#Industrial Bank Washington Dc

[halcandrians]

so it will come to pass that in 2033, Apple will be rolling out a new feature of "Self-repair", which will of course involve a deposit of an X amount of money (inflation is unaccountable for the future) for your Apple device to "Self-repair" through the night when you're asleep. it will be announced at WWDC 2032 alongside the iWatch series 16 (which of course, was renamed from Apple Watch after investors realized the reason not every single person had an Apple Watch must have been because they did not know it was called that and therefore couldn't buy it, so they created a viral marketing campaign, destroyed or tampered with every single record of its former name, and then created a psyop to say that the name "Apple Watch" was a mandela effect therefore destroying all credibility of the people who remembered it as such, but that's a different story).

when the update inevitably rolls out for the iPhone 24 and the MacBook Series W, many people will of course try to jailbreak their devices or just force them open (with the help of industrial grade lasers after Apple decided it was simply easiest to sculpt their devices from one solid chunk of metal and make them physically impossible to open sometime in 2027) only to discover obviously the phones could not create the resources to self repair (direct violation of the conservation of mass law) and that the only thing the update did once you sent them the money was send out a nigh-untraceable signal.

so a bunch of hacktivists demanding transparency would go on to find every possible address that might be tuned to that signal and post it online and of course the Apple censors could not get it fast enough through every possible channel (given modern Apple devices operated on an entirely isolated network separate from any other included the internet) so everyone without an Apple device would receive the information.

eventually bank records would show an address hidden within the forests of Oregon 1 (after Washington DC was renamed to Oregon 2) and it would be stormed by an angry mob, only to discover a group of tiny elves organized into strike teams to attend to every signal of a broken phone throughout the West Coast through little airplanes posing as those big fucking flies that show up sometimes and they were illuminated by a little neon sign that once said "self-repair station" but of course had the "s" blacked out and it was very humorous to everyone who witnessed it first hand but the joke of it died down.

anyway more of these elf camps would be discovered in the following weeks and it would be revealed that the elves were getting paid far under minimum wage in berries (a new type of berry called the Apple Berry which was round and flat and came in a little pizza box like those stupid ones they have at apple park) so the program ended up being a bust as the elves organized a violent revolt and eventually murdered Steve Wozniak in cold blood on September 3rd, 2033.

#unreality #yeah i don't know where i was going with this #but it's all true #<- unreality for that also #or is it.................

[mariacallous]

A powerful rightwing pressure group, the American Legislative Exchange Council (Alec), is pushing states to adopt a new law shielding all US businesses from “political boycotts”.

Although primarily aimed at protecting controversial industries such as fossil fuel companies, big agriculture and gun manufacturers, the proposed legislation is written to prevent boycotts by investors, banks and other companies of any US business.

It comes amid rising consumer pressure on firms over whom they do business with, and follows the decision by major retail stores to stop selling MyPillow products after its chief executive allied himself with Donald Trump’s false claims of fraud in the 2020 presidential election.

Alec, which is funded by major corporations, intends to press state legislators to adopt the readymade law, the eliminate political boycotts act, at its closed-door States and Nation Policy Summit in Washington DC at the end of this month.

Some Republican-led states have passed hundreds of pieces of Alec’s model legislation almost word for word, including laws pushing the conservative agenda on immigration, voting suppression, the environment, guns and energy policy.

The new model legislation requires every “governmental entity”, which covers a wide array of bodies from state government to local police departments and public universities, to include a clause in contracts requiring businesses to pledge they “will not engage in economic boycotts”.

According to the text of the proposed law, which is written by Alec’s lawyers so that all a legislature has to do is fill in the name of its state, it is a response to banks, investment funds and corporations refusing to invest in or do business with industries that damage the environment or are aligned with oppressive laws.

“Corporations are boycotting and sanctioning essential industries, such as fossil fuel and agriculture producers, by refusing to provide them with products or services or imposing undue burdens on them,” the proposed law says.

“Banks are increasingly denying financing to creditworthy companies solely for the purpose of marketing their environmental or social justice credentials, to the detriment of their clients and shareholders.”

The huge investment company BlackRock is among nearly 400 financial firms to have sold off shares in big oil companies over their failure to pursue sufficiently climate-friendly policies.

Some corporations are increasingly concerned that consumer pressure will cause other companies to boycott them over their funding of rightwing politicians and causes, or social positions.

The model legislation follows an Alec meeting in Atlanta in the summer at which participants launched a push against “woke capitalism”, claiming that boycotts may break financial laws.

“The collusion of corporations, and institutions to boycott, divest from, or sanction any industry may violate existing antitrust and fiduciary laws and harms consumers, shareholders, and states,” the model legislation states.

The readymade law gives state attorneys general the power to “examine under oath any person” in connection with a boycott, and to require them to file a report about their activities. The attorney general would also be able to “examine any record, book, document, account or paper as he may deem necessary” and to impound them.

The eliminate political boycotts act has its roots in legislation already on the books in more than 30 states to block boycotts of Israel over its oppression of the Palestinians.

For that reason the proposed new law does not extend to individuals after several states were forced to amend legislation when courts ruled that requiring individuals to sign pledges not to boycott Israel intruded on free speech rights.

Kansas revised its law in 2018 after a Wichita teacher brought a federal lawsuit in response to being told to sign a pledge not to boycott Israel in order to keep her job. Similarly, Texas narrowed its law after a speech pathologist lost her contract with a school district.

However, an Arkansas newspaper publisher has asked the supreme court to intervene after a federal appeals court upheld a 2017 state law that cost the publication advertising by the state university after it refused to sign the commitment not to boycott Israel.

The latest model legislation expands on another law written by Alec, the Energy Discrimination Elimination Act, introduced since the beginning of the year and passed by several states to shield big oil from share selloffs and other measures to protest the fossil fuel industry’s role in the climate crisis.

Legislation written by Alec has been introduced thousands of times in state legislatures across the country, and passed into law in hundreds of instances. Model laws are written by Alec “task forces”, usually jointly chaired by a state legislator and a representative of an interested industry.

Alec was behind the proliferation of “stand your ground” laws in conservative states, permitting the use of deadly force by any person who feels threatened, which George Zimmerman used as a successful defense for shooting Trayvon Martin in Florida in 2012.

[ramrodd]

How did the veterans of the Korean War and Vietnam War feel about Richard Nixon's visit to China in February 1972?

COMMENTARY:

I got back from Vietnam in May 1971 and started a job with a DC bank in September. Through a Roommate Referral, a service that put individuals and group houses together, I ended up living with a artist/painter and his dancer wife, a Navy Beach Jumper and a Army captain who loved Janis Joplin and Hated Nixon with a PhD in Mathematics who was working with computers at the Navy Ship Yard.

The Navy Beach Jumper had worked for EDS when he got back to the World and was working for The Alliance For Businessmen engaged in veteran employment issues. He was an informal Nixon activist and did volunteer work around veterans issues with CREEP, Nixon’s re-election apparatus. He got me involved in several veterans events with the campaign, including a bill signing at the White House where I shook hands with Nixon along with several hundred other vets. Charley ended up being a level or so beneath the point where the Watergate convictions ended but I really had no desire to be around the CREEP political activists and didn’t pursue any further involvement after the White House bill signing.

I voted for Nixon before I went to Vietnam and I voted for him after I got back. I’ve had absolutely no regrets for my vote and am satisfied that Nixon kept his promise to depart Vietnam with honor and that he kept the faith with veterans in that regards.

I also think Watergate was an unnecessary self-inflicted wound, on the one hand, and that the Plumbers was the cancer growing around the Nixon Presidency that fucked up Nixon’s legacy and that it was a good thing they all went to jail. Subsequent events tends to suggest that they learned the wrong lessons from their political failures and convictions, that is, instead of never doing anything like that again, they focused on avoiding getting caught the next time and helped guide the political agenda of the GOP into the January 6 Conspiracy with Donald T. Regan during the Reagan administration.

All that being said, I went to Vietnam to give whomsoever was POTUS the space and time to advance the national agenda along the critical path surveyed and initiated by George Washington and, in particular, Nixon accomplished that.

As I say, at the time, Nixon’s reprochement with the Soviets and Mao was above my pay grade. I knew that, by 1965, the Pentagon’s strategy in Vietnam was a battle of attrition against the Soviet economy by proxy and that it had been successful after I attended a lecture on the Soviet banking system at the ExIm Bank at about the same time. I have heard several times since this Russian incursion in Ukraine began that the Russian economy is the size of Finland’s economy and that’s exactly the way it looked to me from that lecture.

In retrospect, It has come to be my opinion that Vietnam convinced both Brezhnev, as a proxy for the Kremlin, and Mao that Marxism was untenable as a sustainable social agenda and that they were reconsidering Stalin’s rejection of the Marshall Plan as a rational program for economic recovery from WWII and the Cold War leading to the economic reconfiguration of Sino-Soviet Marxism.

This reconfiguration is why they agreed to Nixon-Brezhnev Detente and Mao-Nixon “Leaky Umbrella: summit, the premise of which was the transformation of the global Military-Industrial Complex to the Aerospace-Entrepreneurial Matrix required to sustain a Trump hotel at the NASA-Soyuz lunar base for the next 100 years that the combination of Eisenhower’s 1956 Presidential Platform and Apollo 11 made possible in 1972. The legislative package known as Affirmative Action that Nixon and Daniel Patrick Moynihan passed into law set this transformation into motion and, if Carter had been re-elected, there would have been a Trump hotel on the moon by 2001, just like the movie.

Reaganomics brought that transformation to a dead stop and the Conservative libertarian activists that came to town with Reagan in 1981 have dedicated the last 4o years to dismantling Affirmative Action, the Eisenhower 1956 Presidential Platform and the New Deal while doubling down on the Military Industrial Complex.

But, in 1972, that was all in the future. In 1972, I think I connected Detente and the China opening as connected to Nixon’s promise to get out of Vietnam. I had arrived in Vietnam in July 1970, just after Nixon’s Cambodian Incursion had deflated and just before the wholesale withdrawal from Vietnam really began. When I got there, there were 500,000+ troops in Vietnam and, when I left, there were less than 165,000. The Cambodian Incursion was a brilliant coup de main that had the effect of a battlefield angioplasty that robbed Hanoi of the capacity to conduct sustained combat operations until 1973 or so and allowed the US military to withdraw, with honor, on its own schedule without a reprise of either Dien Bien Phu nor Dunkirk.

And that was about as far as my thinking went in 1972.

It is also my opinion from living through it in DC that what happened to Nixon with Watergate is what would have happened to LBJ if he had stayed in the race. Until the January 6 Conspiracy, America came as close to blowing up in 1968 as we needed to get and LBJ’s withdrawal from the race let enough air out of the SDS anti-war balloon that Nixon was able to capture the initial global synergies wave from Apollo 11 and the celebration of Woodstock to launch his Peaceful Structures diplomacy and Affirmative Action domestic program successfully, in spite of Kent State.

As I say, Watergate was a self-inflicted wound amplified by the collective stupidity and anti-constitutional expedience of the Plumbers which was the cancer growing around the Nixon Presidency that has become the dominant coalition in the GOP and the core cadre of the January 6 Conspiracy obstructing BBB and the launch of the Green New Deal.

[hardynwa]

With Geometric Power AIPP Ready, Enyimba Economic City First Phase is Ready to Take-Off

Enyimba Economic City Development Company FZE, the developers of Enyimba Economic City, a 9,803 Hectares Greenfield Special Economic Zone in Abia State, a Public Private Partnership (PPP) project of Crown Realties Plc., Abia State Government and Federal Government of Nigeria under the Made In Nigeria for Export (MINE) programme of the Federal Government of Nigeria, congratulates Geometric Power on the official commissioning of Aba Integrated Power Project (AIPP). Aba Integrated Power Project ringfenced 9 local governments of Abia State including the commercial and industrial city of Aba for provision of 24/7 power supply. By the ringfence, AIPP is a full utility company in the entire value chain of power business including generation, distribution and marketing. The ceremony is the commissioning by and the esteem presence of The President of Nigeria, His Excellency, Senator Bola Ahmed Tinubu, GCFR, on Monday February 26, 2024, of its 188 MW gas-powered generation plant in Osisioma, Aba, Abia State. The event is poised to draw dignitaries from across the Country and Businesses. Enyimba Economic City and Geometric AIPP are jointly financed by African Export Import Bank, Cairo, Egypt, at the back of each other. Geometric AIPP is the Bank’s recognized power partner for Enyimba Economic City, with which it has signed a 90MW Power Purchase Agreement (PPA) for First Phase of Enyimba Economic City. This momentous occasion therefore, not only signifies the launch of Geometric Power operation but also marks the significant step towards the take-off of $288.7 million, first phase of the project. Enyimba Economic City is located in 3 local governments of Abia State, Ukwa West, Ukwa East and Ugwunagbo with growth sectors in Manufacturing, Logistics, Healthcare, Entertainment, Education, Innovation and Technology Hub, Commercial, Lifestyle Residential and Aviation. First Phase of the project is 1,499 Hectares of land that includes First Industrial Township and Logistics Park with Full Origin and Destination (OD) Inland Port connected by rail to both Port Harcourt and Onne Seaports. On November 14, 2023, the Board of Afreximbank approved $201.7million syndicated debt for the project with Afreximbank underwriting $150million. Currently, the loan legal documentation is ongoing. The two (2) interstate highways that are vital for connectivity for the project, Enugu – Port Harcourt (200km) and Onitsha – Owerri – Aba (161km) are also concessioned to a Consortium led by Enyimba Economic City Development Company FZE that includes CCECC Nigeria Limited (EPC), Escher Silverman Global, UK (Technical), Instatoll of South Africa (Operations & Management) and Afrinvest (WA) Limited (Financial). Route Survey, Redesign, Traffic Studies, Revenue Modelling, Willingness to Pay Studies, are currently ongoing on the roads. With the planned 82km highway from Azumini in Abia State bisecting the A3-Enugu Port Harcourt Highway to Obinze in Owerri, the intervention on the external connectivity makes Enyimba Economic City 90 minutes driving distance accessible to the 11 states of Southsouth/Southeast of Nigeria and connected to economic activities of the whole Nigeria. The intermodal logistics, road, rail, airport and seaports is also planned to make Enyimba Economic City “The Strategic Global Business Hub in Africa” and African Continental Free Trade Agreement (AfCFTA) compliant. It is noteworthy that Enyimba Economic City won the first prize of the Global New Cities Business Plan Contest of the Chartered Cities Institute in Washington DC in 2019, beating Black Stone Charter City in Australia to second prize and Novgorod New Hanse Town in Russia to third place, as a new city that has the capacity to transform the economy of the country. The award included a US$25,000 cash prize. Enyimba Economic City Development Company FZE has started to build marketing teams by engaging zone marketing/FDI Companies in India (Crescendo Worldwide), China (Brilliance Co. Limited) and Nigeria (Commodities Development Initiative). There are a total 127 manufacturing leads from the 3 territories currently. The project is planned to be launched by Q2 of 2024. Once again, congratulations to our esteemed partners, Geometric AIPP, their indefatigable Chairman, Prof Bart Nnaji and Governor of Abia State, His Excellency, Alex Otti. Website: www.eecdgroup.com Email: [email protected]: [phone], [phone]Twitter (X): enyimbaecocityInstagram: enyimbaeconomiccityLinkedIn: Enyimba Economic City Development Company Facebook: Enyimba Economic City Read the full article

[dertaglichedan]

Judge Arthur Engoron Fines Trump $354M, Bars Him from Running Businesses in NY for 3 Years

Judge Arthur Engoron fined former Donald Trump and the Trump Organization on Friday in civil a fraud case for more than $350 million and barred him from serving as an officer or director of any New York corporation for three years.

New York Attorney General Letitia James sought to essentially bankrupt Trump by calling for a $370 million fine and a lifetime of from the real estate industry in New York State. James claimed Trump committed financial fraud.

Trump plans to appeal the ruling. “This is a case that should have never been brought, and I think we should be entitled to damages,” Trump said during closing arguments.

Constitutional scholar Jonathan Turley called the ruling “confiscatory, extreme, and abusive.”

The judgment is the second this year in which Trump was found guilty and required to millions. In writer E. Jean Carroll’s defamation case against him, the judge orderedTrump to pay $83.3 million.

NBC News reported specifics of the case:

James contended the defendants used the inflated financial statements to obtain bank loans and insurance policies at rates he otherwise wouldn’t have been entitled to and “reaped hundreds of millions of dollars in ill-gotten gains.”

James’ case against Trump is just one of many legal challenges the former president faces. Local and federal prosecutors filed four indictments against the president.

The indictments account for 91 counts: 34 counts in New York, with a maximum penalty of 136 years; 40 counts in Miami, with up to 450 years; four counts in Washington, DC, with up to 55 years; and 13 counts in Georiga, with up to 76.5 years.

[blogynewsz]

"Breaking News: Banks Rattled by Revolutionary Shift in Low-Income Lending Policies - Unveiling the Astonishing Transformation Awaited!"

Washington, DC—Efforts to update anti-redlining rules in the United States banking industry have faced significant challenges over the past five years. These rules are designed to encourage banks to increase lending in lower-income communities. On Tuesday, top U.S. banking regulators will unveil a comprehensive revamp of these rules to address the rising prominence of online banking. The…

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[plumbrightplumbing]

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#best plumbers in washington dc

[fieldsofview]

CH 2 of "Spider-Man: Homesickness" is out now

Read the whole thing on AO3 here

Rating: M

Chapter word count: 9k

Summary: 5 years after the events of Liberty Island and Dr. Strange's spell, Peter's carefully stitched-together life turns upside down. (I would recommend reading ch 1 first, but you do you)

So excited to start my new job at Oscorp! Wish me luck! #movingonup #canibetheguyinthechairnow

What?

Fuck.

No!

Peter’s frozen. There’s no way.

But that’s the thing, there is a way. There are an infinite number of universes kind of way. And more importantly, there is this universe’s way.

How could he have been so stupid?

Why did he never think to see if Norman Osborn existed here? If there are multiple Peter Parkers, and multiple Spider-Mans, then it only makes sense that there are multiple Osborns. Multiple Green Goblins.

Fuck.

A sharp sting wrenches him back to himself, and he realizes that he’s bitten a chunk out of his bottom lip. He can taste the coppery blood welling up from the wound.

His chest is tight. Is he breathing? It doesn’t feel like it. His head is full of cotton.

He slams his palm into the center of his chest and the thudding pain seems to get his lungs back online. Breathe in 1, 2, 3, 4, 5, 6, 7. Breathe out 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11. And again. And again.

With shaky hands, Peter pulls up his phone and searches for any information on Oscorp that he can find.

The first thing that comes up is a news article from Science Today dated 2 weeks ago, congratulating Oscorp on the relocation and expansion of its head office to New York City, which was previously located in Washington, DC. DC? He was in DC?? That feels like eons ago. Another lifetime. If only he’d known he would have-

What? He would have done what?

Nothing, because at the time he wouldn’t have known a thing.

No one knew what was to come.

He shakes himself and continues reading.

“Oscorp Industries has rapidly become one of the leading corporations in the country related to technological manufacturing and distribution over the last decade, following Tony Stark’s retirement from Stark Industries and eventual passing. While Stark Industries, now run by Stark’s Widow, Virginia Potts-Stark, is still considered number 1 in the US, Norman Osborn, CEO and founder of Oscorp Industries seems determined to surpass Stark.

“Hiring over 2000 new employees just in the last month, the company’s expansion has skyrocketed its stock prices and has brought a wealth of fresh industry to our fine Manhattan. The public should be keeping their eyes peeled for what scientific marvels we’ll be seeing soon.”

So he is here, the menace. And he’s working on unknown technology unsupervised? Unchecked?

Absolutely not.

What had Peter-2 said about him, from before, in his universe? He created his own gear. He knew who Peter-2 was and had a vendetta against Spider-Man.

In this world, if he’s still a tech genius, and if Oscorp is beginning to rival Stark Industries, then there’s no telling what kind of gear he could be carrying on him. What if he has access to nanotech? What if he knows who Peter is here?

There are just too many possibilities. Peter has to investigate, and now.

Fuck, Ned.

He’s working there. He’s helping him. There’s no way he knows what Oscorp is truly getting into.

He has to make sure Ned is safe.

The article does not list an address, but it does show a picture of a new building. A new building under renovation that Peter swung by just a few days ago and recognizes instantly from the photo. Like lighting, he’s off and swinging across the city, urging the muscles in his arms and shoulders to take him there as fast as possible.

He’s wire-tight and ready to snap. He cannot let that monster out into his New York, not again.

He also knows that Osborn hated Spider-Man in his universe. He hated Peter Parker too, but Peter’s banking that he’s done enough in the last few years to stay out of the limelight and not make any enemies as Peter. As Spider-Man, though. He has several.

As much as it pains him to go in without relying on his powers, perhaps this is a mission for Peter more than Spider-Man.

Oh, JJ would love to see the day Spider-Man got caught breaking and entering.

Peter lands on a rooftop a few blocks away from Oscorp, and what timing he has. They’re just in the middle of lifting the massive new neon sign to the front of the building stating Oscorp Industries.

Well, that’s subtle.

Peter scans the streets in front of him until he recognizes one of the buildings. There’s a Greek restaurant he loves, and he happens to know that their bathroom has a high window that they keep open and unlocked, because no one could realistically climb up to use it. Well, no one, unless they had superhuman spider powers.

Peter crawls his way down the side of the building’s wall, and after a quick glance to make sure it’s empty, slips himself through and jumps softly to the ground.

The worn-down single-stall bathroom has chipped tiles and an irritatingly buzzy lightbulb, but it’ll do in a pinch. He locks the door from the inside and gets to work throwing his clothes on just like this morning. He thought that it couldn’t get any hotter than it already was in the oppressive July heatwave, but he was wrong. This tiny, tiled room seems to trap humidity. Peter really doesn’t want to think about why that might be.

He makes his way quickly through the tables and out the front door of the restaurant before any of the staff register he’s even there. The streets are just as busy now as they were this morning, but they also part around him just as well.

He spends a few minutes circling the building, trying to find the best way in. It’s days like today that he misses having Karen around, but these days he runs a bit more old-school.

Eventually, he finds an unlocked service exit that’s been propped open by someone. Maybe someone moving furniture in? He waits and times his entrance for when the area is clear.

Once inside, this area looks basic, like any office building. This floor has soft cream linoleum and bare white walls, and he passes rows and rows of empty offices, most of which have bare name placards. He goes to turn a corner and reflexively tips back again behind the wall. Peering carefully, he can see that the hallway curving to the left quickly becomes a large open entry room, with an imposing security desk between Peter and the massive row of glass doors at the front of the building.

A security guard sits at the desk with his back turned to Peter. He’s a broad-shouldered man, who seems more than a little bored. Thankfully some good luck for Peter.

He very carefully creeps down the hall in the opposite direction, following as it curves out of view. After a dozen or so more empty offices, he pushes into a room and closes the door behind him.

He was hoping that the computer would have some information about the company and what they’re doing here, but these empty offices still have factory default computers. There are no additional programs installed, no web browser history, and no interesting files.

Damn.

Peter eventually finds a stairwell at the junction of another few hallways and he’s starting to realize how much of a maze this place might be. In the stairwell, the placard says that there are 27 stories and 3 basement levels. While the basement levels might be holding some interesting things, it might also just be a parking garage. A lot of high-rise buildings around here are built that way, and with the construction workers in the main loading bay out front, Peter isn’t sure he can avoid all of them in an open garage.

After a moment’s deliberation, he decides to go up. Those levels could be everything. Anything.

He takes the stairs two at a time, deciding to start somewhere in the middle of the building.

One of these floors has to have some useful information. ~X~

Seven uselessly explored floors later, two dodged office workers, and one narrow escape into an empty conference room, and Peter is rather frustrated. There has got to be something here. It just doesn’t make sense that someone like Osborn could be a diabolical, murdering monster in one universe and a boring, bland CEO in the other. There’s no way.

He’s got to be hiding it somewhere. Maybe he uses Oscorp as a front? Maybe he keeps it in his home? That might take some extra research.

“…nium chloride wouldn’t set off the fire alarms, sir, even in large quantities. They’re just not designed for it. There had to be something else.”

Oh, Peter would know that voice anywhere. Ned. He’s talking to someone in an office down the hall, with a cracked open door and a large viewing window facing the hallway. Peter creeps his way forward, keeping low to stay out of sight of the window.

“Leeds, I understand that you’re new and you want to help, but you’re not being paid to investigate a faulty fire alarm. Leave it to security. Or facilities. Whoever’s job it actually is.” A gruff, slender man with a full beard is sitting, leaning back in a rolly chair that looks like it might topple any minute. Peter edges forward a bit further until he can see Ned’s face.

Ned looks just like his photo, professional and put together, with a fresh haircut and a clean shave. “I get it, I shouldn’t take on more than my job description on the first day.”

“Damn right. You’re here to make sure all these new employees have tech functioning the way it’s supposed to. That’s it.”

Peter gets a shiver down his spine. He ignores it. It’s cold in this empty building.

Ned’s face is pinched as he says, “I know, I just feel like there’s something fishy going on. Either the fire alarms that were put in aren’t standard issue, or something else happened. There’s no way that-”

“Hey!” A voice cuts in from behind Peter. His head snaps around and he sees the security guard from the front desk, standing at the end of the hallway Peter just came from.

Shit.

Peter stands up and bolts down the hall, sparing one last glance over his shoulder at the conversation he was listening to. At Ned. And Ned is staring back, with a quizzical look on his face. Double Shit.

Peter makes it around the nearest corner just as he hears the security guard’s footsteps start thundering after him. “Get back here, punk!”

Well, his look certainly isn’t doing him any favors now.

He runs down another hallway and into unknown territory, ducking and weaving through a series of cubicles in an open floor plan, and slamming through a doorway at the end just as the guard enters the room behind him. Left. Right. Right. Left. Left. He sprints down the sprawling corridors with no regard for where they lead.

Peter comes face-to-face with a different door to a stairwell and launches at it, shoving open the safety bar and barreling down the staircase as quickly as possible. He makes it down four flights before the guard bursts into the stairwell behind him, but the guard continues to call after him. As much as he would love to sling a web and dive down the open center column in the stairwell, it would only do more harm than good toward the whole secret identity thing, so he keeps running.

Eventually, he hits the bottom floor and bursts out of the emergency exit, setting off a blaring alarm that echoes as he stumbles on the gravel outside and takes off running around the corner and down the street.

Five minutes later, once he’s sure that he’s ducked around enough streets and the security guard has long since stopped chasing, Peter finally stops. He drops, right where he is on the curb and kicks at the sidewalk, cracking it under the force.

How could he have been so stupid? He got reckless, hung up on seeing his fri- his former friend, and stopped paying attention to his surroundings.

Now they’ll go back and check the security footage for sure. If he’d been in and out without notice, they probably would never have bothered. This is going to make everything so much harder when he takes on Osborn. He’ll need proof. Undeniable proof.

And Ned. Fuck, he let Ned see him. He’d been so careful over the years to make sure that never happened and it all went out the window in an instant.

If he did make his way back into Oscorp, he’d have to make doubly sure to steer clear of Ned. What floor was that? 14? 16? He’d gotten so turned around and lost track. All the levels look the same, blurring together in his memory.

His eyes sting with the wave of frustration he refuses to let bubble over. He pulls at the sleeve of his jacket and rubs it over his eyes, holding pressure for a moment as he breathes. Breathe in 1, 2, 3, 4, 5, 6, 7. Breathe out 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11. And again. And again. Sweat drips down the back of his neck, sticky and uncomfortable, but grounding and here nonetheless.

So maybe not all is lost. He now knows some things about how the building is laid out. He can go home and research more about Oscorp, more about Osborn. Maybe he can even find his home address, and do a little reconnaissance there.

He’s overdue for a new hair color, this just proves that it’s time. Anything to keep himself off their radar.

He groans, stretching his shoulders and back as he climbs to his feet, feeling somehow both boneless and wound tight at the same time. The sun is beginning to set over the horizon, tinging cars and windows in a peach-colored glow. It’s pretty. Office workers are changing over into the night crowd. Restaurants are starting to bustle with the dinner rush.

This is his city, and he’ll do whatever it takes to keep it safe.

He stands there for a minute, watching the people and cars zoom by. Closing his eyes, he tries opening his other senses to his surroundings. The smell of exhaust lingers, as it always does at street level, and sweet cinnamon sugar wafts toward him from the churro vendor on the corner. A slight breeze picks up from the east, wafting over his face pleasantly. Harmless chatter washes over him from passersby.

“…telling her that she needs to talk to an adult when these things happen. She can’t just kick a classmate…”

“… believe it! I mean, 12 bucks for a sandwich? A sandwich! It’s high…”

“… told me that you’ve been spending more than a little time with Jess. Care to explain…”

“…no way. I’m done for. I could only finish, like, half the questions before the bell. Mom is so going…”

“…don’t know what you’re missing out on! Did I mention that the Harry Osborn is our guitarist!”

What?

Peter’s head snaps around towards the voice, where a petite girl - barely a high schooler, he suspects - is being not so gently ushered out of the front door of the business behind him and onto the sidewalk. The building looks to be some sort of bar & grill, with an open patio that is still packed away for the day.

The man ushering her out doesn’t seem to notice him, or maybe he doesn’t care. He has a crusty apron tied around his waist and rather forcefully pushes at the girl’s shoulder until she stumbled backward out from under the canopy. “I don’t know who that is and I don’t care. Go find some other chump to sell your story to, and don’t come back here until you have an actual album,” he says with a grunt.

“We’re working on our album thankyouverymuch,” she says in a huff. Righting herself and straightening her askew sleeve, she glares up at him, despite the foot difference in height. “And how can you not know? His name is on the fucking building down the street!” She gesticulates wildly, in a vague approximation of the direction Peter just came from.

So Norman has a brother? Or maybe a kid? Either way, maybe this is a way in.

He looks her over. She has short blonde hair that is shaved down one side, with a stripe of pink and blue dye. Her ripped jeans look more fashionable than well-worn, and she clutches a crumpled paper in her hand, looking for all the world like she wants to strangle this man, but is taking it out on the paper instead.

“Like I said, kid, I don’t know and I don’t care.” Without remorse, the man slams the door in her face, and Peter hears a deliberate click of the lock snapping into place.

“Eugh, asshole!” She whirls around with a frustrated scream, before coming face to face with Peter. With wide eyes, her frustration slips from her face, and her cheeks tinge pink. “Sorry you had to hear that.”

“Seems like that guy was a right dick.”

She barks out a laugh, high and tinselly, “Yeah no kidding. Not the first time though.”

Peter can’t help but grin just a bit. “You regularly deal with large men shoving you out of their place of business? Sounds like you might need to work on your sales tactics, Girl Scout.”

“People tend to underestimate me.”

“Teenagers don’t generally hold a lot of respect in the public eye, and high school bands aren’t usually any good. That’s part of the schtick.”

She pouts at him, honest-to-god pouts. “I’m not in high school. I’m 19. And we’re actually pretty good if I do say so myself.”

“Hmm,” Peter, “alright, I’ll bite. Tell me about it?”

She immediately launches into an explanation of genre and themes using terms that Peter has never heard of before, but he tries to keep up. Something about Bubblegum Pop meets 90s grunge. At some point, she starts talking about shoes. Someone named Ariel Bloomer inspires their singer. It seems like something rock-like, maybe? Perhaps Peter really has been out of the pop-culture loop recently.

“…and we play at Drifters every Tuesday and Thursday, but they don’t pay us because apparently ‘exposure’ is as good as.” She brings her hands up for exaggerated air quotes. “I want to get us more gigs, more paid gigs, but no one wants to listen to me. And, Mary’s been busy with her job and Harry’s move has put our album recording on hold, so that leaves just me to try.”

Harry’s move, huh? Might be related to the new Oscorp.

Maybe he should pay this guy a visit.

“You said you play at Drifters on Tuesdays, yeah? So you’ll be playing tomorrow?”

She lights up, smoothing her wrinkled paper across her knee before passing it over to Peter. “Yeah, we play after I get out of class. There’s a front door fee, but I could probably get you a ticket if you want.”

He looks over the wrinkled page. It’s got a photo showcasing the girl, bracketed by a taller, dark-haired guy and a curvier, red-headed girl, all smiling broadly. Across the bottom is says “Light Failure, Drifters, 7:00 PM, $8 pre-sale/$10 door”. The place isn’t too far out of his way, all things considered.

He pulls out his phone and snaps a picture before handing it back to her. “Sounds fun, and I’ve got nothing better to do on a Tuesday night. I’m Peter, by the way,” he says as he holds his hand out for her to shake.

“Gwen,” she says simply. She looks him up and down, briefly. “I think you’ll fit right in.”

“Oh?” He can’t help the surprise in his voice.

“Yep,” she pops the ‘p’ at the end of the word.

He waits, but she doesn’t elaborate, just watching him with an amused twinkle in her eye. Peter feels a bit like a bug under a microscope.

“Okay, short stack, I really should skedaddle.” He pauses, looking her over, “Are you gonna be ok getting yourself home?”

She laughs again, “Oh don’t you worry, I can take care of myself.” With a skip in her step, she starts down the sidewalk, walking backward as she says, “I’ll see you tomorrow, Peter.” She then turns the corner and disappears from view, while Peter can hear her steps fading into the rest of the city’s soundscape.

Peter is left feeling, for all the world, like he’s on the outs of an inside joke. ~X~

Peter considers patrolling that night, but his heart isn’t really in it. Instead, the long and monotonous trip back home via public transit leaves him with time to think. To plan.

There are a lot of unanswered questions swirling through his head, a lot of loose threads and uncertainties. He is still mulling it over as he turns his apartment key in its lock, pushes through the creaky front door that never closes quite right, and flicks on the light.

And all those thoughts promptly leave the building as he jumps out of his skin.

“Fucking hell!”

“That never gets old.” Director Fury sits, with an edge of a smirk on his face, in Peter’s desk chair. He leans back casually with his fingers steepled in front of him, calculating.

Peter hasn’t seen him since everything that happened in Europe. He’s not even entirely sure how much of Fury he saw and how much was… well.

But if he’s here, he wants something. He shouldn’t know who Peter is, but if anyone is going to figure some things out, it would be him. Which would be bad. Very bad.

Peter needs to play this carefully.

“Who are you? What are you doing here?” Peter tries to push a note of fear and confusion into his voice.

Fury stands, commanding the room like he owns the place. “Director Nick Fury, SHIELD. You and I have a lot to discuss, Peter.” His voice twinges on the name, like he’s making a point.

Peter shuts the door behind him, hoping to keep out any prying eyes or ears. He can see where this is going, but he still has to try. Maybe a new tactic, then. “SHIELD, huh? Is there a CASTLE and a KNIGHT as well? How about a DRAGON, AXE, or SWORD?”

Fury’s eyes narrow at him, “Cut the crap. The deflection’s cute, but pointless. You were a difficult kid to track down, but even bugs leave footprints. Don’t they, Spider-Man?”

Shit. Okay, this day was gonna come eventually. At least Fury seems to be under the impression that they’ve never met, like this anyway. That means 2 things; it really was Fury who gave him the EDITH glasses, and Strange’s spell is still intact and operational, or, they really haven’t met before. Either way, he can work with this.

He casually tosses his bag the remaining few feet from him to his bed and walks to the kitchen sink, pouring a glass of water from the tap. “How’d you figure it out?”

“We have our sources.”

“Which are?”

“Don’t push your luck.”

Peter sets the empty glass down on the counter. “What do you want, Director?”

“First, I want to know how a kid like you somehow became more untraceable than a Black Widow, while simultaneously swinging around in a blue and red gimp suit?”

“Untraceable? Director, you flatter me. I’m just living my life, doing what I can, when I can, to help out the little guy.”

“Yes, let’s talk about that life for a minute.” Fury pulls out a manilla folder with a handful of pages from a briefcase sitting on Peter’s desk and flips through them casually. “Pietrovich “Peter” Strakar, Age 22, is a refugee from Sokovia who arrived here at just 8 years old with no family and no legal record. A child who somehow managed to fly completely under the radar, lost in the bureaucracy of our system during the chaos of the Blip. A child who only filed for legal identification after turning 18. A child who, over 10 years, was never once picked up by CPS or the police, and somehow managed to stay housed, fed, and alive on his own during that entire time. Who now, after everything, works for pennies at The Daily Bugle selling Spider-Man videos. Am I getting that right?”

Peter shrugs, “Your point?”

He snaps the folder closed. “My point is that Pietrovich Strakar doesn’t exist. That much is obvious. Hell, Spider-Man was blipped, and as talented as you are, you couldn’t have faked that. So who are you?” He rubs across his forehead, smoothing the furrowed lines there.

What is he getting at? Peter knows his story has more holes than Swiss Cheese, but a few well-placed tears in front of the right social worker’s desk and he’d gotten his foot in the door. His faked backstory would never have been a spot on SHIELD’s radar by itself. So why now?

“I’m just Peter. Now what do you actually want?”

Fury is a stoic man, who doesn’t give much away, but Peter’s hearing picks up a slight increase in his heart rate. He’s annoyed, maybe stressed. Either way, Peter knows he has the upper hand if he can play his cards right.

“Fine, keep your secrets, just Peter. Regardless of your past, you do good work. And Tony Stark trusted you, which makes you at least somewhat competent in my book. He must’ve had his reasons for recruiting you, and for taking you with him on the Q-ship that crashed into Titan.”

Peter quirks an eyebrow. It’s been a long time since anyone has referred to him and Tony Stark in the same sentence, and it settles a funny feeling in his chest.

Fury continues, “I don’t know if you’ve noticed, but the Avengers are scattered. We have reason to believe that there is a need for Earth to have a united front against any intergalactic threats that may be on their way, and most of the original Avengers are out of commission.”

“You mean dead.”

“Or retired.”

“So you’re here to recruit me for your little propagandized militia again? No, no way.” There was a time when being an Avenger was the greatest honor Peter thought he would ever get, but that was before… everything. Sure, if another world-ending threat came at Earth, he would fight with the best of them, but he can’t abandon the city to go gallivanting off into other galaxies. Not again. “I had my reasons for working with Mr. Stark before, and those reasons died with him.”

“With SHIELD on your side, we could make sure that your… history gets officially approved. All legal identification would be provided for you, along with a salary as compensation for your work.”

Ah, that was the angle.

“No.”

Fury better not put his paperwork on hold over this. Peter’s not sure where he would go from there, but he would figure something out. He always does. It’s not the leverage Fury seems to think it is.

“Your skills would be an asset that we could really use, and you can’t really-”

“I said no.” Peter cuts him off, and he can see a vein twitch in Fury’s forehead. “Go recruit Strange or Danvers or something. You already have a new Captain America to be your frontman, you don’t need another small-time enhanced vigilante.”

“Tony Stark, for all his recklessness and chauvinism, always backed the Avengers. He stepped up to the plate and did what Earth needed when it counted. He would want you-”

“Don’t tell me what he would want!” Peter is shouting now, fuck this. Fury has no right to come into his apartment and start spouting nonsense about what Mr. Stark would have wanted. Peter knows exactly what he would have wanted.

He doesn’t want to think about why that strikes a nerve so badly.

After a moment, he breathes deep and slow before saying, “Leave. Now.”

Fury buckles up his briefcase, looking rather unperturbed, but Peter can feel that this isn’t over.

“You’re going to regret this, Peter. Call me, when you change your mind.” He sets a small card down on Peter’s desk before walking towards the door. There’s a glassy look growing over his eyes that’s become all too familiar to Peter over the years.

“I doubt that.”

“You’ll need us as much as we need you.” Fury pauses as he pulls open the creaking front door, and calls over his shoulder, “The life of a vigilante, of a good vigilante, is lonely.”

The door shuts behind him with a groan.

Fuck. ~X~

There is green everywhere. Or blue.

Peter isn’t entirely sure what the color is, to be honest.

He’s thrown together the last bits of every green, blue, purple, and black hair dye bottle he has. It can’t wait. He needs the change today, so he’s working with what he has. He needs something to cover the fading orange without requiring another round of bleach.

If he does have the chance to go back to Oscorp to look around, it’ll hopefully be just the edge he needs to stay off their radar.

In the end, the color ends up somewhere in the area between emerald, navy, and inky black.

It certainly does the job of covering up his previous peachy color, but it also manages to cover most of his bathroom as well. Spots of dark color are flecked all over his walls and sink, and the bottom of his tub looks like someone has broken a fountain pen in it.

He feels like he’s usually not this messy, but the faded splotches of various other colors from the past few years say otherwise.

Whatever. If it’s a problem, Mr. Ditkovitch can’t do much about it anyway. He’s not living here strictly legally, and that’s how both he and Mr. Ditkovitch like it.

It’s hard to rent a place and undergo a background check when you have no background. Or credit history. Or ID.

Anyway.

He shakes a hand through the damp hair, ruffling the curls in an attempt to get them to dry faster. He left the top and sides long still; it keeps people from looking too closely at his face. But now, the back and edges are clipped clean again, which should help with the summer heat.

He’s got the NYPD dispatch playing from his phone, idly keeping an ear out.

“…Stacy en route, 10-53 located on 81st & Broadway, vehicle blocking traffic, no major injuries reported…”

He flops backward onto his dark sheets, enjoying the breeze coming through the window. He’s got most of the day to himself, until the music show tonight. He really needs to make more Web Fluid, but that will have to wait until later, after the university is empty for the night.

It’s as good a time as any to finish work on editing some of those Spider-Man ‘candids’ he shot yesterday morning. He tried to start in on it last night, but his head was swimming too much to make any real progress.

“…Richards reporting for the 10-90 on Johnson Avenue…”

His muscles groan at him as he peels himself up off the bed. The graze across his shoulder is completely gone now, with just the faintest white line of a scar where it once bled. Even still, though he’s perfectly healed, he feels tired. He probably hasn’t been eating as much as he should, but after the next set of photos, he should be able to afford some things.

Rent is coming up though.

Well, he’ll have to see.

“…folow up on 65th Avenue. It’s a 10-17 false alarm. Will…”

Okay, alright. Time to work. He settles down into his desk chair and gets started. A few shots need some background elements removed, the video footage is a little shaky and needs stabilization. One photo looks fantastic, showcasing Spider-Man backflipping through the air over the city skyline, but a stray pigeon flew between the camera and the shot, blocking his foot. He spends quite a while reconstructing that from other photos.

Some might say that he shouldn’t edit things as much as he does, but it makes JJ happy, and it’s purely artistic anyway, no harm done.

He knows how much damage editing can do in the wrong hands.

Best to keep himself as the prime photographer, then at least he has some control. Then he knows the extent of the situation. And JJ never cares anyway, he takes it all at face value.

“… got a 10-66 Eastbound on Linden Boulevard. 3 overturned vehicles due to a ground-level explosion. Witnesses report four individuals fleeing the area, followed by an enhanced individual. Might be Spider-Man out of his suit, but witness reports suggest otherwise. 10-85 we need all units…”

What?

Shit, what is it ‘Gretchen’ had said the other day? Something about a sidekick? Is someone out there impersonating him or something?

With a quick save of his files, Peter is up and pulling on the suit as fast as possible. He hates wearing the mask when his hair is damp, but he really doesn’t have an option at the moment. Linden Boulevard isn’t too far, but it’s certainly no skip around the park. He’s going to have to have to be quick if he wants to catch them before they disappear.

~X~

The first thing Peter sees upon reaching Linden Boulevard is the aforementioned overturned vehicles. There are two sedans flipped upside down and one unmarked van toppled on its side. From the scrapings on the ground, it looks like some sort of explosion emanated outwards and blasted the vehicles away.

Great.

Peter pushes the small button hidden on the insignia on his chest and his drone whirrs to life. When it’s floating in front of him, he double-taps his earpiece and enunciates, “Automatic track and capture video, stealth mode 1.” The device shifts, lifting higher in the air to record from a distance.

Peter can hear a series of sirens in the distance, racing down the street, and urges his muscles to swing faster to catch up. He passes a series of smashed cars, broken streetlights, and confused onlookers as he goes.

Scanning the roads as he blurs past, he doesn’t note any major injuries among the bystanders. That’s good. Seems like someone was looking out for them, or they got incredibly lucky.

The sirens are closer now, as he swings closer to the screeching police cars. Further down the boulevard, he can hear a faint explosion, followed by a series of faint popping noises. It’s not quite the sound of snapped steel cables, but it’s similar. There better not be another collapsing building. He hates dealing with collapsing buildings.

He can hear the whir of a smaller engine amongst the cars, maybe a motorcycle? The commotion turns a corner up ahead and he swings in a wide arc to follow.

Peter has to let go of his web and rapidly drop down at the last second to avoid smacking face first into… a dumpster? He launches out another web at the last minute and shoots himself sideways, landing on the side of a building about three storeys up.

Next to him is a city dumpster, hanging in the middle of the air, strung up by a network of webbing not unlike his own.

He plucks a finger at the white web and it reverberates with a twang, the dumpster bobbing up and down precariously. The tensile strength of this webbing is less than his own, maybe 75% if he had to guess, but it seems more elastic and lighter weight than his as well.

Interesting.

Now that he’s been forced to pause, he can see both behind and ahead of him are a series of webs, presumably from this copycat. Some are obviously from swinging between buildings, but others are holding up objects that have been launched from the ground or knocked off rooftops.

Peter leaps off the building in a reinvigorated pursuit. Whoever this is, they can’t be left unchecked. Spider-Man really doesn't need another hit to his reputation.

A moment later, Peter swings himself around another corner and comes face to face with a three-way standoff.

In the middle of a major intersection, a similar van to the one left behind is stopped, with two visibly popped tires and a cracked windshield. Four masked men stand here using the van as cover, all looking like they used Barney as inspiration for their Pinterest Board. Peter snorts to himself, before shaking his head to bring him into focus.

The first man has a large, glowing gauntlet across his right arm. He has a metallic mask over the lower half of his face, imprinted with a devious grin of sharp teeth, but his brow is furrowed in anger. Grumpy.

The second man has some kind of automated machine gun in his hands, with a long ammunition belt wrapped around his shoulder and chest. He gesticulates wildly over the scene before him, without a care for the civilians caught in his aim, all with a maniacal laugh. Happy.

Happy? Man, he really needs to work on how he picks his nicknames.

The third man has a string of curved blades strapped to his hip, but the way his hands twist over them shows a level of anxiety the others don’t have, a level of incompetence the others don’t have. His mask is more of a helmet than a mask, obscuring everything. Dopey.

The fourth wears a long and heavy overcoat over a glistening metallic armor, no doubt sweltering in the July heat. His mask covers his whole face with a thin fabric, not unlike Peter’s own. Doc.

It’s this last man who captures Peter’s attention the most. He’s leaning heavily against the side of the busted van, with a motorcycle overturned at his feet. He has no visible weapons and seems calm, in contrast to the other three.

Calm is intelligent. Calm is resourceful. Calm is dangerous.

A police barricade has pulled up on two sides of the intersection, with dozens of officers hesitant and waiting. The two groups are at a standoff - neither one making the first move.

A crowd of people lingers behind the intersection. If they had any sense, the citizens of New York would have learned by now to run in the other direction, but they’re rather desensitized to danger after all these years of villain-and-calamity after villain-and-calamity.

And across the intersection, climbing up the side of a building, is the copycat.

They’re small, slender, and wearing… is that a Halloween costume? It looks to be a cheap lycra Spider-Man costume, probably a size or two too small, with a blue so vibrant it almost hurts his eyes. And they’ve got chunky sneakers on their feet, no less.

The way they’re climbing the building certainly is like him. Is it possible that there’s more than one radioactive spider out there? More than one Spider-Man? He wouldn’t wish this life, this isolation, on his worst enemy. There’s no need for someone else to join him.

One is more than enough.

He can handle it. Alone.

Peter swings down from his perch and lands atop a traffic light, making sure he’s right in the middle of everyone’s view. “Looks like you went and started the party without me, and here I thought I was the guest of honor.” This is a delicate balance, not knowing exactly what their tech is capable of. He needs to stall, to make them comfortable before he can pounce.

He makes eye contact with Officer Davis, tucked behind a car door, with his walkie in one hand and pistol in the other. Davis nods, and Peter knows that he has control for a moment.

Happy looks at Peter with a manic sort of grin and says, “Itsy-Bitsy’s come out to play, how cute. And here we thought you were going to let your little sidekick die in your place.” He waves the gun around in his hands as he talks, gesturing to where Peter’s copycat is perched.

“Oh, that one’s not mine. Not sure where they came from, but I can assure you that I work alone.”

“So you won’t mind if I…” He aims the gun upwards at the copycat and fires a streak of bullets.

The copycat barely manages to dodge out of the way with a high-pitched shout, dusty craters from the bullet holes left in their wake.

Doc snaps, “Fenn! I think you’ve done enough.”

“I’m just getting started,” Happy replies.

Something about Doc’s voice rattles at the back of Peter’s memory, but now really isn’t the time to think about it.

“Eyes on me, pretty boy.” Peter launches a web at the gun to try to yank it out of the man’s hand, but his friend with the gauntlet, Grumpy, pulls him out of the way before it hits his mark. “No one here needs to get hurt.”

Dopey squeaks at this, pressing his back against the wall of the van. Happy slams his free hand on Dopey’s chest to quiet him.

“Let us go and no one will,” says Doc at the same time as Happy says, “But that’s no fun, is it, Spider-Man?”

Doc still hasn’t moved. Instead, he’s been surveying the landscape, waiting, and that makes Peter nervous.

What is he waiting for?

From their perch up high, the copycat shouts out, “You can’t let them go, Spider-Man! Those weapons- They can’t- They’re trying to-!” Their squeaky, stuttering voice is chalked full of panic. They sound like a kid.

Please don’t be a kid.

Peter lets out a slow breath. “Tell you what, you hand over all those fun little weapons, and I’ll see if we can get a few years knocked off your sentence. Maybe even get you put in one of those nice prisons with a weight room and TV. How does that sound?”

Happy cackles maniacally while Grumpy flips a switch on his gauntlet, making it glow brighter and emit a low, buzzing sound.

Peter can see Doc slink a half-step away from his friends, shoulders hunched and hands tucked deep into his pockets.

The air is thick with tension.

Several things happen in rapid succession.

His copycat slings a web at Doc, sticking to his shoulder and yanking him off-kilter.

Doc pulls back, ducking and rolling along the asphalt, and taking the copycat with him.

Happy cackles and begins firing his gun in a spray in every direction, without care.

Dopey blindly casts out two of his blades, not watching even as they swing in wide-curving arcs across the intersection. One whizzes right past Peter’s ear. Is it shaped like a bat?

Grumpy aims and fires his gauntlet at the copycat, emitting a shockwave that reverberates across the intersection and rattles the very foundations of the roads.

Doc throws something at the ground between him and the copycat while saying, “Sorry, kid.” It explodes on impact and kicks up a colorful cloud of green smoke. His copycat stumbles backward out of the cloud, coughing and clutching their chest.

Peter leaps into the air, twisting to dodge the spray of bullets, and slams into his copycat, skidding to a stop along the sidewalk on the other side of the intersection. He shoves the kid behind a parked car with a harsh, “Stay down!”

Another curved blade from Dopey zips through the air over their heads and impales itself in the brick of the building behind them.

Peter leans over the hood of the car and aims two webs at Dopey. Being the most inexperienced, he’s been fighting blindly and barely moving from where he’s pressed up against the van.

The webs hit their mark with ease, pinning him flush with his hands bound away from the remaining blades.

One down, three to go.

Doc picks himself and his motorcycle up off the ground, aiming in the opposite direction of the police barricade, obviously not caring if he leaves his friends behind. His engine stutters for a half-second before roaring to life. He throws another smoke bomb behind him for good measure, leaving an even bigger crater in the asphalt.

Peter leaps on top of the parked car and sends a series of webs at the motorcycle, each narrowly missing as it begins to weave its way through the gridlocked traffic. He’s forced to dodge side-to-side to avoid the spray of bullets aimed right at him.

The poor owner of this car better have good insurance.

Peter attempts to launch a final web through the lingering smoke at the tires before Doc can get too far away, but the man throws a small device from his pocket at the last minute. It swings through the web, cutting the cord cleanly, before curving back towards Peter like a tiny missile.

Peter cuts his losses, dodging the missile as it fires right at him. He sprints across the intersection and leaps up and over the top of the busted van. The missile lodges itself into the van door with a thunk!

“Oooh, two for one bad guy special.”

He’s trapped between the remaining two men, each taking swings at him simultaneously. His senses keep him sharp, but he can only move so quickly, ducking and dodging and attempting to subdue them both at close range. A cleanly placed web disarms the machine gun and pins Happy’s wrist down. Left, Right, Down, Right, Over, Left-

Pain blooms in his side as he takes a direct blow from the gauntlet to his abdomen, the reverberations of the shockwave shattering several ribs, if he can make any sense of it.

He stumbles backward, trying to shake away the fog that creeps into the edge of his senses.

His ears are ringing, but through the tinny sound, he can hear his copycat shouting something.

God that kid doesn't know when to quit.

He shakes his head, redirecting his focus back to the fight. His copycat is swinging over the top of the intersection, narrowly missing shockwave after shockwave. Peter’s senses focus in on his copycat’s movements - sloppy, inexperienced, and in a predictable pattern.

Even as spots flood his vision, Peter can see when Grumpy sees it too. He aims behind the copycat more than at them, not that his copycat has caught on.

Dust shakes from the brickwork of the building behind them.

Peter hears the crumbling before he can see it. The support beam holding up a corner of the building creaks, groans, and snaps, kicking up a dust cloud of debris.

He leaps forward, spraying out a network of webbing to hold up the largest pieces, while he uses his own strength to catch the broken support beam and hold it in place. His muscles strain under the weight, and the pain in his side pinches in narrow focus.

The copycat webs down Grumpy during the distraction, kicking the gauntlet off his hand and down the road, out of reach, before running over to Peter.

His vision swims and he swears there are three of the kid, moving like synchronized swimmers. 10s across the board.

They’re babbling now, “I’m sorry, Mr. Spider-Man, sir. How can I- What can I- I didn’t mean to-”

Peter grits his teeth through the pain and says, “Kid, get out of here!” The weight of the concrete on his shoulders reminds him eerily of another building collapse, many years ago now. That feeling of being crushed, helpless, and panicking, it’s as clear as the day it happened.

But today is not then.

His knees wobble, but he won’t let them buckle. He can hold out as long as it takes.

He looks across the road to where Officer Davis stands, ready to send his officers in to apprehend the webbed-up men, and Peter shouts to him. “I need you to make sure that you clear the area. Drag those guys back out of the road and clear the bystanders. I can’t hold this much longer.”

The copycat interrupts, “I can help! I can-”

“Don’t.” Peter shifts the weight closer to his shoulders, groaning under the pressure of the concrete and steel, to reach out a hand and grab the back of the kid’s lycra suit. His vision whites out for a moment as pain ricochets up his spine with the movement. “Get your ass out of here kid. I’m not done with you.” He gives them a forceful shove out of the way before slamming his hand upwards to support the wobbling weight.

The kid turns to look at him, face unchanging under the stretchy, lycra mask, but their shoulders hunch inwards and Peter is sure that he’s upset them. Tough luck. He has bigger things to worry about.

Peter breathes, slow and deep, holding out as long as he can. After a moment, the kid looks over to where Officer Davis and the rest of his unit are clearing the area to prepare for the debris. They seem to stumble back as if surprised or unsure, before taking off running down the street, out of Peter’s view.

Finally, someone listens to him.

The fog is creeping back in around his senses. It’s getting harder to breathe through the pain, but he tries. Breathe in 1, 2, 3, 4, 5, 6, 7. Breathe out 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11. And again. And again.

Eventually, Officer Davis gives him the all-clear. Peter barely registers it, but with a steely breath, he braces himself and leaps sideways, tucking and rolling as he goes.

Concrete and steel shatter to the ground; a large corner of this building crumbles into a million pieces, but no casualties and no major injuries.

Well, except his own, but that’s unimportant.

Peter’s throat catches on dust from the collapse, and the cough that wracks through him is so painful he blacks out for a moment. Just a moment. Probably.

With shaky legs, he stands, rights himself, and straightens his shoulders. Despite his chest’s screaming protest, he needs to put on a brave face. There are onlookers. They need to know that Spider-Man is invincible. They need that sense of hope.

He looks to where the three men are being loaded into the back of a police cruiser, stripped of all weapons and tech alike. The area is slowly being taped off for investigation.

A familiar figure stands at the edge of the intersection, phone in hand, pushed to the front of the crowd. It’s recording, if Peter knows anything by now.

Eddie Brock sure has a knack for being in the thick of it.

At least he wasn’t actually caught in the crossfire this time. That’s a dilemma to solve another day.

He nods to Officer Davis, knowing that he’ll talk to him if he needs a statement. The dozens of witnesses are probably enough, but you never know.

When Peter feels braced against the pain, he reaches up a hand and launches himself upwards and around the corner.

He has a kid to talk to. ~X~

He finds the kid tucked in on themself on a nearby rooftop. They’ve removed the cheap costume mask, but their face is pressed into their knees, with their hands braced over the back of their neck like they’re trying to curl themself into the smallest space possible.

Peter needs a moment, and it seems like the kid does too, so he carefully crouches down next to them and leans back in a way to minimize the pain of his aching side. He breathes, trying to collect himself, but the words aren’t coming easily. All that he’s focused on is the creeping fog around his senses and the panic over a kid nearly caught in the crossfire.

He tries his best to keep his voice even-keeled as he says, “You can’t do that again, kid.”

“I’m not a kid!” Their head snaps up to look at Peter. “I just thought… I-”

Yep, he’s definitely a kid. Probably early high school, but that’s hard to tell sometimes. To be honest, he’s probably not far off from how old Peter was when he started all this.

Best not to think about it.

Peter takes in the slope of his round cheeks, his soft, wide nose, and his deep brown eyes, youthful and innocent.

He needs those eyes to stay that way.

Time to break another heart.

“You need to leave these things to the professionals, kid. Come back when you’re in college.”

“But you don’t understand, they were- they’re making things. Those weapons aren’t normal!”

“Sure. And there are people who handle this sort of thing. Me.”

The kid scrambles to his feet, hands wringing over the stretchy lycra mask of his costume. “I have these powers now, like you! I can’t just stand around and let bad things happen. People could get hurt.”

“You could get hurt. And if you do, that’s on me.”

“I heal fast.”

“Doesn’t matter.” Spots creep behind his eyes, likely the beginnings of a migraine. That shockwave thing really did do a number on him. His voice has been steadily gaining a bite that he tries to steal away. “I have experience. I have a suit. I’ll take care of it.”

“I. Can. Help.” The kid’s face is stubbornly set now. Great. “Just tell me what to do.”

Peter slowly stands. His vision blacks for a second and he’s ever grateful for his mask. Breathe in 1, 2, 3, 4, 5, 6, 7. Breathe out 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11. “Go home, kid. To your parents, your family. Enjoy your childhood, while you can. Don’t do this again.”

Peter knows that he’s not far from passing out completely. The adrenaline and shock are wearing off. If he wants any chance at making it to Gwen’s show tonight, he needs to take a nap and let his healing work through the fractures.

Without looking back, Peter takes careful steps to the edge of the building and leaps off.

He doesn’t need to see the kid’s face to know that he’s upset. His erratic breathing and quickened heartbeat tell Peter all he needs to know.

Never meet your heroes.

#Spider-Man: Homesickness #fic #spiderman fic #spiderman: no way home #mcu peter parker #peter parker fic #AO3 #Spiderman #Mcu fic

[eagleductcleaning]

Green Cleaning Solutions: Sustainable Commercial Cleaning Services in Washington DC and Maryland

In today's fast-paced business world, maintaining a clean and hygienic workspace is of utmost importance. A pristine office environment not only promotes a healthy atmosphere but also creates a positive impression on clients and employees alike. If you're searching for the best commercial cleaning services in Washington DC and Maryland, look no further than Eagle Duct Cleaning & Janitorial Services.

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#cleaning service #Cleaning Service Washington #Cleaning Service Washington DC

[licensedproducers]

#CannabisBankingBill #CannabisReform #SAFERBankingAct

[mindofrdrevilo]

The MONEY

If you still believe in American democracy Speaking honestly you are a dummy Politicians do not go to Washington DC to represent anyone as a democracy They go to serve corporations who have an endless supply of money Like a jockey rides a horse you pick your industry They are all worth trillions, defense, banking, insurance, medical, pharmaceutical Food processing, real estate, energy, choose…

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[gvsdigital121]

SEO Agency in Washington DC – Your Affordable Search Engine Optimization Partner

In today's digital age, having a strong online presence is paramount for businesses aiming to thrive and succeed. Affordable Search Engine Optimization Company (SEO) plays a pivotal role in enhancing a company's visibility on the internet, and a reliable partner in this journey can make all the difference. This is where an SEO agency in Washington DC comes into play – a beacon of hope for businesses looking to maximize their online potential affordably.

The Essence of SEO in the Modern Business Landscape SEO is more than just a buzzword; it's a dynamic strategy that can transform your online fortunes. It encompasses a range of techniques and practices designed to improve your website's ranking on search engine results pages (SERPs). A high ranking on Google or Bing can significantly increase your website's traffic, visibility, and credibility, which ultimately translates into more leads and revenue.

The Role of SEO Agencies Effective SEO requires expertise, time, and continuous adaptation to ever-evolving search engine algorithms. While many businesses attempt to manage their SEO in-house, the complexities involved often lead to suboptimal results. This is where a dedicated SEO agency comes in.

An SEO agency is a team of professionals well-versed in the intricacies of SEO. They stay updated with the latest industry trends, algorithm changes, and best practices, allowing them to develop and implement strategies that yield tangible results. Partnering with an SEO agency means gaining access to a pool of specialists, from SEO strategists and content creators to web developers and data analysts.

Washington DC: A Hub for SEO Excellence Washington DC, as the capital of the United States, is not only a hub for politics and culture but also a center for business innovation. It's home to a growing community of SEO experts and agencies dedicated to helping local and national businesses succeed in the digital arena.

Affordable Search Engine Optimization Affordability is a key concern for businesses of all sizes, especially in a competitive market like Washington DC. The good news is that you don't have to break the bank to benefit from professional SEO services. Many SEO agencies in Washington DC offer affordable packages tailored to different budgets.

These affordable SEO services typically include:

Keyword Research: Identifying the most relevant and high-performing keywords for your business.

On-Page SEO: Optimizing your website's content, meta tags, and structure to improve search engine rankings.

Link Building: Acquiring high-quality backlinks to boost your website's authority and credibility.

Content Creation: Developing engaging and informative content that resonates with your target audience.

Analytics and Reporting: Providing regular updates on your SEO performance and making necessary adjustments.

Choosing the Right SEO Agency When selecting an SEO agency in Washington DC, it's crucial to consider factors such as:

Experience: Look for agencies with a proven track record and experience in your industry.

Client Reviews: Check for testimonials and reviews from previous clients to gauge their satisfaction.

Transparency: Ensure the agency provides clear communication and reports on their activities.

Customization: Seek an agency that tailors their services to your specific goals and needs.

Remember that SEO is an ongoing process, and results may not be immediate. Be wary of agencies promising instant results, as this often indicates unethical practices.

In conclusion, an SEO agency in Washington DC can be your ally in conquering the digital realm without breaking the bank. With their expertise and affordable services, you can enhance your online visibility, attract more customers, and propel your business to new heights in the digital age. So, take the plunge and partner with a trusted SEO agency to unlock your online success story.

[bremont]

War Coming Between Israel & Hezbollah? | CBN NewsWatch August 4, 2023

the real problem is Washington DC; however how can Americans find honest and decent government / very difficult the USA Washington wall street* government are the problem not the people & it is not much anyone can do because it is Banks Finances Industry the real government * not Washington DC. Nations without government is complicated even Goths had Brennus as leader 390BC/ External intervention cannot work as dialogue is practically impossible reason & logic functions on one way ONLY* Washington knows best. our way or the highway. :The Ideal is critical thinking the problem is critical thinking no longer exist therefore the game is rig & there is nothing can be done unless perception manages to modified the fix concepts of those that have a fix mind and lead those that follow their leaders on the hope of a better existence which often is the opposite that happens & the war benefits never materialize because there are benefits only for those that invest in wars no for those that invest in peace / reason why war is peace ignorance is strength enslavement is freedom🤔

#youtube

[hardynwa]

With Geometric Power AIPP Ready, Enyimba Economic City First Phase is Ready to Take-Off

Enyimba Economic City Development Company FZE, the developers of Enyimba Economic City, a 9,803 Hectares Greenfield Special Economic Zone in Abia State, a Public Private Partnership (PPP) project of Crown Realties Plc., Abia State Government and Federal Government of Nigeria under the Made In Nigeria for Export (MINE) programme of the Federal Government of Nigeria, congratulates Geometric Power on the official commissioning of Aba Integrated Power Project (AIPP). Aba Integrated Power Project ringfenced 9 local governments of Abia State including the commercial and industrial city of Aba for provision of 24/7 power supply. By the ringfence, AIPP is a full utility company in the entire value chain of power business including generation, distribution and marketing. The ceremony is the commissioning by and the esteem presence of The President of Nigeria, His Excellency, Senator Bola Ahmed Tinubu, GCFR, on Monday February 26, 2024, of its 188 MW gas-powered generation plant in Osisioma, Aba, Abia State. The event is poised to draw dignitaries from across the Country and Businesses. Enyimba Economic City and Geometric AIPP are jointly financed by African Export Import Bank, Cairo, Egypt, at the back of each other. Geometric AIPP is the Bank’s recognized power partner for Enyimba Economic City, with which it has signed a 90MW Power Purchase Agreement (PPA) for First Phase of Enyimba Economic City. This momentous occasion therefore, not only signifies the launch of Geometric Power operation but also marks the significant step towards the take-off of $288.7 million, first phase of the project. Enyimba Economic City is located in 3 local governments of Abia State, Ukwa West, Ukwa East and Ugwunagbo with growth sectors in Manufacturing, Logistics, Healthcare, Entertainment, Education, Innovation and Technology Hub, Commercial, Lifestyle Residential and Aviation. First Phase of the project is 1,499 Hectares of land that includes First Industrial Township and Logistics Park with Full Origin and Destination (OD) Inland Port connected by rail to both Port Harcourt and Onne Seaports. On November 14, 2023, the Board of Afreximbank approved $201.7million syndicated debt for the project with Afreximbank underwriting $150million. Currently, the loan legal documentation is ongoing. The two (2) interstate highways that are vital for connectivity for the project, Enugu – Port Harcourt (200km) and Onitsha – Owerri – Aba (161km) are also concessioned to a Consortium led by Enyimba Economic City Development Company FZE that includes CCECC Nigeria Limited (EPC), Escher Silverman Global, UK (Technical), Instatoll of South Africa (Operations & Management) and Afrinvest (WA) Limited (Financial). Route Survey, Redesign, Traffic Studies, Revenue Modelling, Willingness to Pay Studies, are currently ongoing on the roads. With the planned 82km highway from Azumini in Abia State bisecting the A3-Enugu Port Harcourt Highway to Obinze in Owerri, the intervention on the external connectivity makes Enyimba Economic City 90 minutes driving distance accessible to the 11 states of Southsouth/Southeast of Nigeria and connected to economic activities of the whole Nigeria. The intermodal logistics, road, rail, airport and seaports is also planned to make Enyimba Economic City “The Strategic Global Business Hub in Africa” and African Continental Free Trade Agreement (AfCFTA) compliant. It is noteworthy that Enyimba Economic City won the first prize of the Global New Cities Business Plan Contest of the Chartered Cities Institute in Washington DC in 2019, beating Black Stone Charter City in Australia to second prize and Novgorod New Hanse Town in Russia to third place, as a new city that has the capacity to transform the economy of the country. The award included a US$25,000 cash prize. Enyimba Economic City Development Company FZE has started to build marketing teams by engaging zone marketing/FDI Companies in India (Crescendo Worldwide), China (Brilliance Co. Limited) and Nigeria (Commodities Development Initiative). There are a total 127 manufacturing leads from the 3 territories currently. The project is planned to be launched by Q2 of 2024. Once again, congratulations to our esteemed partners, Geometric AIPP, their indefatigable Chairman, Prof Bart Nnaji and Governor of Abia State, His Excellency, Alex Otti. Website: www.eecdgroup.com Email: [email protected]: [phone], [phone]Twitter (X): enyimbaecocityInstagram: enyimbaeconomiccityLinkedIn: Enyimba Economic City Development Company Facebook: Enyimba Economic City Read the full article

[eeitonline]

Unlocking Foreign Investment: Building a Bridge to Economic Growth in the Black Sea Region

by Eastern European Institute for Trade

The Black Sea region represents a diverse collection of nations teeming with untapped economic potential. However, attracting foreign investment remains a challenge, largely due to geopolitical tensions, underdeveloped infrastructure, and a lack of regulatory harmonization. To foster economic growth and stability, the countries in the region must prioritize policy reforms and build a strong foundation that encourages foreign investment.

First and foremost, improving the business climate is essential. By streamlining bureaucratic processes and enhancing transparency, the region can attract global investors eager to capitalize on its resources and strategic location (Dutz & Vagliasindi, 2000). Moreover, efforts should focus on creating a stable legal and regulatory framework, which is crucial for fostering investor confidence (Kaminski, 2001).

Infrastructure development, particularly in transportation and logistics, is another key factor in unlocking foreign investment. By investing in modern ports, railways, and highways, the Black Sea countries can facilitate trade and integrate their economies with regional and global markets (Limão & Venables, 2001). This will, in turn, make the region more attractive to foreign investors and promote cross-border cooperation (World Bank, 2009).

In addition, fostering innovation and technological development can significantly contribute to economic growth in the region. By investing in education, research, and development, the Black Sea countries can create a skilled workforce and promote an entrepreneurial culture (Romer, 1990). This approach can help the region transition from a reliance on traditional industries to a knowledge-based economy, attracting high-value-added investments and boosting productivity (Aghion & Howitt, 1998).

Lastly, regional collaboration and political stability are essential for attracting foreign investment. By adopting a cooperative approach, the Black Sea countries can mitigate geopolitical risks, reduce trade barriers, and create a more favorable environment for investors (Gligorov et al., 2008). Additionally, increased regional cooperation can enhance the effectiveness of policy reforms and foster an atmosphere of trust among foreign investors.

In conclusion, the Black Sea region offers ample opportunities for economic growth, but unlocking foreign investment requires concerted efforts in policy reform, infrastructure development, innovation promotion, and regional cooperation. By addressing these challenges, the countries in the region can build a bridge to prosperity and ensure long-term stability.

References:

Aghion, P., & Howitt, P. (1998). Endogenous Growth Theory. MIT Press.

Dutz, M., & Vagliasindi, M. (2000). Competition policy implementation in transition economies: An empirical assessment. European Economic Review, 44(4–6), 762–772.

Gligorov, V., Holzner, M., & Landesmann, M. (2008). Prospects for further (South) Eastern EU enlargement: From divergence to convergence? wiiw Research Reports, №352.

Kaminski, B. (2001). How accession to the European Union has affected external trade and foreign direct investment in Central European economies. World Bank Policy Research Working Paper, №2578.

Limão, N., & Venables, A. J. (2001). Infrastructure, geographical disadvantage, transport costs, and trade. The World Bank Economic Review, 15(3), 451–479.

Romer, P. M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5), S71-S102.

World Bank. (2009). World Development Report 2009: Reshaping Economic Geography. Washington, DC: World Bank.

Read more at Eastern European Institute for Trade.

#EEIT #Eastern European Institute For Trade #Black Sea region investment #Economic growth strategies #Foreign investment opportunities #Infrastructure development Black Sea #Policy reform Eastern Europe #Business climate improvement

[xtruss]

How Deep Is The Rot In America’s Banking Industry? Silicon Valley Bank May Be The Start Of Something Grimmer

— Finance & Economics | The Prop-up Job | March 16th 2023 | Washington, DC

Banking is a confidence trick. Financial history is littered with runs, for the straightforward reason that no bank can survive if enough depositors want to be repaid at the same time. The trick, therefore, is to ensure that customers never have cause to whisk away their cash. It is one that bosses at Silicon Valley Bank (svb), formerly America’s 16th-largest lender, failed to perform at a crucial moment.

The fall of svb, a 40-year-old bank set up to cater to the Bay Area tech scene, took less than 40 hours. On March 8th the lender said it would issue more than $2bn of equity capital, in part to cover bond losses. This prompted scrutiny of its balance-sheet, which revealed around half its assets were long-dated bonds, and many were underwater. In response, deposits worth $42bn were withdrawn, a quarter of the bank’s total. At noon on March 10th regulators declared that svb had failed.

It might have been a one-off. svb’s business—banking for techies—was unusual. Most clients were firms, holding in excess of the $250,000 protected by the Federal Deposit Insurance Corporation (fdic), a regulator. If the bank failed they faced losses. And svb used deposits to buy long-dated bonds at the peak of the market. “One might have supposed that Silicon Valley Bank would be a good candidate for failure without contagion,” says Larry Summers, a former treasury secretary. Nevertheless, withdrawal requests at other regional banks in the following days showed “there was in fact substantial contagion”.

Hence the authorities’ intervention. Before markets reopened on March 13th, the Federal Reserve and the Treasury Department revealed that Signature Bank, a lender based in New York, had also failed. They announced two measures to guard against more collapses. First, all depositors in svb and Signature would be made whole, and straightaway. Second, the Federal Reserve would create a new emergency-lending facility, the Bank Term Funding Programme. This would allow banks to deposit high-quality assets, like Treasuries or mortgage bonds backed by government agencies, in return for a cash advance worth the face value of the asset, rather than its market value. Banks that had loaded up on bonds which had fallen in price would thus be protected from svb’s fate.

These events raise profound questions about America’s banking system. Post-financial-crisis regulations were supposed to have stuffed banks with capital, pumped up their cash buffers and limited the risks they were able to take. The Fed was meant to have the tools it needed to ensure that solvent institutions remained in business. Critically, it is a lender of last resort, able to swap cash for good collateral at a penalty rate in its “discount window”. Acting as a lender of last resort is one of any central bank’s most important functions. As Walter Bagehot, a former editor of The Economist, wrote 150 years ago in “Lombard Street”, a central bank’s job is “to lend in a panic on every kind of current security, or every sort on which money is ordinarily and usually lent.” That “may not save the bank; but if it do not, nothing will save it.”

The Fed and Treasury’s interventions were the sort which would be expected in a crisis. They have fundamentally reshaped America’s financial architecture. Yet at first glance the problem appeared to be poor risk management at a single bank. “Either this was an indefensible overreaction, or there is much more rot in the American banking system than those of us on the outside of confidential supervisory information can even know,” says Peter Conti-Brown, a financial historian at the University of Pennsylvania. So which is it?

To assess the possibilities, it is important to understand how changes in interest rates affect financial institutions. A bank’s balance-sheet is the mirror image of its customers’. It owes depositors money. Loans people owe it are its assets. At the beginning of 2022, when rates were near zero, American banks held $24trn in assets. About $3.4trn of this was cash on hand to repay depositors. Some $6trn was in securities, mostly Treasuries or mortgage-backed bonds. A further $11.2trn was in loans. America’s banks funded these assets with a vast deposit base, worth $19trn, of which roughly half was insured by the fdic and half was not. To protect against losses on their assets, banks held $2trn of “tier-one equity”, of the highest quality.

Then interest rates leapt to 4.5%. svb’s fall has drawn attention to the fact that the value of banks’ portfolios has fallen as a result of the rise in rates, and that this hit has not been marked on balance-sheets. The fdic reports that, in total, America’s financial institutions have $620bn in unrealised mark-to-market losses. It is possible, as many have done, to compare these losses with the equity banks hold and to feel a sense of panic. In aggregate a 10% hit to bond portfolios would, if realised, wipe out more than a quarter of banks’ equity. The financial system might have been well-capitalised a year ago, so the argument goes, but a chunk of this capitalisation has been taken out by higher rates.

The exercise becomes more alarming still when other assets are adjusted for higher rates, as Erica Jiang of the University of Southern California and co-authors have done. There is, for instance, no real economic difference between a ten-year bond with a 2% coupon and a ten-year loan with a fixed 2% interest rate. If the value of the bond has fallen by 15% so has the value of the loan. Some assets will be floating-rate loans, where the rate rises with market rates. Helpfully, the data the researchers compiled divides loans into those with fixed and floating rates. This allows the authors to analyse only fixed-rate loans. The result? Bank assets would be worth $2trn less than reported—enough to wipe out all equity in the American banking system. Although some of this risk could be hedged, doing so is expensive and banks are unlikely to have done much of it.

But as Ms Jiang and co-authors point out, there is a problem with stopping the analysis here: the value of the counterbalancing deposit base has not also been re-evaluated. And it is much, much more valuable than it was a year ago. Financial institutions typically pay nothing at all on deposits. These are also pretty sticky, as depositors park money in checking accounts for years on end. Meanwhile, thanks to rising rates, the price of a ten-year zero-coupon bond has fallen by almost 20% since early 2022. This implies the value of being able to borrow at 0% for ten years, which is what a sticky, low-cost deposit base in effect provides, is worth 20% more now than it was last year—more than enough to offset losses on bank assets.

The true risk to a bank therefore depends on both deposits and depositor behaviour. When rates go up customers may move their cash into money-market or high-yield savings accounts. This increases the cost of bank funding, although typically not by all that much. Sometimes—if a bank runs into severe difficulties—deposits can vanish overnight, as svb discovered in ruinous fashion. Banks with big, sticky, low-cost deposits do not need to worry much about the mark-to-market value of their assets. In contrast, banks with flighty deposits very much do. As Huw van Steenis of Oliver Wyman, a consultancy, notes: “Paper losses only become real losses when crystallised.”

How many banks have loaded up on securities, or made lots of fixed-rate loans, and are uncomfortably exposed to flighty deposits? Insured deposits are the stickiest because they are protected if things go wrong. So Ms Jiang and co-authors looked at uninsured cash. They found that if half of such deposits were to be withdrawn, the remaining assets and equity of 190 American banks would not be enough to cover the rest of their deposits. These banks currently hold $300bn in insured deposits.

The newfound ability to swap assets at face value, under the Bank Term Funding Programme, at least makes it easier for banks to pay out depositors. But even this is only a temporary solution. For the Fed’s new facility is something of a confidence trick itself. The programme will prop up struggling banks only so long as depositors think it will. Borrowing through the facility is done at market rates of around 4.5%. This means that if the interest income a bank earns on its assets is below that—and its low-cost deposits leave—the institution will simply die a slow death from quarterly net-interest income losses, rather than a quick one brought about by a bank run.

This is why Larry Fink, boss of BlackRock, a big asset-management firm, has warned of a “slow-rolling crisis”. He expects this to involve “more seizures and shutdowns”. That high interest rates have exposed the kind of asset-liability mismatch that felled svb is, he reckons, a “price we’re paying for decades of easy money”. Mr Conti-Brown of UPenn points out that there are historical parallels, the most obvious being the bank casualties that mounted in the 1980s as Paul Volcker, the Fed’s chairman at the time, raised rates.

Higher rates have exposed problems in bond portfolios first, as markets show in real-time how these assets fall in value when rates rise. But bonds are not the only assets that carry risk when policy changes. “The difference between interest-rate risk and credit risk can be quite subtle,” notes Mr Conti-Brown, as rising rates will eventually put pressure on borrowers, too. In the 1980s the first banks to fail were those where asset values fell with rising rates—but the crisis also exposed bad assets within America’s “thrifts”, specialist consumer banks, in the end. Thus pessimists worry banks now failing because of higher rates are just the first domino to collapse.

The result of all this is that the banking system is far more fragile than it was perceived to be—by regulators, investors and probably bankers themselves—before the past week. It is clear that smaller banks with uninsured deposits will need to raise more capital soon. Torsten Slok of Apollo, a private-equity firm, points out that a third of assets in America’s banking system are held by banks smaller than svb. All of these will now tighten up lending to try to strengthen their balance-sheets.

That medium-sized banks can be too big to fail is one lesson regulators should learn from svb. The episode has upended other parables of post-crisis finance as well. “After 2008 investors thought deposits were safe, and market funding was risky. They also thought Treasuries were safe and loans were risky,” says Angel Ubide of Citadel, a hedge fund. “All of the post-crisis rule books were written on that basis. Now the reverse looks to be the case.” One parable remains intact, however. Problems in the financial system never emerge from the most closely watched places. ■

— This article appeared in the Finance & economics section of the print edition under the headline "The prop-up job"

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