Anonymous #1 3w

I think it peaked in 2023 at almost 60 interns (worldwide). They may have had 20-something this summer

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Anonymous #3 3w

By some metrics it’s still better than during COVID or just before. I wouldn’t say we’re at 2020 levels yet. The stuff the banks are saying about bad loans is reminiscent of 2008 though

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Anonymous #1 3w

To me Covid doesn’t really count in the way that it was caused by external shocks rather than actual poor economic conditions, it’s an aberration with limited economic lessons, this job market has been cause by just straight up terrible government economic policy and the numbers don’t show as much bc of current immigration policy, combine that with everyone trying to replace lower level employees with AI that doesn’t work, everyone using AI for hiring that creates a complete black box with

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Anonymous #1 3w

No feedback loop for candidates, the fact that the entire economy is being propped up on AI hype, a really jumpy bond market, and of course tariffs and you get a lot of really really bad conditions to be hired

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Anonymous #3 3w

Ah my point was that I’ve seen a lot of posts saying “worst since 2020/2021”, and I assumed if it was worse than 2008 or on par with it, they would’ve said so. But yeah, COVID was definitely unique

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Anonymous #3 3w

Don’t get me started on fucking AI hiring. Fuck HireVue

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Anonymous #1 3w

I’m not actually as concerned about the bad loans, I actually do work with consumer and RE lending for work at multiple institutions and although there’s definitely been upticks in delinquency and loan losses it’s not to the point where I’m really concerned about it yet, mind you this is on a micro level at specific institutions, banks definitely did learn lesson from 2008 and how to actually evaluate and cover their risks with credit swaps and mortgage backs

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Anonymous #3 3w

Hmm yeah, one of my friends is slightly concerned that the SVB bailout could have led banks to believe that their depositors will still be covered above $250k by the FDIC, and could be loose with loans as a result. This was before the news about those regional banks recently with the bad loans

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Anonymous #1 3w

Well yes they all suck, there was some Harvard business review analysis that found 95% of companies that integrated AI have negative ROI on their AI investments. These programs just aren’t capable of doing the things companies expect them to do and they aren’t going to be anytime because they don’t actually think just predict the next most likely word, they have their uses but it’s a massive bubble and it’s gonna pop at some point

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Anonymous #3 3w

I saw that or a similar one (maybe it was MIT? I think it said most have had no impact). Slightly concerning considering I’m a data science major but also expected, because I don’t *seriously* see AI posing a threat to most jobs yet. There are some that might be threatened though (translation, social media, etc) very soon though

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Anonymous #1 3w

Yea so SVB was not bailed out it was actually merged into another bank and the FDIC just discounted the loans they purchased by how much the bank was insolvent and took the hit that way, that’s how most bank failures are handled, Signature bank was much much worse, that was almost a contagion event and it was sold to JP Morgan the same way

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Anonymous #1 3w

They don’t let these banks fail essentially, another bank wants those deposits and can get them at a discount so the FDIC sells it to them and takes the loss on the amount the bank is insolvent which means the FDIC pays less out of the insurance fund, there are rare cases when they do let uninsured depositors hold the bad but it’s really unique circumstances I shouldn’t post online

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Anonymous #1 3w

Well it’s good at looking at large texts and summarizing them, I do actually use it for that on occasion especially if I’m only looking for one or two things to reference and I think it could do good data analysis in the near future, limited use cases though and definitely cannot replace any employee in my experience

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Anonymous #3 3w

Oooh ok, I wasn’t aware of the specifics of how those banks were handled

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