from Patrick McKenzie | by Patrick McKenzie

I think this is a good example of the interconnectedness of financial infrastructure, and think one lesson we’ll learn this year is that it is beyond the capability of most people to pick what infrastructure they depend on. t.co/QC272kUZ4f

I have no particular interest in Rippling, other than broadly being in startups’ corner, but I have a strong ethic around payroll: it must be inviolate.

The language of deposit insurance is about depositors, etc etc, but that language predates the modern economy. “Why would a retail user care about a bank other than the one which holds their deposits? Let the financial industry worry about that.” That world has changed.