So Paul Graham, who is vehemently against taxing the rich, wants a bailout? Funny...
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#72I honestly can’t think of a sector less deserving of a bail out.
Why is that? This is small and medium sized venture-backed startups, a sector that’s taken a tiny fraction of US investment but represented a major portion of its GDP growth. They did nothing wrong and were failed by their bank.
Why are small tech startups building something new less deserving than say, giant banks that knowingly took extreme risks in 2008, or giant auto businesses that refused to modernize and truly compete with Japanese competitors in the 80s?
I think it would be refreshing to see a cheaper bailout of small and medium sized businesses actually innovating and building new things instead of giant incumbents.
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#73LOL, 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?
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#74Private bridge loans seems like the answer here. Private bank, private risk.
Long term maybe just establish a “federal deposit bank” with no private profits but guaranteed unlimited FDIC protection.
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#75Not too sure about the move of putting this out in the open so transparently. Surely if I'm a customer of one of these startups with any sort of serious reliance on them, surely seeing their name on this list will make me ask even tougher questions of them? (who, I fully recognize, are unfortunately just caught in the middle of all of this)
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#76They're asking to "be made whole," but are "not asking for a bailout." What exactly do they want, then?
A bailout, but they want it to be called something else lol.
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#77Genuinely asking: for startups who were not banking with SVB, is the recent event a good thing from a competitive standpoint?
Imagine half of your vendors/customers are insolvent. Is this good?
Exactly. It will be interesting to see who and what gets shutdown in the next 30 days if the issue isn't rectified.
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