> This created a minor emergency for me, because it was an other-than-minor emergency for some contractors I was working with.
> Many contractors are small businesses. Many small businesses are very thinly capitalized. Many employees of small businesses are extremely dependent on receiving compensation exactly on payday and not after it. And so, while many people in Chicago were basically unaffected on that Friday because their money kept working (on mobile apps, via Venmo/Cash App, via credit cards, etc), cash-dependent people got an enormous wrench thrown into their plans.
I never really thought about not having to worry about cashflow problems as a privilege before, but it makes sense, considering having access to the banking system to begin with is a privilege. I remember my bank's website and app were offline, but card processing was unaffected - you could still swipe your cards at retailers. For me, the disruption was a minor annoyance since I couldn't check my balance, but I imagine many people were probably panicking about making rent and buying groceries while everything was playing out.
The really admirable thing about this is that Patrick acknowledged that it was "an other-than-minor emergency" for the contractors and took steps to ensure that they were paid rapidly. In a similar situation many people would have shrugged and taken an attitude of "sorry, bank's down. I'll pay you when it comes back up."
> Many contractors are small businesses. Many small businesses are very thinly capitalized. Many employees of small businesses are extremely dependent on receiving compensation exactly on payday and not after it. And so, while many people in Chicago were basically unaffected on that Friday because their money kept working (on mobile apps, via Venmo/Cash App, via credit cards, etc), cash-dependent people got an enormous wrench thrown into their plans.
I never really thought about not having to worry about cashflow problems as a privilege before, but it makes sense, considering having access to the banking system to begin with is a privilege. I remember my bank's website and app were offline, but card processing was unaffected - you could still swipe your cards at retailers. For me, the disruption was a minor annoyance since I couldn't check my balance, but I imagine many people were probably panicking about making rent and buying groceries while everything was playing out.