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Urgent: Sign the petition now

ycombinator.com

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Re: Urgent: Sign the petition now

#111

Post by malermeister »

baq wrote: post #24

Pathetic to be honest. Yes it’s bad. Yes it’ll get worse if no buyer at 100 cents to the dollar is found by Monday morning. And yet, literally everyone involved signed up for it! It isn’t like there aren’t other banks? The thing had a circus for its risk management office. The big mighty all-knowing VC firms shouldn’t go around crying like babies and signing petitions but be organizing bridge loans until FDIC, the mo…

We were told the capitalist elites deserve their outsized payouts because of all the risk they took and how that was the most meritocratic thing and how dare Government think to interfere with the beauty of the free market.

Now the risk has shown its downside, Big Government is asked to bail them out?

Re: Urgent: Sign the petition now

#112

Post by garry »

toomuchtodo wrote: post #29

Where was YC when SVB lobbied against stronger regulation so they could take more risk? Crickets. Edit: Sources in my other comment https://news.ycombinator.com/item?id=35114110

We are advocating better regulation to prevent this from happening in the future. It's in the petition.

Re: Urgent: Sign the petition now

#114

Post by lordfrito »

Wait I thought we all embraced disruption.

Move fast and break things. Am I right?

Note sure what happened but I don't recognize these whiny young techies. They're a fundamentally different than they kinds of tech people I grew up/old with.

Apparently everyone expects life to be all upside no downside.

SMH

Re: Urgent: Sign the petition now

#116

Post by DaniFong »

What is with the headline here.

In the doc: "Small business depositors at Silicon Valley Bank should be made whole. Regulators need to conduct a backstop of depositors. We are not asking for a bank bailout."

Re: Urgent: Sign the petition now

#117

Post by doh »

School-Cotton wrote: post #63
toomuchtodo wrote: post #29

Where was YC when SVB lobbied against stronger regulation so they could take more risk? Crickets. Edit: Sources in my other comment https://news.ycombinator.com/item?id=35114110

Source for SVB lobbying against banking regulations?

“In 2015, SVB President Greg Becker submitted a statement [0] to a Senate panel pushing legislators to exempt more banks – including his own – from new regulations passed in the wake of the 2008 financial crisis.”

[0] https://www.govinfo.gov/content/pkg/CHRG-114shrg94375/pdf/CH...

Re: Urgent: Sign the petition now

#118

Post by danny_taco »

jarym wrote: post #32
nocoiner wrote: post #8

LOL, nope. Not interested in taking another spin on the “privatize gain, socialize loss” merry-go-round. The banks had to be saved in 2008 because they were, like, the financial system. I don’t see why private companies and funds that are much less integral to the functioning of the economy as a whole should be saved by the public fisc. Sorry about your disruption.

Are you saying if I deposit more than $250k (which is NOT a lot for a business) into a reputable and regulated US bank at negligible rates of interest I should just accept the impact of the bank shutting down due to events unrelated to my actions and choices? And that my deposit should vanish into thin air?

And who do you expect to foot the bill to recover your money? There are ways to mitigate this risk and it's not the taxpayers problem you mismanage your assets.

Re: Urgent: Sign the petition now

#120

Post by nickpeterson »

RivieraKid wrote: post #34

So Paul Graham, who is vehemently against taxing the rich, wants a bailout? Funny...

People think they succeed because they’re smart, rugged individuals who never give up. They can’t recognize the survivorship bias in their own lives.

The answer to a lot of our problems as a country is much stronger taxes on the rich. People who say otherwise are either wealthy themselves or under some delusion they eventually will be (lottery winner mentality). Luckily you can ignore them because they’re such a small fraction of actual people, they’re just loud online.

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