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🔗 United States 🔗 Finance & Investment

The term 3-6-3 Rule describes how the United States retail banking industry operated from the 1950s to the 1980s. The name 3-6-3 refers to the impression that bankers had a stable, comfortable existence by paying 3 percent interest on deposits, lending money out at 6 percent, and being able to "tee off at the golf course by 3 p.m."

The implication was that the banks were less competitive during that period than in subsequent years due to tight regulations that limited the formation and location of banks as well as restrictions on interest rates that could be charged or paid. As a result, bankers had "power and prestige ... while profits were steady and certain". These regulations were loosened in the 1980s.

Richmond Federal Reserve senior economist John R. Walter argues that, although there is evidence that restrictions on banks before the 1980s did limit the competitiveness of banking markets and thereby granted some banks monopoly power, "the regulatory restrictions probably had a limited effect on competition" during the time in question. Chicago Federal Reserve researchers Robert DeYoung and Tara Rice argue that, "Like most good jokes, the 3-6-3 rule mixes a grain of truth with a highly simplified view of reality."

The rule has been noted positively following the late-2000s financial crisis as a preferable way for banks to operate following the bailout of major banks.

Australia's banking system, which was deregulated in the 1990s in a manner similar to that in the U.S., also came to be characterized in the same way as did the United Kingdom's.

🔗 Economics 🔗 Business 🔗 Politics 🔗 Socialism 🔗 Sociology

Wage slavery is a term describing a situation in which a person's livelihood depends on wages or a salary, especially when the dependence is total and immediate. It has been used to criticise exploitation of labour and social stratification, with the former seen primarily as unequal bargaining power between labour and capital (particularly when workers are paid comparatively low wages, e.g. in sweatshops) and the latter as a lack of workers' self-management, fulfilling job choices and leisure in an economy. The criticism of social stratification covers a wider range of employment choices bound by the pressures of a hierarchical society to perform otherwise unfulfilling work that deprives humans of their "species character" not only under threat of starvation or poverty, but also of social stigma and status diminution. Historically, some socialist organisations and activists have espoused workers' self-management or worker cooperatives as possible alternatives to wage labour.

Similarities between wage labour and slavery were noted as early as Cicero in Ancient Rome, such as in De Officiis. With the advent of the Industrial Revolution, thinkers such as Pierre-Joseph Proudhon and Karl Marx elaborated the comparison between wage labour and slavery, while Luddites emphasised the dehumanisation brought about by machines. The introduction of wage labour in 18th-century Britain was met with resistance, giving rise to the principles of syndicalism. Before the American Civil War, Southern defenders of African American slavery invoked the concept of wage slavery to favourably compare the condition of their slaves to workers in the North. The United States abolished slavery after the Civil War, but labour union activists found the metaphor useful – according to historian Lawrence Glickman, in the Gilded Age "[r]eferences abounded in the labour press, and it is hard to find a speech by a labour leader without the phrase".

🔗 Professional sound production

An audio format is a medium for sound recording and reproduction. The term is applied to both the physical recording media and the recording formats of the audio content—in computer science it is often limited to the audio file format, but its wider use usually refers to the physical method used to store the data.

Music is recorded and distributed using a variety of audio formats, some of which store additional information.

🔗 Climate change 🔗 Environment 🔗 Antarctica 🔗 Glaciers

The Western Antarctic Ice Sheet (WAIS) is the segment of the continental ice sheet that covers West Antarctica, the portion of Antarctica on the side of the Transantarctic Mountains that lies in the Western Hemisphere. The WAIS is classified as a marine-based ice sheet, meaning that its bed lies well below sea level and its edges flow into floating ice shelves. The WAIS is bounded by the Ross Ice Shelf, the Ronne Ice Shelf, and outlet glaciers that drain into the Amundsen Sea.

🔗 Biography 🔗 Australia 🔗 Transport 🔗 Transport/Maritime 🔗 Australia/Australian maritime history 🔗 Australia/Western Australia 🔗 Australia/Australia, New Zealand and South Pacific military history

Frederick Benjamin "Ben" Carlin (27 July 1912 – 7 March 1981) was an Australian adventurer who was the first person to circumnavigate the world in an amphibious vehicle. Born in Northam, Western Australia, Carlin attended Guildford Grammar School in Perth, and later studied mining engineering at the Kalgoorlie School of Mines. After qualifying as an engineer, he worked on the Goldfields before in 1939 emigrating to China to work in a British coal mine. In the Second World War, Carlin was posted to the Indian Army Corps of Engineers, serving in India, Italy, and throughout the Middle East. After his discharge from service in 1946, he emigrated to the United States with his American wife, Elinore (née Arone).

Sparked by an idea he had had whilst in the military, Carlin proposed that the couple honeymoon by crossing the Atlantic Ocean in a modified Ford GPA (an amphibious version of the Ford GPW Jeep), which they named the Half-Safe. Beginning their trip in Montreal, Quebec, Canada, the Carlins finally completed the transatlantic crossing in 1951, after unsuccessful attempts. From there, they travelled to Europe, temporarily settling in Birmingham to raise more money. They resumed their journey in 1954, travelling overland through the Middle East before arriving in Calcutta. After a short fundraising trip to Australia, Carlin's wife left to return to the United States. He resumed the journey with new partners, travelling through South-East Asia and the Far East to the northern tip of Japan, and then to Alaska. After an extended tour through the United States and Canada, he and Half-Safe finally returned to Montreal, having travelled over 17,000 kilometres (11,000 mi) by sea and 62,000 kilometres (39,000 mi) by land during a ten-year journey. Following Carlin's death in 1981, Half-Safe was acquired by Guildford Grammar, his old school, where it remains on display.

🔗 Europe 🔗 Maps 🔗 Sociology

The Hajnal line is a border that links Saint Petersburg, Russia and Trieste, Italy. In 1965, John Hajnal discovered it divides Europe into two areas characterized by different levels of nuptiality. To the west of the line, marriage rates and thus fertility were comparatively low and a significant minority of women married late or remained single; to the east of the line and in the Mediterranean and select pockets of Northwestern Europe, early marriage was the norm and high fertility was countered by high mortality.

🔗 Computing 🔗 Computing/Software 🔗 Computing/Free and open-source software 🔗 Plan 9

Plan 9 from Bell Labs is a distributed operating system, originating in the Computing Science Research Center (CSRC) at Bell Labs in the mid-1980s, and building on UNIX concepts first developed there in the late 1960s. The final official release was in early 2015.

Under Plan 9, UNIX's everything is a file metaphor is extended via a pervasive network-centric filesystem, and graphical user interface is assumed as a basis for almost all functionality, though it retains a heavily text-centric ideology.

The name Plan 9 from Bell Labs is a reference to the Ed Wood 1959 cult science fiction Z-movie Plan 9 from Outer Space. The name of the project's mascot is "Glenda, the Plan 9 Bunny". The system continues to be used and developed by operating system researchers and hobbyists.

🔗 United States 🔗 Biography 🔗 California 🔗 California/San Francisco Bay Area 🔗 Micronations 🔗 United States/American Old West

Joshua Abraham Norton (February 4, 1818 – January 8, 1880), known as Emperor Norton, was a citizen of San Francisco, California, who proclaimed himself "Norton I, Emperor of the United States" in 1859. In 1863 he took the secondary title of "Protector of Mexico" after Napoleon III invaded that country. Norton was born in England but spent most of his early life in South Africa. He sailed west after the death of his mother in 1846 and his father in 1848, arriving in San Francisco possibly in November 1849.

Norton initially made a living as a businessman, but he lost his fortune investing in Peruvian rice to sell in China due to a Chinese rice shortage. He bought rice at 12 cents per pound from Peruvian ships, but more Peruvian ships arrived in port which caused the price to drop sharply to 4 cents. He then lost a lawsuit in which he tried to void his rice contract, and his public prominence faded. He re-emerged in September 1859, laying claim to the position of Emperor of the United States. Though Norton received many favors from the city, merchants also capitalized on his notoriety by selling souvenirs bearing his name. "San Francisco lived off the Emperor Norton," Norton's biographer William Drury wrote, "not Norton off San Francisco."

Norton had no formal political power; nevertheless, he was treated deferentially in San Francisco, and currency issued in his name was honored in the establishments that he frequented. Some considered him insane or eccentric, but citizens of San Francisco celebrated his imperial presence and his proclamations, such as his order that the United States Congress be dissolved by force and his numerous decrees calling for the construction of a bridge and tunnel crossing San Francisco Bay to connect San Francisco with Oakland.

On January 8, 1880, Norton collapsed at the corner of California and Dupont (now Grant) streets and died before he could be given medical treatment. Upwards of 30,000 people lined the streets of San Francisco to pay him homage at his funeral. Norton has been immortalized as the basis of characters in the literature of Mark Twain, Robert Louis Stevenson, Christopher Moore, Morris and René Goscinny, Selma Lagerlöf, and Neil Gaiman.