One of those rare opportunities to clearly assess VCs from the outside, and surprisingly good steady reaction by him and Khosla.
Who else?
Who else?
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.
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.
The bank will re-open, companies will get most of their money, and life will carry on. The FDIC aren’t going to guarantee 100% of deposits, and shouting from the rooftops that a million jobs will be lost if the FDIC don’t do it (which they won’t) is panic-inducing for no discernible reason.
Edit: I intentionally took one for the team by embarrassing myself with a claim disproven less than an hour later. You’re welcome.
Anyway we'll see what FDIC does. They're good at what they do.
I agree the fdic has done this before and if they can find a buyer or communicate well it should turn out fine next week.
There is a risk of contagion though and a risk of job losses if money is delayed for say 6-12 months. I don’t think it’s unreasonable to be worried about it if you’re impacted.
* one of the last things I want
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.