Silicon valley libertarians up through yesterday:
Gov stifles innovation, keep them away.
This morning: we need immediate, drastic government action.
Gov stifles innovation, keep them away.
This morning: we need immediate, drastic government action.
Libertarian curious till there's a bank run.
Take a moment of pause to call out the sudden radical shift in discourse about the role of government from Silicon Valley.
Because as soon as things turn positive, they'll be weirdly amnesiac about it.
Because as soon as things turn positive, they'll be weirdly amnesiac about it.
Most people don't want to see businesses fail & people lose jobs.
It stinks.
But people *also* collectively want to see Silicon Valley confronted with the fact that cartoon libertarianism can't fix this problem.
It stinks.
But people *also* collectively want to see Silicon Valley confronted with the fact that cartoon libertarianism can't fix this problem.
Watching venture capitalists panic as they realize they've been cosplaying as Howard Roark & we aren't living in The Fountainhead is something to behold...
Drastic gov action to stop bank runs like $SIVB?
Sounds like a fine idea.
Which we owe to FDR's 1933 Banking Act, establishing the #FDIC.
But thanks to hubris & a willingness to ignore history & risk management we're back here.
So we get to rediscover their hard-won wisdom.
Sounds like a fine idea.
Which we owe to FDR's 1933 Banking Act, establishing the #FDIC.
But thanks to hubris & a willingness to ignore history & risk management we're back here.
So we get to rediscover their hard-won wisdom.
Everyone's a genius when the market is good.
And we're all human when our assets are on the line.
But beyond the humbled hypocrites...
There's nothing fun or particularly redeeming about good people & interesting companies struggling as their bank plummets out from under them.
And we're all human when our assets are on the line.
But beyond the humbled hypocrites...
There's nothing fun or particularly redeeming about good people & interesting companies struggling as their bank plummets out from under them.
And there's of course the inevitable reality that the worst of the false prophets will fail up.
They'll still be at Burning Man.
But for so many others the layoffs, financial pain & struggles are going to be very, very real.
They'll still be at Burning Man.
But for so many others the layoffs, financial pain & struggles are going to be very, very real.
https://twitter.com/k8em0/status/1634346971141128192
So let's spell this out.
Libertarians: let's advise startups to yank all their money from the bank & not consider consequences.
[predictable consequence happens]
Libertarians: everyone panicked, we need government help.
Libertarians: let's advise startups to yank all their money from the bank & not consider consequences.
[predictable consequence happens]
Libertarians: everyone panicked, we need government help.
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