Maybe it’s not fair to compare Garry Tan to sama in this situation because Garry is the current president and sama is the former, but, it’s nice to see sama’s measured response compared to Garry’s.
Garry is shouting from the rooftops that more than a million jobs are going to be lost if the fed doesn’t immediately do something (that we all know it isn’t going to do). I wouldn’t want to be a YC startup right now, listening to Garry stoke panic.
The fdic and fed probably will do exactly what Gary Tan and many others recommended - no bailout of the company or shareholders but organise a facility so that the depositors get 100%.
They’re trying to sell it first but if that doesn’t work they don’t really have other options if they don’t want to be dealing with massive job losses and multiple bank runs next week.
Is there the opposite list? VCs like Ackman, Sacks, Calcanis, Cuban all firmly belong on it. Nothing from them but blame directed at others (biden, yellen, zelinsky, the fed, fdic, regulations – everyone but themselves), dangerous misinformation (including fake photos and videos of bank runs), and demands for an immediate government bailout. I wish someone would compile a video of how quickly these "rugged libertarians" have done a 180 on their views on regulation and "socialism" now that their own money is on the line.
Right below that there’s another bracket of “trying to tweet through it”, a lot of the folks behind the We Support An SVB Successor thing, which then, as Paul Graham did, lectured people that they can’t really do anything because their LP agreements forbid it.
Didn’t know YC was a non-profit and Paul’s involvement was a $85k salary and no carry/returns…
Push came to shove, some people stepped or are stepping up, some didn’t.
If someone created a twitter bot right now that was able to pull old hard libertarian tweets from these people and post them as replies that would be...entertaining. Hypocrite-bot?
phphphphp|3 years ago
Garry is shouting from the rooftops that more than a million jobs are going to be lost if the fed doesn’t immediately do something (that we all know it isn’t going to do). I wouldn’t want to be a YC startup right now, listening to Garry stoke panic.
Kudos to sama for being pragmatic and calm.
grey-area|3 years ago
They’re trying to sell it first but if that doesn’t work they don’t really have other options if they don’t want to be dealing with massive job losses and multiple bank runs next week.
brunooo|3 years ago
ralph84|3 years ago
benatkin|3 years ago
* one of the last things I want
brunooo|3 years ago
paxys|3 years ago
brunooo|3 years ago
Right below that there’s another bracket of “trying to tweet through it”, a lot of the folks behind the We Support An SVB Successor thing, which then, as Paul Graham did, lectured people that they can’t really do anything because their LP agreements forbid it.
Didn’t know YC was a non-profit and Paul’s involvement was a $85k salary and no carry/returns…
Push came to shove, some people stepped or are stepping up, some didn’t.
samgtx|3 years ago