to the source's own site. Pins, hidden stories, filters and layout are kept in this browser only.

    Open source: github.com/paulmooreparks/yavchn. Built with PUDL.